23 年第三季度收益同比增长 120 - 200% ； 强劲的汽油卡车销售仍然是关键驱动力

Weichai Power (2338 HK) announced that its net profit in 3Q23 is expected to surge 120-200% YoY to RMB2.03-2.77bn, driven by natural gas trucks and export. The company's engine sales outpaced the industry in 8M23, with a market share of 17% in 8M23, up 2.6ppt YoY. In Sep, China HDT industry sales volume grew 55% YoY to 80k units, driven by strong demand for natural gas trucks and export. Natural gas HDTs accounted for 31% of total HDT sales in Sep. The decline in LNG price will continue to boost sales of LNG trucks/engines, where Weichai has strong presence. We maintain our positive stance on Weichai and revise up our 2023E/24E/25E earnings forecasts by 17%/9%/8%. We revise up our SOTP-based TPs for Weichai A/H to RMB14.7/HK$16.1. Reiterate BUY.

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