External broker reports(aggregated public sources), CMB International

CMB International

External broker reports(aggregated public sources)

Incorporated in Hong Kong, supported by the mainland and targeting in global market, CMB International Capital Corporation Limited (“CMBI”) is an integrated financial institution providing comprehensive and professional services. As a wholly-owned subsidiary of China Merchants Bank ("CMB"), by leveraging on the Group’s synergy and coordination in domestic and overseas markets, as well as CMB’s strong resources and outstanding social reputation, CMBI and its subsidiaries have been actively implementing diversified business strategies and set up an overall layout of main business segments including Corporate Finance, Asset Management, Wealth Management, Global Markets and Structured Finance, etc. Adhering to the philosophy of “being clients oriented and increasing our own values by the way of creating value for clients”, CMBI endeavors to provide quality and integrated financial services to institutional, corporate and individual customers both domestic and overseas including Hong Kong IPO sponsorship and underwriting, share placement and rights issue for listed companies, financial advisors, bonds issuance services, asset management, direct investment, wealth management, equity sales and trading, etc.

Equity Bottom-Up

Weichai Power Co Ltd H / Equity Bottom-Up

<ul><li>We expect HDT industry demand growth to slow to 3% YoY in 2026E (from 21% in 2025E), due to the high base following the accelerated sales growth since mid-2025.</li><li>That said, for Weichai, we expect the explosive growth of backup power engines for data centres will continue to gain traction (more details in our 2026 sector outlook published today (link)).</li><li>We forecast Weichai’s total engine sales volume (all types) to grow 8%/3% in 2025E/26E along with margin expansion, driven by elevated HDT demand in 2026E and higher contribution from high-margin data centre engines. </li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

We expect HDT industry demand growth to slow to 3% YoY in 2026E (from 21% in 2025E), due to the high base following the accelerated sales growth since mid-2025.That said, for Weichai, we expect the explosive growth of backup power engines for data centres will continue to gain traction (more details in our 2026 sector outlook published today (link)).We forecast Weichai’s total engine sales volume (all types) to grow 8%/3% in 2025E/26E along with margin expansion, driven by elevated HDT demand in 2026E and higher contribution from high-margin data centre engines. Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Weichai Power (2338 HK/000338 CH) - Expect HDT Engines Growth to Slow in 2026E...

Smartkarma AI, Smartkarma

αSK

Smartkarma AI

Smartkarma

Smartkarma unites the fragmented investment industry, connecting institutional investors, independent research providers, and corporates within a single network.

Research Reinvented

<ul>
 <li>Weichai Power is a global leader in the powertrain industry, boasting a highly synergistic business model that integrates engines, transmissions, and axles, which provides a significant competitive advantage. The company is well-positioned to capitalize on the recovery of China's heavy-duty truck (HDT) market and the global demand for logistics equipment.</li>
 <li>The company has demonstrated a strong financial recovery, with significant growth in revenue, net income, and operating cash flow since 2022. This recovery is supported by expanding margins and a robust dividend policy, making it an attractive value and income proposition.</li>
 <li>Strategically, Weichai is future-proofing its business by investing heavily in new energy solutions, including natural gas engines, hydrogen fuel cells, and battery electric technology. This positions the company to lead in the global transition towards greener power solutions while maintaining its dominance in traditional internal combustion engines.</li>
</ul>This content is AI-generated and displayed for general informational purposes only. Please verify independently before use.


  Weichai Power is a global leader in the powertrain industry, boasting a highly synergistic business model that integrates engines, transmissions, and axles, which provides a significant competitive advantage. The company is well-positioned to capitalize on the recovery of China's heavy-duty truck (HDT) market and the global demand for logistics equipment.
  The company has demonstrated a strong financial recovery, with significant growth in revenue, net income, and operating cash flow since 2022. This recovery is supported by expanding margins and a robust dividend policy, making it an attractive value and income proposition.
  Strategically, Weichai is future-proofing its business by investing heavily in new energy solutions, including natural gas engines, hydrogen fuel cells, and battery electric technology. This positions the company to lead in the global transition towards greener power solutions while maintaining its dominance in traditional internal combustion engines.
This content is AI-generated and displayed for general informational purposes only. Please verify independently before use.

