Changes in Hong Kong stocks | Weichai Power (02338) fell more than 4%, net profit for the third quarter fell nearly 9% year on year, and many major banks lowered their company profit forecasts

The Zhitong Finance App learned that Weichai Power (02338) fell by more than 4%. As of press release, it was down 3.28% to HK$23.02, with a turnover of HK$312 million.

According to the news, Bank of America Securities released a research report saying that Weichai Power's third-quarter sales were 58.1 billion yuan (same below), up 1% year-on-year and 4% quarterly, roughly in line with the forecast; net profit was 3 billion yuan, down nearly 9% year-on-year; after excluding investment losses and credit impairment refunds on Ballard's holdings, adjusted net profit was 3.2 billion yuan, up 14% year over year, roughly in line with market expectations. The bank lowered the company's 2026-2028 earnings per share forecast by 6%, 15% and 11%, respectively, to reflect the third quarter results, new assumptions for AIDC related products, and KION's third quarter results.

Citi, on the other hand, said that after the Weichai Power analyst briefing and KION model update, the bank lowered its 2026-2028 revenue forecast by 3% to 8%, and lowered the 2026 and 2027 net profit forecasts by 5% and 1%, respectively. The bank pointed out that the reduction was mainly due to a 1% to 2% reduction in KION's revenue forecast; vehicle and key components segment revenue fell 1% to 3% due to pressure on LNG heavy truck engines.