The hottest Weichai Power benefited from the growt

Weichai Power: benefit from the steady growth of heavy truck sales performance

Weichai Power: benefit from the steady growth of heavy truck sales performance

China Construction machinery information

Guide: I. event overview: Weichai Power released 3q13 quarterly report: the first three quarters achieved operating revenue of 43.33 billion yuan, an increase of 19.5% year-on-year; The net profit attributable to shareholders of listed companies was 2.7 billion yuan, an increase of 12.3% year-on-year; Eps1.35 yuan, basically in line with expectations. 2、 Analysis and judgment: benefit from

I. event overview:

Weichai Power released 3q13 quarterly report: in the first three quarters, the operating revenue was 43.33 billion yuan, an increase of 19.5% year-on-year; The net profit attributable to shareholders of listed companies was 2.7 billion yuan, an increase of 12.3% year-on-year; Eps1.35 yuan, basically in line with expectations

II. Analysis and judgment:

benefiting from the growth of downstream heavy truck sales, engine sales performed well

the company achieved revenue of 43.33 billion yuan in the first three quarters, an increase of 19.5% year-on-year; The net profit attributable to shareholders of listed companies is 2.7 billion yuan, and the stress value when the residual plastic deformation produced by the material is 0.2% is usually taken as the yield strength, with a year-on-year increase of 12.3%. 3q13, the revenue in a single quarter was 12.41 billion yuan, with a year-on-year increase of 34.8% and a month on month decrease of 30.1%; The net profit attributable to listed companies was 620million yuan, with a year-on-year increase of 21.2% and a month on month decrease of 51.3%

engines, heavy truck vehicles and gearboxes are the main profit sources of the company, and the downstream of the company's engine products are mainly heavy truck industry and construction machinery industry. In 3q13, the sales volume of the heavy truck industry increased by 37.1% to 164000 vehicles. Affected by the implementation expectation of the fourth national standard, the sales volume of 2q13 heavy trucks rebounded year-on-year. After being disturbed by the expectation of the fourth national standard, the sales volume of 3q13 heavy trucks returned to the normal level, but the growth rate was still fast, indicating strong demand: 1) the heavy trucks purchased in 2009 and 2010 entered the renewal period; 2) In 2011 and 2012, the de stocking of heavy trucks was obvious, and there was a need to replenish inventory in 2013; 3) Infrastructure development and logistics demand improvement drive the growth of Engineering heavy trucks and logistics heavy trucks respectively

gross profit margin rose slightly year-on-year and month on month

3q13, the company's gross profit margin was 19.9%, increased by 1.0 percentage points compared with 3q12, and slightly increased by 0.1 percentage points compared with 19.8% in 2q13. We believe that the main reason is that under the background of the recovery of the heavy truck industry, the production and sales scale of the engine business has increased rapidly, and the utilization rate of production capacity has increased. In addition, the company is in a leading position in the heavy truck engine and transmission market. Under the background of the pressure of vehicle manufacturers to reduce the price of supporting parts manufacturers, the gross profit margin of the company still rebounded slightly year-on-year and month on month, reflecting that the company has an absolute advantage in sub sectors, making the growth rate better than the industry

the sales expense rate increased year on year, and the management expense rate decreased year on year

3q13, the company's sales expense was 700million yuan, a year-on-year increase of 50.2%, and the sales expense rate was 5.6%, an increase of 0.5 percentage points over the same period last year; The management fee was 880 million yuan, with a year-on-year increase of 24.0%, and the management fee rate was 7.1%, down 0.6 percentage points compared with the same period last year, such as the impact of single cup coffee capsules and long shelf-life packaging; The financial expense is 80million yuan, and the financial expense rate is 0 Therefore, there is a certain difference of 7% between the tensile testing machine for testing the tensile properties of high molecular polymers and the general tensile testing machine for testing the tensile properties of materials. The increase in selling expenses was mainly due to the increase in transportation expenses; The increase in administrative expenses is mainly due to the increase in R & D expenditure and labor costs; The substantial increase in financial expenses was mainly due to the increase in borrowing interest expenses