The engine business is the core, and it will be the company's long-term strategy to expand the entire vehicle to promote the engine business. Weichai Power is a large-scale industrial group covering 2-33L diesel engines, heavy-duty transmissions, axles and trucks. The engine business is the core of the company, and the profit contributed by the heavy-duty diesel engine business has exceeded the company's profit by 80%. The company has reorganized the Hunan Torch, controlled Shaanxi Heavy Duty Truck, Fast and Hande Axle, and established the heavy truck gold industry chain (engine transmission axle and vehicle); acquired Chongqing Jiachuan Automobile and entered the light commercial vehicle market. At present, Shaanxi Heavy Duty Truck has become the company's largest customer of heavy-duty engines. The development of Jiachuan Light Commercial Vehicle will also contribute to the development of the company's light-duty diesel engine business. The vehicle business is the cornerstone of the healthy and stable development of the company's engine business. The company has a solid position in the heavy-duty engine market. The company has a large scale advantage and technical advantages, and can provide engine manufacturers with high performance ratio. Construction machinery enterprises and small and medium-sized heavy truck enterprises have large technical difficulties, while the scale is small and the production cost is high. Small and medium-sized heavy-duty truck companies and foreign companies jointly produce heavy-duty engines. Although they can solve technical problems, there are still problems of excessive cost. It is difficult for downstream customers to make their own or joint venture production engines to replace company products. The implementation of the National IV emission standard will help the company increase its market share. Before the implementation of the National III, the company actively developed the National III engine equipped with a high-pressure common rail system, and the relevant technology reserves were abundant. At present, the proportion of the company's National III engine equipped with high-pressure common rail system is significantly higher than the industry level. After the implementation of the National IV, most heavy-duty truck engines are required to install a high-pressure common rail system. With years of experience accumulated in high-pressure common rail engines, the company has sufficient preparations for the National IV and strong market competitiveness. Earnings forecast and investment rating. Affected by factors such as slower economic growth and lower investment, sales of heavy truck industry in 2011 fell by 13.4% year-on-year. The downturn in the downstream industry will drag down the company's performance in the short term. We have lowered the company's earnings forecast. It is estimated that the earnings per share for 2011-2013 will be 3.48, 3.63 and 4.60 yuan respectively. However, the company has strong technical strength, stable market position, and short-term fluctuations do not change the long-term profitability trend, maintaining the recommended investment rating. Risk warning: raw material prices rose sharply; the company's downstream customers changed the engine supporting system; the industry recovery was lower than expected. (This article Source: China Construction Machinery Business Network)
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