Weichai Power (000338) Annual Report in 2018: Evaluation of Leading Truck Industry Chain Leading Market Share Stable

Weichai Power (000338) Annual Report in 2018: Evaluation of Leading Truck Industry Chain Leading Market Share Stable

Company dynamics The company recently released its 2018 annual report.

  Matters comment: The annual revenue has grown steadily and the gross profit margin has improved during the period. The company’s progress has improved steadily and its total operating income has reached 1592.

560,000 yuan, an increase of 5.

07%, net profit attributable to mother 86.

580,000 yuan, an increase of 27.

16%, Shaanxi Automobile, Fast, and KION operating revenue were 511.

2 billion, 139.

2.4 billion, 605.

400,000 yuan, an increase of 7.

96%, 5.

12%, 3.


Initial gross profit margin is 22.

33%, an increase of 0 from 17 years.

49 points; period expenses 13.

36%, a decrease of 0 from 17 years.

19pct, in which the selling expense ratio and the financial expense ratio are reduced by 0.

15pct, 0.

34pct, management expense ratio, R & D expense ratio rose by 0.

06pct, 0.

25 points.

  The market share of major products is stable, and the sales of strategic products are growing rapidly.In 2018, the company’s sales of major products remained high and the market share was stable.

Among them heavy truck engine sales 36.

30,000 units, flat for one year, with a market share of 31.

6%; heavy truck sales 15.

30,000 vehicles, an increase of 2 per year.

7%, market share 13.

3%; transmission sales are 90%.

90,000 units, an increase of 8 in ten years.

9%, including 86 for heavy trucks.

90,000 units, with a market share of 75.

7%; forklift sales 20.

40,000 vehicles, an annual increase of 6.

1%; 3 tons and above loader engine 8.

90,000 units, an increase of 14 in ten years.

8%, market share is 84%.

The company’s strategic products are growing rapidly. Yangchai Engine, WP9H / WP10H, agricultural equipment engines, and forklift engines are sold11.

80,000 units, 5.80,000 units, 4.

20,000 units, 0.

40,000 units, an increase of 16.

1%, 100.

1%, 49.

1%, 18.


  Exploit new energy business, cooperate with Ballard, Sirius and other layout fuel cell companies to deepen the layout of fuel cell business, and acquire Ballard 19 in 18 years.

9% of its shares became its largest shareholder and set up a joint venture to jointly develop and initialize proton exchange membrane fuel cell stacks and directional passenger cars, commercial trucks and forklifts, and re-proton exchange membrane 杭州桑拿网 fuel cell assemblies. The shareholding in Siris increased to20% in the future will cooperate to promote the commercialization of solid oxide fuel cell technology in the Chinese market.

  The investment proposal estimates that the company’s net profit attributable to shareholders of the parent company will be 90 from 2019 to 2021.

2.6 billion, 98.

1.3 billion, 105.

2.2 billion, the corresponding EPS is 1.

14 yuan, 1.

24 yuan, 1.

33 yuan, the corresponding PE is 10 times, 9 times, 8 times, the first coverage, given the “overweight” rating.

  Risks indicate that the sales of heavy trucks are not as expected; the progress of new business is not as expected.