Investment Rating - The investment rating for the company is "Buy" (maintained) [1][6]. Core Views - The company achieved a total revenue of 6.145 billion yuan in 2024, representing a year-on-year growth of 4.85%, and a net profit attributable to shareholders of 793 million yuan, which is a 29.03% increase year-on-year [4]. - The growth in revenue is primarily driven by the increase in sales of new energy vehicles, high unit prices, stable operations in domestic and overseas markets, and significant growth in autonomous driving models [4]. - The company is focusing on new energy vehicles and autonomous driving models, with new energy products accounting for approximately 20% of total sales, contributing to higher gross margins [4]. - The company is advancing its strategy of "large-scale, intelligent, new energy, and internationalization," which is expected to provide sustained momentum for growth [4]. Summary by Sections Financial Performance - In 2024, the company reported a gross margin of 21.45% and a net margin of 12.91% [4]. - The projected total revenue for 2025 is 6.925 billion yuan, with an expected growth rate of 12.7% [4]. - The net profit attributable to shareholders is forecasted to be 941 million yuan in 2025, reflecting an 18.65% growth [4]. Product Development - The company has launched various new energy models, including pure electric, hybrid, hydrogen fuel, and methanol fuel vehicles, which have higher gross margins [4]. - The company is also testing a 180-ton rigid mining truck, with plans for domestic promotion and subsequent international market entry [4]. Market Expansion - The company is rapidly expanding its overseas market presence, with exports of non-road dump trucks increasing by 13.7% in 2024 [4]. - The company has established a global strategy, with products now available in multiple countries, including Pakistan, Indonesia, and Ecuador [4]. Future Outlook - The company maintains its profit forecasts for 2025-2027, expecting net profits of 941 million yuan, 1.039 billion yuan, and 1.129 billion yuan respectively [4]. - The projected EPS for 2025 is 2.06 yuan, with a corresponding P/E ratio of 10.28 [4].

Investment Rating - The investment rating for the company is "Buy" (maintained) [1][6] Core Views - The company achieved a total revenue of 6.145 billion yuan in 2024, representing a year-on-year growth of 4.85%, and a net profit attributable to shareholders of 793 million yuan, up 29.03% year-on-year [4] - The growth in revenue is primarily driven by increased sales of new energy vehicles, stable performance in domestic and overseas markets, and significant growth in autonomous driving models [4] - The company is focusing on new energy vehicles and autonomous driving, with new energy products accounting for approximately 20% of total sales, contributing to higher gross margins [4] - The company is advancing its strategy in large-scale products, with the launch of a 180-ton rigid mining truck and plans for a 220-ton model [4] - The company is expanding its international market presence, with exports of non-road dump trucks increasing by 13.7% in 2024 [4] Summary by Sections Financial Performance - In 2024, the company reported a gross margin of 21.45% and a net margin of 12.91% [4] - The projected total revenue for 2025 is 6.925 billion yuan, with an expected growth rate of 12.7% [4] - The projected net profit for 2025 is 941 million yuan, reflecting an 18.65% increase [4] Product Development - The company is actively developing new energy products, including pure electric, hybrid, hydrogen fuel, and methanol fuel vehicles [4] - The autonomous driving segment has seen significant growth, with 300 units of ET100 and ET70M deployed in operations [4] Market Strategy - The company is leveraging its first-mover advantage in the autonomous driving sector and aims to play a pivotal role in the construction of unmanned mines [4] - The international strategy includes expanding sales and service networks in various countries, supported by a Singapore subsidiary [4]

