According to the Zhitong Finance APP, Citigroup released a research report stating that it currently holds a cautious view on the outlook for Weichai Power (02338). The net profit forecast for this year has been raised by 5%, and the forecasts for 2025 and 2026 have been lowered by 4% and 8% respectively. It believes that the current valuation level is reasonable. However, in the medium term, the outlook for heavy trucks and engines demand is expected to remain under pressure. It maintains a 'Neutral' rating and lowers the target price from 12.9 Hong Kong dollars to 12.6 Hong Kong dollars.

The report states that the company's performance in the third quarter met expectations, with a year-on-year revenue decline of 9% to 49.46 billion yuan, and a year-on-year net profit after tax decline of 4% to nearly 2.5 billion yuan. This was mainly due to the decrease in profit contribution from KION, as well as the decline in sales of heavy trucks and engines, partially offset by efficiency improvements and cost control measures.