中联重科第三季收入同比升25%至123亿元人民币(下同)，较该行预期高21%。若剔除一次性项目，核心 利润同比微升1%至7.18亿元。今年首三季，累计收入同比增长8%至370亿元，净利润同比增长25%至39 亿元，期内经营活动现金流入同比增137%至29亿元。该行指，中联重科正积极开发机器人产品，预计 新生产线将于2026年投产，或成为新的长期增长引擎。 美银证券发布研报称，基于收入预测上调，将中联重科（000157）(01157)2025至2026年盈利预测上调 5%;该行升中联重科(01157)H股目标价由7.6港元升至8.5港元，将中联重科A股(000157.SZ)目标价由10.4 元升至10.9元人民币。重申"买入"评级，因公司在海外市场的优势不断增强，且新产品将有所贡献。 ...

MACD金叉信号形成，这些股涨势不错！ 该行指，中联重科正积极开发机器人产品，预计新生产线将于2026年投产，或成为新的长期增长引擎。 基于收入预测上调，该行将2025至2026年盈利预测上调5%；该行将中联重科H股目标价由7.6港元上调 至8.5港元，A股目标价由10.4元上调至10.9元，重申"买入"评级，因公司在海外市场的优势不断增强， 且新产品将有所贡献。 格隆汇11月3日｜美银证券发表研究报告指，中联重科第三季收入按年升25%至123亿元，较该行预期高 21%。若剔除一次性项目，核心利润按年微升1%至7.18亿元。今年首三季，累计收入按年增长8%至370 亿元，净利润按年增长25%至39亿元，期内经营活动现金流入按年增137%至29亿元。 ...

致：香港交易及結算所有限公司 公司名稱: 中聯重科股份有限公司 呈交日期: 2025年11月3日 股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2025年10月31日 狀態: 新提交 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 | H | | | 於香港聯交所上市 (註1) | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 01157 | 說明 | H股 | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | 法定/註冊股本 | | | 上月底結存 | | | 1,552,507,548 | RMB | | 1 RMB | | 1,552,507,548 | | 增加 / 減少 (-) | | | | | | RMB | | | | 本月底結存 | | | 1,552,507,548 | RMB | | 1 RMB | | 1,552,507,548 | | 2. 股份分類 | 普通股 | 股份類別 | ...

工程机械 龙头企业 中联重科 （000157.SZ）业绩飘红。 日前，中联重科发布2025年三季报，报告期内，公司多项核心指标全面增长，展现出高质量稳健发展态 势。财报显示，前三季度，公司实现营收371.6亿元，同比增长8.06%；归母净利润39.20亿元，同比增 长24.89%。 长江商报记者注意到，境外市场的爆发式增长成为本次财报的核心亮点。2025年前三季度，公司境外收 入213.13亿元，占总营收比例达57.36%，同比提升6.05个百分点。 财报显示，前三季度，中联重科境外收入达213.13亿元，占总营收的比例达57.36%，同比提升6.05个百 分点。其中，公司三季度境外收入占比更是达到60.96%，全球化战略成效凸显。 据了解，海外市场的快速增长得益于全球化布局的持续深化，目前公司海外制造基地已实现全品类产品 覆盖，欧洲市场的德国二期、匈牙利工厂建设加速推进，欧洲本地化供应链体系初步成型，为海外营收 增长提供了坚实支撑。 值得一提的是，依托在工业 互联网 、 人工智能 、 物联网 、 机器人 等领域的技术积累，中联重科自 2024年起布局 具身智能 人形机器人 产业，目前已具备软硬件一体化全栈自 ...

当日关注点 交易信息汇总资金流向 10月31日主力资金净流入1.18亿元，占总成交额11.9%；游资资金净流出9987.44万元，占总成交额 10.04%；散户资金净流出1856.57万元，占总成交额1.87%。 截至2025年10月31日收盘，中联重科(000157)报收于8.17元，上涨1.74%，换手率1.71%，成交量121.24 万手，成交额9.95亿元。 中联重科拟发行不超过人民币60亿元H股可转换公司债券，期限5年，发行价为本金额的100%，年化到 期收益率1.8%。初始转股价格为每股H股9.75港元，较董事会决议日前一个交易日收市价溢价约 35.23%。债券持有人可在发行日后第41日起至到期日前七个工作日内行使转股权。募集资金净额50%用 于全球化发展战略，包括海外生产制造基地、研发中心、营销及服务体系建设；另50%用于机器人、新 能源、智能化等前沿技术研发。本次发行需经股东大会、A股及H股类别股东大会批准，并取得国家发 改委外债审核登记及中国证监会备案。 以上内容为证券之星据公开信息整理，由AI算法生成（网信算备310104345710301240019号），不构成 投资建议。 来自交易信息 ...

