The hottest Weichai engine business is strong, and

2022-09-21
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Weichai: strong engine business, Kaiao's investment income increased significantly

Weichai: strong engine business, Kaiao's investment income increased significantly

China Construction machinery information

Guide: the operating revenue in the first quarter was 16.64 billion yuan, an increase of 26.5% year-on-year; The net profit attributable to shareholders of listed companies was 1.05 billion yuan, an increase of 29.7% year-on-year; After deducting non-profit, the net profit was 1.04 billion yuan, an increase of 29% year-on-year. Slightly exceeding market expectations. The gross profit margin of the company rebounded, and the management fee rate rose slightly: heavy trucks in the first quarter

the operating revenue in the first quarter was 16.64 billion yuan, Year on year growth of 26.5 "On the one hand,%; the net profit attributable to the shareholders of listed companies was 1.05 billion yuan, with a year-on-year increase of 29.7%; after deduction, the net profit was 1.04 billion yuan, with a year-on-year increase of 29%. Automatic control experimental machines that can realize various rate control existed when microcomputers were not developed. They slightly exceeded market expectations.

the company's gross profit margin rose, and the management fee rate rose slightly: the sales of heavy trucks in the first quarter increased by 20.3% year-on-year, continuing the recovery trend since the second quarter of last year, and the recovery of the industry Su brought a substantial increase in the company's revenue, with a year-on-year increase of 26.5% to 16.64 billion yuan; The gross profit margin of the company in the first quarter was 21.4%, up 0.3 percentage points year-on-year; The management fee rate rose slightly, with a year-on-year increase of 0.2 percentage points to 6.7%

Kaiao's performance has recovered, and the engine business is still strong: the company's investment income in the first quarter was 130 million yuan, an increase of 4.8 times year-on-year. The main reason for the increase is the recovery of Kaiao's performance, which brought about a substantial increase in the company's investment income. Due to the rapid growth of Chinese business and the recovery of Western European business, Kaiao's adjusted EBIT rebounded for four consecutive quarters last year. In addition, in the first quarter, it is expected that the growth rate of the company's engine business is still faster than that of the industry, and the net profit is expected to increase by about 30%. After deducting the engine and overseas investment income, the performance of other businesses of the company is stable

overseas business will become the driving force of the company's new round of performance growth: overseas business is the growth point of the company's medium-term performance. Kaiao and Linde businesses will benefit from the synergy with Weichai in the future, reducing costs and improving profits. Linde hydraulic products have realized system integration with Weichai Power products. In the future, it will realize overall supply and replicate the golden industrial chain of heavy trucks in the hydraulic field. In the future, Weichai will become the largest shareholder of Kaiao and realize the consolidation of Kaiao. Kaiao will also enter the mid-range forklift business through localization, so as to expand market share and improve profitability

we temporarily maintain the software part of the thread friction coefficient tester with a net profit of 41 in 2014/15 3/4.88 billion yuan, an increase of 15.6% year-on-year/18.2%

it is expected that the heavy truck industry is still expected to maintain a steady growth rate throughout the year, and the sales volume and gross profit margin are expected to continue to maintain an upward trend. In the short term, the worst time of the impact of Foton Cummins on the company's valuation has passed. In the mainstream mid-range market, Weichai engine still has a very strong cost performance advantage, and its leading position is difficult to shake. In the medium and long term, we are optimistic about the development of the company's overseas business and vehicle business. Maintain the company's "recommended" rating and 21 yuan target price, equivalent to 10 times p/e in 2014

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