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<Research>HSBC Research Favors WEICHAI POWER/ SINOTRUK, Expects CN Heavy-Duty Truck Sector to Trade Sideways in 1H26
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HSBC Global Research has released a report expecting China's heavy-duty truck (HDT) sector to trade sideways in 1H26 until a catalyst emerges in 2H26. Although the broker has raised its 2026 HDT sales forecast from 980,000 units to 1.05 million units due to the continuation of subsidy policies, it still forecasts an 8% YoY decline (excluding National I vehicles). Particularly, domestic sales are likely to decline by 13% YoY after the lower installed base of National IV vehicles is factored in. Upbeat about WEICHAI POWER (02338.HK), HSBC Global Research has lifted its target price from HKD21.4 to HKD25.8, with a rating of Buy. At the same time, the broker is optimistic about SINOTRUK (03808.HK) for its export leadership and potential catalysts in 2H26. SINOTRUK's target price has been raised from HKD27.2 to HKD34, with a Buy rating remaining in place. For 1H26, HSBC Global Research prefers WEICHAI POWER over SINOTRUK. When it comes to 2H26, the broker holds a constructive view on both. AAStocks Financial News |
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