China National Heavy Duty Truck (000951) 19-year Interim Report comment: net profit attributable to mothers, net cash flow from operations hit new high

China National Heavy Duty Truck (000951) 19-year Interim Report comment: net profit attributable to mothers, net cash flow from operations hit new high

The company’s revenue for the first half of the year is once every ten years.

3%, net profit attributable to mothers grows 32% per year.

3% According to the interim report, the company’s net profit attributable to its mother in the first half of 19, and its operating net cash flow doubled to a new high: 224 in revenue.

7 ppm, with a ten-year average of 0.

3%; net profit attributable to mother before and after deduction 6


90,000 yuan, an annual increase of 32.

3% / 29.

1%; operating net cash flow is 21.

60,000 yuan, an increase of 26 in ten years.

2%, the operating net cash flow + bills receivable added value increased by 50 per year.

0%, the second highest value in the past 8 years.

  The company’s management capabilities have improved significantly. Net profit margins have created the highest value in the first half of the last nine years. The company’s revenue growth in the first and second quarters of 19 was 24.

8% /-17.

8%, net profit growth after deducting non-return to mother is 57.

6% / 9.

7%, the decrease in revenue in the second quarter was affected by the short-term construction vehicle governance (a positive effect in the long-term). The higher profit growth rate than the revenue growth rate was related to the increase in the proportion of high-end vehicles and management capabilities. The company’s inventory turnover in the first half of the yearThe rate reached a new high after 2008, and the expense ratio dropped by 0 in the first half of the year.

4 points to 4.

3%, in which the sales expense ratio / administrative expense ratio / financial expense ratio drops every 0.




In the first half of 19, the company’s gross profit margin was 10.

5%, an increase of 1 over the same period in 18 years.

2pct; company net margin is 3.

9%, rising by 1 every year.

0pct, the highest value in the first half of the last 9 years.

  The heavy truck industry’s 19-year stability or exceeds expectations. The T series of vehicles has been the company’s long-term focus on super new regulations and the replacement of medium-sized trucks, which has accelerated the clearing of excess reserves in the heavy truck industry. The current industry inventory is healthy.It will be substantially stable, and the improvement of industry concentration will benefit leading companies such as companies.

Currently, the heavy-duty trucks are becoming more and more high-end, and the trend of large-scale quantification is obvious. According to the data of China Machine Center, the proportion of heavy-duty heavy trucks that reduce the displacement of more than 12 liters has continued to rise, which has gone from 0 in 15 years.

9% increased to 19 in the first half of the year.

1%, in the medium and long term, the company’s T series vehicles derived from the MAN technology platform will remain competitive in the next 5-8 years, and the mid-to-high-end product ramp-up period has occurred, but its sales have exceeded 200,000 in 13 years.The product ramp-up period has steadily transitioned. Users and word of mouth will help boost its sales. The company is expected to increase its market share by relying on the new T-series vehicles. The upward shift in product structure may further increase the company’s profitability.

  Investment advice In the long run, under the trend of high-power heavy trucks and mid-to-high-end, the T series will improve the company’s profitability. The company has no focus on its main business, and its performance is flexible and advantageous.

We expect the company’s EPS to be 1 in 19-21.



93 yuan, corresponding to the current sustainable PE is 8.


4/5.2 times.

Taking into account the 15-time PE estimation hub of foreign truck leaders in recent years, combined with the company’s historical evaluation and comparable company evaluation, we give 15-year PE in 19 years, with a reasonable value of 27.

2 yuan / share, maintain “Buy” rating.

  Risks indicate that the macro economy is worse than expected; the heavy truck 北京桑拿 industry is weaker than expected; the company’s sales are lower than expected.