SINOTRUK Delivers Full Year 2022 Results, Heavy Truck Sales Down 52.50%
Recently, CNHTC Jinan Truck (Hereafter referred to as SINOTRUK) reported its earnings results for the full year ended December 31, 2022. The report showed that SINOTRUK achieved operating revenue of 28.822 billion yuan, down 48.62% year-on-year. The net profit belonging to the shareholders of listed companies is about 214 million, a decrease of 79.41%. Net profit excluding extraordinary profit and loss attributable to shareholders of listed companies is about 185 million, decreasing by 80.97% over the same period of last year. The basic earnings per share was 0.18 Yuan.
As for the financial situation, SINOTRUK realized a total profit of 586 million Yuan, down 71.90% compared to the same period last year. Net operating cash flow is 7.03 billion Yuan, with a year-on-year growth of 240.80%. The overall rate of gross margin was 1.2% lower than last year, at 6.18%. Period expense ratio has decreased from 5.25% in 2017 to 1.70% in 2022, achieving significant results in recent years. Moreover, SINOTRUK intends to distribute cash dividends of 0,82 Yuan (tax included) every 10 shares.
The data showed that SINOTRUK invested RMB 433 million in R&D, down 28.09% year-on-year, accounting for 1.50% of operating revenue, up 0.43% year-on-year. The number of staff involved in R&D reached 577, up 23.03% year-on-year, representing 8.56% of the total number. As of now, it has introduced to the market the new Huanghe heavy truck and China's first AMT product mated to a natural gas engine, and its hydrogen fuel cell heavy trucks are being widely used in multiple scenarios.
The annual heavy-duty truck sales of SINOTRUK for 2022 were 96,037 units, down 52.50% year-on-year. Accordingly, its revenue from vehicle sales fell 52.59% to RMB 22.643 billion. The entire industry is in steep decline due to slowing economic growth and poor logistics, and SINOTRUK has also been affected.
The results statement said that its sales in the domestic market were almost equal to those in overseas markets, but varies in terms of product structure. In the product structure of domestic market, we find 66% of tractor and logistics vehicles in contrast to 17% dump trucks and mixers. While in overseas market, there was 48.6% of dump truck in contrast to 44.5% of tractor head and cargo truck.
In addition, SINOTRUK sold 485 new energy heavy trucks for the year, with sales revenue reaching RMB292 million. According to report, SINOTRUK has already invested nearly RMB 4.2 billion (including projects contracted but not paid for) in the new energy project in the Laiwu District of Jinan. Four major processes in automotive manufacturing, including stamping line, welding line, coating line, assembly line have been completed and put into trial operation.
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C&C Trucks Co., Ltd.
C&C Trucks Co , Ltd (C&C Trucks), located in Sanshan Economic Development Zone, Wuhu, Anhui Province, a holding company under China International Marine Containers (Group) Co , Ltd (CIMC), is a large heavy truck enterprise integrating the research and development, production
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