公司报告 | 半年报点评 三一重工（600031） 证券研究报告 三化战略引领高质量发展，看好公司上行周期释放利润弹性 公司发布 2025 年半年报，报表扎实，业绩亮眼： 25H1 公司实现收入 447.8 亿元、同比+14.64%，归母净利润 52.16 亿元、同 比+46%，扣非归母净利润 54.09 亿元、同比+73.06%。毛利率 27.4%、同比 +0.7pct，净利率 11.9%、同比+2.4pct。经营性现金流净额 101.34 亿元、同 比+20.11%，净现比 1.92，现金流水平极佳。 25Q2 公司实现收入 236.03 亿元、同比+11.18%，归母净利润 27.45 亿元、 同比+37.76%，扣非归母净利润 30.06 亿元、同比+68.91%。毛利率 28.0%、 同比+1.4pct，净利率 11.8%、同比+2.2pct。 25H1 期间费用率 12.3%、同比-4.8pct，其中销售、管理、研发、财务费用 率分别变动+0.2、-0.5、-1.9、-2.6pct，其中财务费用率下降主要系汇兑收 益同比+9.5 亿元。25Q2 期间费用率 11.9%、同比-4.0pct。 25H ...

挖掘机是基础设施建设的"标配"，是反映基础设施建设、观察固定资产投资等经济变化的风向 标。 央 视财经与三一重工、树根科技联合打造的"央视财经挖掘机指数"发布了最新相关数据。 数据显示，7月份，我国各地基础设施项目建设平稳推进，尤其是西部地区部分省份，展现出较 强的增长动能。 全国开工率Top1 0出炉：浙江6 6 . 2 5%登顶 7月份，全国工程机械开工率为4 4 . 4 3%，总工作量较上月环比增长4 . 4 4%。各地基础设施项目建 设正在逐步回暖，尤其是西部地区部分省份，展现出较强的增长动能。 7月份，东北地区综合开工率为4 9 . 8 1%， 位居全国第一 ，其中，港口设备开工率为4 4 . 3 4%，路 面设备开工率为5 9 . 5 5%，均位居各大地区同类设备首位。在细分设备中， 压路机 开工率为 6 0 . 8 8%、 堆高机 开工率为5 2 . 9 4%、 履带式起重机 开工率为7 2 . 6 9%、 摊铺机 开工率为 5 7 . 6 6%、 混凝土搅拌站 开工率为3 9 . 1 0%，均位居各地区同类设备 第一名 。 7月份，综合开工率排名前十的省份分别是：浙江、海南、安徽、青海、江西、 ...

东莞证券研报指出，三一重工2025H1实现归母净利润为52.16亿元，同比增长46.00%；Q2盈利能力持续 提升，控费效果明显。2025H1工程机械行业复苏态势延续，超长期国债、设备更新政策深化落地等因 素助推国内需求增加，公司挖掘机械、混凝土机械、起重机械等核心产品国内收入实现增长。挖掘机械 营收为174.97亿元，同比增长15.00%，国内市场地位稳居第一，全球市占率稳步提升。公司积极推行国 际化策略，助力公司海外市场实现快速增长。受益于产品结构优化、部分产品价格调整以及降本增效等 措施驱动，2025H1公司海外市场毛利同比增长9.92%。此外，公司向电动化转型，聚焦三大技术路线。 维持"买入"评级。 ...

点击蓝字 关注我们 政策法规 市场洞察 企业监测 东风柳汽：乘龙载货车新能源，专为快递快运、冷链及配件 运输等场景打造 (总第0117期 2025年8月第3周) 乘联分会&科瑞咨询联合发布 新能源商用车周报 ■目录 CONTENTS 交通运输部：《新一轮农村公路提升行动 方案》发布,利好快递物流 多地货车报废补贴生变：沪川渝推行新政, 内蒙古全区暂停 广东省交通厅：提升电动汽车维修经营管 . 理工作水平 1-7月国内新能源重卡自卸车同比增长71.2%, 渗透率达34.7% 纯电动为主流路线，占比超95％ · 新能源重卡自卸车销量集中在西南区域, 广州、 • 昆明等是市场增量主力 徐工、三一持续保持领先地位，市场竞争加剧 . 江淮汽车：推出三款电动商用车，正式进军印尼市场 森萨塔科技：推出多组合高效接触器，实现 400V/800V电 动汽车无缝充电兼容 政策法规 交通运输部:《新一轮农村公路提升行动方案》发布,利好快递物流 近日，交通运输部、财政部、自然资源部印发《新一轮农村公路提升行动方案》，部署实施新一轮农村公路提升行动的相关工作，着力解决农 村公路技术等级偏低、路网质量不高、管理养护跟不上等突出问题，持续 ...

