中国重型商用车月度图表集：新能源汽车渗透率达到23%

Aaron Wang * | Equity Analyst+852 3767 1121 | aaron.wang@jefferies.comJohnson Wan * | Equity Analyst852 3743 8083 | johnson.wan@jefferies.com Exhibit 5 - HDT monthly production volume increased 2.2% YoY but declined32.4% MoM to 78.5k units in Apr-25.050100150200250JanFebMarThousands2021Source: CAAM, JefferiesExhibit 7 - HDT Sales vs. Cumulative Real Estate Investment.-100-500501001502002016-032016-092017-032017-092018-03YoY Growth of HDT Sales (%)YoY Growth of Real Estate Cum. Investment Amount (%, RHS)Source: Wind, JefferiesExhibit 9 - YoY Changes of Cumulative Road Freight Turnover.-30-150153045602016-042016-102017-042017-102018-04YoY changes of cumulative road freight turnover (%)Source: Wind, JefferiesPlease see important disclosure information on pages 7 - 11 of this report.This report is intended for Jefferies clients only. Unauthorized distribution is prohibited. .Source: CAAM, JefferiesExhibit 8 - HDT Sales vs. Cumulative Infra Investment.-100-500501001502002016-032016-092017-03Source: Wind,Jefferies2025-04Exhibit 10 - HDT Monthly Sales Breakdown by Vehicle Type.0%10%20%30%40%50%60%70%80%90%100%2019-042019-072019-102020-01HDT (complete vehicle)Source: CAAM, Jefferies Exhibit 11 - HDT Monthly Sales Breakdown by Usage.0%10%20%30%40%50%60%70%80%90%100%2019-042019-072019-102020-012020-042020-07HDT for ConstructionSource: CAAM, JefferiesExhibit 13 - Export sales accounted for 29% of total HDT sales in Apr-25.050001000015000200002500030000350002023-012023-022023-032023-042023-052023-062023-072023-08HDT Export MonthlySource: CAAM, JefferiesExhibit 15 - Sinotruk's market share was 26.2% in Apr-25.17.1%16.5%13.7%3.7%1.6%Source: CVWorld, JefferiesExhibit 17 - LNG HDT penetration down 15.8ppt YoY/5.3ppt MoM to 24.9% inApr-25.24.9%0%5%10%15%20%25%30%35%40%45%JanFebMarApr2021Source: CBRIC, JefferiesPlease see important disclosure information on pages 7 - 11 of this report.This report is intended for Jefferies clients only. Unauthorized distribution is prohibited. Exhibit 19 - NEV HDT Penetration Rate by Fuel Type.0%4%8%12%16%20%24%2019-102020-012020-042020-072020-102021-01BEV HDTSource: CBIRC, JefferiesExhibit 21 - NEV HDT Sales Breakdown by Fuel Type & Penetration.Source: CBIRC, JefferiesPlease see important disclosure information on pages 7 - 11 of this report.This report is intended for Jefferies clients only. Unauthorized distribution is prohibited. Key Charts for Weichai PowerExhibit 22 - Weichai's monthly engine sales volume.0500010000150002000025000300002023-012023-022023-032023-042023-052023-062023-072023-08Weichai's HDT Engine SalesSource: CBIRC, JefferiesExhibit 23 - Sales proportion of Weichai's large-displacement engines.0%10%20%30%40%50%60%70%80%90%2019-042019-072019-102020-012020-042020-072020-10Proportion of Large Displacement Engines, >12L (%)Source: CBIRC, JefferiesExhibit 25 - Sales proportion of Weichai-supplied engines for Sinotruk.0%10%20%30%40%50%60%70%80%2021-022021-042021-062021-082021-102021-122022-02Porportion of Sinotruk HDTs with Weichai-supplied EnginesSource: CBIRC, JefferiesPlease see important disclosure information on pages 7 - 11 of this report.This report is intended for Jefferies clients only. Unauthorized distribution is prohibited. 2023-092023-102023-112021-012021-042022-042022-06 Key Charts for SinotrukExhibit 27 - Sinotruk's cumulative market share down 1.4ppt YoY to 26.8% asof 4M25.16.3%18.0%0%10%20%30%40%50%60%70%80%90%100%20192020SinotrukFAW JiefangSource: CVWorld, CAAM, JefferiesPlease see important disclosure information on pages 7 - 11 of this report.This report is intended for Jefferies clients only. Unauthorized distribution is prohibited. Company Valuation/RisksFor Important Disclosure information on companies recommended in this report, please visit our website at https://javatar.bluematrix.com/sellside/Disclosures.action or call 212.284.2300.Analyst Certification:I, Xiaoyi Lei, certify that all of the views expressed in this research report accurately reflect my personal views about the subject security(ies) and subjectcompany(ies). I also certify that no part of my compensation was, is, or will be, directly or indirectly, related to the specific recommendations or viewsexpressed in this research report.I, Aaron Wang, certify that all of the views expressed in this research report accurately reflect my personal views about the subject security(ies) and subjectcompany(ies). I also certify that no part of my compensation was, is, or will be, directly or indirectly, related to the specific recommendations or viewsexpressed in this research report.I, Johnson Wan, certify that all of the views expressed in this research report accurately reflect my personal views about the subject security(ies) andsubject company(ies). I also certify that no part of my compensation was, is, or will be, directly or indirectly, related to the specific recommendations orviews expressed in this research report.Registration of non-US analysts:Xiaoyi Lei is employed by Jefferies Ho