濰柴動力 (2338 HK) 三季報業績靚麗,股權激勵方案顯示信心 December 26, 2023 201

PSR Recommendation: ACCUMULATE Status: Downgraded
Target Price: HKD15.30

公司簡介
公司是中國重卡行業領域綜合實力最強的汽車及裝備製造產業集團之一,公司以發動
機、車橋、變速箱在內的動力總成系統為根基,延伸上游零部件和下游重卡,率先涉
足叉車和智能倉儲。經過多年發展,構築起了動力總成(發動機、變速箱、車橋、液
壓)、整車整機、農業裝備和智能物流四大產業板塊的協同發展格局。
投資概要
天然氣重卡需求暢旺,出口保持強勁,推動公司業績靚麗
國內經濟運行在經歷了年初的脈衝式回升後進入平臺期,在經濟恢復好轉、政策效應
持續釋放、上年同期基數較低等因素的共同作用下,重卡行業發展利好因素增多,但
受國際環境複雜、國內需求丌足等因素影響,依然面臨一定壓力。2023 年 1-9 月,重
卡市場累計銷售 70.1 萬輛,同比增長 34%,今年累計銷量已超去年全年 67 萬輛的銷
量。
值得一提的是,受天然氣價格大幅低於柴油價格推動,天然氣重卡成為今年重卡行業
復蘇進程中表現最亮眼的細分市場。1-9 月,國內天然氣重卡累計銷售 10.74 萬輛,同
比+255%。濰柴動力是國內天然氣重卡發動機的絕對龍頭,市場份額近 70%。另外,
今年重卡出口市場保持快速增長,1-9 月重卡出口 21 萬輛,同比+70%,占比達 30%,
創歷叱新高。

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About the author

Profile photo of Zhang Jing

Zhang Jing
Phillip Securities (HK)

Bachelor Degree in Tongji University of Engineering; Master Degree in East China Normal University of finance. Currently covering the automobile and air sectors. She has years of experience in investment research and is good at combining analysis for the companies with industry prospects.

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