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On August 29, Weichai Power Co., Ltd. used the simultaneous release of video conferences in Hong Kong, Beijing and Shanghai to hold the first-half performance report. Data show that after the merger of the Hunan Torch, Weichai Power's performance has soared in the first half of this year, with a turnover of 15.34 billion yuan, a year-on-year increase of 77%, and a net profit of 1.34 billion yuan, a year-on-year increase of 127-2%. The realization of earnings per share of 1.87 yuan, showing a strong momentum of development.
In the first half of this year, Weichai Power completed the merger of the Hunan Torch and merged it into a "A+H" company that was listed on both the Hong Kong and Shenzhen markets. The original single engine company has now built an automotive industry chain with strong growth potential and competitiveness. Chairman Tan Xuguang stated: "In the process of integrating the industrial chain, Weichai has established a strategic development approach that highlights its power as a core business, enhances the competitiveness of its industrial value chain, and carries out industrial structural alliance construction within a larger scope. Obvious results have been achieved. The performance in the first half of the year is a good indication."
In the first half of the year, the company's diesel engine sales reached 140,179 units, a year-on-year increase of 68.8%, and the market share of heavy-duty vehicles and power supplies for 5-ton (or more) loaders reached 33.4% and 82.4%, respectively. The company’s direct subsidiary Shaanxi Heavy Truck Co., Ltd. sold a total of 30,600 heavy trucks, an increase of 104% over the same period last year. The direct subsidiary Shaanxi Fast Gear Co., Ltd. sold a total of 243,600 gearboxes, a year-on-year increase of 112%. Other subsidiaries such as Zhuzhou Gear, Fortis Air Conditioning, and automotive lighting maintained strong growth. With the acceleration of the internationalization process, Weichai Power has completed the improvement of its service network in 18 countries and regions. In the first half of this year, exports of products reached 7098 units, an increase of 123% year-on-year.
After absorbing the Weichai power after the merger of the Hunan Torch, it has the advantages of a powertrain (engine, gearbox, axle) and has built a complete industrial chain of automobiles and parts. Weichai Power has mass-produced a 12-liter high-power high-speed engine in batches, which indicates that the company has completed a new round of product structural adjustment, greatly reduced the market risk brought by the single structure of the 10-litre engine product, and significantly enhanced profitability.
In addition to supporting heavy-duty vehicle engines, Weichai Power's large-scale passenger cars and marine accessory markets have all experienced significant growth. Zhang Yupu, CEO of Weichai Power, told reporters that the rapid growth in the sales of heavy trucks at Shaanxi Autos has driven the growth in the output of Weichai Power Engines, especially the 60,000, 80,000 and 100,000 step-by-step development targets established by Shaanxi Heavy Duty Truck. For the supporting industries of the engine, it has created potential development space. The passenger car parts industry cluster composed of Fortis air-conditioning, spark plugs, and automotive interiors and the growing number of Dongfeng SUVs will become new growth points for the company in the coming years.
View related topics: Assembling: Auto Parts Giants Hunan Torch