Sinotruk（000951.SZ）The third quarter performance pre-increase announcement and the sales data of the first three quarters once again confirmed its position as the industry leader.。According to the announcement disclosed by the company on the evening of October 13,，Sinotruk is expected to achieve a net profit of 6 in the first three quarters of 2023.2.5 billion yuan to 6.9.5 billion yuan，Year-on-year growth of 75%To 95%；In the third quarter, the net profit attributable to the parent company was 1..4.6 billion yuan to 1..6.4 billion yuan，Year-on-year growth of 300%To 350%。

The reasons for the substantial increase in performance，The company is summed up as two internal and external factors.。From the outside，The overall macroeconomic performance is good.、Logistics heavy truck demand rebound and other factors to promote，Strong momentum maintained by superimposed exports，The recovery of the heavy truck industry is obvious.。Internally，The company continuously improves product quality and product competitiveness.，Speed up product optimization and structural adjustment，Precise implementation of marketing strategies。

Under the action of the above internal and external factors，Sinotruk has achieved the growth of production and sales and the improvement of profitability.。At the same time，It can also be seen from the market data of China Heavy Truck Group in the first three quarters.。According to CAAC data，First three quarters of 2023，Sinotruk Achieves Heavy Truck Sales 19.140,000，Year-on-year growth of 52.3%，Market share continues to rank first in the industry。
Among，The overseas market has become the main driving factor for the company's sales.。According to CAAC data,，Sinotruk's Export Sales in the First Three Quarters Reached 9.90,000，Year-on-year growth of 71.95%，While continuing to consolidate its leading position in exports,，Export sales have accounted for half of the company's sales.。

From the perspective of industry trends，In recent years，The overseas market has become an important driving force for China's heavy truck industry as a whole.。Independent brands rely on their supply chain、Cost performance and other advantages，Successfully open up the markets of many economies around the world，Sales are going up the ladder。According to the General Administration of Customs，2020、2021 and 2022，China's heavy truck exports were 7..870000 vehicles、14.140,000 and 19.140,000。2023 1- August ，The cumulative export of heavy trucks in China has been higher than that in the whole year of 2022.，Achieve sales of 21.60,000，Year-on-year growth of 83%。

China Heavy Truck Group has the first-mover advantage and leading advantage in the overseas market.，In the case of significant opportunities in overseas markets，It also attaches great importance to overseas business to an unprecedented level.，At the recent Global Strategic Partnership Conference，It also put forward the target of export sales exceeding 140000 vehicles in 2023.，It will continue to promote the high-end layout of European and American brands.。

Sinotruk Group's confidence comes from years of deep cultivation of export business.。By the end of June this year，Sinotruk has developed about 220 distribution networks at all levels in more than 90 countries and regions.，28 overseas cooperation projects have been established.KDProduction plant，It has basically covered Africa.、Middle East、Central and South America、Developing countries and major emerging economies in Central and South-East Asia，And Australia、Ireland、New Zealand and other countries and Hong Kong、International marketing network system in some mature markets such as Taiwan。At the same time，The adjustment of product structure in overseas markets has also been fruitful.，High-end products of Sinotruk Group accounted for 45% of export products in the first half of the year.4%，Up 23% from 2022.2 percentage points。

Looking forward to the future of heavy truck industry，Exports remain an important driver。Soochow Securities pointed out in the research report.，With the advent of autumn and winter, downstream demand is booming.，Natural Gas Heavy Truck Exchange and Export Still Support Heavy Truck Sales Boom Continues。Think 2024—2025“Policy potential”And“Economic potential”It is expected to continue to exert its strength，Domestic economic recovery、The fourth national compulsory elimination promotes the exchange and purchase.、Export Market Outbreak Triple Factor Resonance，Increase the total driving plate。It is expected that Sinotruk's export of heavy trucks will continue to erupt.，Performance is expected to reach a new high。

Guangfa Securities is optimistic about the outstanding performance of China Heavy Truck and other companies in export.，Given in the research report“Buy”Rating，Consider that since 2023，Truck industry continues to recover，Sales stability exceeded expectations，The total inventory of the industry is healthy and continues to decline.，Exports rose steadily，Leading companies are expected to release greater performance flexibility。