On the evening of March 29th, FAW trucks Group Co., Ltd. (Stock code: 000800, hereinafter referred to as “FAW trucks” or “the Company”) officially released its 2023 annual report.
According to the report, as of the end of 2023, the company’s total assets were 65.873 billion yuan, with attributable net assets of 24.487 billion yuan. In 2023, the company achieved operating income of 63.905 billion yuan, a year-on-year increase of 66.71%, and realized attributable net profit of 763 million yuan, a year-on-year increase of 107.66%, demonstrating strong development momentum.
In 2023, facing continued weak demand, industry transformation challenges, and market difficulties, FAW trucks focused on annual strategic goals, solidly and effectively promoted various tasks, and achieved fruitful operational results. FAW trucks, based on the domestic market and accelerating its internationalization, maintained its leading position in the market, adhered to the “two firsts, two increments” strategy, strengthened advantages and made up for weaknesses, accelerated breakthroughs in major strategic areas such as new energy and overseas markets, balanced development in various segmented markets, and significantly increased overall sales volume. The company achieved total vehicle sales of 241,700 units for the year, a year-on-year increase of 42.11%, of which medium and heavy-duty truck sales were 205,200 units, a year-on-year increase of 46.14%.
In the domestic market, FAW trucks focused on terminal operations, competing in the medium and heavy-duty truck market for natural gas-powered vehicles, high-horsepower tractors, and large cargo bridge markets, seizing the opportunity of the “transition from oil to gas” and achieving a 33.6% market share in the natural gas heavy-duty truck market, maintaining the industry’s leading position in tractor sales for eighteen consecutive years. In the overseas market, FAW trucks deepened reforms as the main theme, continuously won four major battles, enhanced core capabilities, accelerated the construction of excellent overseas teams, deployed strategies for overseas markets, achieved continuous leaps in overseas sales, and sold 45,000 units for the year, a year-on-year increase of 60.7%. Specifically, in terms of China VI products, the company introduced nearly 140 new products, with new product sales accounting for over 60%, significantly enhancing product competitiveness; in terms of new energy products, the company fully transitioned to a new architecture (cab, motor, electronic control, etc.), built differentiated competitiveness in the “three lows and one high” aspects, further reduced costs, weight, and energy consumption, and achieved sales of 7,200 units for new energy products for the year, a year-on-year increase of 164.5%; in terms of intelligent network-connected products, the company’s intelligent vehicle business conducted J6V L2 product testing operations, accumulated operating mileage of 39,000 kilometers, completed port ICV L4 product line control debugging, achieved full coverage of rapid roads and main roads in sanitation operation scenarios, and accumulated operating mileage of 160,000 kilometers. Intelligent network-connected products continued to accelerate deployment.
In terms of technological innovation, FAW trucks adhered to innovation as the primary driving force, strengthened planning implementation, technological breakthroughs, and resource allocation, and consistently implemented a strategy of technological leadership. The company has cumulatively achieved breakthroughs in nearly a hundred industry-leading core technologies, and has been ranked first in China’s commercial vehicle innovation rankings for seven consecutive years. It has applied for more than 1,500 patents, including over 1,200 invention patents. The company has led/participated in a total of more than 130 national/industry/association standards, with over 20 leading standards, and successfully released more than 40 standards in the same year.
Regarding dividend distribution, the company plans to distribute a cash dividend of 1.5 yuan (including tax) per 10 shares to all shareholders, with a dividend payout ratio of 91.15%, continuing to maintain a high dividend payout ratio and actively rewarding investors. Since its listing four years ago, it has distributed dividends totaling over 6 billion yuan, creating substantial returns for shareholders.
The report pointed out that in 2024, FAW trucks will continue to focus on high-quality development, follow the overall approach of “brand leadership, focus on leading the way, adhere to dual-wheel drive, win four major battles, and do well in seven key tasks,” promote various tasks in production and operation throughout the year, gather momentum, surpass peaks, unite efforts to break through, strive for new achievements, and accelerate towards becoming the “number one in China, world-class” provider of green intelligent transportation solutions and a century-old national automobile brand!
