Recently, China National Heavy Duty Truck, Foton Motor, FAW Jiefang, JAC, Jiangling Motors, Hanma Technology, Dongfeng Motor and other commercial vehicle companies released their 2023 annual reports and 2024 first quarter reports.
Judging from the annual performance in 2023, among the 7 vehicle companies, 6 companies, including China National Heavy Duty Truck, Foton Motor, FAW Jiefang, JAC, Jiangling Motors, and Hanma Technology, have achieved positive revenue growth, and Dongfeng Motor has experienced a decline. Among them, China National Heavy Duty Truck has the highest revenue, with a revenue of 85.5 billion yuan in 2023, followed by FAW Jiefang, with a revenue of 63.905 billion yuan in 2023, and Foton Motor with a revenue of 56.097 billion yuan. In addition, the net profit of China National Heavy Duty Truck, Foton Motor, FAW Jiefang, and Jiangling Motors increased, the net profit of JAC Motors turned losses into profits, the net profit of Dongfeng Motor declined, and Hanma Technology lost 963 million yuan.
Judging from the performance of the first quarter of 2024, among the 7 vehicle companies, China National Heavy Duty Truck, FAW Jiefang, JAC, Jiangling Motors, Hanma Technology, and Dongfeng Motor 6 automobile revenue growth, and Foton Motor suffered a decline. Among them, FAW Jiefang had the highest revenue, with a revenue of 18.981 billion yuan in the first quarter, followed by Foton Motor, with a revenue of 12.87 billion yuan in the first quarter, and China National Heavy Duty Truck's revenue of 11.427 billion yuan, ranking third. In the first quarter of 2024, the net profit of China National Heavy Duty Truck, FAW Jiefang, Jiangling Motors, and Dongfeng Motor will grow, Foton Motor's net profit will decline, and Hanma Technology will lose 62 million yuan.
China National Heavy Duty Truck
In the first quarter, the revenue was 11.427 billion yuan
The net profit was 274 million yuan
In 2024, we will continue to deepen the overseas market
Accelerate the promotion of new energy products
In 2023, China National Heavy Duty Truck (03808. HK) achieved operating income of RMB85.5 billion, up 44% year-on-year, and net profit attributable to the parent company of RMB5.32 billion, up 218% year-on-year. At the same time, the company plans to pay a dividend of 0.965 yuan per share, with a dividend payout ratio of 50%, an increase of about 5 percentage points over the previous year.
China National Heavy Duty Truck (000951. SZ) achieved operating income of 42.07 billion yuan, a year-on-year increase of 46%, and net profit attributable to the parent company of 1.08 billion yuan, a year-on-year increase of 406%. The company continues to pay a high proportion of dividends to investors, and plans to distribute 4.62 yuan (tax included) for every 10 shares, with a total cash dividend of 540 million yuan and a dividend payment ratio of 50%, an increase of 5.15 percentage points over 2022.
In the first quarter of 2024, China National Heavy Duty Truck (000951. SZ) achieved operating income of 11.427 billion yuan, a year-on-year increase of 24.02%, net profit attributable to the parent company of 274 million yuan, a year-on-year increase of 22.36%, and net profit of 263 million yuan, a year-on-year increase of 18.68%. The company's earnings quality continued to improve, and the net cash flow generated by operating activities was 2.945 billion yuan, a year-on-year increase of 123.21%.
In 2024, SINOTRUK will continue to deepen the overseas market, promote brand internationalization, accelerate the upgrading and adjustment of overseas product structure, make up for the shortcomings of product segments, and make every effort to develop the high-end market dominated by European and American brands. In addition, the company will also make efforts to optimize the marketing network, accelerate the promotion of new energy products, and innovate business models, so as to accelerate its progress towards a "world-class full-range commercial vehicle group".
Foton Motor
In the first quarter, the revenue was 12.87 billion yuan
The net profit was 256 million yuan
In 2024, it will take the initiative to attack the NG market
Seize the market share of AMT and new energy
In 2023, Foton Motor (600166.SH) will achieve an operating income of 56.097 billion yuan, a year-on-year increase of 20.78%, and a net profit of about 909 million yuan, a year-on-year increase of 1262.27%.
In the first quarter of 2024, Foton Motor achieved revenue of 12.87 billion yuan, down 14.05% year-on-year, net profit attributable to the parent company of 256 million yuan, down 13.96% year-on-year, and non-net profit of 207 million yuan, up 19.04% year-on-year. Basic earnings per share was 0.032 yuan.