Core Viewpoint - Tongli Co., Ltd. reported a revenue of 6.145 billion yuan for 2024, marking a year-on-year increase of 4.85%, and a net profit attributable to shareholders of 793 million yuan, up 29.03% year-on-year, indicating a solid financial performance and growth in profitability [1] Financial Performance - The company achieved a net profit of 793 million yuan, a 29.03% increase year-on-year [1] - The basic earnings per share stood at 1.79 yuan [1] - The gross profit margin improved by 2.37 percentage points compared to the same period last year [1] - A cash dividend of 7 yuan per 10 shares is proposed, totaling approximately 317 million yuan [1] Product Development and Strategy - Tongli Co., Ltd. focuses on the development of large-scale, intelligent, and new energy products, with significant achievements in product research and new product launches in 2024 [2] - The company has expanded its product lineup in new energy vehicles, including large-scale products with enhanced efficiency [2] - Key research projects include hybrid mining dump trucks, autonomous driving technology for non-road vehicles, and key technologies for electric vehicle battery swapping [3] Market Expansion - Domestic revenue reached 5.134 billion yuan, a year-on-year increase of 5.22%, with a focus on niche markets [2] - Overseas revenue grew by 34.03% to 1.011 billion yuan, with plans to balance domestic and international markets [2] - The company aims to enhance its brand influence and gradually increase its market share in the international arena [4] Research and Development - R&D investment surged by 89.33% to 196 million yuan, reflecting a commitment to innovation [3] - Collaborations with several autonomous driving companies have led to the introduction of large-scale new energy autonomous products [3] - The industry is trending towards automation and electrification, supported by domestic policies and facing challenges such as raw material price fluctuations and international trade tensions [3]

证券代码：834599 证券简称：同力股份 公告编号：2025-036 陕西同力重工股份有限公司 2024 年年度报告业绩说明会预告公告 本公司及董事会全体成员保证公告内容的真实、准确和完整，没有虚假记载、 误导性陈述或者重大遗漏，并对其内容的真实性、准确性和完整性承担个别及连 带法律责任。 一、 说明会类型 陕西同力重工股份有限公司（以下简称"公司"）于 2025 年 4 月 18 日在北 京证券交易所官网（www.bse.cn）披露了《陕西同力重工股份有限公司 2024 年 年度报告》（公告编号：2024-015）,为方便广大投资者更深入了解公司 2024 年 年度经营业绩的具体情况，进一步加强与投资者的互动交流，公司拟召开 2024 年年度报告网上业绩说明会，广泛听取投资者的意见和建议。 二、 说明会召开的时间、地点 （一）会议召开时间：2025 年 4 月 25 日（周五）下午 15:00-17:00。 （二）会议召开地点 公司董事会秘书：杨鹏先生； 保荐代表人：邬海波先生。 四、 投资者参加方式 本次说明会采用网络方式召开。 投资者可登陆全景路演平台（http://rs.p5w.net）参与本次年报 ...

证券代码：834599 证券简称：同力股份 公告编号：2025-037 陕西同力重工股份有限公司 投资者关系活动记录表 本公司及董事会全体成员保证公告内容的真实、准确和完整，没有虚假记载、 误导性陈述或者重大遗漏，并对其内容的真实性、准确性和完整性承担个别及连 带法律责任。 一、 投资者关系活动类别 √特定对象调研 □业绩说明会 □媒体采访 □现场参观 □新闻发布会 □分析师会议 □路演活动 □其他 二、 投资者关系活动情况 活动时间：2025 年 4 月 21 日 参会单位及人员：华源证券、汇添富基金、华泰柏瑞基金、中信建投基金、 兴业基金、创金合信基金、淳厚基金、农银人寿保险、千合资本、万和证券、民 生证券、开源证券、中泰证券、长江证券、华鑫证券、浙商证券、财信证券、联 储证券、山西证券、东北证券、中山证券、青岛中航赛维投资有限公司、上海新 传奇私募基金管理有限公司、上海宽远资产管理有限公司、鸿运私募基金管理(海 南)有限公司、上海滦海投资管理有限公司、洪顺资本、上海汇瑾资产管理有限 公司、海南贝盈私募基金管理有限公司、叶海睿德成都投资管理有限公司、陕西 趋势投资管理有限公司。 上市公司接待人员：公司董事 ...

