本报讯 （记者毛艺融）截至2025年4月30日，沪市主板公司完成2024年年报披露。数据显示，在一揽子 增量政策的有力支撑下，沪主板再次呈现出基础稳、韧性强的板块底色。上市公司以积极有为的微观笔 触，描摹出中国经济大格局的稳健形制。 多元化外贸格局形成势起 出口市场呈现多元化格局。2024年，沪市主板公司全年实现海外收入6.09万亿元，同比增长7%。其 中，非美出口占比超八成，同比呈现上升趋势，东盟、非洲和共建"一带一路"国家成为重要出口目的 地。三一重工产品销售覆盖150多个国家与地区，非洲区域业绩同比增长44%；上汽集团在东盟地区的 销量达13万辆，同比增长30%，其中新能源车占比达43%；中国中车国际业务新签订单约472亿元，实 现海湾阿拉伯地区高端市场重大突破；苏美达对"一带一路"共建国家和地区进出口总额达56亿美元；八 大建筑央企积极拓展海外市场，重点布局共建"一带一路"国家和地区，项目主要集中在非洲、中东、东 南亚等区域，合计新签海外订单1.87万亿元，同比增长高达15%。 出口含"新"量更足。高端装备、集成电路、智能家电、电动汽车等高科技属性产品加速出海，带动电 子、汽车、家用电器、机械设备等行 ...

证券研究报告 东吴证券晨会纪要 东吴证券晨会纪要 2025-04-30 宏观策略 [Table_MacroStrategy] 宏观深度报告 20250428：25Q1 固收+基金转债持仓十大亮点 特征 1：2025Q1，固收+基金规模整体为净申购，其中二级债基和可转债 基金的基金规模增幅相对更明显，受益于优异的净值表现，尤其是可转债 基金在 2025Q1 表现突出，整体跑赢其他固收+基金和中证转债指数，与 等权指数相当。 特征 2：观察大类资产配置情况，固收+基金多数降低了 杠杆率以及含权资产整体仓位，对其中转债、股票的配置变化不一。具体 来看，一级债基和二级债基相对稳健，降低了整体含权仓位的比例；转债 基金降低了股票仓位但提高转债仓位；而偏债混和灵活配置型基金则降 低了转债仓位，增加了股票仓位，弹性诉求或更强。按照基金波动性划分 看，高波基金提高了转债仓位，略微降低股票仓位；中低波基金的含权仓 位整体下降。 宏观量化经济指数周报 20250427：如何理解新的结构性货币政策工具和 新型政策性金融工具 从"量"和"价"两个方面拓宽流动性投放空间，结构性政策工具的"量 增、价降"也是"适度宽松"的重要内容。 本 ...

Investment Rating - The report maintains a "Buy" rating for the company [2][10] Core Views - The company continues to exceed expectations with a Q1 2025 revenue of 21.05 billion yuan, up 19.2% year-on-year, and a net profit of 2.47 billion yuan, up 56.4% year-on-year, driven by strong domestic and international demand [2] - The company benefits from a high demand for excavators, with domestic sales increasing by 38% in Q1 2025, and a recovery in non-excavator machinery [2][4] - The company has demonstrated excellent cost control, with a significant reduction in expense ratios, and is expected to further decrease costs as the upcycle continues [3] Financial Performance - The company forecasts total revenue of 89.6 billion yuan for 2025, with a year-on-year growth of 14.31% [1] - The projected net profit for 2025 is 8.5 billion yuan, reflecting a year-on-year increase of 42.23% [1] - The latest diluted EPS is expected to be 1.00 yuan per share for 2025, with a P/E ratio of 19.14 [1][10] Market Position and Strategy - The company is positioned as a leader in the excavator market, with a strong domestic presence and ongoing global expansion efforts [4] - The company has made significant strides in electrification, achieving 4.03 billion yuan in revenue from new energy products in 2024, a 23% increase year-on-year [4] - The company’s competitive advantages are expected to strengthen as it continues to execute its globalization and electrification strategies [4]

