濰柴動力三季報：傳統市場地位穩固，新興業務貢獻加大
2022年10月30日，濰柴動力(2338.HK； 000338.SZ)披露2022年三季報，第三季度實現營業收入437.8億元，歸母淨利潤9.25億元，基本每股收益0.11元；前三季度累計營業收入1305.2億元,歸母淨利潤33.1億元，基本每股收益0.38元。
重卡龍頭地位顯著，搶抓行業復甦機遇
2021年7月以來中國重卡行業經歷了斷崖式下跌，但這種局面自2022年三季度開始發生了變化。根據中國汽車工業協會公佈的數據顯示，2022年9月中國重卡銷售5.2萬輛，1-9月累計銷量52.3萬輛。從行業整體走勢來看，近兩個月重卡銷量同比降幅較上半年已明顯收窄，呈現逐漸復甦態勢。
三季度，濰柴動力繼續依靠領先的技術和品質優勢，先後推出H系列和T系列大馬力高端發動機，動力強勁、高效節能、穩定可靠，受到卡車司機的一致好評。重卡發動機裝機率三季度單季超過35%，前三季度裝機率達32%，龍頭地位優勢顯著。控股子公司陝重汽經營繼續向好，第三季度實現盈利，銷售重卡2.1萬輛，同比增長23%，市佔率達14.9%，市場份額持續提升。
出口業務表現優異，繼續實現高速增長
面對行業週期性波動，濰柴動力已將產業佈局從國內延伸至國外，着力規避對單一市場和業務依賴的風險。近年來，在國內市場需求低迷時，濰柴動力加快出口業務開拓。2022年第三季度，發動機出口銷量同比增長60%；重卡整車出口銷量同比增長125%。前三季度，發動機出口累計銷量同比增長41%；重卡整車出口累計銷量同比增長77%。
戰略業務貢獻增量，多元貢獻平滑週期
大缸徑發動機、高端液壓動力總成、高端農業裝備是濰柴動力的戰略新興業務。2022年前三季度，大缸徑發動機銷售超5000台，同比增長超40%；收入16.3億，同比增長75%；林德液壓全球實現收入19億元，其中中國業務收入4.8億元，同比增長21%；濰柴雷沃智慧農業收入和盈利繼續保持高速增長。三大戰略業務為整體業績穩健發展提供有力支撐。
智能物流雖有承壓，多措並舉穩步向好
2022年第三季度，控股子公司凱傲集團雖受高通脹率和上游成本提高等因素影響，盈利有所承壓，但訂單量和收入表現仍然強勁。雖然外圍環境仍有諸多挑戰，但凱傲集團正逐步加大降本增效力度，並加強供應商網絡建設，實施更加及時的價格調整策略，傳導成本壓力，以保障盈利水平快速恢復。
受穩增長政策、物流恢復、運煤旺季等利好因素推動，預計重卡行業需求將逐步復甦，迎來明確拐點。作為行業龍頭的濰柴動力，有望憑藉其強大優勢進一步提升市場份額。同時，濰柴動力的戰略新興業務正迎來集中爆發期，業績貢獻將繼續加速釋放；智能物流成本下降、盈利改善、持續向好。隨着外圍多種不利因素改善及自身強大的核心競爭優勢，預計未來濰柴動力的業績將實現強勢增長。
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