Weichai Power Co.Ltd(000338) (” Weichai Power Co.Ltd(000338) ” or “company”, stock code of Hong Kong Stock Exchange: 2338.hk; stock code of Shenzhen Stock Exchange: Weichai Power Co.Ltd(000338) . SZ) announced that the company had prepared the audited annual results as of December 31, 2021 (“reporting period”) in accordance with Chinese accounting standards.
revenue and net profit increased steadily and shareholder return continued to increase
During the reporting period, focusing on the established strategic objectives, the company focused on its main business, gave full play to its diversified advantages, continued to increase R & D investment, accelerate the breakthrough of key core technologies, continuously strengthen the construction of product strength, improve operation efficiency, firmly stabilize the basic sector and hold up the development sector, so as to achieve the company’s leading growth and win-win cohesion.
In 2021, the company overcame the adverse effects such as the rise in the price of bulk commodities, the gross profit margin increased steadily, and the turnover efficiency operated at a high level, demonstrating strong business resilience. During the reporting period, the operating revenue was 203.55 billion yuan, a year-on-year increase of 3.2%. The net profit attributable to shareholders of listed companies was 9.25 billion yuan, a year-on-year increase of 0.3%. The basic earnings per share is 1.1 yuan. The company attaches great importance to the return to shareholders and pays dividends of 3.7 yuan per 10 shares throughout the year.
total power component increased and product structure was significantly optimized
During the reporting period, the power assembly business of the company maintained positive and steady development, with annual sales of 1.02 million engines, a year-on-year increase of 3%; 1153000 gearboxes were sold, including 1.01 million heavy truck gearboxes, with a year-on-year increase in market share of 5.3 percentage points to 72.4%; 938000 axles were sold, including 697000 medium and heavy truck bridges.
The full range of engines has significant advantages in all fields. The proportion of non road engines in the total sales volume has increased by 5.3 percentage points to 34.4%, maintaining the forefront of the industry in the loader, crane, bulldozer and other markets; Seizing the opportunity of upgrading emission standards, the engine sales volume of national VI ranked first in the industry, with 429000 heavy truck engines sold, and the market share increased by 2.8 percentage points to 30.7% year-on-year.
Strategic high-end products continued to make efforts, and the revenue of high-end large bore engines was 1.41 billion yuan, a year-on-year increase of 49.3%; The revenue of high-end hydraulic products in China reached 560 million yuan, an increase of 11.8% year-on-year. The advantages of hydraulic products differentiation are significant, and the high-speed growth of market segments such as crawler digging and agricultural equipment is realized; The commercialization of CVT was accelerated, and Lovol 240 HP CVT intelligent tractor was equipped. The comprehensive operation efficiency was increased by 15% and the fuel consumption was reduced by 10%.
science and technology leads the development of the industry with multiple driving forces and all-round crown
The company continues to increase R & D investment around core technologies and products. During the reporting period, the amount of R & D investment was 8.57 billion yuan, and the proportion of R & D investment in revenue was 4.2%. The company makes more efforts and unswervingly realizes that traditional high-end power and new energy power are at the forefront. For the first time in the world, the fuel consumption of diesel engine can reach a peak of 10.09% and the power efficiency of diesel engine can be reduced by 10.09% respectively; In terms of new energy, we have actively arranged multiple technical routes such as fuel cell, hybrid, pure electric, hydrogen internal combustion engine and methanol to meet the diversified needs of the market, among which the core performance indicators of hydrogen fuel cell products are leading in the industry.
outstanding achievements in new energy and accelerated industrialization
The company firmly controlled the high-quality resources and core technologies of new energy, accelerated the industrialization, developed a full range of 30-200KW fuel cell product platform and realized mass production. The new energy product test center has obtained the laboratory accreditation certificate issued by China National Accreditation Service for conformity assessment (CNAs), becoming the first laboratory in the industry to pass the test and Accreditation of hydrogen fuel cell and solid oxide fuel cell products at the same time; Relying on the national fuel cell technology innovation center, the heavy truck equipped with the company’s hydrogen fuel cell products has realized multi scenario applications such as ports, parks, steel mills and high-speed. The Yellow River Snow wax vehicle equipped with the company’s 162kw hydrogen fuel cell system has assisted the Winter Olympics, with remarkable commercial promotion results.
heavy truck vehicle imports steadily and overseas exports increased significantly
In 2021, the company focused on the upgrading of national VI emission regulations, continued to adjust and optimize the product structure, and sold 150000 heavy trucks, ranking fourth in the industry. Seizing the opportunity of national six year transition, the market share of major product segments continued to increase. Port tractors, muck trucks, coal and gravel transporters and other products continue to rank first in the industry, and the growth rate of 480hp standard load logistics models ranks first in the industry. Overseas export business increased significantly, with annual exports exceeding 19000 vehicles, a year-on-year increase of 72%. Innovation drives development and comprehensively shapes the new advantages of the whole vehicle.
intelligent logistics continues to make a new high profit contribution
The company’s intelligent logistics business has achieved the set high target, showing its key position in the whole industry and significantly increasing its contribution to the company’s profits. During the reporting period, the sales revenue reached 10.29 billion euros, a year-on-year increase of 23.4%; The net profit was 570 million euros, a year-on-year increase of 169%; At the same time, the increase of dematec’s business proportion promoted the continuous improvement of profitability, and the adjusted EBIT rate increased by 1.6 percentage points to 8.2% year-on-year. As of the end of the reporting period, orders on hand amounted to 6.66 billion euros, an increase of 49.9% over the beginning of the year. With the completion of the new forklift factory in Jinan and the commencement of the construction of the new factory of supply chain solutions, Kaiao will fully tap the business potential of the Asia Pacific market in the future to promote sustainable and high-quality growth.
The scientific and technological revolution promotes industrial reform and promotes structural adjustment with precision. Looking forward to the future, the company will continue to consolidate its dominant main business position, further improve product competitiveness and market share, and lead the industry to high-end; Strengthen the development of new business forms, significantly improve the profit contribution of large cylinder diameter power, and realize the rapid increase of hydraulic products; Coordinate the development of export business, promote the steady growth of intelligent logistics, and make efforts to take off overseas business; Accelerate the technological breakthrough and industrialization of the fuel cell industry chain, and highlight the new advantages of high-quality development.