Core Viewpoint - Zhonglian Heavy Industry (000157) reported a revenue of 37.156 billion yuan for the first three quarters of 2025, reflecting an 8.06% year-on-year growth, and a net profit attributable to shareholders of 3.920 billion yuan, which is a 24.89% increase compared to the previous year [1][2]. Financial Performance - The company's operating revenue for the first three quarters reached 37.156 billion yuan, up 8.06% year-on-year [2]. - The net profit attributable to shareholders was 3.920 billion yuan, showing a year-on-year increase of 24.89% [1][2]. - The net profit after deducting non-recurring gains and losses was 2.644 billion yuan, with a year-on-year growth of 20.69% [2]. - The net cash flow from operating activities was 2.866 billion yuan, a significant increase of 137.31% year-on-year [1][11]. - Basic earnings per share were 0.45 yuan, representing an 18.42% increase compared to the previous year [2]. - The weighted average return on equity was 6.74%, up 1.24 percentage points year-on-year [12]. Asset and Liability Changes - As of the end of Q3 2025, total assets amounted to 131.106 billion yuan, a 5.95% increase from the end of the previous year [13]. - Inventory decreased by 5.7% compared to the end of the previous year, while long-term receivables fell by 17.01% [13]. - Accounts receivable increased by 14.2%, and financing receivables surged by 144.56% [13]. - Long-term borrowings rose by 34.95%, while short-term borrowings increased by 110.51% [14]. Industry Context - The engineering machinery sector is showing signs of recovery, with improved performance metrics indicating a potential turnaround [16]. - The company primarily engages in the research, manufacturing, sales, and service of engineering machinery, agricultural machinery, and mining machinery [5].

Market Overview - The engineering machinery sector rose by 0.14% on October 31, with Jindao Technology leading the gains [1] - The Shanghai Composite Index closed at 3954.79, down 0.81%, while the Shenzhen Component Index closed at 13378.21, down 1.14% [1] Top Performers - Jindao Technology (301279) closed at 26.34, up 7.16% with a trading volume of 97,800 shares and a turnover of 253 million yuan [1] - Aidi Precision (603638) closed at 18.71, up 5.89% with a trading volume of 126,900 shares [1] - Southern Road Machinery (603280) closed at 42.42, up 5.50% with a trading volume of 93,600 shares [1] Underperformers - Fushite (301446) closed at 32.84, down 2.70% with a trading volume of 23,700 shares [2] - Yichang Heavy Industry (600031) closed at 22.14, down 1.64% with a trading volume of 712,900 shares [2] - Xiamen XGMA (600815) closed at 3.06, down 1.29% with a trading volume of 964,700 shares [2] Capital Flow - The engineering machinery sector experienced a net outflow of 102 million yuan from institutional investors, while retail investors saw a net inflow of 113 million yuan [2][3] - Major stocks like Zoomlion (000157) had a net inflow of 11.8 million yuan from institutional investors, while it faced a net outflow of 99.87 million yuan from speculative funds [3] Summary of Individual Stocks - Zoomlion (000157) had a closing price of 8.17, with a net inflow of 1.18 million yuan from major investors [3] - Shantui (000680) closed at 11.57, with a net inflow of 64 million yuan from major investors [3] - Southern Road Machinery (603280) had a net inflow of 23.42 million yuan from major investors [3]

Investment Rating - The investment rating for the company is "Accumulate" (maintained) [2] Core Views - The company has shown a significant increase in revenue and net profit, with a 24.88% year-on-year revenue growth in Q3, reaching 12.30 billion yuan, and a 35.80% increase in net profit, amounting to 1.16 billion yuan [7] - The overseas revenue has reached 21.31 billion yuan, growing by 20.80% year-on-year, accounting for 57.36% of total revenue, indicating a strong global presence [7] - The company is focusing on enhancing its core product competitiveness and expanding into emerging sectors such as humanoid robotics, which opens up new growth opportunities [7] - The company plans to issue convertible bonds in Hong Kong to raise up to 6 billion yuan, aimed at strengthening R&D and overseas market development [7] - The projected net profits for 2025-2027 are 4.91 billion yuan, 6.30 billion yuan, and 7.56 billion yuan, respectively, with corresponding PE ratios of 14.1, 11.0, and 9.2 [7] Financial Performance Summary - For the fiscal year 2023, the company is expected to achieve a revenue of 47,075 million yuan, with a growth rate of 13.1% [6] - The net profit for 2023 is projected at 3,506 million yuan, reflecting a growth rate of 52.0% [6] - The company’s gross margin is expected to be 28.9% in 2025, with a net profit margin of 10.8% [8] - The return on equity (ROE) is projected to increase from 6.2% in 2023 to 10.9% by 2027 [6][8] Market Position and Strategy - The company maintains its leading position in the engineering machinery sector, particularly in the crawler crane market [7] - The strategy includes diversifying into new industries and enhancing global competitiveness through localized supply chains in Europe and other regions [7] - The company is actively pursuing innovation in electric machinery and humanoid robotics, indicating a commitment to technological advancement [7]

