Weichai Power (000338) 2019 Interim Report Review: Steady Growth in Diversified Layout

Attributable net profit 52.

90,000 yuan, + 20.

4% of the company achieved revenue of 908 in the first half of the year.

62 ppm, an increase of 10 per year.

45%, net profit attributable to mother 52.

87 ‰, an increase of 20 per year.

37%, net profit after deduction is 49.

52 ppm, an increase of 18 per year.

51%.

A total of 21 heavy truck engines were sold in the first half of the year.

80,000 units, +10.

5%; heavy truck 8.

70,000 vehicles, + 3.

1%; transition 58.

20,000 units, +11.

3%; KION income 43.

600 million euros, +12.

6%, all sectors have achieved solid growth.

The profit level was stable and healthy, and the company’s gross profit margin in the first half of the year21.

75%, basically the same every year.

Report statutory three fee ratio12.

32%, a decline of 0 every year.

42pct, of which selling expenses cost 5.

91%, a decrease of 0 every year.

74 points, management expenses 6.

25%, increasing by 0 every year.

24pct, financial expenses 0.

16%, increasing by 0 every year.

09pct, due to the increase in structured deposits, interest income is included in the impact of investment income.

Prosperity continued, product market share steadily increased the industry size, and heavy trucks were gradually sold from January to July73.

20,000 vehicles, and sales of 1 million vehicles are expected to be sustained.

At the company level, since the company’s chairman Mr. Tan Xuguang became chairman of Sinotruk Group in September 18, he has strengthened some corporate cooperation. Sinotruk has accompanied many models of HOWO, Haohan, Steyr and Shandeka to successfullyEquipped with Weichai WP10H engine, the company’s heavy-duty engine city share is expected to further increase.

Deploying hydrogen energy and strengthening the leadership of commercial vehicle power companies The company has successively invested in fuel cell companies such as Fuse and Ballard, and reached a comprehensive strategic cooperation with Bosch and Sirius 佛山桑拿网 Power.

At present, the company and Zhongtong Bus have built 3 hydrogen fuel cell bus operation lines in Weifang, put in 30 hydrogen fuel cell buses for trial operation, and have a sustainable operating mileage of 500,000 kilometers. At the same time, a one-day bus has been built in Weifang.Fixed hydrogenation station with a hydrogenation capacity of 1000kg.

As one of the important directions of the new energy industry, the company has taken the lead in hydrogen fuel.

Leading heavy truck industry, steady growth, overweight rating, underestimation of outstanding blue chips, perfect storage and logistics and fuel cell layout, restructuring expectations or building a world-class heavy truck company, the company’s performance achieved steady growth.

We maintain 19/20/21 EPS as 1.

24/1.37/1.

45 yuan, the corresponding PE 南京夜网 is 9 respectively.

1/8.

2/7.

8x, maintaining the overweight level.

Risk warning: heavy truck sales continue to grow significantly