Open Securities: Initiate coverage of China Heavy Duty Truck with a "buy" rating, with bright long-term growth prospects.

Open source securities research report pointed out that China National Heavy Duty Truck's overseas growth is continuing, and its medium to long-term growth prospects are still bright. CNHTC is the leading domestic heavy truck manufacturer, focusing mainly on heavy truck manufacturing. With a complete product lineup and leading market share, it is expected to have a market share of 26.7% by 2025. As the core asset of CNHTC, CNHTC A is expected to achieve heavy truck sales of 174,000 units in 2025, with a market share of 15.2%. Currently, the outlook for heavy truck exports is positive, and the company is expected to benefit first, achieving performance improvement. It is estimated that the company's revenue will be 64.93 billion, 71.13 billion, and 77.36 billion yuan respectively in 2026-2028, with net profit attributable to parent company shareholders of 1.97 billion, 2.31 billion, and 2.67 billion yuan, respectively. The current stock price corresponds to a PE ratio of 14.6, 12.4, and 10.7 times. First coverage, giving a "buy" rating.