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Solid Earnings Reflect Sinotruk Jinan TruckLtd's (SZSE:000951) Strength As A Business
Zhao Yin International: Maintaining a "Hold" rating on SINOTRUK (03808) and lowering the Target Price to HKD 20.5.
The management expects that the sales volume of heavy-duty diesel vehicles in the Industry will reach between 0.9 million and 1 million units this year, and it is anticipated that the company's export sales will decline.
SINOTRUK (03808.HK): Revenue and profit both increased, leading heavy-duty truck manufacturer welcomes a new stage of development.
In 2024, the overall running of the SINOTRUK heavy-duty truck Industry is under pressure. According to Statistics from the China Association of Automobile Manufacturers, the sales of heavy-duty trucks in 2024 are 0.9017 million units, a year-on-year decrease of 1.03%. Factors such as slow macroeconomic recovery, sluggish road freight market, and inventory backlogs have collectively led to weak terminal demand. Against this backdrop, some leading enterprises have managed to break through the difficulties through strategic adjustments. In terms of sales of heavy-duty truck enterprises, SINOTRUK has become one of the few leading companies that achieved positive growth, with a total sales of 245,031 heavy-duty trucks for the year, which is a year-on-year increase of 4.6%; the market share increased by 1.5 percentage points, reaching 27.2%.
HAITONG SEC: In February, heavy truck sales saw month-on-month growth, marking a strong start to the new year.
The growth potential of the heavy truck Industry still exists, specifically reflected in the recovery of domestic prosperity and the continued growth of exports.
GF SEC: In February, domestic heavy truck sales saw a significant year-on-year increase, while the export growth rate slowed compared to last year.
The current heavy truck Industry is still at the beginning of an upward cycle. In 2025, the scope of the old-for-new subsidy policy is expanded to include National Standard IV and Henry Hub Natural Gas vehicles, which is expected to drive domestic sales back to average levels. In February, the growth rate of heavy truck exports has temporarily slowed, but the overseas market space is vast.
In March, the heavy-duty truck market sold approximately 0.105 million vehicles, an increase of 29% compared to the previous month.
In March 2025, approximately 0.105 million heavy trucks were sold in China's market (wholesale basis, including exports and New energy Fund), a 29% increase compared to February of this year, but a decrease of about 9% compared to the same period last year, which was 0.116 million units.
Why We're Not Concerned About Sinotruk Jinan Truck Co.,Ltd.'s (SZSE:000951) Share Price
