研報掘金丨國海證券:維持濰柴動力“增持”評級,2025年加速轉型前景光明
國海證券研報指出,濰柴動力(000338.SZ)2024年整車銷量11.8萬臺,同比增長2%,其中中重卡出口5.9萬臺,同比增長15%;凱傲收入實現115億歐元創歷史新高。2024年公司銷售利潤率(利潤總額/營業收入)爲8.03%,完成2023年A股限制性股票激勵計劃第一個解除限售期考覈條件,2025年加速轉型前景光明。公司是重卡發動機龍頭,國內市場重卡市場持續復甦、出口市場拓展與天然氣重卡景氣有望在冬季結束後持續,三重因素使公司盈利具備較大向上彈性。另外重卡高端化、大缸徑發動機等同心多元化業務爲公司帶來更多增長點。暫不考慮潛在雷沃分拆上市的影響,維持“增持”評級。
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