Poor commercial vehicle market resulted in poor performance of the company's engine and transmission business. In 2015, sales of commercial vehicles remained poor. In April 2015, the sales volume of commercial vehicles was 326,000 units, a year-on-year decrease of 17.6%, of which the medium- and heavy-duty trucks decreased by 33.2% year-on-year. As heavy-duty truck engines , transmissions, and vehicles accounted for more than 50% of the company's operating revenue, the company's revenue from its engines, transmissions, and other services declined significantly in the first quarter of 2015. The internationalization of the company is in line with the national "One Belt and One Road" strategic development. It is more appropriate to open up the strategic policy of the international emerging market companies to explore the international market and the country's "One Belt and One Road." Commercial vehicles are closely related to investment. China's economy is gradually driven by investment-driven transformation needs. Therefore, China's commercial vehicle production capacity can be turned to other emerging developing countries. The company develops international markets in four ways: 1) exports of complete engine engines, currently mainly exported to Russia; 2) direct establishment of plants, has already established plants in India; 3) technology exports, directly acquiring or contributing shares in Weichai's relatively backward technology enterprise. 4) Acquisition and merger of local engine factories. The company is very optimistic about Brazil and India. As an emerging economy, investment demand is strong and the commercial vehicle market is relatively promising. Hydraulic products reflect the diversification strategy of the company and has a broad market prospect. Hydraulics is a key area of ​​the construction machinery industry. The current domestic market scale is 15 billion and the gross profit rate of products is high. At present, the domestic market is dominated by Germany and Japan. The company acquired Linde Hydraulics and entered the high-end hydraulics field, enriching the company's product system in the field of construction machinery. At present, the company's hydraulic plant has been established, and it will begin production in June 2015. Sun Shaojun, a company executive, leads a 20-person management team responsible for operations and wants to create " Weichai Power" in the hydraulics industry. The commercial vehicle rear market business is to be developed, and the company has a commercial vehicle with an existing development capacity of 3.5 million vehicles. At present, the management of the commercial vehicle rear market is chaotic, and most spare parts manufacturers do not pay attention to this business, resulting in dealers raising the price of spare parts too high, and users are hard to buy original parts. There are many Weichai Power dealers. At present, there are 250 distributors, 50 central banks, and several factory offices throughout the country. The company's senior executives will use the commercial vehicle rear market as one of the “three-thirds†strategic business in the future, and will strengthen dealer management and develop post-market business. Earnings Forecast and Investment Suggestion We expect the company's 2015-2017 operating income to be 79.69 billion, 82.36 billion and 88.59 billion respectively, and the net profit attributable to the parent company will be 3.77 billion, 4.23 billion and 4.80 billion respectively. It is expected that the company's 2015-2017 EPS will be respectively It is 1.89 yuan, 2.12 yuan, 2.40 yuan, maintain the rating, strongly recommended.
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