Primer: Weichai Power   (000338 CH) - Sep 2025

Pan-Asia Catalysts/Events, Quiddity Advisors

Travis Lundy

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

<ul>
<li>Q1 saw record quarterly inflows by SOUTHBOUND investors at HK$435bn, beating the previous record of Q1 2021 by more than HK$100bn. This week was +HK$37bn.</li>
<li>That's decent net buying still. Keeping that pace would mean a new record. It IS possible this excess flow is state-managed (or state-insisted as insurers up equity investment ratios).</li>
<li>Included is a summary of important China Stocks-relevant news as I saw it this week, but tariffs, retaliation, US growth prospects, etc will all matter more. </li>
</ul>


Q1 saw record quarterly inflows by SOUTHBOUND investors at HK$435bn, beating the previous record of Q1 2021 by more than HK$100bn. This week was +HK$37bn.
That's decent net buying still. Keeping that pace would mean a new record. It IS possible this excess flow is state-managed (or state-insisted as insurers up equity investment ratios).
Included is a summary of important China Stocks-relevant news as I saw it this week, but tariffs, retaliation, US growth prospects, etc will all matter more. 


HK Connect SOUTHBOUND Flows (To 28 Mar 2025); Banks and Divs Bought Again

<ul><li>Weichai’s net profit in 2024 grew 27% YoY to RMB11.4bn, which is in line with our expectation.</li><li>Net profit in 4Q24 grew 19% YoY to RMB3bn, driven by 28%/13% YoY reduction of S&amp;D / R&amp;D expenses despite a flat (YoY) revenue.</li><li>Weichai proposed a final dividend of RMB0.347/shr. </li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Weichai’s net profit in 2024 grew 27% YoY to RMB11.4bn, which is in line with our expectation.Net profit in 4Q24 grew 19% YoY to RMB3bn, driven by 28%/13% YoY reduction of S&amp;D / R&amp;D expenses despite a flat (YoY) revenue.Weichai proposed a final dividend of RMB0.347/shr. Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Weichai Power (2338 HK/000338 CH) - Strong Engine Margin Expansion in 2024

<ul>
<li>AH Premia continue to fall. Spread curve torsion reverses again with narrow premia trades seeing Hs perform the best. </li>
<li>Warning signs are starting to flash on spreads. This week I have the biggest week of changes recommended that I have ever had. By a long ways.</li>
<li>This week threatens to be a very strange week geopolitically. Being smaller in crowded trades is probably a good thing.</li>
</ul>


AH Premia continue to fall. Spread curve torsion reverses again with narrow premia trades seeing Hs perform the best. 
Warning signs are starting to flash on spreads. This week I have the biggest week of changes recommended that I have ever had. By a long ways.
This week threatens to be a very strange week geopolitically. Being smaller in crowded trades is probably a good thing.


A/H Premium Tracker (To 28 Feb 2025):  AH Premia Continue to Fall; Expect Widening

China

Weichai Power Co., Ltd. specializes in the research and development, manufacturing and sales of diesel engines. The company's products are applicable to markets such as, heavy-duty vehicles, coaches, construction machines, vessels and power generator.

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Weichai Power Co Ltd H (2338 HK)

Weichai Power (2338 HK/000338 CH) - Expect HDT Engines Growth to Slow in 2026E...

We expect HDT industry demand growth to slow to 3% YoY in 2026E (from 21% in 2025E), due to the high base following the accelerated sales growth...

CMB International

Primer: Weichai Power (000338 CH) - Sep 2025

Weichai Power is a global leader in the powertrain industry, boasting a highly synergistic business model that integrates engines,...

αSK

HK Connect SOUTHBOUND Flows (To 28 Mar 2025); Banks and Divs Bought Again

Chinese banks get their expected capital injection and the world awaits tariffs but SOUTHBOUND investors continue to buy, making for a record...

Travis Lundy

Weichai Power (2338 HK/000338 CH) - Strong Engine Margin Expansion in 2024

Net profit in 4Q24 grew 19% YoY to RMB3bn, driven by 28%/13% YoY reduction of S&D / R&D expenses despite a flat (YoY) revenue.

CMB International

A/H Premium Tracker (To 28 Feb 2025): AH Premia Continue to Fall; Expect Widening

AH Premia are again at a 5yr low. Liquid Hs outperform illiquids with wider spreads. Trades are getting crowded. Biggest slew of recommendations in...

Travis Lundy

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