Weichai Power 2010 Annual Report released: 2010 net profit of 6.78 billion yuan nearly doubled compared to the same period of last year

Weichai Power (000338) released the 2010 annual report on the evening of March 30, 2011. As of December 31, 2010, the company achieved operating revenue of 63.280 billion yuan, up 78.1% year-on-year; net profit attributable to parent company was 6.682 billion yuan, up year-on-year. An increase of 99.0%; earnings per share of 4.07 yuan, an increase of 98.5%; per share, deposits of 0.43 yuan.

Benefit from the macroeconomic development, the main business continues to outperform the industry

In 2010, with the benefit of domestic macroeconomic development, the country’s investment of RMB 4 trillion, the development of regional construction, and the acceleration of urbanization, equipment manufacturing industries such as heavy-duty vehicles and construction machinery have achieved rapid growth. The company relied on its product advantages to continuously strengthen internal control, and its operating indicators continued to outperform the industry, ranking first in the industry.

In 2010, Weichai sold a total of 414,000 heavy-duty engines, an increase of 83.0% year-on-year. The market share of heavy-duty trucks in excess of 14 tons reached 40.7%, an increase of 5.1 percentage points over the same period last year, and continued to rank first in the industry; sales of construction machinery engines were 141,000 units. It increased 72.2% year-on-year, and sold 128,000 units of loaders of 5 tons or more, an increase of 66.7% year-on-year. Among them, 128,000 units of engines were sold on the 5-ton (or above) loader market, with a market share of 84.8%, a year-on-year increase of 4.8. Percentage point, continue to maintain the dominant position in the industry.

At the holding subsidiary level, Shaanxi Zhongqi sold a total of 100,000 heavy trucks, an increase of 71.0% year-on-year, ranking fourth in China's heavy-duty truck industry. Fast sold 852,000 heavy-duty transmissions in 2010, an increase of 60.2% year-on-year. The operating indicators ranked first in the gear industry for eight consecutive years, and sales of heavy-duty transmissions ranked first in the world for five consecutive years.

Diversified development continues to exert force, and the synergy effect of enterprises is obvious

In order to enhance regional synergy, Weichai Power currently has seven industrial parks in Weifang, Xi’an, Chongqing, Zhuzhou, and Yangzhou, which basically cover the three major economic regions of China’s east, middle, and west, forming a favorable industrial gradient. . The company's industrial chain continued to develop in depth, and the synergies between the powertrain, vehicle, and components continued to increase; within the year, the company took shares in financial companies and financial leasing companies owned by Shandong Heavy Industry Group, and also played a synergy role for the Group's resources. The company has laid a solid foundation for product promotion and market expansion. The product layout is continuously optimized. The engine covers a full range of 2-33L products. The gearbox covers a full range of 6- and 16-speed products. Heavy-duty vehicles have high-, medium-, and low-end multi-brand products and are widely used in many fields.

In response to the international market, the company continued to improve its global service network. The number of overseas service stations increased from 75 at the beginning of the year to 100, which led to a steady increase in sales volume in the international market. In 2010, the company began to provide batch support for many foreign companies, including Amico, Iran. The direct load of heavy trucks exceeded 2,000 units, making the company's products internationalized a solid step.

Persist in connotative development and continuously improve management

Adhere to the road of connotative development, continuously improve the level of management, and enhance the core competitiveness of enterprises. In 2010, the company further promoted six key management and upgrade projects, comprehensively promoted the WOS project, promoted the culture of “inclusiveness, communication, and responsibility” as a whole, and comprehensively started the construction of the internal control system for the engine segment, the Shanghai Operations Center, Shaanxi Zhongqi, and the Fast Group. The company's operational level has reached a new level, laying a solid mechanism and basic guarantee for the company to become stronger and bigger. On this basis, the company's management and control levels have been continuously improved, and the ratio of three fees to sales revenue has decreased year by year. In 2010, it was 8.86%, a year-on-year decrease of 1.2 percentage points.

New product development speeds, leading the industry to upgrade

In recent years, Weichai Power has continuously increased investment in R&D, accelerated the launch of new products, and further highlighted its leading advantages. With the launch of the new experiment center and the listing of the European Technology Center in France, the company has established a R&D and innovation platform system for the three countries and seven regions, and has attracted a large number of outstanding international talents to join.

Weichai Power Lanqing Engine has won the recognition of the market with its advantages of environmental protection, energy saving and reliability. During the year, it sold 37.6 million sets of 10-12L State III engines, of which the 12L engine was the only mature high-power engine platform in China with ever-increasing sales. Annual sales exceeded 60,000 units. At the same time, the company introduced new products for the market with the “Leng Shui Han Bao 007”, “Electromagnetic Thermostatic Fan” and “Turn to Juli Pump” as the symbol, and continued to lead the upgrading of power products; while the WP7 engine products Small batches put on the market, but also changed the monopoly of foreign engines on China's excavator supporting market.

Fast 12-16 gear transmission sales exceeded 267,000 units, sales of non-heavy-card gearboxes exceeded 80,000 units, and 16-speed AMT premium gearboxes were sold in volume, which was highly recognized by the market. Shaanxi Zhongqi focused on building the F3000 product platform, and trial-produced new energy automobile products such as M3000 and pure electric harbor tractors, natural gas and hybrid bus chassis, and the use of the whole vehicle became more prominent.

Based on the future, actively deploy new energy industry

In recent years, China has actively promoted the development of new energy vehicles and promoted industrial upgrading. As one of the first companies to be involved in the new energy field, Weichai has responded to national policy guidance and industry development trends, and has actively deployed new energy and alternative energy industries, achieving remarkable results. . In 2010, the company’s sales of gas engines continued to rank among the top three in the industry, accounting for more than 80% of the market share of domestic gas heavy trucks; diesel and gas hybrid heavy trucks and pure electric heavy truck technologies continue to mature, with Shaanxi Zhongqi, Xinjiang Guanghui, and China Petroleum Leading natural gas companies established the “China New Energy Heavy Truck Strategic Alliance” and took the lead to establish a strategic alliance for industrial energy innovation in the commercial and automotive new energy power systems, further consolidating and enhancing the company’s leading position in the industrialization of new energy power systems.

Looking ahead to the beginning of the “Twelfth Five-Year Plan”, enterprises will continue to maintain rapid development

Looking ahead to 2011, the external economy will continue to recover moderately. However, due to rising oil prices, Japan's earthquake, and Libya’s fighting, there are still many uncertainties in the global economic recovery. In terms of domestic economy, 2011 is the beginning of the “Twelfth Five-Year Plan”. It is expected that under the support of regional economic construction, accelerated urbanization, and the step effect of income growth to stimulate consumption, the Chinese economy will continue to maintain steady growth.

In 2011, Weichai will promote the improvement of enterprise soft power by implementing the “Talent First” project, accelerating the introduction of strategic products, promoting the adjustment of markets and business structures, building and integrating information management platforms, consolidating basic management, and creating a culture of thanksgiving. Improve the core competitiveness of enterprises. It is believed that with leading technical strength, high-quality product manufacturing and a stable and loyal customer base, Weichai will continue to lead the industry in upgrading and maintain rapid development, becoming an important force for the upgrading of China's equipment manufacturing industry.

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