降本控费成效兑现，利润弹性强劲释放。2025 年 Q1，公司毛利 率、净利率 26.84%、11.89%，同比+0.004pct、+2.7pct，净利率 为 2021 年 Q4 以来单季高点，公司盈利能力提升显著的主要贡献 因素是费用控制。公司期间费用合计 12.64%，同比-5.68pct，销 售、管理、研发、财务费用率同比-0.06pct、-0.74pct、-2.26pct、 -2.62pct，四者均成下降趋势，其中财务控费、汇兑收益相对突 出；净利率增幅不及控费降幅主要系公允价值变动与资产减值损 失有所对冲。公司收入向好带来规模化效益背景下，我们持续看 好公司全年业绩的弹性释放。 投资建议：我们预计公司 2025-2027 年的收入分别为 902.8、 1060、1253.5 亿元，增速分别为 15.2%、17.4%、18.3%；净利润 分别为 85.1、111.1、138.2 亿元，增速分别为 42.3%、30.7%、 24.4%；对应 PE 分别为 18.8X、14.4X、11.6X。周期上行龙头受 益；同时公司凭借领先的国际化布局，全球竞争力有望持续提升； 业绩弹性显著，长期价值突出。给予"买入- ...

证券代码：600031 证券简称：三一重工 公告编号：2025-046 三一重工股份有限公司 关于以集中竞价交易方式回购公司股份的进展公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、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法律责任。 重要内容提示： | 回购方案首次披露日 | 2025/4/4 | | --- | --- | | 回购方案实施期限 | 待董事会审议通过后 12 个月 | | 预计回购金额 | 10亿元~20亿元 | | 回购用途 | □减少注册资本 √用于员工持股计划或股权激励 □用于转换公司可转债 | | | □为维护公司价值及股东权益 | | 累计已回购股数 | 5,576.76万股 | | 累计已回购股数占总股本比例 | 0.66% | | 累计已回购金额 | 105,541.93万元 | | 实际回购价格区间 | 17.83元/股~19.39元/股 | 二、回购股份的进展情况 根据《上海证券交易所上市公司自律监管指引第 7 号——回购股份》等相关 规定，公司在回购股份期间应当在每个月的前 3 个交易日内公告截至上月末的回 购进展情况。现将公司回购股 ...

证 券 研 究 报 告 三一重工（600031）2025 年一季报点评 强推（维持） 扣非归母同比增长 78.5%超预期，降本控费 盈利弹性凸显 事项： 公司发布 2025 年一季度报告，2025 年一季度营业总收入 211.8 亿元，同比增 长 18.77%，归母净利润 24.7 亿元，同比增长 56.40%，扣非归母净利润 24.0 亿 元，同比增长 78.54%。 评论： [ReportFinancialIndex] 主要财务指标 | | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | | 营业总收入(百万) | 78,383 | 90,362 | 108,053 | 129,646 | | 同比增速(%) | 5.9% | 15.3% | 19.6% | 20.0% | | 归母净利润(百万) | 5,976 | 8,682 | 10,813 | 13,593 | | 同比增速(%) | 32.0% | 45.3% | 24.5% | 25.7% | | 每股盈利(元) | 0.71 | 1.02 | 1.28 | 1.6 ...

公司报告 | 季报点评 三一重工（600031） 证券研究报告 一季报业绩优异，看好公司在上行周期的利润弹性释放 公司发布 2025 年一季报，业绩表现优异： 核心竞争力持续提升： 公司产品竞争力持续增强，市场份额持续提升；其中挖掘机械在国内市场 上连续 14 年蝉联销量冠军，混凝土机械连续 14 年蝉联全球第一品牌，电 动搅拌车连续四年保持国内市占率第一，24 年销售额首次超过燃油搅拌 车；起重机械全球市占率大幅上升；旋挖钻机国内市场份额稳居第一。 全球化提质加速： 在"集团主导、本土经营、服务先行"的海外经营策略下，公司国际竞争 力持续提升，2024 年全球主要市场实现高速增长，其中亚澳区域 205.7 亿 元、同比+15.47%，欧洲区域 123.2 亿元、同比+1.86%，美洲区域 102.8 亿 元、同比+6.64%，非洲区域 53.5 亿元、同比+ 44.02%。 同时受益于海外销售规模增大、产品结构改善，公司海外主营业务毛利率 稳步提升。且主导产品市场地位稳固，根据海关统计数据，公司挖掘机械、 混凝土机械产品海外出口量均保持行业第一，市场地位稳固。 同时公司积极推进数智化转型，引领行业低碳化： ...

