Weichai's 2016 revenue of 93.2 billion yuan increased by 26% and net profit of 2.4 billion rose by 70%

On March 30, Weichai Power Co., Ltd. released its 2016 annual report. The report shows that in 2016, Weichai Power achieved operating revenue of 93.184 billion yuan, an increase of 25.64% year-on-year; net profit attributable to shareholders of listed companies was 2.441 billion yuan, a year-on-year increase of 72.86%.

In 2016, Weichai Power sold 198,000 engines for heavy trucks, an increase of 67.8% year-on-year, and its supporting share in the heavy truck market reached 27%. The leading position in the industry was solid; Shaanxi Heavy Truck Co., Ltd., a subsidiary of the company, sold a total of 82,000 heavy trucks in the year. Vehicles, an increase of 46.9% year-on-year, ranking fourth in China's heavy-duty truck companies, and further enhancing their competitiveness; the controlling subsidiary Shaanxi Fast Gear Co., Ltd. sold a total of 501,000 gearboxes, an increase of 23.2% year-on-year, and continued to maintain the industry. leading position.

In 2016, Weichai Power sold 22,000 sets of engines for large and medium-sized passenger cars (including Weichai China Machinery Co.), which was an increase of 5.8% year-on-year and 11.3% in the medium and large passenger car market.

In 2016, the upgrading of “LanQing” engine products steadily progressed. In 2016, 218,000 units of 10L and 12L engines were sold in the year. The dominant position of heavy-duty engine products in the heavy-duty truck market, the 5-ton loader market, and the 11-meter passenger car market remained stable. . At the same time, sales of strategic products and strategic markets increased significantly. Yangchai VM engines achieved sales of 19,023 units, a year-on-year increase of 70.9%; WP13 engines sold 15,494 units, which represented a year-on-year increase of 11.5 times; and new energy power systems supported 2,291 units, an increase of five times year-on-year.

The subsidiary Shaanxi Heavy-duty Truck Co., Ltd. completed the layout of different series of X3000, M3000, and L3000. The product platform extended from heavy trucks to Zhongka, highlighting the advantages of product lineup, platformization, and leading-edge sales. Shaanxi Fast Gear Co., Ltd. relies on quality advantages and technological innovations to continuously accelerate the adjustment of product structure. Its eight independently developed S-transmissions, AMT/AT automatic transmissions and other new energy products such as wheel reducers are rapidly developed. Grab the commanding heights of the market and form a scale development advantage.

Industry development trend forecast

Wechae Power is cautiously optimistic about the development trend of the company-related industry. In 2017, China’s heavy truck market is expected to sell 800,000 units, an increase of 9.2% year-on-year, mainly due to the following factors: First, the PPP project, 4.7 trillion “major infrastructure” projects have been accelerated, which has increased the demand for heavy truck market; Chemical product market rectification, over-loading and over-limit treatment, and weighing of vehicles on the vehicle speed up the replacement of heavy-duty trucks. Third, with the introduction of e-commerce logistics planning, logistics development has become more efficient and standardized, bringing market fluctuations to the heavy-duty truck industry. It is expected that the construction vehicle market will gradually recover; the high-end trend of high-efficiency logistics transportation will be driven; high-speed vehicle models will gradually increase in volume, and demand for large-displacement and high-power vehicles will increase.

In 2017, due to factors such as investment in infrastructure and new construction projects, and stable demand for displacement, the construction machinery industry will continue to maintain its recovery trend. First, on the macro level, investment in PPP projects will continue to maintain tension, and the project landing rate is expected to increase; the country is expected to continue to increase in areas such as railway investment and urban rail transit; and the mining industry is likely to achieve short-term recovery. Secondly, in the industry, the demand for replacement of the industry will continue to maintain a certain degree of strength, but it still faces the arduous task of removing capacity and inventory. Third, in terms of exports, the country will steadily advance the implementation of the “One Belt and One Road” project; the demand for high-end products in Europe and the United States and other economies will continue to grow, and there is room for external demand to pick up.

Future development strategy and business plan

In 2017, combined with economic development trend and industry development trend, the company expects sales revenue to be approximately RMB 107 billion, which is an increase of approximately 15% over 2016 as a whole.

Adhering to the development goal of “moving toward high-end and challenging the world’s first”, in accordance with the principle of “strategic unification, independent operation, and resource sharing”, Weichai Power accelerates the automobile plate, engineering machinery plate, powertrain plate and auto parts plate. Collaborative development, give full play to the advantages of domestic and foreign companies in resource synergy, continuously improve the quality and image of the company's development, and enhance the company's overall ability to resist risks.

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