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China Yuchai posts a solid Q2; shares higher

  • China Yuchai (CYD +8.4%) trades up after easily beating Q2 estimates this morning.
  • Net revenue rose 23.9% Y/Y. Operating profit was RMB 333.8B, +59% from the prior year as gross profit largely offset a gain in operating expenses.
  • Total number of engines rose by 29%, totaling 141,147 units compared with 109,329 units in Q212.
  • The company attributes the volume gain to an increase in sales of engines for agriculture and truck applications, and and higher sales of commercial vehicles due to the pre-buying of trucks prior to the implementation of the National IV emission standards that went into effect nationwide on July 1.
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