Core Insights - The company reported a revenue of 37.156 billion yuan for the first three quarters of 2025, representing an 8.06% year-on-year increase, and a net profit attributable to shareholders of 3.920 billion yuan, up 24.89% year-on-year [1] - The company plans to issue convertible bonds of up to 6 billion yuan in the Hong Kong market, with funds allocated for R&D innovation and overseas expansion to enhance global competitiveness [1] - The overseas revenue reached 21.313 billion yuan, accounting for 57.36% of total revenue, with a year-on-year growth of 20.80% [1] Financial Performance - Revenue for the first three quarters: 37.156 billion yuan, up 8.06% year-on-year [1] - Net profit attributable to shareholders: 3.920 billion yuan, up 24.89% year-on-year [1] - Net cash flow from operating activities: 2.866 billion yuan, up 137.31% year-on-year, with a cash collection rate of 102.59% [1] Market and Product Development - The domestic market recovery has extended from excavators to cranes and concrete machinery, with the company maintaining the top market share in crawler cranes [2] - The concrete machinery sector benefits from electrification policies, with a projected demand of approximately 80,000 mixing trucks over the next three years and an expected penetration rate of electric mixing trucks reaching 90% [2] - Emerging sectors such as earthmoving machinery, mining machinery, agricultural machinery, and aerial work machinery are experiencing robust growth [2] Technological Advancements - The company is focusing on the development of humanoid robots, leveraging its technological expertise in industrial internet, AI, IoT, and robotics, with plans to launch humanoid robot products starting in 2024 [2] - The company has established a high-level supercomputing center with a GPU computing power of 59P, supporting extensive server and cloud computing capabilities [3]

Core Viewpoint - Zhonglian Heavy Industry reported comprehensive growth in key financial metrics for Q3 2025, including revenue, net profit, and operating cash flow, while announcing plans to issue up to 6 billion HKD in convertible bonds to support R&D and global expansion strategies [1][6]. Financial Performance - For the first three quarters, Zhonglian Heavy Industry achieved revenue of 37.156 billion CNY, a year-on-year increase of 8.06%, and a net profit of 3.920 billion CNY, up 24.89%. The net cash flow from operating activities reached 2.866 billion CNY, growing by 137.31% [1]. - In Q3 alone, the company reported revenue of 12.301 billion CNY, a 24.88% increase year-on-year, with domestic revenue at 4.802 billion CNY (up 12.87%) and overseas revenue at 7.499 billion CNY (up 34.01%) [2]. Overseas Market Growth - The overseas revenue for the first three quarters reached 21.313 billion CNY, accounting for 57.36% of total revenue, marking a 20.80% year-on-year increase. The growth rate for Q3 was further enhanced to 34.01% [3]. - The company is expanding its overseas manufacturing bases and enhancing its supply chain in Europe, with ongoing construction of facilities in Germany and Hungary [3]. Domestic Market Recovery - The domestic market is showing signs of recovery, with increased demand in traditional sectors such as cranes and concrete machinery. The company maintains the leading market share in crawler cranes and is experiencing high demand for high-value products [3]. Emerging Industries Development - Emerging sectors like earthmoving, mining, and agricultural machinery are thriving, with significant market share gains in large-scale mining machinery. The company has developed a comprehensive product matrix and is focusing on green and intelligent solutions [4]. Future Growth Prospects - Zhonglian Heavy Industry is positioning itself in the humanoid robotics sector, leveraging its technological capabilities in industrial internet, AI, and IoT. The company has developed a full-stack self-research capability and is set to benefit from supportive government policies [5]. Convertible Bond Issuance - The planned issuance of up to 6 billion HKD in convertible bonds aims to strengthen R&D and overseas market development, facilitating the company's transition from a cyclical to a value growth model. The bonds are expected to enhance shareholder returns and improve the company's capital structure [6].