Core Insights - Zhonglian Heavy Industry has successfully delivered its first articulated truck crane to a customer in Slovakia, marking a significant advancement in its localization strategy in Europe [1][2] - The crane, model ZLK7600V803, integrates Chinese technology with European manufacturing, meeting CE certification and European road transport regulations while offering excellent lifting performance and cost-effectiveness [1] Group 1 - The delivery of the crane has been positively acknowledged by the Slovak customer, who emphasized the importance of this collaboration in expanding the engineering crane business [2] - Zhonglian Heavy Industry has been deepening its localization strategy in Europe, enhancing its competitiveness in the market and establishing high-end equipment manufacturing bases [2] - The company has built 13 R&D and manufacturing bases overseas and has over 30 primary business aviation ports, with products and services covering more than 170 countries and regions [2] Group 2 - In addition to the German Wilbert factory, Zhonglian Heavy Industry has established a new high-lift factory in Hungary and a second factory in Germany this year, further enhancing its European manufacturing network [2] - The company aims to leverage its localization advantages to enrich its overseas product offerings and strengthen market coverage and service response [2]

Core Viewpoint - The engineering machinery industry continues its recovery in the first half of 2025, driven by domestic demand from long-term government bond issuance, deepening equipment renewal policies, and accelerated energy transition. Core products such as excavators, concrete machinery, and cranes have seen comprehensive growth in domestic sales, while overseas markets remain robust, particularly in mineral development and energy infrastructure [1]. Company Performance Summary XCMG Machinery - Achieved operating revenue of 54.808 billion yuan, a year-on-year increase of 8.04%, and a net profit of 4.358 billion yuan, up 16.63%. The company shows a favorable development trend with growth in revenue, net profit, and cash flow, driven by internationalization, new energy, and aftermarket services [2][3]. - The earthmoving segment saw a revenue increase of 22.37%, making it the largest revenue segment, accounting for 31.05% of total revenue. Domestic sales share increased, with export revenue growing by 20% and aftermarket revenue up by 29% [3]. SANY Heavy Industry - Reported revenue of 44.534 billion yuan, a 14.96% increase, and a net profit of 5.216 billion yuan, up 46%. The excavator segment generated 17.497 billion yuan in sales, a 15% increase, maintaining the top position in the domestic market [5]. - Concrete machinery sales decreased by 6.49% to 7.441 billion yuan, while crane machinery sales increased by 17.89% to 7.804 billion yuan, with significant market share gains in various crane categories [6][7]. Zoomlion Heavy Industry - Recorded revenue of 24.855 billion yuan, a 1.3% increase, and a net profit of 2.765 billion yuan, up 20.84%. The crane segment accounted for 33.69% of total revenue, with earthmoving machinery exports growing over 33% [8]. LiuGong Machinery - Achieved revenue of 18.181 billion yuan, a 13.21% increase, and a net profit of 1.230 billion yuan, up 25.05%. The earthmoving machinery segment contributed 64.09% of total revenue, with both domestic and overseas markets showing strong growth [9]. Shantui - Reported revenue of 7.004 billion yuan, an 8.78% increase, with overseas revenue growing by 7.66% compared to the previous year [10]. Zhejiang Dingli - Achieved operating revenue of 4.336 billion yuan, a 12.35% increase, and a net profit of 1.052 billion yuan, up 27.63%. The company has shown resilience in a complex external environment [10]. Anhui Heli - Reported revenue of 9.390 billion yuan, a 6.18% increase, but net profit decreased by 4.60% to 0.796 billion yuan. Overseas revenue reached 4.016 billion yuan, up 15.20%, accounting for 43% of total revenue [11]. Market Dynamics - The engineering machinery industry is gradually improving, with domestic markets recovering and exports maintaining stable growth. Companies are actively seizing opportunities to enhance quality and efficiency while expanding their market presence [9][10].

新京报贝壳财经讯 9月8日，泰嘉股份发布公告称，中联重科于2025年7月3日—8月25日通过集中竞价交 易减持251.74万股，占公司总股本1.00%，减持均价20.31元/股；于2025年8月11日—9月5日通过大宗交 易减持503.48万股，占公司总股本2.00%，减持均价21.45元/股；合计减持755.21万股，占公司总股本 3.00%。减持后，中联重科持股4044.79万股，占公司总股本16.07%。 编辑 杨娟娟 ...

