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中國重汽:上半年歸母淨利潤預增超30% 龍頭優勢持續穩固
格隆匯 07-14 21:08

7月14日晚,中國重汽(03808.HK)發佈2024年中期業績預增公吿,預計2024年上半年歸母淨利潤同比增長30%至45%,據此計算公司上半年實現歸母淨利潤約為30.65億元至34.19億元。

中國重汽介紹,今年1-6月,受益於國內宏觀經濟穩中向好及海外重卡市場持續發力,公司搶抓市場機遇,實現產品銷量增長,持續強化費用管控,盈利能力穩步提升。

市佔率行業領先 

 競爭優勢持續擴大

2024年以來,中國重汽持續領跑重卡市場,銷量及市場份額不斷提升。據中汽協數據,2024年1-6月,中國重汽重卡銷售13.94萬輛,同比增長7.4%,高於行業增速;市佔率達到27.63%,同比增長1.06個百分點。

值得注意的是,從市佔率增長情況看,中國重汽已展現出遠超同行業一般水平的競爭優勢。在中汽協統計的34家業內企業市佔率數據中,中國重汽位居榜首,增速一馬當先,凸顯強者恒強的市場地位。

公司出口銷量依舊強勢,中汽協數據顯示,今年1-6月,中國重汽實現重卡出口6.29萬輛,出口份額超過40%,行業出口銷量榜首地位持續穩固。

此外,中國重汽在多個重要細分領域展現出突出的競爭實力。今年上半年,公司在牽引車、自卸車、載貨車領域銷量、市佔率均位居行業首位。其中,牽引車銷售約7萬輛,市佔率持續提升,達到26.18%;自卸車市佔率為41.1%,銷量榜首地位穩固;載貨車銷量增速遠超行業平均水平,市佔率29.24%,同比增長1.6個百分點,同樣居行業頭名。此外,公司在專用車領域銷量大幅躍升,上半年銷售1.57萬輛,同比增長72.28%,市佔率從上年同期的17.1%提升至28.09%,增長10.99個百分點,增速行業第一。

多重因素驅動行業向好 

 重卡龍頭將充分受益

展望未來,國內內需復甦、海外市場需求增長、天然氣重卡結構性增長等多個因素有望驅動行業持續向好,利好行業龍頭中國重汽的進一步發展。內需方面,重卡的平均淘汰年限為9至10年,2017年、2018年曾達到行業銷售高點,或在未來幾年出現淘汰高峯。今年6月,生態環境部等5部門聯合發文推動鋼鐵、水泥等行業節能降碳,有望加速設備更新,提升增量需求。同時,國內重卡消費驅動因素已由房地產和基建主導的工程需求轉變為製造和消費主導的物流需求,隨着國內消費復甦,有望推動中國貨運需求提升。

海外市場仍將是行業競逐重點,銷量和利潤均有增長空間。海關總署數據顯示,2023年中國重卡出口總量已達到31.91萬輛,同比增長66.71%。據中汽協數據,上半年行業重卡出口15.15萬輛,仍然保持9.25%的較高增速。當前在中國重汽的引領下,自主品牌在海外市場的影響力與日俱增,有望進一步提升溢價能力。

此外,油氣價差維持高位,為天然氣重卡帶來結構性增長機遇,中國重汽在該領域表現同樣突出。據終端數據,2024年1-6月,中國重汽天然氣重卡銷量2.77萬輛,位居行業前列,同比增長278%,增速行業第一。

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