华夏时报（www.chinatimes.net.cn）记者 李贝贝 上海报道 今年以来，挖掘机市场内需复苏、出口稳增。据中国工程机械工业协会披露的数据，2025年1至3月，挖掘机主要 制造企业共销售挖掘机61372台，同比增长22.8%，其中国内销量同比增长近四成，出口同比增长5.49%。 不过，挖掘机销量迅速回升的同时，美国对工程机械产品加征的关税政策也引发市场关注。对于关税政策对海外 出口的影响，徐工机械、中联重科、柳工等多家龙头工程机械企业均表示，公司对美出口销售占比很小，对整体 经营影响"极为有限"。 4月9日上午，徐工机械董秘向《华夏时报》记者表示，徐工布局海外多年，营销网络涵盖190多个国家和地区，其 中对美营收仅约占总营收的1%："今年的出口继续保持良好态势，目前也是正常的。"其进一步强调："实际上我 们也提前预计到了（美国加征）关税的事情，今年肯定是影响更小的。" 4月3日，柳工在互动平台回答投资者提问时就表示，国内方面，受益于农田改造、新型城镇化及大型水利工程需 求提速以及上一轮行业波峰的存量设备进入置换周期，叠加电动化加速存量出清需求，一季度国内工程机械整体 需求增速超出预期。 五矿证券研 ...

证券研究报告|公司点评报告 [Table_Date] 2025 年 04 月 09 日 [Table_Title] 新兴板块表现亮眼，看好国际化战略拉动成长 [Table_Title2] 中联重科(000157) | [Table_DataInfo] 评级： | 买入 | 股票代码： | 000157 | | --- | --- | --- | --- | | 上次评级： | 买入 | 52 周最高价/最低价： | 9.53/5.72 | | 目标价格： | | 总市值(亿) | 622.21 | | 最新收盘价： | 7.17 | 自由流通市值(亿) | 506.95 | | | | 自由流通股数(百万) | 7,070.42 | [Table_Summary] 事件概述 公司发布 2024 年年报。 ►业绩同比持平，盈利能力保持平稳 公司发布 2024 年年报。2024 年公司实现收入 454.8 亿元，同比下降 3.4%；实现归母净利润 35.2 亿元，同比增 长 0.4%，公司全年业绩保持稳定。从盈利能力看，公司 24 年全年毛利率 28.17%，较 23 年同期同比提升 0.63pct，系公司海外收 ...

以此次参展为例，其中二十多款展品为中联重科欧洲本地制造，无论是产品性能、技术、标准，还是外观造型方面都遵循当地市场的需求和客户的喜 好。展出的72吨米和62吨米两款折臂吊产品，采用欧洲知名品牌底盘，在中联重科德国工厂进行轻组装，完全满足欧洲EN12999标准并已经获得CE认证； R800-40平头塔机也是中国生产、欧洲组装，从而可实现产品的快速交付，并为客户提供高效的服务保障。 在本次主题展上，中联重科展示工程起重机械、建筑起重机械、混凝土机械、矿山机械、土方机械、高空作业机械等9大类别60多款标杆产品，并展示 智慧工地、智慧服务等系统方案。这些产品和数字化方案，集中体现中联重科在智能化、数字化、绿色化领域的最新创新成果。 当地时间4月7日，在德国慕尼黑新国际博览中心，中联重科董事长、CEO詹纯新率高管团队启动中联重科"绿色·智造 共建美丽世界"主题展。 近年来，依托"端对端、数字化、本土化"独特海外业务体系，中联重科与客户、市场实现端对端对接，贴近终端市场需求的产品、极致的客户响应速度 受到越来越多的客户青睐。 当地时间4月7日，德国宝马展（bauma 2025）在慕尼黑新国际博览中心开幕。上午10:28， ...