证券研究报告 三一重工 (600031 CH) 工程机械龙头盈利能力持续提升 2025 年 8 月 25 日│中国内地 工程机械 我们维持此前盈利预测，预计公司 2025-2027 年 归 母 净 利 润 为 89.44/119.78/156.00 亿元，对应 EPS 分别为 1.06/1.41/1.84 元。可比公司 25 年 iFind 一致预期 PE 均值为 22.07 倍（前值 19.70 倍），考虑到公司作 为龙头引领行业的海外市场拓展，且有望充分受益国内工程机械本轮上升周 期带来的盈利弹性，给予公司 25 年 25 倍 PE（前值 22 倍），对应目标价 26.5 元（前值 23.1 元）。 风险提示：行业竞争格局超预期恶化；海外业务拓展不及预期。 | 华泰研究 | | | 中报点评 | 投资评级(维持): | | 买入 | | --- | --- | --- | --- | --- | --- | --- | | 2025 年 8 月 25 日│中国内地 | | | 工程机械 | 目标价(人民币): | | 26.50 | | 三一重工发布半年报， 2025 年 H1 营 业 总 收 入 | 实 ...

机械设备行业 买入（维持） 2025H1 海内外收入双增，Q2 盈利能力持续提升 三一重工（600031）2025 半年报点评 2025 年 8 月 25 日 投资要点： 事件：三一重工发布2025半年报。 点评： 分析师：谢少威 SAC 执业证书编号： S0340523010003 电话：0769-23320059 邮箱： xieshaowei@dgzq.com.cn | 主要数据 2025 年 8 月 22 日 | | --- | | 收盘价(元) 21.30 | | 总市值（亿元） 1805.05 | | 总股本(亿股) 84.74 | | 流通股本(亿股) 84.74 | | ROE（TTM） 10.37% | | 12 月最高价(元) 21.47 | | 12 月最低价(元) 15.07 | 公 司 点 评 公 司 研 究 证 券 研 究 报 告 本报告的风险等级为中风险。 本报告的信息均来自已公开信息，关于信息的准确性与完整性，建议投资者谨慎判断，据此入市，风险自担。 请务必阅读末页声明。 股价走势 资料来源：Wind，东莞证券研究所 三一重工（600031）2025 半年报点评 技术路线，持续迭 ...

24 August 2025 | 11:33PM HKT Sany Heavy (600031.SS) Earnings Review: Strong FCF generation leaves room for shareholder return enhancement; near-term cyclical setup more favorable; up to Neutral | | | We upgrade Sany Heavy to Neutral from Sell, post its 2Q25 results (see our first take note here) which revealed Sany's much improved FCF generation capability sustained so far in this cycle (1.5-2x net profit vs. historical mid-cycle average of 1.2x) and better-than-expected improvement in operational efficienc ...

Core Insights - The Social Security Fund has disclosed its stock holdings as of the end of Q2, appearing in the top ten shareholders of 199 companies, with a total holding of 3.307 billion shares valued at 58.105 billion yuan [1][2]. Group 1: Stock Holdings - The Social Security Fund has newly entered 41 stocks and increased holdings in 53 stocks, while reducing holdings in 66 stocks [1]. - The top holdings by the Social Security Fund include Changshu Bank with 206.47 million shares, followed by Sany Heavy Industry with 171.39 million shares and Hualu Hengsheng with 132.68 million shares [2][3]. - The highest percentage of shares held by the Social Security Fund is in Weixing Co., accounting for 7.08% of its circulating shares, followed by Shantui with 6.87% [1][2]. Group 2: Performance Metrics - Among the stocks held by the Social Security Fund, 130 companies reported a year-on-year increase in net profit, with the highest growth seen in Rongzhi Rixin at 14.236 million yuan, a staggering increase of 2063.42% [2]. - The average increase in stock prices for the Social Security Fund's heavy holdings since July is 17.19%, outperforming the Shanghai Composite Index [2]. - The best-performing stock is Yingweike, with a cumulative increase of 121.00%, followed by Guomai Culture and Gaolan Co., which increased by 91.47% and 80.67%, respectively [2].

