Recently, four listed engine companies, including Weichai Power, Yunnei Power, Quanchai Power, and Power Xinke, released their 2023 annual reports and 2024 first quarter reports.
Judging from the annual performance in 2023, Weichai Power has the highest revenue and net profit among the four engine companies. The net profit of Quanchai Power is 97 million yuan, the loss of Xinke in 2023 is 2.463 billion yuan, and the loss of Yunnei Power in 2023 is 1.255 billion yuan.
Judging from the performance of the first quarter of 2024, Weichai Power's revenue and net profit among the four engine companies are also the highest. The remaining three companies all lost money.
Weichai Power
In the first quarter, the revenue was 56.38 billion yuan
The net profit was 2.6 billion yuan
In 2024, we will continue to explore the high-end market
Strengthen the management and control of overseas industries
In 2023, Weichai Power (000338. SZ, 2338.HK) achieved operating income of RMB213.96 billion, a year-on-year increase of 22.2%, net profit attributable to shareholders of the parent company of RMB9.01 billion, a year-on-year increase of 83.8%, basic earnings per share of RMB1.04, a year-on-year increase of 84.5%, and adhered to the policy of creating good returns for shareholders, maintaining a high proportion of dividends, and increasing the cash dividend ratio to 50% for the full year of 2023.
In the first quarter of 2024, Weichai Power achieved operating income of 56.38 billion yuan, a year-on-year increase of 5.51%, a net profit of 2.6 billion yuan, a year-on-year increase of 40.07%, basic earnings per share of 0.30 yuan, and a weighted average ROE of 3.21%.
In 2024, Weichai Power expects sales revenue of about 224.7 billion to 235.4 billion yuan, an overall increase of about 5%-10% over 2023.
In 2024, Weichai Power's investment projects will focus on improving R&D and testing capabilities, product quality, hydraulic powertrain, new energy product development and mass production, marine equipment manufacturing, artificial intelligence, etc.
In 2024, Weichai Power will continue to adhere to innovation-driven, deepen market segmentation, enhance the core competitive advantages of product technology, deepen structural adjustment, explore high-end markets, further enhance profitability, strengthen overseas industrial control, and make every effort to achieve a historic leap in exports, continue to improve management level, activate the endogenous power of the enterprise, lead the high-quality development of the industry, create greater value for shareholders, and contribute Weichai's strength to the society.
Power in the cloud
In the first quarter, the operating income was 1.741 billion yuan
Net profit -8.6762 million yuan
In 2024, the company plans to expand the deployment of heavy-duty trucks
Accelerate the realization of gasoline engine products to micro trucks, small trucks matching and loading
In 2023, Yunnei Power (000903) achieved operating income of 5.314 billion yuan, a year-on-year increase of 11.79%, net profit of -1.255 billion yuan, a year-on-year increase of 5.08%, and basic earnings per share of -0.64 yuan.
In the first quarter of 2024, Yunnei Power achieved operating income of 1.741 billion yuan, a year-on-year increase of 3.05%, net profit of -8.6762 million yuan, a year-on-year increase of 82.81%, and basic earnings per share of -0.005 yuan.
In 2024, Yunnei Power will focus its work on "strengthening the long board and making up for the weak board".
In terms of automotive diesel engines, we will seize opportunities such as national policies and market changes, formulate a marketing strategy of "one factory, one policy" and a brand differentiation promotion plan, and comprehensively promote the market expansion of independent and controllable automotive products with a good product portfolio. At the same time, on the basis of stabilizing the basic market, we will expand upward consumption, expand the deployment of heavy-duty trucks, and actively promote the mass production progress of fully autonomous and controllable vehicle products in various OEMs, so as to ensure that the sales of diesel engines are higher than the average growth rate of the industry.
