HK Stock Market Move | Weichai Power (02338) falls over 4%; Q3 net profit down nearly 9% year-on-year; multiple major banks cut the company's earnings forecasts.

Weichai Power (02338) fell over 4%, down 3.28% as of press time to HK$23.02, with turnover of HK$312 million. On the news front, BofA Securities issued a research report stating that Weichai Power's third-quarter sales were RMB58.1 billion, up 1% year-on-year and down 4% quarter-on-quarter, broadly in line with the bank's expectations; net profit was RMB3 billion, down nearly 9% year-on-year; excluding the investment loss on its Ballard stake and the reversal of credit impairment, adjusted net profit was RMB3.2 billion, up 14% year-on-year, broadly in line with market expectations. The bank cut its 2026-2028 earnings per share forecasts by 6%, 15%, and 11%, respectively, to reflect third-quarter results, new assumptions for AIDC-related products, and KION's third-quarter results. Citi said that after Weichai Power's analyst briefing and the KION model update, it cut its 2026-2028 revenue forecasts by 3% to 8%, and lowered its 2026 and 2027 net profit forecasts by 5% and 1%, respectively. The bank noted that the cuts were mainly due to a 1% to 2% reduction in KION revenue forecasts; revenue for the complete vehicles and key components segment was cut by 1% to 3% due to pressure on LNG heavy truck engines.