Weichai Power's Q1 net profit was lower than expected: During the reporting period, the company realized operating income of 13.536 billion yuan, YoY-26.65%, net profit of 1.025 billion yuan, YoY-44.57%, and EPS of 0.615 yuan. Q1's comprehensive gross profit margin was 19.61%, YoY decreased by 3.4 percentage points; reporting period management costs YoY increased by 3.2%, mainly due to the increase in labor costs and R&D investment during the period.
The sales volume of Q1 products decreased significantly: due to the decline in domestic infrastructure investment and foreign trade, the company’s corresponding heavy truck and engine sales saw a significant year-on-year decline. Q1’s engine sales were only about 110,000 units, and YoY’s decline was 35%. The company's heavy truck sales volume was approximately 24,000 units, a decrease of 28%; Fast Gear sold approximately 150,000 units of transmissions, YoY-40%.
It is estimated that the main product revenue will decrease in 2012 compared with the same period of last year: At present, there are indications that the government will fine-tune the Q2 and subsequent infrastructure investment policies to protect the investment growth rate. Therefore, we believe that the industrial prosperity of heavy trucks and construction machinery will be closer than expected in the second half of the year. With the rebound, coupled with the lower base period in the second half of the year, YoY growth is also possible. However, the probability of decline is still high throughout the year.
The implementation of the diesel engine IV standard in 13 years will boost the company's current performance: The Ministry of Environmental Protection issued a document at the beginning of the year that the deadline for the implementation of IV emission standards for national diesel engine countries is July 1, 2013. Judging from this, in 2013, the company’s sales of heavy trucks and engine products and added value of its products will be significantly improved. The YoY of annual profit is expected to increase by more than 30%. It is expected that the company’s revenue in 2012 and 2013 will reach 56.752 billion yuan and 659.05 respectively. Billion yuan and YoY respectively decreased by 5.44 and 16.13%; realized net profit was 4.425 billion yuan and 5.984 billion yuan respectively; YoY decreased by 20.93% and increased by 35.22% respectively; EPS was 2.656 yuan and 3.591 yuan respectively. At present, the A/H shares P/E for the 12 years are 13 times and 11 times; given the 13 years of implementation of the National IV and the company's leading position in the domestic large-scale diesel industry, the company holds investment advice.
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