2025 年 4 月 8 日 投资要点： 分析师：谢少威 SAC 执业证书编号： S0340523010003 电话：0769-23320059 邮箱： xieshaowei@dgzq.com.cn 机械设备行业 | 主要数据 2025 年 | 日 4 月 7 | | --- | --- | | 收盘价(元) | 6.80 | | 总市值（亿元） | 590.10 | | 总股本(亿股) | 86.78 | | 流通股本(亿股) | 86.52 | | ROE（TTM） | 6.16% | | 12 月最高价(元) | 9.53 | | 12 月最低价(元) | 5.72 | 股价走势 资料来源：Wind，东莞证券研究所 买入（维持） 国际化助盈利能力提升，新兴产业高速发展 中联重科（000157）2024 年报点评 事件：中联重科发布2024年报。 点评： ◼ 投资建议：维持"买入"评级。预计公司2025-2027年EPS分别为0.55元、 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。 公 司 点 评 公 ...

Buy/Hold: Attractive H valuation with profit recovery China See potential for 1Q25 profit beat: We believe Zoomlion's 4Q24 profit miss (exhibit 6) was priced in and caused by foreign exchange loss related to Brazilian real and euro and nil disposal gain recognition of its old plants in the quarter. Looking ahead, we expect 30% net profit growth in 1Q25 as domestic sales turn positive. This is likely driven by better-than-expected domestic recovery in its traditional business – concrete machines (sales volum ...

Group 1 - The core strategy of Zoomlion has shifted towards globalization, with a significant increase in overseas revenue, which reached 23.38 billion yuan in 2024, accounting for over 50% of total revenue [1][2][11] - The company has implemented a direct sales model termed "airport + ground troops," enhancing its proximity to overseas markets and allowing for better market penetration [1][9][10] - By 2025, Zoomlion aims to achieve 10 billion USD in overseas revenue, marking a new milestone for the company [2][3] Group 2 - The revenue structure of Zoomlion has transformed, with emerging businesses such as aerial work machinery, earth-moving machinery, agricultural machinery, and mining machinery accounting for nearly half of total revenue by 2024 [2][19] - The company has reduced its reliance on the domestic real estate market, which now contributes only about 13% to its revenue [2][30] - The diversification strategy has been supported by advancements in core component autonomy and electrification, allowing Zoomlion to compete effectively in the agricultural machinery market [20][21] Group 3 - Zoomlion has invested over 10 billion yuan in digitalization, which has been crucial for its transformation and operational efficiency [24][25] - The company has developed humanoid robots and plans to release multiple models in 2025, indicating a focus on embodied intelligence as a future growth driver [24][27] - The digitalization efforts have enabled Zoomlion to maintain a clear understanding of its global market operations, enhancing its ability to respond to customer needs [26][29] Group 4 - The company has learned from past cycles and is now positioned as a "non-cyclical" enterprise, with a diminishing correlation to the domestic real estate market [5][30] - The management structure has evolved to include a diverse ownership model, balancing state-owned, private, and management interests, which supports sustainable development [32] - Zoomlion's leadership believes that the company's capabilities in key components and algorithms will help it navigate future market uncertainties [31][32]

Group 1 - Heavy machinery stocks in Hong Kong experienced a general rise, with Zoomlion (000157) increasing over 5%, SANY International rising over 4%, and China Longgong up 1.5% [1][2] - CME forecasts that excavator sales will reach 28,500 units by March 2025, representing a year-on-year increase of 14%, with domestic sales expected to be 18,500 units (+22% YoY) and exports at 10,000 units (+2% YoY) [2] - Dongwu Securities predicts a better-than-expected recovery in excavator sales, supported by high growth in water conservancy investment for small excavators, stabilization in real estate and infrastructure for medium excavators, and stable demand from mining for large excavators [2]

