![[Daily Economic News] The Heavy Truck Market “bottoms Out...](/uploads/40432/news/n2024042611145850309.jpg?size=130x0)
A few days ago, the two giant companies in the heavy truck industry, Weichai Power Co., Ltd. (000338.SZ) and China National Heavy Duty Truck (000951.SZ), released their annual results for 2023. The net profits of the two companies increased significantly throughout the year. Among them, Weichai Power achieved a net profit attributable to shareholders of the parent company of 9.01 billion yuan, a year-on-year increase of 83.8%; China National Heavy Duty Truck achieved a net profit attributable to the parent company of 1.08 billion yuan, a year-on-year increase of 406%.
As representative companies in the heavy truck field, the surge in net profits of the two companies has boosted confidence in the commercial vehicle market to a certain extent. A reporter from "Daily Economic News" learned from China National Heavy Duty Truck that looking forward to the future, China National Heavy Duty Truck believes that with the gradual recovery of the economy and the implementation of various national measures to stabilize growth, residents' consumer confidence will be further enhanced, and future market expectations are expected to continue to improve. , the demand in the commercial vehicle industry will show a restorative growth trend.
Sales volume has increased significantly, and large dividends are planned
According to the terminal retail sales data of China Automotive Data Co., Ltd. (excluding exports and crossovers), the domestic terminal retail sales of heavy trucks (trucks with a total mass of ≥14T) reached 610,000 units throughout the year, a year-on-year increase of 28% from 2022. The recovery in heavy truck sales is reflected in the performance of Weichai Power and China National Heavy Duty Truck.
Weichai Power will sell 736,000 engines of various types in 2023, a year-on-year increase of 28%; 838,000 transmissions, a year-on-year increase of 42%; and 743,000 axles, a year-on-year increase of 39%. Among them, Weichai Power's annual sales of heavy-duty truck engines were 306,000 units, and the installed capacity rate increased by 8.8 percentage points year-on-year to 41%. The sales of natural gas heavy-duty truck engines were 122,000 units, and its market share increased by 6 percentage points year-on-year to 65%.
During the reporting period, Weichai Power sold 116,000 heavy trucks, a year-on-year increase of 45%, of which natural gas heavy-duty truck sales exceeded 26,000, a year-on-year increase of 416%. Supported by sales volume, Weichai Power achieved annual operating income of 213.96 billion yuan, a year-on-year increase of 22.2%; net profit attributable to shareholders of the parent company was 9.01 billion yuan, a year-on-year increase of 83.8%.
China National Heavy Duty Truck Co., Ltd. achieved sales of 128,000 heavy-duty trucks throughout the year, a year-on-year increase of 32.8%. Broken down by function, China National Heavy Duty Truck's annual firefighting and pump truck market share ranked first in the industry; its refrigerated truck market share increased by 6.5 percentage points year-on-year, ranking first in the industry; in terms of new energy heavy trucks, sales increased by 180.7% year-on-year, and its market share increased by 180.7% year-on-year. The rate increased by 3 percentage points year-on-year.