Investment Rating - The investment rating for the company is "Accumulate" (maintained) [5] Core Views - The company, Xian Tongli, along with its Singapore subsidiary, is expanding globally with a nearly doubled R&D investment to enhance new product technology innovation [5] - In 2024, the company achieved a revenue of 6.145 billion yuan (up 4.85% year-on-year) and a net profit attributable to shareholders of 793 million yuan (up 29.03% year-on-year) [6] - The company is focusing on three main business segments: wide-body dump trucks, parts sales, and maintenance services, all of which showed stable growth in 2024 [6] - The domestic market is recovering, and the overseas market presents significant opportunities, particularly in open-pit coal mining [6] - The company is increasing its R&D expenses by 89% year-on-year, focusing on large-scale, intelligent, and new energy strategies [6] Financial Summary - The company forecasts revenues of 6.507 billion yuan in 2025, with a year-on-year growth rate of 5.90% [8] - The net profit attributable to shareholders is expected to be 803 million yuan in 2025, reflecting a growth rate of 1.28% [8] - The earnings per share (EPS) is projected to be 1.76 yuan in 2025, with a price-to-earnings (P/E) ratio of 12.31 [9] - The company anticipates a steady increase in net profit to 1.007 billion yuan by 2027, with an EPS of 2.20 yuan [9]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1][10] Core Views - The company's profitability is expected to significantly improve in 2024, driven by trends in large-scale, intelligent, and electrified operations, which will support continuous performance growth [1][6] - The company achieved a revenue of 6.145 billion yuan in 2024, representing a year-on-year increase of 4.85%, and a net profit attributable to shareholders of 793 million yuan, up 29.03% year-on-year [4][6] - The company is making significant progress in the new energy and autonomous driving sectors, with successful deliveries and increased sales of new energy vehicles and autonomous mining trucks [6][8] Summary by Sections Financial Performance - In 2024, the company reported a revenue of 6.145 billion yuan, with domestic revenue of 5.134 billion yuan (up 5.22% year-on-year) and overseas revenue of 1.011 billion yuan (up 3.03% year-on-year) [6][8] - The gross profit margin for 2024 was 21.45%, an increase of 2.37 percentage points year-on-year, attributed to the introduction of higher-margin large-tonnage and new energy products [6][7] - The net profit margin improved to 12.91%, up 2.32 percentage points year-on-year, reflecting enhanced profitability [7][8] Market Trends and Strategic Initiatives - The company is positioned to benefit from national policies promoting equipment upgrades in the mining sector, which will drive demand for large-scale and autonomous mining trucks [7][8] - The autonomous mining truck market is expected to grow significantly, with projections indicating an increase in the number of autonomous trucks deployed in open-pit mines [7][8] - The company aims to enhance its market share in the new energy sector by increasing the production scale of electric off-road dump trucks [7][8] Earnings Forecast - The company forecasts revenues of 7.067 billion yuan in 2025, 8.296 billion yuan in 2026, and 9.821 billion yuan in 2027, with corresponding net profits of 910 million yuan, 995 million yuan, and 1.148 billion yuan respectively [8][9] - The expected growth rates for revenue and net profit are 15% and 9% for 2025 and 2026, respectively, with a return on equity (ROE) projected at around 25% [9][10]

