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Steven Liu

Research Analyst at Guotai Junan Securities

Steven Liu is an Equity Research Analyst at Guotai Junan Securities, specializing in equity research with a focus on Chinese public companies. He has provided analysis on firms such as China Yuchai International, contributing to earnings reports and market insights, though specific performance metrics like success rates or rankings on platforms such as TipRanks are not publicly detailed. Liu's career timeline and previous firms remain undisclosed in available sources, and no professional credentials such as FINRA registrations or securities licenses are specified.

Steven Liu's questions to CHINA YUCHAI INTERNATIONAL (CYD) leadership

Question · H2 2025

Steven Liu from Guotai Junan Securities asked about the current backlog for the data center business, comparing its size to six months prior, and whether supply for these engines is becoming more constrained. He also inquired about any increase in European business, specifying segments (diesel/gas), and the overall outlook for Yuchai's European market.

Answer

Kelvin Lai (General Manager of Operations) explained that for Yuchai-branded high-horsepower engines, component supply from China is generally stable, though raw material price increases led to cost markups. The MTU joint venture, however, faces supply chain bottlenecks from German partners, limiting component availability. He clarified that the backlog is not growing larger, with current delivery times remaining at 3-4 months. Regarding exports, Kelvin Lai stated Yuchai brand exports are small (around 10%), mainly to Asia, while the joint venture's exports (via OEM) are 20-25% and growing, also primarily to Asian markets, with no specific mention of European business growth.

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Question · H2 2025

Steven Liu asked about the current backlog for data center business engines, comparing it to six months prior, and whether supply constraints are tightening. He also inquired about any increase in Yuchai's European export business, specifying segments like diesel or gas engines, and the overall outlook for European exports.

Answer

Kelvin Lai, General Manager of Operations, explained that for Yuchai-branded high-horsepower engines, Chinese component supply is generally stable, though raw material price increases led to cost markups. However, the MTU Yuchai joint venture faces supply chain bottlenecks from German partners. He noted that delivery times remain 3-4 months, indicating active management of existing backlogs rather than a significant increase. He clarified that Yuchai brand exports are a small portion (around 10%) primarily to Asia. The joint venture's exports are higher (20-25% and growing), also mainly to the Asian market, with no specific mention of European business or engine types for export.

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