For 2024, Foton Motor said that in terms of heavy trucks, it will focus on stabilizing the market base of tractors, expanding the leading edge of high-end high-horsepower and AMT markets, and at the same time taking the initiative to attack the NG market.
In terms of medium trucks, it will focus on the listing and promotion of new products, and at the same time give full play to the brand advantages of Auman and European Airlines, seize the market share of AMT and new energy, restore the dominant market position of the cold chain, and focus on breaking through the green pass and express delivery markets.
In terms of light trucks, it will upgrade the technical architecture of the product platform, lay out the new energy ecological network, improve the construction of the new energy ecosystem, continue to reduce vehicle energy consumption through new technologies, new structures and new materials, independently develop vehicle core modules, plan and develop a new generation of pure electric exclusive platform products for urban logistics vehicles, and lead the market with excellent urban distribution logistics performance experience; launch the company's independent research and development of hybrid power, bringing customers more advanced technology, stronger economy, Higher comfortable driving experience, advance layout in advanced technologies such as hydrogen fuel, innovate to lead the development trend of the industry, and enhance the core competitiveness of enterprises; promote the construction of vehicle ecology, and provide customers with integrated solutions covering the whole life cycle of "buying, using, maintenance, management, and replacement", so that customers can have lower operating costs and more efficient operations; Save more money.
FAW Jiefang
In the first quarter, the revenue was 18.981 billion yuan
The net profit was 169 million yuan
In 2024, the absolute leading position of medium and heavy trucks in China will be expanded
Win the battle to catch up with the overseas market
In 2023, FAW Jiefang will achieve an operating income of 63.905 billion yuan, a year-on-year increase of 66.71%, and a net profit attributable to the parent company of 763 million yuan, a year-on-year increase of 107.66%. The annual sales of vehicles were 241,700, a year-on-year increase of 42.11%, of which the sales of medium and heavy trucks were 205,200, a year-on-year increase of 46.14%, showing a strong momentum.
In the first quarter of 2024, the company achieved revenue of 18.981 billion yuan, a year-on-year increase of 35.21%, and net profit attributable to the parent company of 169 million yuan, a year-on-year increase of 174%. The company's heavy truck sales in the first quarter reached 59,200, a year-on-year increase of 33.3%, ranking first in the industry and leading the heavy truck industry.
In 2024, FAW Jiefang will promote various tasks of production and operation throughout the year in accordance with the general idea of "focusing on brand leadership, focusing on the main line of piloting, adhering to two-wheel drive, winning the four major battles, and doing a good job in seven key tasks".
It is necessary to adhere to the concept of "product is king", gain in-depth insight into market trends and customer needs, focus on the development and upgrading of traditional products, new energy, special equipment, and powertrain, and constantly reserve and create new advantages of liberated products.
In terms of technological innovation, it is necessary to anchor the goal of "No. 1 in the industry in scientific and technological innovation ability", grasp the cutting-edge technology of global commercial vehicles, strengthen the ability of independent innovation, and support the products and solutions in the fields of traditional vehicles, new energy, and intelligent networking to enter the world-class level.
Resolutely win the battle of traditional vehicles to be the first in China, firmly adhere to the goal of "two surpasses", and expand the absolute leading advantage of medium and heavy trucks in China; resolutely win the battle of leapfrog growth of new energy vehicles, focus on typical scenarios, innovate marketing models, implement customized solutions, and continue to dig deep into sales increments; resolutely win the battle of catching up and surpassing the volume in overseas markets, continue to seize the opportunities of high market positions, accelerate the pace of internationalization, and expand the overseas sales base.
JAC
In the first quarter of 2024, the revenue will be 11.265 billion yuan
The net profit was 105 million yuan
In 2024, we will strengthen and expand commercial vehicles
Open cooperation in the development of passenger cars
In 2023, JAC (600418) achieved operating income of 44.940 billion yuan, a year-on-year increase of 23.14%, and net profit attributable to shareholders of listed companies of 152 million yuan, turning losses into profits over the same period last year.
In the first quarter of 2024, JAC achieved operating income of 11.265 billion yuan, a year-on-year increase of 4.61%, and net profit attributable to the parent company of 105 million yuan.
