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>Weichai Power (2338 HK/000338 CH, BUY) delivered 27% YoY growth of multi-cylinder diesel engine sales volume in Dec 2023, similar to the industry average of 29%, according to the latest figures from China Internal Combustion Engine Industry Association (CICEIA).</li><li>In 4Q23, Weichai’s multi-cylinder diesel engine sales volume surged 51% YoY to ~193k units, surpassing the industry average of 26%, driven by strong commercial vehicles demand in the previous months.</li><li>Based on our calculation, Weichai’s market share in multi-cylinder diesel engine reached 18.6% in 4Q23, up 3ppt YoY and 0.1ppt QoQ.</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 Power (2338 HK/000338 CH, BUY) delivered 27% YoY growth of multi-cylinder diesel engine sales volume in Dec 2023, similar to the industry average of 29%, according to the latest figures from China Internal Combustion Engine Industry Association (CICEIA).In 4Q23, Weichai’s multi-cylinder diesel engine sales volume surged 51% YoY to ~193k units, surpassing the industry average of 26%, driven by strong commercial vehicles demand in the previous months.Based on our calculation, Weichai’s market share in multi-cylinder diesel engine reached 18.6% in 4Q23, up 3ppt YoY and 0.1ppt QoQ.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.

China Heavy Duty Truck – Multi-Cylinder Diesel Engine Sales +29% YoY in Dec

<ul><li>According to CICEIA, Weichai Power (2338 HK/000338 CH, BUY) delivered 71% YoY growth of multi-cylinder diesel engine sales volume in Oct, the highest growth rate since Apr.</li><li>The growth is also higher than the industry sales volume growth of multi-cylinder engine for commercial vehicles (+52% YoY).</li><li>Based on our calculation, Weichai’s market share in multi-cylinder diesel engine reached 22.1% in Oct, up from 19.3% in Sep and 16.1% in Oct 2022.</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.

According to CICEIA, Weichai Power (2338 HK/000338 CH, BUY) delivered 71% YoY growth of multi-cylinder diesel engine sales volume in Oct, the highest growth rate since Apr.The growth is also higher than the industry sales volume growth of multi-cylinder engine for commercial vehicles (+52% YoY).Based on our calculation, Weichai’s market share in multi-cylinder diesel engine reached 22.1% in Oct, up from 19.3% in Sep and 16.1% in Oct 2022.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.

China Heavy Duty Truck – Weichai’s Multi-Cylinder Engine Sales +71% YoY

<ul><li>Over the weekend, Weichai pre-announced that net profit in 3Q23 is expected to surge 120-200% YoY to RMB2.03-2.77bn, which is better than our expectation.</li><li>The impressive 3Q23 earnings boosted the net profit in 9M23 up by 80-100% YoY. We believe the strong growth in 3Q was driven by natural gas trucks and export.</li><li>We maintain our positive stance on Weichai as the decline in LNG price will continue to boost sales of LNG trucks/engines, where Weichai has strong presence. </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.

Over the weekend, Weichai pre-announced that net profit in 3Q23 is expected to surge 120-200% YoY to RMB2.03-2.77bn, which is better than our expectation.The impressive 3Q23 earnings boosted the net profit in 9M23 up by 80-100% YoY. We believe the strong growth in 3Q was driven by natural gas trucks and export.We maintain our positive stance on Weichai as the decline in LNG price will continue to boost sales of LNG trucks/engines, where Weichai has strong presence. 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 (000338 CH) – 3Q23 Earnings Surged 120-200% YoY

HK/China Equity Long-Short

Osbert Tang, CFA

Thematic (Sector/Industry)

<ul>
<li>Supportive policies from central and local governments on the development of the hydrogen energy industry have boosted the share prices of the sector (up 12.3% YTD).</li>
<li>Inner Mongolia has eased regulations on electrolysis water hydrogen production projects while Shandong has waived hydrogen-powered vehicle tolls on highways. </li>
<li>
<a href="https://www.smartkarma.com/entities/beijing-sinohytec-co-ltd-57df3cd9-bd23-4f74-899b-d589f67fa85f" target="_blank" data-smartkarma-citation="entities:36866:1" rel="noopener">Beijing SinoHytec (2402 HK)</a>, <a href="https://www.smartkarma.com/entities/weichai-power-co-ltd-h" target="_blank" data-smartkarma-citation="entities:12508:1" rel="noopener">Weichai Power (2338 HK)</a>, <a href="https://www.smartkarma.com/entities/dongyue-group-ltd" target="_blank" data-smartkarma-citation="entities:20429:1" rel="noopener">Dongyue Group (189 HK)</a>, <a href="https://www.smartkarma.com/entities/cimc-enric-holdings-ltd" target="_blank" data-smartkarma-citation="entities:47:1" rel="noopener">CIMC Enric (3899 HK)</a>, and <a href="https://www.smartkarma.com/entities/dongfang-electric-corporation-limited" target="_blank" data-smartkarma-citation="entities:1251:1" rel="noopener">Dongfang Electric (1072 HK)</a> have recorded good progress in hydrogen business.</li>
</ul>


