Weichai Power (02338.HK, 000338.SZ) announced its full-year results as of December 31, 2007, with a turnover of 27.425 billion yuan, up 3.1 times; gross profit of 6.632 billion yuan. 2.5 times. According to the International Accounting Standards, the company's net profit for the year was RMB 2.0149 billion (RMB, the same below), up 1.9 times, and the basic earnings per share was RMB 4.36. The board of directors proposed to send a final dividend of RMB 0.44 per share.
Yesterday, the company also announced the unaudited results for the first quarter of this year. According to Chinese accounting standards, Weichai Power achieved a net profit of 711 million yuan, a year-on-year increase of 1.8 times, and basic and diluted earnings per share of 1.37 yuan, an increase of 78%. In the first quarter, the company's total operating revenue reached 9.136 billion yuan, up 32%, and operating profit was 1.153 billion yuan, up 87%.
Weichai Power achieved a good start in the first quarter, driving the price of H-shares soared. It broke through 100 antennas (HK$42.572) and closed at HK$43.85, up 9.352%.
The stock price of Weichai fell to more than 20 Hong Kong dollars in mid-March, which was considered by international investment institutions as over-adjustment. Many overseas investors with a sense of sensibility have already arranged ahead of schedule. According to the data from the Stock Exchange, the international investment organization The Capital Group purchased 844,000 H shares of Weichai at HK$36.215 last Monday, and then increased it at HK$38.385 per share on last Thursday. Chai Power 1.06 million shares, making its latest holdings rise to 6.82%. In addition, at the beginning of April, Baring Asset Management increased its holdings of Weichai 1 million shares (0.79%) at HK$32.699 per share, with the latest holding of 6.64%.
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