Affected by the shrinking demand for heavy trucks and construction machinery industry, Weichai Power's revenue and profits both fell in the third quarter of this year after the results of the semi-annual report fell sharply.
Weichai Power Co., Ltd. (000338, SZ; hereinafter referred to as “Weichai Powerâ€) issued a three-quarters report in the evening (October 28th) that the company achieved a net profit of 2.409 billion yuan in the first three quarters of this year, a decrease of 47.42% year-on-year. Its revenue was 36.268 billion yuan, a year-on-year decrease of 23.13% and earnings per share of 1.2 yuan.
In the third quarter of this year, the company achieved a net profit of 512 million yuan, a year-on-year decrease of 52.62%, operating income of 9.208 billion yuan, a year-on-year decrease of 12.74%, and a per-share return of 0.26 yuan.
Due to the influence of various factors, such as early release of consumption, further tightening of macroeconomic control, and increasingly strict “super cureâ€, since last year, sales in the heavy truck market, which is regarded as a “barometer†and “vane indicator†of the national economy, have remained sluggish. The heavy truck industry still has not recovered.
China Automobile Industry Association statistics show that in September this year, domestic sales of heavy trucks were 42 800 vehicles, a year-on-year drop of 29%, a slight decrease from August. The cumulative sales volume of domestic heavy trucks in the first three quarters was approximately 490,000, which represented a year-on-year decline of over 30% to 31%, of which heavy-duty trucks and semi-trailer tractors fell by 26% and 43% respectively year-on-year. As a result, Weichai Power's performance, which is currently the main manufacturing accessory supplier for the heavy truck powertrain market, has continued to decline.
It is noteworthy that, despite the performance continued to dive, but on September 3, Weichai Power announced that it will be a total of 738 million euros (about 58.618 billion yuan) of the transaction amount of the German KION Group strategic restructuring. Just a week ago, Weichai Holding Group Co., Ltd., the largest shareholder of Weichai Power, announced that it had completed the assets of Italy Ferretti Group through a total transaction of 374 million euros (approximately RMB 297.97 million). Delivery, successfully owns 75% of the world's top luxury yacht makers.
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