一大批A股公司业绩暴增！ 上市公司一季报正在密集披露中。截至4月29日20：50，两市又有近1000家上市公司披露一季报。其中，不少 公司业绩大幅增长。 有研新材 一季报显示，公司一季度营收为18.4亿元，同比下降18.67%；净利润为6738万元，同比增长 14698%。公司净利润增长主要是报告期子公司有研亿金和控股子公司有研稀土净利润增加。其中，有研亿金 净利润同比增加67%；有研稀土净利润同比减亏64%。 北方稀土 的业绩也实现大幅增长。公告显示，一季度实现营业收入92.87亿元，同比增长61.19%；净利润4.31 亿元，同比增长727.3%。报告期内，公司以镨钕产品为代表的主要稀土产品一季度均价同比升高，原料成本 同比降低，毛利同比增加。 新黄浦公告， 一季度营业收入为2.32亿元，同比增长47.75%；净利润为7759万元，同比增长2123%。公司净利 润增长主要为报告期内投资收益增加所致。 4月29日晚间，又有不少公司披露了不错的业绩。一季度净利润方面，有研新材同比暴增14698%，新黄浦同比 增长2123%，中船防务同比增长1099.85%，北方稀土同比增长727.3%，国泰海通同比增长391 ...

Revenue and Profitability - The company's operating revenue for Q1 2025 reached CNY 21,049,036 thousand, representing a year-on-year increase of 19.18% compared to CNY 17,662,094 thousand in the same period last year[5] - Net profit attributable to shareholders of the listed company was CNY 2,471,239 thousand, a significant increase of 56.40% from CNY 1,580,101 thousand in the previous year[5] - The net profit attributable to shareholders after deducting non-recurring gains and losses was CNY 2,403,303 thousand, reflecting a year-on-year growth of 78.54%[5] - Total revenue for Q1 2025 reached RMB 21,176,768 thousand, an increase of 18.5% compared to RMB 17,830,224 thousand in Q1 2024[20] - Operating profit for Q1 2025 was RMB 2,890,341 thousand, up 56.0% from RMB 1,851,942 thousand in Q1 2024[20] - Net profit for Q1 2025 amounted to RMB 2,502,299 thousand, representing a growth of 54.1% compared to RMB 1,623,295 thousand in Q1 2024[20] - The total comprehensive income for Q1 2025 reached 2,824,478 thousand RMB, up 93.2% from 1,464,560 thousand RMB in Q1 2024[21] Earnings Per Share - The basic earnings per share (EPS) increased to CNY 0.2921, up 56.45% from CNY 0.1867 in the same period last year[6] - The diluted EPS also stood at CNY 0.2921, marking a 56.45% increase year-on-year[6] - Basic and diluted earnings per share for Q1 2025 were both 0.2921 RMB, compared to 0.1867 RMB in Q1 2024, reflecting a 56.5% increase[21] Cash Flow and Financial Management - The net cash flow from operating activities was CNY 4,412,691 thousand, showing a slight increase of 0.81% compared to CNY 4,377,294 thousand in the previous year[6] - Operating cash flow for Q1 2025 was 4,412,691 thousand RMB, slightly up from 4,377,294 thousand RMB in Q1 2024[23] - Cash received from sales of goods and services in Q1 2025 was 20,591,901 thousand RMB, a 20.5% increase from 17,124,005 thousand RMB in Q1 2024[22] - The company reported a net cash outflow from investing activities of -4,499,591 thousand RMB in Q1 2025, compared to -2,656,698 thousand RMB in Q1 2024[23] - The company reported a net cash outflow from operating activities of CNY -3,515,888 thousand in Q1 2025, compared to CNY -2,794,739 thousand in Q1 2024, indicating worsening cash flow[33] Assets and Liabilities - Total assets at the end of the reporting period amounted to CNY 153,838,157 thousand, an increase of 1.11% from CNY 152,145,076 thousand at the end of the previous year[6] - Total assets as of March 31, 2025, were RMB 153,838,157 thousand, a slight increase from RMB 152,145,076 thousand as of December 31, 2024[16] - Current assets totaled RMB 103,120,671 thousand, up from RMB 101,505,319 thousand at the end of 2024, reflecting a growth of 1.6%[16] - Total liabilities decreased to RMB 77,894,782 thousand from RMB 79,143,477 thousand, indicating a reduction of 1.6%[17] - The total liabilities decreased from CNY 24,654,527 thousand as of December 31, 2024, to CNY 18,373,099 thousand as of March 31, 2025, a reduction of approximately 25.5%[27] - The company’s total liabilities decreased to 13,121,794 thousand RMB as of March 31, 2025, from 19,294,986 thousand RMB at the end of 2024[26] Shareholders' Equity - The equity attributable to shareholders of the listed company was CNY 74,871,996 thousand, reflecting a year-on-year increase of 4.06%[6] - Shareholders' equity rose to RMB 75,943,375 thousand from RMB 73,001,599 thousand, marking an increase of 4.0%[17] - The total equity increased slightly from CNY 22,708,356 thousand as of December 31, 2024, to CNY 22,807,008 thousand as of March 31, 2025, an increase of 0.4%[27] Research and Development - Research and development expenses for Q1 2025 were RMB 1,057,971 thousand, down from RMB 1,293,539 thousand in Q1 2024, a decrease of 18.2%[20] - Research and development expenses for Q1 2025 were CNY 63,212 thousand, down 24.8% from CNY 83,882 thousand in Q1 2024[30] Financial Costs - The company reported a financial cost of RMB -369,846 thousand in Q1 2025, compared to RMB 155,429 thousand in Q1 2024, indicating a significant improvement in financial management[20] - The financial expenses for Q1 2025 were CNY -52,025 thousand, a significant improvement compared to CNY 10,495 thousand in Q1 2024, indicating a reduction in financial costs[30] Investment Income - The company achieved investment income of CNY 89,432 thousand in Q1 2025, a decrease of 75.2% compared to CNY 359,417 thousand in Q1 2024[30] - The company reported a significant increase in cash inflow from investment activities, totaling CNY 4,638,692 thousand in Q1 2025, compared to CNY 3,191,393 thousand in Q1 2024, an increase of 45.4%[33] Non-Recurring Gains and Losses - Non-recurring gains and losses for the period totaled CNY 67,936 thousand, with significant contributions from government subsidies and other income[10]

