潍柴动力(000338):Strong engine margin expansion in 2024;55％ dividend payout ratio a record high

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  MN

  28 Mar 2025

  CMB International Global Markets | Equity Research | Company Update

  Weichai Power (2338 HK/000338 CH)

  Strong engine margin expansion in 2024; 55%

  dividend payout ratio a record high

  China Capital Goods

  12-mth Price Performance

  Source: FactSet

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  Weichai’s net profit in 2024 grew 27% YoY to RMB11.4bn, which is in line with

  our expectation. Net profit in 4Q24 grew 19% YoY to RMB3bn, driven by

  28%/13% YoY reduction of S&D / R&D expenses despite a flat (YoY)