泰嘉股份公告，中联重科于2025.7.3—2025.8.25通过集中竞价交易减持251.74万股，占公司总股本 1.00%，减持均价20.31元/股；于2025.8.11--2025.9.5通过大宗交易减持503.48万股，占公司总股本 2.00%，减持均价21.45元/股；合计减持755.21万股，占公司总股本3.00%。减持后，中联重科持股 4044.79万股，占16.07%。 ...

证券研究报告：机械设备|公司点评报告 发布时间：2025-09-08 股票投资评级 买入 |维持 个股表现 2024-09 2024-11 2025-01 2025-04 2025-06 2025-09 -6% 2% 10% 18% 26% 34% 42% 50% 58% 66% 74% 中联重科 机械设备 资料来源：聚源，中邮证券研究所 公司基本情况 | 最新收盘价（元） 7.41 | | | --- | --- | | 总股本/流通股本（亿股）86.49 | / 70.70 | | 总市值/流通市值（亿元）641 | / 524 | | 52 周内最高/最低价 8.39 | / 5.75 | | 资产负债率(%) | 51.6% | | 市盈率 | 18.07 | | | 香港中央结算(代理人) | | 第一大股东 有 | 限 公 司 (HKSCC | | NOMINEES | LIMITED) | 研究所 分析师:刘卓 SAC 登记编号:S1340522110001 Email:liuzhuo@cnpsec.com 分析师:陈基赟 SAC 登记编号:S1340524070003 Email:chenji ...

Group 1 - Morgan Stanley upgraded Zoomlion's A-share rating to "Overweight" with a target price of 9 RMB [1]

Core Viewpoint - Morgan Stanley has upgraded the rating of Zoomlion Heavy Industry Science and Technology Co., Ltd. to "Overweight" for its A-shares, setting a target price of 9 RMB [1] Company Summary - The upgrade reflects a positive outlook on Zoomlion's performance and market position within the heavy machinery industry [1] - The target price of 9 RMB indicates a significant potential upside for investors, suggesting confidence in the company's growth prospects [1]

Core Viewpoint - The third Southeast Asia sub-exhibition of the Changsha International Engineering Machinery Exhibition concluded with significant contracts signed, highlighting the robust growth and international competitiveness of Changsha's engineering machinery industry [1] Group 1: Industry Growth and Performance - Changsha's engineering machinery exports surged from 16.37 billion to 29.06 billion, achieving a cumulative growth rate of 77.52% over the past three years [1] - Leading companies like SANY Heavy Industry and Zoomlion reported impressive international revenue, with SANY's overseas revenue reaching 3.69 billion USD, accounting for 60.26% of total revenue, and a year-on-year growth of 14.96% in revenue and 46% in net profit [3] - Zoomlion's overseas revenue also showed strong performance, with 13.81 billion CNY in revenue, a year-on-year increase of 14.66%, representing 55.58% of total revenue [3] Group 2: Market Expansion and Opportunities - Southeast Asia has emerged as a key market for Changsha's engineering machinery, with exports to ASEAN countries reaching 3.03 billion CNY, a year-on-year growth of 28.3% [4] - The establishment of a collaborative export model among companies, led by Hunan Construction Investment International Trade, has resulted in significant equipment orders and a more integrated approach to international markets [4] Group 3: Innovation and Product Development - The competitive edge of Changsha's engineering machinery lies in its focus on high-end, intelligent, and green technologies, with notable products showcased at the exhibition [5] - SANY launched over 30 new energy engineering machinery products, aligning with global low-carbon development trends, while Zoomlion developed the world's largest hybrid mining truck, filling a gap in the international market [5] - Iron Construction Heavy Industry's intelligent shield machine set a world record for monthly advancement, showcasing the technological prowess of Changsha's products in international infrastructure projects [5] Group 4: Policy Support and Future Outlook - Local policies and services have significantly supported the export growth of Changsha's engineering machinery, with measures to stabilize foreign trade and provide comprehensive support to key foreign trade enterprises [7] - The implementation of a remanufacturing system for engineering machinery has also contributed to export growth, with remanufactured equipment exports reaching 1.6 billion CNY, a year-on-year increase of 15% [7] - Future prospects indicate a synergistic growth between domestic recovery and international expansion, with ongoing support for enterprises to participate in international exhibitions and investment cooperation [7]

