Weichai Power: The market recovery prospects for the industry improved in 2013

In the first three quarters of 2012, Weichai Power's net profit fell by 47% year-on-year. Weichai Power's operating revenue for the first three quarters reached 36.3 billion yuan, a year-on-year decrease of 23%; net profit attributable to shareholders of the parent company was 2.4 billion yuan, a year-on-year decrease of 47%. market expectation.

In the first three quarters of 2012, Weichai's engine market share fell slightly by 2% compared with the first half. Weichai Power's accumulated engine market share in the first three quarters was approximately 32%, while the market share in the first half of the year was 34%. Due to the increase in the proportion of FAW and Dongfeng's internal engine production and the decline in the share of external procurement, the market share of Weichai's engines fell slightly. The monthly sales of engines in July, August and September remained at the bottom level of 1-1.6 million units, and it is expected that sales will rebound slightly in the fourth quarter.

On the whole, mainly due to the recovery of the engine market's renewed demand and the relatively stable growth in the sales volume of logistics-type heavy trucks, and the introduction of the National IV emission standards, the sales volume of the Weichai engine product market will experience a recovery growth. The inflection point of the industry and the company's performance is gradually approaching. In 2013, the heavy truck industry will usher in a recovery. From the sales data, the sales volume in September 2012 was nearly 12% higher than that in August 2012, and the heavy truck industry and Weichai's earnings may start to improve as early as 4Q2012.

As an industry leader, Weichai Power is expected to fully benefit from the recovery of the industry. The company's engine business is still able to maintain a high market share. Weichai's overall operating status improved from 4Q12 to 2013 as the industry recovered.

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