Jinwu Finance News | Summary: Citigroup's research provides the latest update on China's electric heavy-duty truck (E-HDT) market. The report shows that the E-HDT delivery volume increased by 4.6% month-on-month in October, reaching 8,250 units, and grew by 138.1% year-on-year. Sales in the first ten months of this year reached 56,800 units, an increase of 142.6% year-on-year. XCMG construction machinery's market share grew by 3.6 percentage points month-on-month in October, reaching 19.1%, while Sany heavy industry and FAW Jiefang group's market shares decreased by 4.6 and 0.3 percentage points, respectively.

Key Points: The company's performance declined due to the impact of orders from US customers. According to the company's 23-year annual report, the company achieved a revenue of 471 million yuan (YOY-1.31%); net income attributable to the parent company was 146 million yuan (YOY-20.19%), and the 23-year performance decline was mainly due to (1) The company's endoscope body shipments increased significantly, and the actual launch time of the new system for US customers was postponed compared to the original plan, affecting the company's shipment volume; (2) The company implemented stock-based incentives in 23 years, resulting in an increase in share-based payment expenses; gross margin was 63.72% (YOY-0.63pp). According to Wind, the company achieved a revenue of 118 million yuan in 24Q1 (YOY-20.74%), net income attributable to the parent company was 38 million yuan (YOY-20.68%), and the decline in performance was mainly due to the scale of lens body shipments in 23Q1, which doubled compared to previous years, and the high base period had an impact on this period's performance.
1. In October, E-HDT deliveries increased by 4.6% month-on-month and 138.1% year-on-year.
2. In the first ten months of this year, E-HDT sales increased by 142.6% year-on-year.
3. XCMG construction machinery's market share grew by 3.6 percentage points month-on-month, reaching 19.1%.
4. Sany heavy industry and FAW Jiefang group's market shares decreased by 4.6 and 0.3 percentage points, respectively.
5. By energy type, BEV-HDT sales increased by 1.2% month-on-month in October, while FCEV/HEV-HDT increased by 78.2% and 200% month-on-month.
6. In the first ten months of this year, BEV-HDT sales increased by 151.2% year-on-year, HEV increased by 72.3%, and FCEV increased by 61.5%.
It is expected that the installation volume of E-HDT batteries in October will increase by 159.8% year-on-year and by 4.6% month-on-month.
In the first 10 months of this year, the installation volume of E-HDT batteries has increased by 164.6% compared to the same period last year.
In October, the cost of E-HDT batteries increased by 0.4% month-on-month, reaching 0.0841 million yuan per vehicle, a decrease of 27.9% year-on-year.