Weichai Power Announces Significant Increase in Net Profit of 40.7% in 2014 Annual Results

On March 30, 2015, Weichai Power Co., Ltd. announced its 2014 annual results. In 2014, the turnover was 79.637 billion yuan, an increase of 36.57% from the 2013 turnover of 58.312 billion yuan, and the net profit in 2014 was 5.025 billion yuan, a substantial increase from 2013's net profit of 3.571 billion yuan, an increase of 40.71%.

Weichai Power Announces 2014 Annual Results Net Profit Increases Significantly by 40.7%

Weichai Power Announces Significant Increase in Net Profit of 40.7% in 2014 Annual Results

Financial summary

RMB million (excluding basic earnings per share) For the twelve months ended December 31 Variety
2014 2013 (%)
Turnover 79 , 637 58,312 +36.57
Net profit (attributable to parent company owner) 5 , 025 3,571 +40.71
Basic earnings per share (RMB yuan) 2.51 1.79 +40.22


Business review

In 2014, the Chinese government comprehensively deepened reform, promoted innovation-driven development, insisted on changing the structure of the economy, and promoted the “new normal” of the structure in which the structure of the economy has entered an optimised trend, the price increase has become more moderate, the new employment has become more stable, and the economic growth has become a potential level. ". The company adheres to reform and innovation as the main line, adheres to the scientific development path of “endogenous growth, innovation-driven”, accelerates the transition to an international, diversified, innovative, and open-ended enterprise, comprehensively enhances the quality of development, and achieves a smooth and healthy environment. development of.

During the reporting period, due to slowing economic growth, contraction of infrastructure investment and upgrading of emission regulations, the heavy truck industry experienced a slight decline, with sales of 744,000 vehicles, down 3.89% year-on-year. In 2014, the company sold a total of 271,300 heavy-duty engines, supporting an occupancy rate of 36.5% in the heavy-duty truck market, a year-on-year increase of 0.3%, and still maintaining a clear leading edge in the industry.

In 2014, the growth rate of investment in fixed assets, newly started projects, and real estate development fell, and the sales volume of the traditional construction machinery industry declined. During the reporting period, the company sold a total of 52,900 units of supporting 5 tons of loader engines, a year-on-year decrease of 26.55%, and a market share of nearly 60% in the 5-ton loader market, continuing to maintain its leading position in this field.

In terms of heavy-duty vehicles, Shaanxi Heavy-duty Truck Co., Ltd., a subsidiary of the Company, sold a total of 91,800 heavy trucks, an increase of 7.0% year-on-year, ranking fifth among domestic heavy truck companies.

In the transmission business, Shaanxi Fast Gear Co., Ltd., a subsidiary of the Company, sold a total of 620,000 gearboxes during the year, representing an increase of 9.6% year-on-year and maintaining its leading position in the industry.

During the reporting period, the domestic passenger car market increased steadily. Thanks to favorable factors such as the acceleration of urbanization and the impact of the country's policy support for new energy vehicles, China's large passenger car market has sold 84,300 vehicles, an increase of 3.15% year-on-year. During the reporting period, the company sold a total of 22,600 buses for passenger cars, which represented an increase of 7.4% year-on-year. The market share of large and medium-sized passenger cars was 13.8%, which was a year-on-year increase of 1.5 percentage points.

In 2014, the company increased the stake held by KION Group AG from 30% to 33.3% by exercising the Superlift 3.3% call option. On June 12th, the shares held by the former largest shareholder Superlift of KION Group AG were reduced from 34.5% to 26.9%. The company became the largest shareholder of KION Group AG, and this year was a smooth one. Completion of the consolidated work of KION Group AG and further improvement of operating performance.

Advantage Products - Cost-effective Leading Upgrade

During the reporting period, 12 liters of engine sales were 89,400 units, an increase of 0.7% year-on-year, and the proportion of total sales increased from 22.8% in 2013 to 24.7%; it continues to lead the industry in upgrading to high-power and high-power. The sales volume of 12-16 gear transmissions was 262,400 units, an increase of 13.5% year-on-year, accounting for 42.3% of the total sales volume from 40.9% in 2013; it continues to lead the industry to multi-position development. The sales volume of MAN technology models was 66,400, an increase of 16.9% year-on-year, and the proportion of total sales volume increased significantly from 66.2% in 2013 to 72.3%. It continues to lead the upgrade of heavy truck technology.

Energy-saving products - green high-end help reduce environmental pollution

During the reporting period, WP3 State IV diesel engines have cumulatively produced 1,400 units; WP12 four-valve diesel engines have sold 24,900 units, an increase of 75.8% year-on-year; energy-saving emission reduction advantages have been affirmed by the market; RA425 diesel engines have been developed and light-duty power engines have entered the field of passenger vehicles.

The heavy-duty M3000 series products represented by the green intelligent muck-based eco-friendly car were popularized by the market and grew rapidly. The annual sales amounted to 24,800 units, an increase of 305.4% year-on-year; the Shaanxi Heavy Truck X3000 cab passed the European standard crash test. The safety performance reached the advanced level in Europe; the sales of new energy heavy trucks reached 13,800, an increase of 30.1% year-on-year.

Lightweight and energy-saving all-aluminium alloy shell gearboxes increase rapidly, accounting for more than 20% of the total sales; Xi'an Shuangte AT automatic transmission, AMT automatic transmission, S super gearbox, hydraulic retarder and other new products start batch Target market.

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