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Weichai Power 2017 Annual Results

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Weichai Power 2017 Annual Results Weichai Power 2017 Annual Results 2338.HK；000338.SZ CONTENTS Financial Business Review Review Financial Review Overall Scale and Strength Ascends to a New Level RMB RMB RMB 189.64 151.57 6.81 billion billion billion 4 Value Creation Ability Continuously Promoted ROE Net profit margin Basic EPS (Weighted average) attributable to the parent 20.3 4.5 RMB % % 0.85 5 Further Improved Ability of Operational Control Inventory Receivables Operating cash flow turnover ratio turnover ratio RMB 6.4 12.2 16.26 times times billion 6 Business Review Strategic Transformation – What We’ve Been Doing for the Past Decade New business Intelligent logistics Hydraulic System Vehicle since 2017 Engine 2013-2016 New energy layout 2008-2012 Purchased PSI 2005-2007 Strategically restructured KION Internationalization Purchased Baudouin Purchased Dematic and localization Purchased Hunan Torch Strategically purchased Golden industry chain of Diversified ecological 1998-2004 Linde Hydraulic Listed in SZSE intelligient logistics structure Golden industry chain of Reform and marketization Golden industry chain of hydraulic system Listed in Hong Kong powertrain High-power engine 8 Great Difference in Overall Business Structure Revenue mix of 2010 and 2017 Revenue difference between 2010 and 2017 Unit: 100 mil RMB 1600 1515.7 Overseas Revenue increased nearly 16.8 times 1400 Proportion increased from 6% to 43% 1200 +140% Engine 1000 Revenue increased by 12% Proportion decreased from 43% to 20% 800 632.8 600 HDT Revenue increased by 97% 400 Proportion decreased from 38% to 31% 200 Others 0 Revenue staying at the same level 2010 2017 Proportion decreased from 13% to 6% 发动机Engine 重卡HDT 其他Others 海外Overseas 9 Engine is the Key 2010 - 2017 Engine Sales by Displacement 2010-2017 HDT Engine Sales and Market Share Unit: 10,000 Unit:10,000 70 70 45 41% 42% 62 62 36% 36% 36% 40 60 56 33% 33% 36% 35 50 47 46 27% 30% 35% 30 38 40 25 21% 24% 28 30 20 18% 15 20 12% 10 10 6% 5 - 0 0% 2010 2011 2012 2013 2014 2015 2016 2017 2010 2011 2012 2013 2014 2015 2016 2017 Large 2-4L 4-7L 9-10L 12/13L 大缸径 合计Total 销量Sales 市占率Market share bore ◼ Product portfolio is more balanced, and the proportion of high value-added products increased; the market share of HDT engines increased for three consecutive years. 10 Vehicles are the Critical Factors Market share of main HDT producers Sales breakdown of Shacman in 2016 and 2017 in 2010 and 2017 Shacman Unit: 10,000 Shacman 物流用重卡Logistics 其他Others 9.56% HDT 13.34% 16 14.9 Others 19.06% Others 16.33% +81.3% Foton, 10.14% Foton, 10.23% 12 Sinotruck, Sinotruck, 19.62% 8.2 17.04% 8 Dongfeng, Dongfeng, 18.95% 19.35% 67.3% 4 69.8% FAW 22.67% FAW 21.56% 0 2010 2017 2016 2017 Resource：China Association of Automobile Manufacturers ◼ In recent years, Shacman has the largest increase in market share, and HDT competitiveness has increased significantly. 11 High Growth of Intelligent Logistics KION’s revenue from 2012 to 2017 ⚫ KION’s contribution to Weichai’s net profit※ Unit: 100 mil euro 80 2017 60 2016 40 2015 20 Unit: 2014 RMB100 mn 0 - 5 10 15 20 2012 2013 2014 2015 2016 2017 KION’s net profit from 2012 to 2017 Unit: 100 mil euro ⚫ A global leader in the industry 4.5 4.0 3.5 3.0 ＆ 2.5 1,300,000 forklifts More than 6,000 automatic logistics customers 2.0 ⚫ Unique and complete: The only one-stop intelligent logistics solution 1.5 1.0 provider in the world 0.5 ⚫ Reliable and stable: Independently provide material handling 0.0 hardware and integrated system software 2012 2013 2014 2015 2016 2017 Notes: KION was included in the consolidation in 2017. The re-appraisal of the former affiliated companies on the date of acquisition generated RMB1.62 billion of one-time gains. The tax abatement of the United States in 2017 resulted in recalculation of the deferred income taxes generated from fair value apportionment in KION’s acquisition of Dematic, and caused increase of income tax gains. Weichai registered RMB310 million of net profit attributable to the parent. 12 New Energy Business Layout Accelerated Hydrogen cell Motor and New energy control system powertrain 4 3 A major project of Shandong Province for transition to new 2 December 21, 2017 driving force Signed a MoU on the 1 November 21, 2017 strategic partnership with Signed a framework ⚫ To establish Weichai New Energy November 19, 2017 Westport agreement on the strategic Power Industrial Park to achieve the Established a technology effect of industrial cluster and partnership with Bosch ⚫ To develop high-pressure HDI innovation center in natural gas engines industry leader Germany ⚫ To establish a fuel-cell-powered ⚫ The thermal efficiency to rise to ⚫ To bring the digital world to the vehicle technology innovation enterprise and to accelerate the ⚫ Focus on R&D of cutting-edge 42.5% chain and industry chain transformation towards intelligent, technologies ⚫ To build a digital demonstration networked and digital enterprise ⚫ Signed a cooperation plant agreement on joint development of a technology innovation center with AVL 13 Hydraulic System Localization Hydraulic powertrains System building of Linde Hydraulics (China) ⚫ “Weichai Engine + Linde Hydraulics” powertrain ⚫ Linde Hydraulics (China) passed the provides integrated power solutions for certification of national high-tech enterprises construction machinery, agricultural equipment ⚫ It is responsible for the R&D, manufacturing and other relevant industries; and marketing in the APAC region, and has ⚫ Supply pumps, motors, valves and other high- built up a variety of distribution channels. It end high-pressure hydraulic products for taps the Indian market by using the Indian domestic customers, breaking the monopoly of company of Shandong Heavy Industry Group foreign companies. as a platform. Supplied to mainstream clients in batches The revenue of Linde Hydraulics (China) doubled Unit: RMB’0,000 15,000 ⚫ In 2017, Linde Hydraulics (China) sales reached 12,400 units, up 104.3% YoY. 10,000 ⚫ The orders from four major clients, Shantui, XCMG, Zoomlion and SANY, contributed more than 50% of the total revenue. 5,000 0 2015 2016 2017 14 Advance in Europe, America and Four Neighborhood Markets Altogether Markets along the Belt and Road Initiative Markets in the Western countries ⚫ A joint venture with MAZ was established ⚫ With the help of PSI’s qualification, brand, in Belarus Sino-Belarus Industrial Park. sales channel and service networks, Weichai quickly entered the North American market. Local manufacturing International M&A ⚫ Gearbox export volume rose 32.3% YoY; ⚫ Large-bore engines supported the urban HDT export volume jumped 59.1% YoY. passenger transport ships in New York City to expand international high-end market. General trade Four neighborhood markets North Central Asia Middle East and North Africa Southeast Asia South Asia 15 THANK YOU FOR YOUR ATTENTION.
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