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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