公司发布2025 年一季报，业绩表现优异： 25Q1 公司实现收入211.77 亿元，同比+18.77%；实现归母净利润24.71 亿元，同比+56.4%，扣非归母净 利润24.03 亿元，同比+78.54%。 25Q1 毛利率26.84%，归母净利率11.67%、同比+2.81pct；期间费用率12.64%、同比-5.62pct，其中销 售、管理、研发、财务费用率分别为6.38%、3.02%、5%、-1.75%，同比分别变 动-0.06pct、-0.74pct、-2.26pct、-2.56pct。 核心竞争力持续提升： 公司产品竞争力持续增强，市场份额持续提升；其中挖掘机械在国内市场上连续14 年蝉联销量冠军， 混凝土机械连续14 年蝉联全球第一品牌，电动搅拌车连续四年保持国内市占率第一，24 年销售额首次 超过燃油搅拌车；起重机械全球市占率大幅上升；旋挖钻机国内市场份额稳居第一。 在"集团主导、本土经营、服务先行"的海外经营策略下，公司国际竞争力持续提升，2024 年全球主要 市场实现高速增长，其中亚澳区域205.7 亿元、同比+15.47%，欧洲区域123.2 亿元、同比+1.86%，美洲 区域102. ...

公司报告 | 季报点评 三一重工（600031） 证券研究报告 一季报业绩优异，看好公司在上行周期的利润弹性释放 公司发布 2025 年一季报，业绩表现优异： 25Q1 公司实现收入 211.77 亿元，同比+18.77%；实现归母净利润 24.71 亿 元，同比+56.4%，扣非归母净利润 24.03 亿元，同比+78.54%。 25Q1 毛利率 26.84%，归母净利率 11.67%、同比+2.81pct；期间费用率 12.64%、同比-5.62pct，其中销售、管理、研发、财务费用率分别为 6.38%、 3.02%、5%、-1.75%，同比分别变动-0.06pct、-0.74pct、-2.26pct、-2.56pct。 低碳化方面，公司各类新能源产品均取得市场领先地位，2024 年实现新能 源产品收入 40.25 亿元。 盈利预测：预计公司 2025-2027 年归母净利润分别为 86.1/113.4/139.8 亿元 YOY 分别为 44.0%、31.7%、23.4%，对应 PE 估值分别为 18.6/14.1/11.5X， 维持"买入"评级。 风险提示：政策风险，市场风险，汇率风险，原材料价格波动的 ...

Investment Rating - The report assigns an "Overweight" rating to the company with a target price of RMB 22.68, compared to the current price of RMB 19.40 [3]. Core Insights - The company is at an inflection point of cyclicality improvement in the domestic engineering machinery sector, with expectations of structural improvement in overseas markets. The company is anticipated to see valuation improvement due to its strong product capabilities and global competitiveness [5][12]. - The company's revenue for 2024 is reported at RMB 78.383 billion, reflecting a year-on-year increase of 5.90%, with a net profit attributable to shareholders (NPAtS) of RMB 5.975 billion, up 31.98% year-on-year [5][6]. - The operating cash flows reached a record high of RMB 14.814 billion, marking a significant increase of 159.53% year-on-year [5][6]. Earnings Forecast and Valuation - The earnings per share (EPS) estimates for 2025 and 2026 have been raised to RMB 0.99 and RMB 1.21, respectively, with a projected EPS of RMB 1.38 for 2027. The price-to-earnings (PE) ratio for 2025 is set at 23x, which is above the industry average of 16.83x [5][12]. - The company’s gross profit margin (GPM) for 2024 is reported at 26.43%, with a net profit margin (NPM) of 7.83%, an increase of 1.54 percentage points year-on-year [5][6]. Operational Performance - The company has maintained high-quality development with improved risk control and operational quality. It ranks first in domestic market share for key products such as excavating machinery and concrete machinery [7]. - The international market has shown strong growth, with overseas revenue reaching RMB 48.513 billion, a year-on-year increase of 12.15% [7]. Financial Summary - The balance sheet shows total assets of RMB 152.145 billion for 2024, with owners' equity at RMB 71.953 billion and a net debt ratio of -13.67% [4][8]. - The company’s revenue is projected to grow to RMB 101.877 billion by 2027, with NPAtS expected to reach RMB 11.671 billion [6][8].

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]

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%。 ...