中国重汽(香港)(03808)
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Sinotruk (Hong Kong) (3808.HK): 1H Earnings Preview & 2H outlook; Raise TP to HK$55.0-20260722
花旗· 2026-07-22 22:12
CITI'S TAKE We hosted mgmt. update call with Sinotruk on July 22nd . Key takeaways: (1) Mgmt. upgraded FY26 export sales guidance from initial 180-190k to 200-220k units and anticipated FY26 export NP per unit to improve YoY; (2) For domestic HDT market, mgmt. also raised FY26 industry HDT sales to 850k units with FY26 NEV penetration at 35%; (3) NEV-HDT to reach breakeven in FY26, versus FY25 net loss of Rmb308mn per CitiE (28k units x Rmb11k net loss/unit). Citi's 1H26 preview: (1) revenue Rmb71bn (40% Yo ...