Group 1: Market Overview - US stock index futures fell on Monday, and the US dollar index dropped below 99.00 for the first time since April 2022 [2] - Trump hinted at a desire to lower tariffs on China, suggesting a potential agreement within a month [2] - The domestic stock market is being supported by government efforts to stabilize the market and promote healthy development in the real estate sector [5][11] Group 2: Company Developments - MP Materials has ceased exporting rare earth concentrates to China, which may lead to a tightening of domestic supply and a potential increase in overseas rare earth prices [4][12] - Tesla's production of the low-cost Model Y may be delayed until next year, with significant sales declines reported in Europe, particularly in Germany, Denmark, and Sweden, where sales fell over 50% [3] - The first quarter saw significant profit increases for several companies, including: - Cambrian Technology with a net profit of 355 million yuan, turning a profit year-on-year [16] - Zhongji Xuchuang with a net profit of 1.583 billion yuan, up 56.83% year-on-year [16] - Zhengdan Co. with a net profit of 389 million yuan, a 558.59% increase year-on-year [16] Group 3: Industry Trends - The consumer electronics industry is experiencing a recovery, driven by demand for passive components like MLCCs, with prices rising due to increased orders and low inventory levels [13] - The humanoid robot industry is gaining traction, with the first humanoid robot half-marathon held in Beijing, showcasing advancements in robotics and potential market expansion [14] - The AI sector is driving demand for passive components, with projections indicating that the demand for MLCCs in AI applications will grow at an annual rate exceeding 30% by 2030 [13]

Core Insights - Tongli Co., Ltd. reported a revenue of 6.145 billion yuan for 2024, marking a year-on-year growth of 4.85%, and a net profit attributable to shareholders of 793 million yuan, reflecting a 29.03% increase [1] - The company has focused on the niche market of non-road wide-body dump trucks for 20 years, continuously innovating and evolving its products to meet the demands of various large-scale engineering projects [1][2] Financial Performance - Revenue for 2022, 2023, and 2024 was 5.202 billion yuan, 5.86 billion yuan, and 6.145 billion yuan respectively, with a compound annual growth rate (CAGR) of 8.63% [7] - Net profit for the same years was 471 million yuan, 621 million yuan, and 793 million yuan, with a CAGR of 29.72% [7] - The company plans to distribute a cash dividend of 3.17 billion yuan to shareholders in 2024, proposing a payout of 7 yuan per 10 shares [7] Product Development and Innovation - The company has developed a range of new energy vehicles, including pure electric, hybrid, hydrogen fuel, and methanol fuel models, alongside intelligent driving technologies [6] - The DTH145 new energy unmanned non-road wide-body dump truck, with a load capacity of 91 tons, is currently being tested in high-altitude mining operations [5] - The company emphasizes a "large-scale, green, and intelligent" approach in its R&D strategy, focusing on product innovation and breakthroughs [4][5] Market Position and Strategy - Tongli Co., Ltd. has established itself as a "hidden champion" in the non-road wide-body dump truck sector, holding a significant market share and exporting products to over 20 countries [3] - The company has a strong service network, with dedicated teams stationed at mining sites to ensure customer satisfaction and equipment reliability [2] - The company is actively expanding its international presence through a subsidiary in Singapore, aiming to penetrate global markets [7]

（一）股东大会届次 本次会议为 2024 年年度股东大会。 （二）召集人 证券代码：834599 证券简称：同力股份 公告编号：2025-021 陕西同力重工股份有限公司 关于召开 2024 年年度股东大会通知公告（提供网络投票） 本公司及董事会全体成员保证公告内容的真实、准确和完整，没有虚假记载、 误导性陈述或者重大遗漏，并对其内容的真实性、准确性和完整性承担个别及连 带法律责任。 一、会议召开基本情况 2、网络投票起止时间：2025 年 5 月 7 日 15:00—2025 年 5 月 8 日 15:00。 登记在册的股东可通过中国证券登记结算有限责任公司（以下简称"中国结 算"）持有人大会网络投票系统对有关议案进行投票表决，为有利于投票意见的 顺利提交，请拟参加网络投票的投资者在上述时间内及早登录中国结算网上营业 厅（网址：inv.chinaclear.cn）或关注中国结算官方微信公众号（"中国结算营 业厅"）提交投票意见。 投资者首次登陆中国结算网站进行投票的，需要首先进行身份认证。请投资 者提前访问中国结算网上营业厅（网址：inv.chinaclear.cn）或中国结算官方 微信公众号（"中国结算营 ...