The Zhitong Finance App learned that Citibank released a research report stating that after considering the latest results of Sinotruk (03808) and more optimistic forecasts, the Group's net profit forecast for 2024 and 2025 was raised by 19% and 23% respectively, and the target price was raised from HK$18 to HK$24.8, with a rating of “buy.”

According to the report, the company's performance in fiscal year 2023 was strong. Revenue increased 44% year over year to 85.498 billion yuan, and net profit increased 218% to 5.318 billion yuan, in line with the earnings report announced earlier. The results mean that revenue for the second half of last year increased 45% year on year to 44.109 billion yuan, or 7% on a half-year basis; net profit increased 655% year over year to 2,945 billion yuan. The data is in line with expectations.