In 2024, JAC will adhere to the strategic path of "independent development + open cooperation", conform to the development trend of 'electrification, intelligence, networking and ecology' of the automobile industry, strengthen and expand commercial vehicles, open cooperation to develop passenger vehicles, take advantage of the transformation and development of parts business, innovate and develop auto finance, automobile logistics and value-added business, and create an industrial ecosystem with JAC characteristics, It is expected to sell 500,000 vehicles and chassis of various types, a year-on-year increase of 14.84%; It is expected to achieve a total operating income of 50 billion yuan, a year-on-year increase of 10.38%.
Jiangling Motors
In the first quarter, the revenue was 7.975 billion yuan
The net profit was about 482 million yuan
In 2024, it will enhance its leading position in the light commercial vehicle segment
In 2023, Jiangling Motors (000550) will achieve operating income of 33.167 billion yuan, a year-on-year increase of 10.19%, net profit attributable to shareholders of listed companies of 1.476 billion yuan, a year-on-year increase of 61.26%, and net profit attributable to shareholders of listed companies after deducting non-recurring gains and losses of 995 million yuan, a year-on-year increase of 533.34%.
In the first quarter of 2024, Jiangling Motors' revenue was about 7.975 billion yuan, an increase of 5.96% year-on-year, the net profit attributable to shareholders of the listed company was about 482 million yuan, an increase of 163.95% year-on-year, and the basic earnings per share was 0.56 yuan, an increase of 163.95% year-on-year.
In 2024, Jiangling Motors plans to sell 360,000 vehicles and achieve operating income of about 37.8 billion yuan, an increase of 16% and 14% respectively from 2023. In order to further improve the quality of the company's operation, the company will focus on the following aspects in 2024:
(1) Stabilize and enhance the company's leading edge in the field of light commercial vehicles, continue to strengthen private domain marketing, and promote brand improvement;
(2) Accelerate the transformation of the passenger car channel from home space to Ford, continue to empower dealers, strengthen customer operations, and further build the image of China's top outdoor life leader;
(3) Strengthen the brand promotion of "JMC Lexing" new energy transportation capacity, vigorously promote the new marketing model, and accelerate the cultivation of new business of transportation capacity operation;
(4) Deepen collaboration with shareholders, enrich product portfolio, expand overseas market scale, and continue to improve overseas service experience;
(5) Always adhere to the customer-centric, deeply understand market changes and customer needs, continue to innovate, efficient collaboration, to provide customers with high-quality products and services;
(6) High-quality production and launch of new Ford high-end off-road models, passenger car facelifts, light trucks and passenger car hybrid models, etc., to enhance product competitiveness;
(7) Continue to promote cost reduction and efficiency increase, lean management, build an efficient and agile organization, and lay a solid foundation for the company's overall strategic development.
Hanma Technology
In the first quarter, the operating income was 917 million yuan
Net profit -65.7099 million yuan
Take advantage of methanol to enhance product competitiveness
Committed to the transformation and upgrading of new energy
In 2023, Hanma Technology will achieve a sales increase of 32.73% over the same period of the previous year, an operating income of 3.877 billion yuan, an increase of 13.07% over the same period of the previous year, and a net profit loss attributable to the parent company of 963 million yuan.
In the first quarter of 2024, Hanma Technology achieved operating income of 917 million yuan, a year-on-year increase of 49.52%, net profit of -65.7099 million yuan, basic earnings per share of -0.10 yuan, and weighted average ROE of -7.77%.
In 2024, based on the new energy heavy truck architecture, Hanma Technology will use the advantages of methanol to enhance product competitiveness, benchmark analysis, continue to improve, forward-looking technical reserves and breakthroughs, and build a new energy digital heavy truck ecosystem...... In 2024, Hanma will continue to devote itself to transformation and upgrading to new energy.
Dongfeng Motor
In the first quarter, the revenue was 3.286 billion yuan
The net profit was 140 million yuan
In 2023, Dongfeng Motor (600006) will achieve operating income of 12.07 billion yuan, down 0.98% year-on-year, net profit attributable to the parent company of 200 million yuan, down 29.83% year-on-year, and basic earnings per share of 0.1 yuan.
In the first quarter of 2024, Dongfeng Motor achieved operating income of 3.286 billion yuan, a year-on-year increase of 24.61%, a net profit of 140 million yuan, a year-on-year increase of 46.51%, basic earnings per share of 0.0701 yuan, and a weighted average ROE of 1.67%.