On the evening of October 30th，Sinotruk（000951.SZ）Release report for the third quarter of 2023。Third quarter of 2023，The company achieved operating income of 105..7.7 billion yuan，Year-on-year growth of 48.47%；Net profit attributable to parent company 1.5.9 billion yuan，Year-on-year growth of 336.74%。The company achieved a total operating income of 307 in the first three quarters..6.4 billion yuan，Year-on-year growth of 37%；Net profit attributable to parent company 6.5.5 billion yuan，Year-on-year growth of 83.62%。
During the reporting period，Many financial indicators of the company are stable and improving.。The company's gross profit margin for the first three quarters was 7..27%，Year-on-year growth of 0..33 percentage points；The expense ratio for the period is 1.34%，Decreased by 0. 5% over the same period last year..46 percentage points。In addition，The company continued to increase R & D investment in the first three quarters.，R & D expense accumulated4.1.6 billion yuan，Year-on-year growth of 92%。
According to the data，Sinotruk takes advantage of the upward cycle of the industry，Give full play to the leading advantages，Constructing and Strengthening the Second Growth Curve of Overseas Market，Heavy Truck sales continue to lead the industry。At the same time，The company optimizes the product structure.，Upgrade the industrial layout，Enhance market competitiveness，Profitability increased significantly。
Since 2023，Heavy Truck industry boom rising，The overall sales volume of the industry increased significantly year on year.。Among，Sinotruk Seizes the Rising Period of the Industry，Become the biggest winner in the market share war。According to CAAC data，2023 1-September，The total sales volume of China's heavy Truck industry is 70.70,000，Year-on-year growth of 35.1%。The sales volume of heavy trucks in September was 8.60,000，Year-on-year growth of 65.6%。China National Heavy Duty Truck Group ranks first in the industry sales list，1-Heavy truck sales achieved in September 19.140,000，Year-on-year growth of 52.3%。In addition，The company's market share has increased again.，Up to 27.1%，Year-on-year growth of 3.1 percentage point。
Synthesize all kinds of information，The heavy truck industry is expected to continue its recovery momentum under multiple favorable stimuli.。On the domestic front，Recently, the central government will issue 1 trillion yuan of 2023 treasury bonds in the fourth quarter to ignite the enthusiasm of the infrastructure sector.，At the same time, it will benefit the heavy truck industry chain.。Engineering heavy trucks occupy an important position in the sales structure of the industry，With the landing of trillions of national debt，Adverse effects such as the downturn in real estate investment have improved，Heavy truck industry may be further repaired。
In addition，The recent emergence of natural gas heavy trucks is expected to drive the industry to update the replacement increment.。The data shows，This year, the price of natural gas across the country continued to decline.，The price gap with diesel is widening.，The improvement of economic benefits，Leading to the outbreak of natural gas heavy truck sales。According to CAAC data，This year 1-Natural gas heavy truck sales in September were 9..820,000，Year-on-year increase of 370%，At present, the penetration rate has reached 13.8%。China Merchants Securities is expected，Fourth quarter of this year to the first half of next year，Natural gas heavy truck will become the mainstream of the market。
Overseas markets，The recent sharp increase in sales data continues to release positive signals.。According to the General Administration of Customs，1-In September, the export volume of heavy truck industry was about 240 thousand.，Year-on-year growth of 78%。CAAC data，This year 1-September，Sinotruk Heavy Truck Export 9.90,000，Year-on-year growth of 71.95%，Occupying half of the market share of the industry。At present, China's heavy truck products play an increasingly important role in the global market.。Huatai Securities believes，Southeast Asia、Central and South America、Africa、There are no strong local brands in the Middle East and other major export areas of China's heavy trucks.，Independent brands are expected to continue the export boom with high cost performance.，Annual exports may reach 260000 Vehicles。
CITIC Securities is optimistic about the positive trend of the industry and the performance development of China Heavy Truck.，Give the company in the research report“Buy”Rating。The agency believes that with the arrival of the fourth quarter peak season.，Industry prosperity will continue to improve，Sinotruk is an excellent heavy truck enterprise in the industry.，It is expected to achieve long-term and sustained development in the upward cycle of the heavy truck industry in this round.。Forecast that the company will achieve a net profit of 9 in 2023.500 million yuan，Year-on-year growth of 346%。
（From the Securities Times Network）
