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Major Chinese diesel engine and powertrain maker, with stakes in forklift maker Kion Group and Italian yacht builder Ferretti.
Major Chinese diesel engine and powertrain maker, with stakes in forklift maker Kion Group and Italian yacht builder Ferretti.
Sells diesel engines and gearboxes mainly to Chinese truck and equipment makers, so orders follow the heavy-truck cycle at home. Its parent, Weichai Holding, is owned by Shandong province's government. The Kion and Ferretti stakes spread earnings beyond that cycle into forklifts and yachts, though truck components remain the core.
In one line: A Chinese Cummins with a diversified industrial-holdings twist.
Moat: narrow (scale, installed base, distribution). Large domestic engine manufacturing scale and vertical integration into transmissions and forklifts.
Headquarters: Weifang, China · Founded: 1946 · Employees: 101,440
Size Weichai Power (2338.HK) is a Hong Kong Consumer Discretionary company (Auto Parts: OEM) with a market value of $24.0B, the 70th largest of 891 Hong Kong companies the cockpit tracks. Shares closed at HK$21.96 on 6 Nov 2026.
Performance Over six months the shares fell 49.8%, against -3.9% for the median peer and -13.4% for the Hong Kong market (cap-weighted) — lowest of 21 in its peer set.
Growth Revenue grew 13.7% over the last twelve months (peer median +12.3%); the operating margin is 7.5% (peer median 9.7%).
Valuation It trades at 11.0× forward earnings against a peer median of 21.2× (7th cheapest of 21).
Price implies For today's price to make sense, revenue must grow about -7% a year for seven years (Req g). Recent delivered growth is +3%, so the hurdle is -10 pp: the price already allows for a slowdown.
Capital Return on invested capital runs 5.1 points above its cost of capital (7.8% WACC).
Next results Next results expected around 1 Apr 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | HK$275B | HK$251B | HK$234B | HK$236B | HK$204B |
| Revenue growth | — | +7% | -1% | +16% | — |
| Gross profit | HK$68.4B | HK$50.7B | HK$49.4B | HK$46.6B | HK$33.3B |
| EBITDA | n/a | HK$30.2B | HK$31.4B | HK$26.8B | HK$16.8B |
| Net income | HK$14.5B | HK$11.9B | HK$12.4B | HK$9.96B | HK$5.70B |
| Free cash flow | HK$21.5B | HK$24.5B | HK$21.0B | HK$23.0B | -HK$9.69B |
| Capital expenditure | HK$6.27B | HK$7.37B | HK$7.98B | HK$7.96B | HK$7.72B |
| Total debt | HK$107B | HK$108B | HK$93.0B | HK$93.0B | HK$88.7B |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g |
|---|---|---|---|---|---|---|
| Weichai Power 2338.HK | $24.0B | -50% | +14% | 7% | 11.0× | -7.0% |
| Cummins CMI | $62.0B | -34% | +3% | 11% | 13.8× | 11.6% |
| Kion KGX.DE | $5.05B | -25% | +3% | 6% | 10.4× | n/a |
| Caterpillar CAT | $257B | -38% | +20% | 19% | 18.8× | 18.0% |
| Wartsila Oyj Abp WRT1V.HE | $17.1B | -25% | -2% | 13% | 23.5× | 7.2% |
| Deutz DEZ.DE | $1.74B | -13% | +11% | 5% | 11.4× | 19.8% |
| Sinotruk Hong Kong 3808.HK | $12.3B | -12% | +38% | 7% | 9.4× | -3.2% |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | 2338.HK | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -28.8% | 0.0% | 2nd lowest of 21 |
| 6-month return | -49.8% | -3.9% | lowest of 21 |
| Distance from 52-week high | -51.7% | -21.2% | 3rd lowest of 21 |
| Revenue growth (TTM) | +13.7% | +12.3% | 10th highest of 21 |
| Operating margin | 7.5% | 9.7% | 7th lowest of 21 |
| Forward P/E | 11.0× | 21.2× | 7th cheapest of 21 |
| Growth the price implies (Req g, 7 yrs) | -7.0% | 9.1% | least demanding of 21 |
| Growth delivered (Del g) | +2.6% | +9.3% | 2nd lowest of 21 |
| Hurdle (Req g minus delivered) | -9.5 pp | -1.2 pp | 4th least demanding of 21 |
| ROIC minus cost of capital | +5.1 pp | +1.5 pp | 7th highest of 21 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Weichai Power 2338.HK | Hong Kong | $24.0B | -50% | +14% | 7% | 11.0× | -7.0% | +2.6% |
| Shenzhen Inovance Technology 300124.SZ | China | $23.0B | -17% | +19% | 10% | 27.0× | 21.3% | +31.4% |
| Mobis 012330.KS | South Korea | $22.3B | -18% | +4% | 6% | 8.3× | -1.0% | +10.8% |
| Sumitomo Electric Industries 5802.T | Japan | $27.3B | -47% | +14% | 9% | 11.4× | 13.3% | +11.9% |
| ITT ITT | United States | $18.4B | 0% | +28% | 17% | 21.6× | 20.9% | +9.7% |
| Jiangsu Hengli Hydraulic 601100.SS | China | $17.9B | -15% | +31% | 24% | 38.2× | 24.0% | +6.9% |
| Samvardhana Motherson International MOTHERSON.NS | India | $17.9B | +22% | +14% | 6% | 30.2× | 30.9% | +17.0% |
| Denso 6902.T | Japan | $32.5B | -1% | +7% | 7% | 12.1× | 3.4% | +8.8% |
| Knorr-Bremse KBX.DE | Germany | $17.1B | -9% | +4% | 13% | 20.7× | 8.6% | +4.9% |
| Magna International MG.TO | Canada | $16.1B | +4% | 0% | 6% | 8.2× | 0.1% | +6.0% |
| Bosch BOSCHLTD.NS | India | $15.8B | +34% | +14% | 12% | 49.7× | 46.8% | +15.7% |
| Cummins India CUMMINSIND.NS | India | $11.9B | -25% | +15% | 19% | 43.5× | 39.5% | +22.7% |
| Ningbo Tuopu 601689.SS | China | $11.7B | -26% | +11% | 9% | 29.9× | 15.3% | +35.4% |
| Trelleborg TREL-B.ST | Sweden | $10.1B | +19% | +2% | 19% | 22.9× | 9.6% | +2.6% |
| Aisin 7259.T | Japan | $9.78B | -14% | +6% | 4% | 10.0× | -0.3% | +7.7% |
| Donaldson DCI | United States | $9.77B | -2% | +5% | 16% | 19.5× | 8.3% | +6.4% |
| Allison Transmission ALSN | United States | $9.65B | -6% | +71% | 20% | 11.0× | 2.6% | +7.7% |
| Niterra 5334.T | Japan | $9.01B | +5% | +16% | 19% | 9.9× | 4.0% | +11.3% |
| Autoliv ALV | United States | $8.89B | +2% | +4% | 10% | 11.0× | 2.6% | +7.7% |
| HELLA GmbH & Co. KGaA HLE.DE | Germany | $8.26B | -7% | -1% | 5% | 34.7× | 2.4% | +6.1% |
| UNO Minda UNOMINDA.NS | India | $8.11B | +16% | +19% | 8% | 53.6× | 46.9% | +25.0% |