Supportive policies from central and local governments on the development of the hydrogen energy industry have boosted the share prices of the sector (up 12.3% YTD).
Inner Mongolia has eased regulations on electrolysis water hydrogen production projects while Shandong has waived hydrogen-powered vehicle tolls on highways. 

Beijing SinoHytec (2402 HK), Weichai Power (2338 HK), Dongyue Group (189 HK), CIMC Enric (3899 HK), and Dongfang Electric (1072 HK) have recorded good progress in hydrogen business.


China's Hydrogen Economy: Re-Igniting Interests

<ul>
<li>The NPC and CPPCC will likely to cover more on the future of China's energy security and potential development of a national master plan for the hydrogen energy industry chain. </li>
<li>The latest announcement of the 14th 5-year hydrogen energy Plan in Inner Mongolia is another important mark for the industry, with the province's end-2025 industry value set at Rmb100bn.  </li>
<li>We expect more opportunities after the "Two Meetings" for key players including <a href="https://www.smartkarma.com/entities/cimc-enric-holdings-ltd" target="_blank" data-smartkarma-citation="entities:47:1" rel="noopener">Cimc Enric (3899 HK)</a>, <a href="https://www.smartkarma.com/entities/dongfang-electric-corporation-limited" target="_blank" data-smartkarma-citation="entities:1251:1" rel="noopener">Dongfang Electric (1072 HK)</a> and <a href="https://www.smartkarma.com/entities/weichai-power-co-ltd-h" target="_blank" data-smartkarma-citation="entities:12508:1" rel="noopener">Weichai Power H (2338 HK)</a> to benefit. </li>
</ul>


The NPC and CPPCC will likely to cover more on the future of China's energy security and potential development of a national master plan for the hydrogen energy industry chain. 
The latest announcement of the 14th 5-year hydrogen energy Plan in Inner Mongolia is another important mark for the industry, with the province's end-2025 industry value set at Rmb100bn.  
We expect more opportunities after the "Two Meetings" for key players including Cimc Enric (3899 HK), Dongfang Electric (1072 HK) and Weichai Power H (2338 HK) to benefit. 


China's Hydrogen Economy: NPC and CPPCC to Give a Boost?

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.

Price Gauge
52-week Range	0.00 - 0.00
Market Cap (USDm)	0.00
P/E	0.00
Dividend (Yield)	0.00

Weichai Power Co Ltd H (2338 HK)

China Heavy Duty Truck – Multi-Cylinder Diesel Engine Sales +29% YoY in Dec

Weichai Power (2338 HK/000338 CH, BUY) delivered 27% YoY growth of multi-cylinder diesel engine sales volume in Dec 2023, similar to the industry...

CMB International

China Heavy Duty Truck – Weichai’s Multi-Cylinder Engine Sales +71% YoY

According to CICEIA, Weichai Power (2338 HK/000338 CH, BUY) delivered 71% YoY growth of multi-cylinder diesel engine sales volume in Oct, the...

CMB International

Weichai Power (000338 CH) – 3Q23 Earnings Surged 120-200% YoY

Over the weekend, Weichai pre-announced that net profit in 3Q23 is expected to surge 120-200% YoY to RMB2.03-2.77bn, which is better than our...

CMB International

China's Hydrogen Economy: Re-Igniting Interests

Sichuan province held "the conference on further promoting the development and promotion of the entire green hydrogen industry chain" in the last...

Osbert Tang, CFA

China's Hydrogen Economy: NPC and CPPCC to Give a Boost?

The "Two Meetings" will potentially give more clearance of central government's support for hydrgoen energy development in China. A detailed top...

Osbert Tang, CFA

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)