| 代码 | 简称 | 今日涨跌幅（%） | 今日换手率（%） | 主力资金流量（万元） | | --- | --- | --- | --- | --- | | 000837 | 秦川机床 | 10.04 | 6.71 | 32596.36 | | 002031 | 巨轮智能 | 5.08 | 16.34 | 27228.12 | | 300718 | 长盛轴承 | 12.59 | 18.99 | 21489.90 | | 600031 | 三一重工 | 2.37 | 0.85 | 19899.86 | | 601177 | 杭齿前进 | 9.99 | 9.35 | 19100.11 | | 603667 | 五洲新春 | 7.65 | 12.14 | 18148.03 | | 300007 | 汉威科技 | 10.56 | 23.55 | 17669.84 | | 002278 | 神开股份 | 10.01 | 21.74 | 16682.24 | | 600592 | 龙溪股份 | 9.99 | 10.59 | 15673.74 | | 002204 | 大连重工 | 4.73 | 13.59 | 146 ...

4月23日，中国汽车流通协会发布，2025年3月，重型卡车零售销量为7.26万辆，同比下降4.50%，环比增长49.07%。其中牵引车销量为3.89万辆，同比下 降7.47%，环比增长31.90%。2025年1-3月，重型卡车累计销量为15.57万辆，累计同比增长13.11%。其中牵引车累计销量为8.53万辆，同比增长16.92%。 一、整体销量 中国汽车流通协会商用车专业委员会提供的销量数据显示，2025年3月重型卡车零售销量为7.26万辆，同比下降4.50%，环比增长49.07%；其中牵引车销量 为3.89万辆，同比下降7.47%，环比增长31.90%。 1-3月，重型卡车累计销量为15.57万辆，累计同比增长13.11%。其中牵引车累计销量为8.53万辆，同比增长16.92%。 三、品牌表现 二、市场结构 1-3月，重型卡车累计销量根据不同市场结构分析如下： 从功能车型来看，牵引车以55%的占比位列第一。 从动力结构来看，TOP3马力段分别为500-600hp、＜300hp和400-500hp；在牵引车市场中，500-600hp的马力段占比44%。 从驱动形式来看，TOP3驱动分别为6×4、4×2和8× ...

Investment Rating - The investment rating for the company is "Buy" and is maintained [9]. Core Views - The company reported a revenue of 78.383 billion yuan for 2024, representing a year-on-year increase of 5.90%, and a net profit attributable to shareholders of 5.975 billion yuan, up 31.98% year-on-year [2][6]. - The domestic excavator business is expected to benefit from industry recovery, while the performance of late-cycle products may still face some drag. The company's international main business revenue is projected to grow by 12.15% year-on-year, with international revenue accounting for 63.98% of total revenue, an increase of 3.49 percentage points [2][12]. - The company's gross margin has steadily improved, and net cash flow from operating activities has surged by nearly 160%, indicating enhanced operational quality [2][12]. Summary by Sections Financial Performance - In Q4 2024, the company achieved a revenue of 20.023 billion yuan, a year-on-year increase of 12.12%, and a net profit of 1.107 billion yuan, up 141.15% year-on-year [6]. - The company’s gross margin for its main business reached 26.63% in 2024, reflecting a year-on-year increase of 0.47 percentage points due to product mix optimization and a higher proportion of high-margin international revenue [12]. Market Position and Strategy - The company is a leading player in the domestic engineering machinery sector, with a robust global strategy that continues to deepen. The expectation for 2025 is that domestic industry sales will be revised upward, and the company is well-positioned to benefit from this trend [12]. - The company has established a comprehensive overseas market channel system with over 400 subsidiaries and joint ventures, enhancing its international competitiveness [12]. Future Outlook - The company is projected to achieve net profits of 8.633 billion yuan and 10.995 billion yuan in 2025 and 2026, respectively, with corresponding price-to-earnings ratios of 19 times and 15 times [12].

一季度工程机械出口继续增长 对等关税政策或影响有限 金十数据4月23日讯，2025年一季度，国内工程机械出口额同比增长7.61%至129.20亿美元。2023年和 2024年，国内工程机械出口额分别为485.52亿美元和528.59亿美元，同比增长9.57%和8.87%。工程机械 巨头三一重工和中联重科的海外营收占比持续扩大。2024年，这两家企业的海外营收占比分别为 63.98%和51.41%。"不光是行业巨头，去年我们的海外营收占比也过半了。"一名国内工程机械企业管 理人员对记者说。 （财新） ...

