UBS gives CNHTC-JNTC a "Buy" rating, optimistic about export prospects

UBS published a research report, reiterating a "Buy" rating for SINOTRUK (000951.SZ), raising the target price from 25 yuan to 28 yuan (the same below). The report pointed out that the company's export business is performing strongly, and the product structure continues to optimize, which will become the main driver of profit growth in 2026.

The report cited company management revealing that SINOTRUK achieved double-digit year-on-year sales growth in the fourth quarter of 2025, with exports accounting for over 50%, becoming the mainstay of the business. Notably, the single-vehicle profit for exported fuel heavy-duty trucks is the highest, with gross margins 2 to 4 percentage points higher than domestic sales. The company currently has a full order book, and the production line has switched to a double-shift system to meet demand.

Based on the strong momentum of the export business, UBS raised SINOTRUK's revenue forecasts for 2026 and 2027 by 7% and 8%, respectively, while net profit forecasts were raised by 6% and 15%