China National Heavy Duty Trucks Q3 single-quarter net profit surges more than 3 times, export sales lead by far
Time：10-16-2024

China National Heavy Duty Truck (000951.SZ) three-quarter earnings increase announcement and the first three quarters of the sales data once again confirmed its industry leader king position. According to the company's announcement disclosed on the evening of October 13, China National Heavy Duty Truck is expected to achieve net profit of 625 million yuan to 695 million yuan in the first three quarters of 2023, an increase of 75% to 95% year-on-year; of which, the third quarter single-quarter net profit of 146 million yuan to 164 million yuan, an increase of 300% to 350% year-on-year.


　

　For the reasons for the substantial growth in performance, the company summarized as internal and external factors. From the external point of view, the macroeconomic operation is generally good, logistics heavy truck demand rebound and other factors to promote, superimposed on the strong momentum of exports to maintain the recovery of the heavy truck industry situation is obvious. Internally, the company continued to improve product quality and product competitiveness, accelerate product optimization and upgrading and structural adjustment, and accurately implement marketing strategies.


　　Under the above internal and external factors, China National Heavy Duty Truck (CNHTC) has realized the growth of production and sales volume and the double improvement of profitability. Meanwhile, the market data of China National Heavy Duty Truck Group (CNHTC) in the first three quarters can also be seen. According to the data of China Association of Automobile Manufacturers (CAAM), in the first three quarters of 2023, China National Heavy Duty Truck Group realized sales of 191,400 heavy trucks, up 52.3% year-on-year, and its market share continued to top the industry.




　　Among them, overseas markets became the main pull factor for the company's sales. Data from the China Association of Automobile Manufacturers (CAAM) showed that the export sales of China National Heavy Duty Truck Group reached 99,000 units in the first three quarters, up 71.95% year-on-year, and while continuing to consolidate its position as the leading export company, export sales have occupied half of the company's sales.

　　From the industry trend, in recent years, the overseas market has become an important force driving the overall upward trend of China's heavy truck industry. With its supply chain, cost-effective and other advantages, the independent brand has successfully opened the market of many economies around the world, and sales have picked up. According to the General Administration of Customs data, in 2020, 2021 and 2022, China's heavy truck exports were 78,700, 141,400 and 191,400 respectively. 2023 January-August, China's cumulative export of heavy truck exports has been higher than the whole year of 2022, realizing sales of 216,000 units, an increase of 83%.




　　China National Heavy Duty Truck Group has a pioneering advantage and leading edge in the overseas market, in the overseas market to show significant opportunities, but also to raise the overseas business to an unprecedented height to pay attention to the recently held global strategic partners conference, but also put forward in 2023 export sales exceeded 140,000 units of the target, and will continue to benchmark European and American brands to promote the high-end layout.

　　The confidence of China National Heavy Duty Truck Group comes from years of deep cultivation of export business. As of the end of June this year, China National Heavy Duty Truck Group has developed about 220 distribution networks at all levels in more than 90 countries and regions, established 28 overseas cooperative KD production plants, and formed an international marketing network system that basically covers developing countries and major emerging economies in Africa, the Middle East, Central and South America, Central and Southeast Asia, as well as countries such as Australia, Ireland, New Zealand, and Hong Kong, Taiwan and other part of the mature market. Marketing network system. At the same time, the adjustment of product structure in overseas markets is also effective, China National Heavy Duty Truck Group in the first half of the year, high-end products in the export products accounted for 45.4%, an increase of 23.2 percentage points over 2022.

　　Looking forward to the future of the heavy truck industry, exports are still an important driving factor. Soochow Securities pointed out in the research report, with the arrival of fall and winter downstream demand booming, natural gas heavy trucks for purchase and exports still support heavy truck sales boom continued. That 2024-2025 “policy potential” and “economic potential” is expected to continue to force, the domestic economic recovery, the national four mandatory phase-out to promote the purchase of replacement, the export market outbreak of the three factors resonate to drive the total plate to improve. Expected China National Heavy Duty Truck exports continue to explode, performance is expected to hit new highs.

　　GF Securities optimistic about China National Heavy Duty Truck and other companies in the export of bright performance, in the research report to give a “buy” rating, that since 2023, the truck industry continues to recover, sales volume stability exceeded expectations, the industry's total inventory is healthy and continue to melt, exports are rising steadily, leading companies are expected to release a greater performance elasticity.



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