按申万行业统计，景津装备所属的机械设备行业共有191家公司公布了2024年度分配方案，派现金额最 多的是中国中车，派现金额为60.27亿元，其次是三一重工、中联重科，派现金额分别为30.34亿元、 26.03亿元。（数据宝） 2024年度机械设备行业分红排名 | | 简称 | 每10股送转 | 每10股派现 | 派现金额（万 | 派现占净利润比例 | 股息率 | | --- | --- | --- | --- | --- | --- | --- | | | | （股） | （元） | 元） | （%） | （%） | | 601766 | 中国中 | 0.00 | 2.1 | 602700.00 | 48.65 | 2.86 | | 代码 | | | | | | | | 车 | | --- | 4月22日景津装备发布2024年度分配预案，拟10派4元（含税），预计派现金额合计为2.31亿元。派现额 占净利润比例为27.18%，以该股2024年度成交均价计算，股息率为2.01%。这是公司上市以来，累计第 8次派现。 公司上市以来历次分配方案一览 | 日期 | 分配方案 | 派现金额合计（亿元） | 股息率（%） ...

Investment Rating - The report maintains a "Buy" rating for SANY Heavy Industry [1][5]. Core Views - The company achieved a revenue of 78.383 billion yuan in 2024, representing a year-on-year growth of 5.90%, with a net profit of 5.975 billion yuan, up 31.98% year-on-year [5]. - The gross margin was 26.43%, a decrease of 1.28 percentage points, while the net margin improved by 1.54 percentage points to 7.83% [5]. - The company continues to enhance its core competitiveness, with excavator revenue reaching 30.374 billion yuan, a 9.91% increase, maintaining its position as the domestic sales champion for 14 consecutive years [5]. - The internationalization strategy is yielding results, with overseas revenue of 48.862 billion yuan, a year-on-year increase of 12.16%, accounting for 62.34% of total revenue [5]. Summary by Sections Financial Performance - In Q4 2024, the company reported a revenue of 20.023 billion yuan, a 12.12% increase year-on-year, and a net profit of 1.107 billion yuan, up 141.15% year-on-year [5]. - The company forecasts revenues of 87.980 billion yuan, 99.898 billion yuan, and 113.606 billion yuan for 2025, 2026, and 2027 respectively [7]. Market Position - The concrete machinery segment generated 14.368 billion yuan, a decrease of 6.18%, while the road machinery segment saw a 20.75% increase in revenue to 3.001 billion yuan [5]. - The company’s new energy products achieved revenue of 4.025 billion yuan, growing by 22.86% [5]. International Strategy - The company has expanded its international presence, with sales covering over 150 countries and regions, and significant growth in Africa, where revenue increased by 44.02% [5]. - The Asia-Pacific region generated 20.570 billion yuan, a 15.47% increase, while Europe and the Americas saw modest growth [5].

Investment Rating - The report maintains an "Overweight" (OW) rating for SANY Heavy Industry, indicating a positive outlook for the company's stock performance [3][5][13]. Core Insights - SANY Heavy Industry reported a strong fiscal year 2024, with a 32% year-over-year increase in net profit, reaching Rmb6 billion, and a significant surge in free cash flow (FCF) [2][5]. - The company's overseas revenue constituted 64% of total sales, reflecting a 12% year-over-year growth, with a gross profit margin (GPM) of 30%, significantly higher than the domestic GPM [3][6][12]. - SANY's strategic focus includes overseas expansion, electrification, and enhancing product intelligence, while addressing challenges such as tariff disruptions and domestic market changes [3][7][13]. Financial Performance Summary - In FY24, SANY's total revenue reached Rmb78.383 billion, a 5.9% increase from FY23, with a gross profit margin improvement to 26.7% [9][12]. - Operating cash flow hit an all-time high of Rmb15 billion, attributed to high-quality sales and favorable payment conditions, while capital expenditures were reduced by 36% year-over-year to Rmb3 billion [5][9]. - The net margin improved to 7.6%, up from 6.1% in FY23, driven by effective cost management and a positive product mix [2][5][9]. Strategic Initiatives - SANY is actively pursuing growth opportunities in emerging markets, particularly in Latin America, Asia Pacific, Africa, and the Middle East, with expectations for revenue growth exceeding 20% year-over-year in 2025 [6][7]. - The company launched over 40 electric products in 2024, generating Rmb4 billion in revenue from new energy products, which accounted for 5% of total revenue [7][12]. - SANY plans to enhance its product intelligence through increased R&D investment, focusing on integrating advanced technologies and leveraging AI for improved service offerings [7][12].