三一重工（600031）公告，2025年第一季度营业收入210.49亿元，同比增长19.18%；净利润24.71亿 元，同比增长56.40%。 ...

Investment Rating - The report maintains a "Recommended" investment rating for the mechanical industry [7]. Core Insights - The low-altitude economy is accelerating, with significant growth in export machinery. The mechanical equipment sector has shown resilience, with excavator sales increasing by 22.8% year-on-year in Q1 2025, driven by strong domestic and export demand [4][5]. - The report highlights the positive impact of government policies on the low-altitude economy, including subsidies and pilot projects that are facilitating industrialization [3]. - The mechanical equipment sector is influenced by ongoing trade negotiations between China and the US regarding tariffs, with a focus on companies with strong overseas production capabilities [4]. Weekly Market Review - From April 21 to April 25, 2025, the Shanghai Composite Index rose by 0.56%, while the ShenZhen Component Index and the ChiNext Index increased by 1.38% and 1.74%, respectively. The Shenwan Mechanical Equipment Index outperformed with a gain of 2.69%, ranking 4th among 31 sectors [12][14]. - Sub-sectors such as general equipment and engineering machinery saw increases of 4.65% and 1.30%, respectively [12][15]. Key Sector Tracking - The low-altitude economy is characterized by policy deepening and accelerated application scenarios, with significant advancements in technology such as eVTOL certification and AI drone applications in agriculture and logistics [3]. - The report suggests monitoring companies in the low-altitude economy, including those involved in infrastructure and core components [5]. Investment Recommendations - For the low-altitude economy, recommended companies include ShenZhen Urban Transport, Suzhou Urban Planning, and WanFeng AoWei [5]. - In the mechanical equipment sector, companies such as SANY Heavy Industry, XCMG, and Anhui Heli are highlighted for their strong performance and growth potential [5].

