Financial PerformanceWeichai’s net profit in 2023 surged 84% to RMB9bn, which is in line with the profit range announced earlier.
Growth ForecastEarnings forecast for 2024/2025 has been revised up by 19%/20%, mainly due to higher margin assumptions across different segments.
Market Share And DemandWeichai is the sector top pick due to the large gas/diesel price gap driving natural gas engine demand, where Weichai has more than 60% market share.