Sinotruk (Hong Kong) Limited
3808.HK · HKSE
Company research
Sinotruk (Hong Kong) Limited (3808.HK) is a leading Hong Kong-listed investment holding company and the primary listed platform of China National Heavy Duty Truck Group (CNHTC), one of China's foremost heavy-duty truck manufacturers with roots tracing back to 1956. Headquartered in Jinan, China, the company is engaged in the research, development, manufacture, and sale of heavy-duty trucks (HDTs), medium-heavy duty trucks, light-duty trucks (LDTs), buses, and related parts and components, operating across four key segments: Heavy Duty Trucks, Light Duty Trucks and Others, Engines, and Finance. With its well-known brands including HOWO, SITRAK, and Huanghe, Sinotruk serves a broad spectrum of industries such as infrastructure, construction, container transportation, logistics, mining, steel, and chemicals, with a commercial presence spanning over 110 countries and regions globally. In FY2024, the company reported revenues of approximately RMB 95.06 billion, reflecting an 11.2% year-on-year increase, underpinned by robust overseas expansion and continued market leadership in China's HDT sector, employing approximately 28,560 staff worldwide.
Research reports
PhillipCapital highlights Sinotruk’s consolidated leadership in heavy trucks, strong growth in new energy and export segments, and forecasts EPS of 2.39/2.86/3.01 RMB with a HKD 49.3 target price and an ‘Accumulate’ rating. Key risks centre on weaker global economic recovery, overseas market and FX volatility, and significant raw material cost increases.
Guosen Securities Research Institute · February 27, 2026中国重汽（03808.HK） 重卡行业龙头，出海领域标杆Guosen portrays Sinotruk as China’s heavy-truck industry leader with broad product coverage and strong export-driven growth, projecting 2025–2027 revenue of 1,068–1,328 billion RMB and EPS rising from 2.37 to 3.21 RMB. The report initiates with an “Outperform” (优于大市) view and 2026 PE of 15–17x, while flagging risks from weaker-than-expected volumes, intensifying domestic and overseas competition, policy shifts and macro or geopolitical shocks.
Dongwu Securities Research Institute · August 30, 2025中国重汽（03808.HK） 2025 半年报点评：龙头韧性彰显，出海行稳致远Dongwu’s H1 2025 review notes revenue of 50.88 billion RMB and net profit of 3.43 billion RMB (both up about 4% year-on-year), emphasising resilient heavy-truck profitability, domestic volume strength and stable margins despite export mix pressure and price competition. The analysts largely maintain 2025–2027 net profit forecasts, see valuation as attractive with rising EPS and high payout ratios, and highlight risks from macroeconomic volatility, overseas demand softness and raw material price inflation.