No Data
No Data
[Brokerage Focus] Minsheng Securities pointed out that the release of the updated regulations for the renewal of old operating trucks will drive the recovery of domestic demand for medium and heavy trucks.
Jingu Finance | Minsheng Securities stated that on July 31st, the Ministry of Transport and Ministry of Finance issued a notice on the implementation of the scrappage and renewal of old commercial vehicles, clarifying the subsidy scope, implementation period, subsidy standards, funding channels, and disbursement methods for the old-for-new policy for medium and heavy trucks. This detailed rule explicitly subsidizes scrapped diesel trucks with National III and below emission standards, scrapped and new-purchased trucks with National VI emission standards or new energy vehicles, and only newly purchased new energy vehicles that meet the criteria. At the same time, the detailed rule specifies that the subsidy funds for scrappage and renewal of old commercial vehicles will be shared by the central and local governments according to a general 9:1 principle.
Guolian Securities: Subsidy details have exceeded expectations, domestic demand for heavy trucks is expected to rise.
At the current node, the heavy truck replacement policy has a strong subsidy and is expected to substantially boost domestic demand and push it back to the central level. The industry leaders are expected to benefit first.
Weichai Power (02338.HK) received a shareholding of 10.1723 million shares from JPMorgan.
According to the latest equity disclosure information from the Stock Exchange of Hong Kong, on July 26, 2024, Weichai Power (02338.HK) obtained a shareholding of 10.1723 million shares from JPMorgan Chase & Co. at an average price of HKD 12.9002 per share, involving approximately HKD 0.131 billion. After the increase, JPMorgan Chase & Co.'s latest holding of outstanding shares increased from 5.80% to 6.33%, with a total of 123,054,108 shares held.
GF Sec: Continuous recovery in the truck industry, heavy truck exports remain impressive in the first half of the year.
Since 23 years ago, the truck industry has continued to recover, with exports stabilizing and showing growth. The leading companies are expected to release significant performance potential.
CICC: Weichai Power is rated as "outperforming the industry" with a target price of HKD 20.3.
According to the research report released by CICC, it resumed coverage of Weichai Power (02338) and gave it an "outperform" rating. Its earnings per share are forecasted to be RMB 1.31 in 2024 and RMB 1.57 in 2025, with a compound annual growth rate of 23.1% . The target price is HKD 20.3. The report states that the company has established a comprehensive business in the Heavy Duty Truck (HDT) value chain. Last year, its market share in HDT engines and natural gas HDT engines were 31% and 65% respectively, both ranking first in the industry.
Soochow Securities: Heavy trucks will transition from incremental market to stock renewal market.
Within 24 years, domestic demand is recovering weakly with support provided by the growth of highway freight volume. The oil and gas price differential remains high, driving the continuous high growth of natural gas heavy trucks from an economic perspective; policy-driven new energy heavy truck is accelerating its sales volume.
No Data