贯彻高质量发展，利润、现金流各项财务指标表现优异营收端：实现稳健增长，海外占比提升至64%。 2024 年公司营收777.73 亿元，同比+6.22%；其中Q4 营业收入198.83 亿元，同比+12.49%，2024 年下半 年海外市场增速复苏，四季度营收增速优于全年。 1）全年分市场来看，海外营收占主营收入比重提升至64%。国内273.18 亿元，同比-3.35%，其中挖掘 机械实现正增长，非挖仍有下滑；海外485.13 亿元，同比+12.15%，维持较好增长，海外营收在主营业 务收入占比已达64%，同比+3.5pct，海外细分地区来看，亚澳205.7 亿元，同比+15.47%；欧洲123.2 亿 元，同比+1.86%；美洲102.8 亿元，同比+6.64%；非洲区域53.5 亿元，同比+44.02%，新兴市场总体表 现更好。 事件 2024 年营业收入777.73 亿元，同比增加6.22%；归母净利润59. 75亿元，同比增加31.98%。单季度表现 来看，Q4 营业收入198. 83亿元，同比增加12.49%；归母净利润11.07 亿元， 同比增加141.15%。 简评 预计公司2025-2027年实 ...

Market Overview - On April 21, the Shanghai Composite Index rose by 0.45%, the CSI 300 increased by 0.33%, the STAR 50 climbed by 1.07%, the CSI 1000 grew by 2.07%, and the ChiNext Index went up by 1.59% [4] - The best-performing sectors on April 21 were non-ferrous metals (+3.79%), computers (+2.72%), beauty and personal care (+2.11%), machinery equipment (+2.03%), and media (+2.03%). The worst-performing sectors were banking (-1.23%), food and beverage (-0.59%), real estate (-0.46%), coal (-0.32%), and transportation (-0.16%) [4][3] - The total trading volume for the A-share market on April 21 was 1,073.6 billion yuan, with a net inflow of 2.309 billion Hong Kong dollars from southbound funds [4][3] Company Analysis: SANY Heavy Industry - The report highlights that SANY Heavy Industry (600031) released its 2024 annual report, which exceeded expectations [5] - The company's net profit attributable to shareholders increased by 32% year-on-year, indicating improved profitability [5] - Investment opportunities are identified in the construction machinery industry, which is on an upward trend, with SANY's excavator revenue being a significant contributor to its performance [5] - Catalysts for growth include stabilization in domestic real estate and infrastructure investments, better-than-expected domestic excavator sales, accelerated international business, enhanced operational vitality, and rapid penetration of electric products [5]

Meeting Overview - The second extraordinary general meeting of shareholders for SANY Heavy Industry Co., Ltd. was held on April 21, 2025, in Changsha, Hunan Province [2] - The meeting was convened by the board of directors and conducted through a combination of on-site and online voting, complying with the Company Law and the Articles of Association [2] Attendance - Out of 9 current directors, 2 attended the meeting, while 7 were absent due to work commitments [3] - Out of 3 current supervisors, 2 attended, with 1 absent for work reasons [3] - The board secretary and some senior executives were present at the meeting [3] Resolutions Passed - The proposal for the company to issue H-shares and list on the Hong Kong Stock Exchange was approved [4] - Various aspects of the H-share issuance, including types and par value of shares, issuance timing, method, scale, pricing, and target investors, were all approved [5][6] - The resolution regarding the use of funds raised from the H-share issuance was also approved [6] - The company was authorized to handle all matters related to the H-share issuance and listing [6] - The proposal for the distribution of retained earnings prior to the H-share issuance was approved [6] - The draft of the new Articles of Association applicable after the H-share issuance was approved [6] - The company’s internal governance structure was revised to align with the H-share issuance [7] - The appointment of an auditing firm for the H-share issuance and post-listing was approved [7] - The adjustment of independent director remuneration and the determination of director roles were also approved [7] - The employee stock ownership plan for 2025 and its management measures were approved [8] Legal Confirmation - The meeting was witnessed by Hunan Qiyuan Law Firm, confirming that the convening and procedures of the meeting complied with relevant laws and regulations [8]