Group 1 - The core viewpoint of the articles highlights the groundbreaking ceremony for Zoomlion's second phase project in Germany, which signifies the company's commitment to expanding its operations in Europe and enhancing its global presence [1][2] - The project will cover an area of over 60,000 square meters and involves an investment of over 50 million euros, aimed at producing various types of tower cranes, truck cranes, and concrete machinery [1] - The investment is seen as a symbol of deepening economic cooperation between China and Germany, with emphasis on the importance of open trade and mutual recognition of economic, ecological, and social conditions [2] Group 2 - Zoomlion, founded in 1992, is a leading manufacturer in engineering machinery, mining machinery, and agricultural machinery, with 27 domestic industrial parks and 11 overseas R&D and manufacturing bases across 8 countries [2] - The company has established 400 overseas outlets globally, with products covering over 170 countries and regions, showcasing its extensive international reach [2] - The project in Germany is expected to foster collaboration with local industries and contribute to the local economy, reinforcing Zoomlion's role as a benchmark in green and intelligent manufacturing [1]

Group 1 - The foundation-laying ceremony for the second phase of Zoomlion's German R&D and production base was held, focusing on producing large engineering machinery tailored for the European market, marking a significant step in international cooperation between China and Germany [1][2] - The total investment for the second phase project exceeds 50 million euros, with an expected output value of approximately 300 million USD upon completion [1][2] - The project is based on the expansion of the Wilbert factory, which was fully acquired by Zoomlion in 2018, and will cover over 60,000 square meters, adding products like tower cranes, truck cranes, and concrete machinery [2] Group 2 - The first phase of the factory has already achieved localized assembly of equipment, receiving positive feedback in the German and European markets, while the second phase aims to enhance product lines and local responsiveness [3] - By localizing operations in Germany, the overall delivery cycle can be shortened by 3 to 6 months, significantly improving customer response times [3] - Zoomlion's overseas revenue is projected to exceed 51% by 2024, with expectations for further growth in 2025, indicating that international business will be a core driver of the company's growth [3]

Summary of Zoomlion Heavy Industry Earnings Call Company Overview - **Company**: Zoomlion Heavy Industry (1157.HK) - **Industry**: China Industrials - **Date of Call**: March 26, 2025 Key Points Industry and Market Position - Zoomlion anticipates a **higher overseas revenue mix** in fiscal year 2025 (F25) through market share gains with **customized and localized products** [3][9] - The company is focusing on **key clients**, ensuring **short after-sales lead times**, and expanding its **overseas network** with over **100 sales/service outlets** in Europe, the US, Latin America, and Africa [3][9] Domestic Market Performance - A **gradual recovery** is expected in the domestic market for F25, with **stable market share** in crane and concrete machinery [4][9] - Continued sales growth is anticipated from **earth-working and agricultural machinery**, driven by new product launches such as **micro excavators, bulldozers, and wheel loaders** [4][9] Financial Projections - The company has communicated targets of **flat domestic revenue** and **20% growth in overseas revenue** for F25, although no quantified guidance was provided [9][10] - Operating cash flow (OCF) is expected to improve due to **higher overseas sales**, **de-stocking**, and **accelerated accounts receivable turnover** in both domestic and overseas markets [5][9] Inventory and Manufacturing - F25 inventory is projected to decline sharply due to **intelligent manufacturing** and the establishment of **overseas bonded warehouses** [5][9] Risks and Challenges - Potential risks include **lower-than-expected infrastructure and property investment growth** and **lower overseas demand** [13][9] - Conversely, there may be **stronger-than-expected replacement demand** driven by emissions standard upgrades and increased demand for excavators and aerial work platform products [13][9] Valuation and Stock Rating - The stock is rated as **Equal-weight** with a price target of **HK$5.00**, reflecting a **21% downside** from the closing price of **HK$6.32** on March 24, 2025 [10][9] Conclusion - Zoomlion Heavy Industry is strategically positioning itself for growth in both domestic and international markets, with a focus on product innovation and customer service. However, it faces challenges that could impact its growth trajectory in the coming fiscal year.