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In August, domestic new energy heavy truck sales surged by 117% to 6,303 units, maintaining year-on-year growth for 19 consecutive months.
According to the latest data obtained by the First Commercial Vehicle Network, in August 2024, a total of 6,303 domestic new energy heavy-duty trucks were sold, a decrease of 5% compared to July, while the year-on-year growth continued, reaching an increase of 117%. The new energy heavy-duty truck market has maintained year-on-year growth for 19 consecutive months.
gtja: Maintains a "buy" rating on sinotruk (03808) with a target price of HK$25.
gtja expects that sinotruk's heavy truck sales will remain around 0.24 million units in 2024.
[Brokerage Focus] Haitong International: The global passenger vehicle market is currently in the accelerated penetration stage of electric intelligentization.
According to the data from the Public Account of the China Passenger Car Association, the production of passenger vehicles in August was 2.158 million, a decrease of 3.7% compared to the same period last year, and an increase of 8.9% compared to the previous month. It decreased by about 0.09 million vehicles from the historical high point of 2.24 million vehicles in 2023. The wholesale of vehicles by manufacturers was 2.154 million, a decrease of 3.9% compared to the same period last year, and an increase of 9.6% compared to the previous month. Due to the cautious production and sales of automakers in the summer, the wholesale of passenger vehicles in August did not reach a new high. The retail sales volume was 1.905 million vehicles, a decrease of 1.0% compared to the same period last year, and an increase of 10.8% compared to the previous month. Since 2024, the cumulative retail sales volume has reached 13.472 million, a year-on-year increase of 1.9%.
In August, the national commercial vehicle market sold 0.2719 million vehicles, a year-on-year decrease of 12%.
The First Commercial Vehicle Network stated that in August, among the seven segmented commercial vehicle markets, only the small proportioned medium truck and minibus markets achieved year-on-year sales growth.
We Think Sinotruk (Hong Kong) (HKG:3808) Can Manage Its Debt With Ease
[Broker Focus] Soochow Securities maintains a "buy" rating on Sinotruk (03808), indicating the obvious recovery situation in the heavy truck industry.
Jingwu Finance News | Soochow Securities issued a research report pointing out that Sinotruk (03808) achieved revenue of 48.82 billion yuan in 24H1, with a year-on-year increase of 18.0% and a quarter-on-quarter increase of 10.7%; net income attributable to shareholders was 3.29 billion yuan, with a year-on-year increase of 38.8% and a quarter-on-quarter increase of 11.9%, slightly higher than the midpoint of performance forecast, in line with the bank's expectations. In terms of heavy truck revenue (including internal sales), the company's revenue in 24H1 was 42.51 billion yuan, with a year-on-year increase of 16.3% and a quarter-on-quarter increase of 9.8%. In terms of quantity, the company's heavy truck sales in 24H1 were 0.125 million, with a year-on-year increase of 14.8% and a quarter-on-quarter increase of 5.8%; heavy truck sales in 2024H1.
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