Weichai Power (000338) Semi-annual Report Comment: Technology Leads the Company’s Growth Performance and Continues High Growth
Incident Description The company released its semi-annual report for 2019, and the company achieved operating income of approximately 908.
62 ppm, an increase of 10 in ten years.
5%, net profit attributable to mother is about 52.
870,000 yuan, an increase of 20 in ten years.
4%, the basic income is 0.
67 yuan, an increase of 21 a year.
Event commentary performance continued to grow, and profitability further improved.
In the first half of 2019, benefiting from the continued high prosperity operation of the heavy truck industry and the company’s powertrain continued to exert its comprehensive advantages, the company’s performance continued to grow, and the company’s operating income increased during the period.
At 45%, net profit attributable to mothers increases by 20 per year.
In addition, in the first half of 2019, the company’s gross profit margin was 21.
75%, a slight decrease of 0 compared with the same 南宁桑拿 period in 2018.
04pct, net interest rate 7.
59%, an increase of 0 from the same period in 2018.
44pct, selling expense ratio 5.
91%, a decrease of 0 from the same period last year.
74pct, net interest rate continued to improve, and profitability further improved.
In Q2 2019, the company’s gross profit margin and net profit margin were 21 respectively.
71%, an increase of 0 from the first quarter of 2019.
18 pieces, 0 pieces
25pct, profitability has also improved.
A number of sub-sectors maintained the leading level with strong performance stability.
1) The company’s heavy truck engine sales have grown rapidly, and its market share has maintained its leading position in the industry, and has further improved. It will sell heavy truck engines 21 in the first half of 2019.
80,000 units, ten years +10.
85%, with a market share of 33.
3% (31 in 杭州桑拿网 2018.
2) The company relies on its holding subsidiaries to maintain its leading position in the heavy truck and heavy truck transfer market. First, Shaanxi Heavy Duty Trucks sold heavy trucks in the first half of the year8.
70,000 vehicles, +3 per year.
1%, market share is 13.
2% (13 in 2018.
3%). Secondly, Shaanxi Fast Gear Co., Ltd. accounted for 80% of the heavy truck transfer market in the first half of the year.
About 5% (about 75 in 2018.
According to the overall operation of the heavy truck industry in the first half of the year, the heavy truck industry will likely maintain a high level of operation in 2019. As a leader in multiple sub-sectors, the company’s overall performance stability has deteriorated.
The technological strength continues to improve, leading the company to continue to expand its competitive advantage.
Strength, the company itself has high technical strength.
First, the company relies on the company’s main industry engine to build a full range of high-end product competitiveness in the entire field. Under the environment where the national VI emission standards are gradually implemented, the industry has ushered in technological upgrades, and the company’s own national six engine supporting capabilities have been further improvedEnhance the competitiveness; Second, the company closely follows the development direction of the automotive industry, based on the major strategic layout of new and old kinetic energy conversion in Shandong Province, and promotes the construction of high-speed high-end engines such as large cylinders, fuel cell engines, and Linde Hydraulics., Car networking, hydrogen fuel cells and other aspects; the third is the company’s holding subsidiary Shaanxi Fast Gear Co., Ltd. to achieve breakthrough breakthroughs in mechanical high-end platform development, AT, AMT capabilities.
At the same time, the company continued to invest heavily in research and development, and the company invested 36 in the first half of 2019.
4.0 billion, an increase of 25 over the same period in 2018.
85%, accounting for 3% of operating income.
97%, an increase of 0 compared with the same period in 2018.
49%, the gradual development results are gradually transformed, the company gradually improves its technological advantages, optimizes its product structure, increases the average value of products, and consolidates its leading position.
Investment recommendations The heavy truck industry maintains a high level of prosperity. The company, as a conversion truck leader in heavy truck engines and heavy trucks, can help to obtain, replacing the company’s technological advantages, leading the company’s solid leadership, continuous high investment in research and development, gradually optimizing the product structure, increasing the average product price, and increasing profitability.ability.
Therefore, the company’s EPS is expected to be 1 in 2019 and 2020, respectively.
29, corresponding to the company’s closing price of 11 on August 29.
28 yuan, 2019 and 9 respectively in 2020 PE.
74. Maintain “Buy” rating.
Risky heavy-duty truck sales were lower than expected; overseas business progress was lower than expected; macroeconomic continued to decline.