Bank of America Securities: Raising the target price of Weichai Power (02338) to HK$47.5 to maintain a “buy” rating

The Zhitong Finance App learned that Bank of America Securities released a research report stating that it raised the target price of Weichai Power (02338) from HK$46.2 to HK$47.5, maintaining a “buy” rating. The company's second-quarter revenue rose 9% year-on-year to RMB 60.6 billion, which is roughly in line with expectations. Net profit increased 57% year over year to 4.616 billion yuan. After deducting the one-time income from the sale of long-term equity investments of about 1.3 billion yuan (including about 1 billion yuan from the sale of some of Ballard's shares), it is estimated that the adjusted net profit for the next quarter was about 3.3 billion yuan, up 13% year on year. Bank of America raised its earnings forecast per share by 11% to 18% from 2026 to 2028 to reflect second-quarter results, more optimistic AIDC engine forecasts, and KION results.