Weichai Power: Direct beneficiaries of downstream heavy truck growth

From January to June 2010, Weichai Power achieved operating revenue of 33.224 billion yuan, an increase of 110.32% year-on-year; net profit attributable to owners of the parent company was 3.235 billion yuan, an increase of 164.69% year-on-year, and EPS was 3.88 yuan. In the second quarter, the company achieved operating revenue of 18.051 billion yuan, an increase of 87.42% year-on-year, an increase of 18.96%; the net profit attributable to owners of the parent company was 1.615 billion yuan, a year-on-year increase of 87.66%, a decrease of 0.24% from the previous quarter, and an EPS of 1.94 yuan.

Weichai Power is one of the major manufacturers of high-power, high-speed diesel engines in China. Its main products include heavy truck powertrains (engines, transmissions, axles), heavy trucks, and other components. From January to June 2010, China’s sales of generalized heavy trucks (heavy goods, heavy cargo chassis, semi-trailers) reached 584,000, a year-on-year increase of 112.19%. Benefiting from the explosive growth of heavy-duty truck industry, Weichai Power sold 222,000 heavy-duty truck engines in the first half of the year, an increase of 118.7% year-on-year. Among the subsidiaries, Shaanxi Heavy Truck Co., Ltd. achieved sales of 60,000 heavy trucks, an increase of 118.2% year-on-year; Shaanxi Fast Gear Co., Ltd. sold 492,000 units of transmissions, a year-on-year increase of 109%, and continued to maintain its leading position in the industry. . In the second half of the year, with the advent of the off-season sales, we expect Weifang's power engine and vehicle sales to decline.

The profitability of vehicle and powertrain products has steadily increased. From January to June 2010, the company's comprehensive gross margin was 23.41%, up 1.89 percentage points year-on-year. In the second quarter, the company's consolidated gross margin was 21.99%, which was a decrease of 3.12 percentage points from the previous quarter.

Among the subdivided products, gross profit of vehicle and powertrain (accounting for 80.23% of sales revenue) was 25.21%, which was a year-on-year increase of 6.13%, which was the highest level since 2005. In the medium to long term, with the gradual improvement of the industry's emission standards, the company will upgrade the heavy truck product structure. It is expected that Weichai's power supporting engines and complete vehicle products will also enjoy increased profitability from structural upgrading.

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