Group 1 - The third "Changsha International Construction Machinery Exhibition Southeast Asia Division" opened in Kuala Lumpur, Malaysia, marking the first overseas self-hosted international professional exhibition by Hunan [1] - The exhibition attracted over 300 government representatives, business executives, professional buyers, and media from Malaysia, Singapore, Indonesia, Thailand, Vietnam, and China, showcasing nearly 100 leading global enterprises [1][2] - The event achieved over 2 billion yuan in signed contracts, establishing an efficient platform for "Chinese intelligent manufacturing" to expand internationally [1][4] Group 2 - The exhibition focused on "high-end, intelligent, and green" themes, displaying cutting-edge technologies and product trends in the global construction machinery sector [2] - The total exhibition area reached 6,000 square meters, featuring diverse thematic exhibition areas including concrete machinery, construction machinery, earth-moving machinery, and more [2] - Notable companies such as SANY Heavy Industry, Zoomlion, and LiuGong Machinery showcased popular export products, highlighting the strength of China's construction machinery industry's transformation and upgrade [2][3] Group 3 - The event served as a bridge for cooperation between China and Malaysia, promoting the export of equipment and technology, and aligning with Malaysia's industrial upgrade and digital economy transformation needs [3] - The construction machinery cluster in Changsha has surpassed 250 billion yuan, accounting for over 30% of the national total, with products exported to over 180 countries and regions [3] - Five companies from Changsha have been listed in the "Global Top 50 Construction Machinery" for four consecutive years, showcasing a complete ecosystem covering R&D, manufacturing, and services [3] Group 4 - The exhibition facilitated substantial commercial cooperation, with 11 companies, including SANY and Zoomlion, signing contracts totaling over 2 billion yuan for high-end equipment and intelligent solutions [4] - Additional activities included trade development seminars and forums, as well as nearly 20 one-on-one business matching sessions to enhance supply chain and capital connections [4] - Changsha extended an invitation to global businesses to participate in the upcoming "Fifth Changsha International Construction Machinery Exhibition" in 2027 [4]

Investment Rating - The investment rating for the company is "Buy" and is maintained [9] Core Views - The company achieved revenue of 24.855 billion yuan in H1 2025, a year-on-year increase of 1.30%, and a net profit attributable to shareholders of 2.765 billion yuan, up 20.84% year-on-year [2][6] - The company plans to implement a mid-term dividend, proposing a payout of 2 yuan per 10 shares (including tax), resulting in a dividend ratio of 62.56% [2][6] - The company has accelerated the research and development of embodied intelligent robots, having developed three new humanoid robots, which are expected to expedite industrialization [2][6] Summary by Sections Financial Performance - In H1 2025, the company reported a net profit of 2.765 billion yuan, a 20.84% increase year-on-year, and a non-deducted net profit of 1.925 billion yuan, up 30.08% year-on-year [2][6] - The operating cash flow net amount for H1 2025 was 1.75 billion yuan, reflecting a significant year-on-year increase of 112% [2][6] - The company’s gross profit margin was 28.15%, an increase of 0.17 percentage points year-on-year, driven by an increase in overseas revenue and product structure optimization [2][6] Market Expansion - Domestic revenue saw a decline of 12% year-on-year, primarily due to adjustments in the tower crane and high machine industries, while overseas revenue grew by 15%, accounting for 56% of total revenue [2][6] - The company experienced significant growth in regions such as Africa, the Middle East, Southeast Asia, and Australia/New Zealand, with Africa showing an increase of over 179% year-on-year [2][6] Product Development - The company has developed three new humanoid robots, including one wheeled and two bipedal robots, which are currently in pilot operations across various sectors [2][6] - The establishment of a comprehensive training facility for embodied intelligence is expected to enhance the company's capabilities in this emerging field [2][6] Future Outlook - The company is projected to achieve net profits of 5.023 billion yuan and 6.517 billion yuan in 2025 and 2026, respectively, with corresponding price-to-earnings ratios of 13 times and 10 times [2][6]