In terms of non-road diesel engines: increase the installed capacity ratio of the current stock market and achieve strategic transformation, realize the transformation of the company's traditional business to a high-horsepower factory, make full use of platform resources, accelerate the expansion of new markets and new businesses such as agricultural machinery, fixed power plates, and international exports, and strengthen the advantages of non-road sectors. Achieve a breakthrough in the new energy power market for non-roads.
In terms of automotive gasoline engines: on the basis of stabilizing the existing market, we will accelerate the matching of the company's gasoline engine products with micro trucks and small trucks, accelerate the mass production progress of gasoline engine extended-range hybrid engines in light truck models, and gradually expand to cold chain logistics, engineering dump and other models.
In terms of new energy powertrain: fully improve the product layout of the new energy sector, seize the potential market of hybrid products, accelerate the development of gasoline engine extended range powertrain, natural gas extended range powertrain, hydrogen fuel cell powertrain, accelerate the construction of plug-in hybrid and other product layout, and achieve a significant breakthrough in the new energy market.
In terms of the international market: seizing the opportunities brought about by the opening of the China-Laos Railway, China's occupation of the largest export market in ASEAN, the entry into force of RCEP, the Xinjiang Experimental Free Trade Zone, and the opening of the Northeast Port, based on Southeast Asia, Africa, South America and the Middle East and other countries and regions, on the basis of continuously increasing the bulk export of the company's products with automobiles or trading companies, actively explore the "direct access to the international market", and boost the company's business development in the international market of vehicles and non-roads.
Quanchai power
In the first quarter, the revenue was 1.222 billion yuan
The net profit was 25.362 million yuan
In 2023, Quanchai Power (600218) will achieve operating income of 4.819 billion yuan, a year-on-year decrease of 2.37%, a net profit attributable to the parent company of 97.22 million yuan, a year-on-year decrease of 6.04%, a net cash flow from operating activities of 120 million yuan, a year-on-year decrease of 69.25%, and an asset-liability ratio of 47.27%, a year-on-year increase of 3.16 percentage points.
In the first quarter of 2024, Quanchai Power achieved operating income of 1.222 billion yuan, down 25.20% year-on-year, net profit of 25.362 million yuan, down 20.80% year-on-year, basic earnings per share of 0.06 yuan, and weighted average ROE of 0.80%.
Power New Branch
In the first quarter, the operating income was 31.4918 million yuan
Net profit -16.2256 million yuan
In 2024, it will focus on the new energy heavy truck market segment
Continue to iteratively develop new models
In 2023, Power Xinke (600841) will achieve operating income of 8.681 billion yuan, a year-on-year decrease of 12.57%, net profit attributable to the parent company of -2.463 billion yuan, a year-on-year increase of 52.81%, a net cash flow from operating activities of 283 million yuan, and an asset-liability ratio of 69.50%, an increase of 5.49 percentage points year-on-year.
In the first quarter of 2024, the company achieved operating income of 1.828 billion yuan, a year-on-year decrease of 9.11%, a net profit of -284 million yuan, and basic earnings per share of -0.20 yuan.
In 2024, the company will seize market opportunities, strive to increase sales in domestic and overseas markets, improve efficiency, control costs, and strengthen capabilities, and strive to achieve sales of 191,500 diesel engines and 20,000 heavy trucks throughout the year, with a total operating income of 13.168 billion yuan.
In terms of diesel engine business, Yunnei Power further consolidated and improved its competitive position in the industrial, agricultural machinery and marine power markets, focusing on sales breakthroughs in excavators, loaders, harvesters, power station data centers, inland river carriers and other markets, seizing opportunities in overseas markets, accelerating the construction of overseas networks, and achieving sales growth targets;
In terms of heavy-duty truck business, the Group will continue to expand overseas marketing channels, focus on the new energy heavy-duty truck market segment, reform its business model, strive to achieve the year-on-year sales growth target, and continue to iteratively develop new models to increase the sales contribution rate of new products. Accelerate the research and development of a new generation of heavy trucks and enhance product competitiveness.