Market Overview - The A-share market has shown strong performance, breaking through last year's high, with expectations for continued upward movement supported by reasonable valuations and new positive factors such as a potential interest rate cut by the Federal Reserve and a recovery in public fund issuance [2][3] - The weighted REITs index has decreased by 1.52% during the week of August 18-22, 2025, indicating a downward trend in the secondary market prices of publicly listed REITs [2] Credit Bonds - A total of 375 credit bonds were issued from August 18 to August 22, 2025, with a total issuance scale of 376.74 billion, reflecting a week-on-week increase of 12.45% [3] - The total transaction volume of credit bonds reached 1,286.40 billion, up 16.04% week-on-week, with commercial bank bonds, corporate bonds, and medium-term notes being the top three in transaction volume [3] Convertible Bonds - The CSI Convertible Bond Index increased by 2.8% during the week, with a year-to-date increase of 17.9%, slightly below the equity market performance [4] - Current valuations of convertible bonds are close to or exceed historical highs, yet the equity market remains robust, suggesting continued strong performance in the convertible bond market [4] High-end Manufacturing - Exports of engineering machinery maintained double-digit growth, with excavators, tractors, and mining machinery showing year-on-year increases of 24%, 30%, and 25% respectively [6] - The report suggests focusing on companies like QuanFeng Holdings, JuXing Technology, and Xugong Machinery due to their strong export performance [6] TMT Sector - The company SUTENG has seen rapid growth in its robotics business, indicating a successful strategic transformation [6] - The report highlights the importance of SUTENG's self-research technology and its competitive advantages in the ADAS and robotics ecosystem [6] Agriculture, Forestry, Animal Husbandry, and Fishery - The report notes a slight decline in pig prices, with the average price of live pigs at 13.75 yuan/kg, down 0.07% week-on-week [6] - The government has initiated pork storage measures to boost market sentiment, suggesting a potential recovery in pig prices [6] Medical and Biological Sector - The report recommends increasing allocations to the medical device sector, highlighting undervalued companies in Hong Kong and those with strong growth potential [7] - Companies like Weikang Medical and Mindray Medical are noted for their robust growth and research capabilities [7] Petrochemical Sector - The report indicates a significant market opportunity for the renovation of old refineries, with companies like Sinopec Engineering and PetroChina Engineering expected to benefit [7] - The report emphasizes the trend of "de-involution" in the refining industry, which may lead to a substantial market for dismantling and renovation [7] Basic Chemicals - The second phase of phosphate fertilizer export quotas has been allocated, with leading companies expected to benefit from high overseas prices [7] - The report anticipates continued high demand for high-grade phosphate rock in the short to medium term [7] Non-Banking Financials - AIA Insurance has seen new business value reach new highs, with stable growth in operating profits [10] - The report adjusts profit forecasts for AIA for 2025-2027, maintaining a "buy" rating [10] Real Estate - The property management sector shows steady growth, with a stable dividend outlook from companies like Yuexiu Services [10] - The report notes a slight decline in net profit but maintains a positive outlook due to strong project delivery from related companies [10] Electric New Energy - The report highlights the growth potential in the energy storage battery sector, with companies like Yiwei Lithium Energy expected to benefit from increased demand [24] - The company has adjusted its profit forecasts for 2025, reflecting a strong competitive position in the market [24] Textile and Apparel - The report indicates a decline in profit margins for companies like Li Ning, despite revenue growth [34] - The company is expected to maintain a strong brand presence, with a "buy" rating maintained [34]

查看完整报告 点击注册小程序 特别申明： 本订阅号中所涉及的证券研究信息由光大证券研究所编写，仅面向光大证券专业投资者客户，用作新媒体形势下研究 信息和研究观点的沟通交流。非光大证券专业投资者客户，请勿订阅、接收或使用本订阅号中的任何信息。本订阅号 难以设置访问权限，若给您造成不便，敬请谅解。光大证券研究所不会因关注、收到或阅读本订阅号推送内容而视相 关人员为光大证券的客户。 报告摘要 25H1业绩稳健增长，盈利能力持续提升 三一重工25H1实现营业收入445.3亿元，同比增长15.0%（调整后）；归母净利润52.2亿元，同比增长 46.0%（调整后）。25H1公司毛利率为27.4%，同比上升0.7个百分点（调整后）；净利率为11.9%，同比 上升2.4个百分点（调整后）。25H1公司拟每股派息0.31元。 本订阅号是光大证券股份有限公司研究所（以下简称"光大证券研究所"）依法设立、独立运营的官方唯一订阅号。其他任 何以光大证券研究所名义注册的、或含有"光大证券研究"、与光大证券研究所品牌名称等相关信息的订阅号均不是光大证 券研究所的官方订阅号。 25H1公司挖掘机械收入175.0亿元，同比增长15.0%，国 ...