Investment Rating - The report maintains a "Recommended" investment rating for the mechanical industry [7]. Core Insights - The low-altitude economy is accelerating, with significant growth in export machinery. The report highlights strong performance in the mechanical sector, with a 2.69% increase in the Shenwan Mechanical Equipment Index, outperforming the CSI 300 Index by 2.31 percentage points [2][12]. - The report emphasizes the resilience of domestic and export sales in the excavator market, with a total of 61,372 units sold in Q1 2025, representing a year-on-year growth of 22.8% [4]. Weekly Market Review - From April 21 to April 25, 2025, the Shanghai Composite Index rose by 0.56%, the Shenzhen Component Index by 1.38%, and the ChiNext Index by 1.74%. The Shenwan Mechanical Equipment Index outperformed these indices with a 2.69% increase, ranking 4th among 31 Shenwan primary industries [2][12]. - The sub-sectors of general equipment, specialized equipment, rail transit equipment II, engineering machinery, and automation equipment experienced varied performance, with increases of 4.65%, 2.32%, 0.43%, 1.30%, and 2.45% respectively [12][15]. Key Sector Tracking - The low-altitude economy is characterized by deepening policies and accelerated application scenarios. The government has included low-altitude consumption in its top-level design, with cities like Shenzhen and Hefei promoting industrialization through substantial subsidies [3]. - The mechanical equipment sector is significantly influenced by the ongoing U.S.-China tariff negotiations, with a recommendation to focus on companies with strong overseas production capabilities and diversified customer bases [4]. Investment Recommendations - For the low-altitude economy, recommended companies include Deep City Transportation, Sujiao Technology, Huasheng Group, and Nairui Radar. In the complete machine sector, focus on Wan Feng Ao Wei, Yihang Intelligent, Zongheng Co., and Green Energy Hui Charge [5]. - In the mechanical equipment sector, recommended companies include Juxing Technology, Quan Feng Holdings, and Nine Companies for the export chain, and Sany Heavy Industry, XCMG, and Anhui Heli for engineering machinery [5].

Group 1 - The company will hold an earnings presentation for the fiscal year 2024 and the first quarter of 2025 on May 8, 2025, from 15:00 to 17:00 [2][6] - The presentation will be conducted via the Shanghai Stock Exchange Roadshow Center, featuring video recording and online interaction [3][6] - Investors can submit questions for the presentation from April 28 to May 7, 2025, through the Roadshow Center website or via the company's email [5][6] Group 2 - Key executives participating in the presentation include Chairman Xiang Wenbo, Vice Chairman and President Yu Hongfu, Senior Vice President and CFO Liu Hua, and Board Secretary Qin Zhiyu [4] - After the presentation, investors can access the main content and details of the event through the Shanghai Stock Exchange Roadshow Center [7]

2024 年年度股东会会议议案 三一重工股份有限公司 2025 年 5 月 9 日 | | | | | | 议案一： 三一重工股份有限公司 2024 年度董事会工作报告 各位股东及股东代表： 受董事会委托，我向股东会报告工作，请予以审议。 2024 年,中国经济稳中提质，展现出强大的韧性与增长潜力。国内 工程机械市场周期拐点确立，呈现企稳回升态势，高标准农田建设、水 利工程、城中村改造、矿山投资等新兴需求占比提升。海外市场稳中有 进，东南亚、非洲、拉美等新兴市场整体受益于基建地产开发、工业及 矿山投资加速，保持较高增长。产品结构方面，高端、绿色、智能化产 品占比明显增加，行业迈入"量质双升"阶段。展望未来，工程机械行 业迎来长期的技术上行周期，第四次工业革命和第三次能源革命叠加， 世界正处在一个超级技术窗口期，全球化、数智化、低碳化发展趋势已 成为全行业共识，工程机械行业前景广阔。 报告期内，公司实现营业总收入 783.83 亿元，同比增长 5.9%；归 属于上市公司股东的净利润 59.75 亿元，同比上升 31.98%；经营活动净 现金流 148.14 亿元，同比大幅上升 159.53%。公司实现高质量发展 ...