Weichai Power Reports Strong Earnings Growth and Unveils World Record Diesel Engine in 2024
On July 14, 2024, Weichai Power released an earnings forecast announcement, in which it expected to achieve net profit of about RMB5.46-62.04 billion in the first half of the year, representing a year-on-year growth of 40%-60%; and net profit of about RMB5.06-5.78 billion after deduction of net profit, representing a year-on-year growth of 40%-60%, which is more than the market expectation. The high earnings growth was mainly attributable to the Company's active promotion of business and product structure optimization, strengthening the implementation of cost reduction and efficiency measures, and significantly enhanced profitability.
On April 20, 2024, at the 2024 World Internal Combustion Engine Conference opened in Tianjin, the world's first diesel engine with an intrinsic thermal efficiency of 53.09% developed by Weichai Power was released. This is the fourth time that Weichai Power has set a world record, and the new breakthrough in thermal efficiency is equivalent to the human 100-meter race coming within 9 seconds. It is estimated that 53% thermal efficiency diesel engine economy is improved by about 14%, which can save about 31 million tons of fuel and reduce carbon emissions by about 97 million tons per year.
July 17, 2024, Weichai Power disclosed the reception of research announcement, the company received on the same day, Zheshang Securities, Tianfeng Securities, Fortune Fund, Deppon Securities, Huaxia Fund and other six institutional research. The first half of the company through the optimization of products, business and market structure, profitability improvement, natural gas heavy truck engine products accounted for a significant increase year-on-year. Weichai Leiwo intelligent agriculture product structure adjustment results are remarkable, profit performance is better than revenue and sales. The company is optimistic about the outlook of natural gas heavy truck engine business, and the new generation of 13L/15L/17L gas-powered products released on May 23 have more powerful, gas-saving, efficient, reliable and comfortable performance.
On October 20, 2023, Weichai Power announced that in order to meet the compliance requirements for the independence of listed companies' personnel, Tan Xuguang applied to cease to concurrently hold the position of Chief Executive Officer (CEO) of Weichai Power, and still serve as Weichai Power's Chairman and other positions. According to the resolution of the Board of Directors of Weichai Power on October 13, it was decided to appoint the former executive president of the company, Wang De Cheng, as the CEO and general manager of the company.
