徐工集团工程机械股份有限公司 2024 年度跟踪评级报告 编号：信评委函字[2024]跟踪 1185 号 徐工集团工程机械股份有限公司 2024 年度跟踪评级报告 声 明 中诚信国际信用评级有限责任公司 2024 年 6 月 24 日 2 ⚫ 本次评级为委托评级，中诚信国际及其评估人员与评级委托方、评级对象不存在任何其他影响本次评级行为独立、 客观、公正的关联关系。 ⚫ 本次评级依据评级对象提供或已经正式对外公布的信息，以及其他根据监管规定收集的信息，中诚信国际按照相关 性、及时性、可靠性的原则对评级信息进行审慎分析，但中诚信国际对于相关信息的合法性、真实性、完整性、准 确性不作任何保证。 ⚫ 中诚信国际及项目人员履行了尽职调查和诚信义务，有充分理由保证本次评级遵循了真实、客观、公正的原则。 ⚫ 评级报告的评级结论是中诚信国际依据合理的内部信用评级标准和方法、评级程序做出的独立判断，未受评级委托 方、评级对象和其他第三方的干预和影响。 ⚫ 本评级报告对评级对象信用状况的任何表述和判断仅作为相关决策参考之用，并不意味着中诚信国际实质性建议任 何使用人据此报告采取投资、借贷等交易行为，也不能作为任何人购买、出售或 ...

Group 1: Export Performance - The company expects continued growth in international revenue, with a strong performance in overseas markets due to the increasing demand for domestic brands and improved product quality [1] - The international revenue accounted for 40% of the company's total revenue in 2023 [2] - The company has a well-established global marketing network covering over 190 countries and regions, with major export areas including Southeast Asia, Central Asia, Africa, South America, Europe, North America, and the Middle East [2] Group 2: Electric Product Development - The company is a pioneer in the electrification of products, with a significant market share in electric forklifts, aerial work platforms, and loaders [2] - The penetration rate of electric loaders is expected to exceed 20%, driven by the suitability of electric equipment for short-distance transportation in construction scenarios [2] - Revenue from new energy products doubled year-on-year in 2023, indicating a strong growth trend in this sector [2] Group 3: Mining Machinery - The company's mining machinery segment is a burgeoning industry, ranking first domestically and among the top five globally [2] - Mining machinery products, including mining excavators and articulated dump trucks, account for over 30% and 50% of revenue, respectively [2]

Group 1: Export Market Insights - The company expects continued growth in international revenue, with a projected 40% contribution from international markets in 2023 [2] - The main export regions include Southeast Asia, Central Asia, Africa, South America, Europe, North America, West Asia, North Africa, Central America, and Oceania [2] - The company has a global marketing network covering over 190 countries and regions, enhancing its international expansion capabilities [2] Group 2: Domestic Market Outlook - The company identifies positive signs in the domestic market, driven by government initiatives such as a 1 trillion yuan bond issuance and large-scale equipment renewal policies [2] - Long-term growth is supported by urbanization, investment growth, and the development of the new energy sector [2] - The company believes the industry will gradually recover, with significant growth potential in niche markets [2] Group 3: Mining Machinery Development - The company ranks first in the domestic market and among the top five globally in mining machinery, with over 30% revenue from mining excavators and over 50% from mining trucks [2] - The mining machinery sector is considered an emerging industry with substantial growth potential [2] Group 4: Electrification Progress - The company has been a pioneer in electrification, with a range of electric products including forklifts, aerial work platforms, and concrete mixers [2] - The market share for electric products in certain categories, such as aerial work platforms and loaders, is leading in the industry [2] Group 5: Profit Margin Improvement Plans - The company aims to enhance product gross margins through stable revenue growth, cost reduction, and increasing the proportion of high-margin products [3] - The plan includes reducing low-margin product revenue and expanding overseas business, where profit margins are higher [3]

Group 1: Domestic Market Situation - The company observes positive signs in the industry, driven by a 1 trillion yuan bond issuance project and a "large-scale equipment renewal" policy, although significant changes are not expected in the short term [1] - Long-term optimism is supported by factors such as uneven urbanization development, significant internal investment growth potential, the development of the new energy industry, natural equipment renewal demand, and growth opportunities in niche product areas [1] Group 2: Export Market Outlook - The company expects continued good performance in the export market, with international revenue projected to grow due to the increasing demand in overseas markets and improved quality of domestic products [2] - The company has a global marketing network covering over 190 countries and regions, with international revenue accounting for 40% in 2023 [2] Group 3: Export Regions and Strategies - Major export regions include Southeast Asia, Central Asia, Africa, South America, Europe, North America, West Asia and North Africa, Central America, and Oceania [2] - The company maintains a strategy of long-term cooperation with overseas distributors, primarily relying on distribution sales supplemented by direct sales [2] Group 4: Profitability and Margin Trends - The company believes there is potential for further improvement in overseas gross margins through price increases in stable markets, optimizing product structure, enhancing service capabilities, and cost reduction efforts [2] - The company plans to increase gross margins in 2024 by stabilizing revenue growth and prices, reducing costs, and adjusting the product mix to increase the share of high-margin products [2]

徐工集团工程机械股份有限公司 关于回购公司股份的进展公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假记载、 误导性陈述或重大遗漏。 徐工集团工程机械股份有限公司（以下简称"公司"）分别于 2024 年 4 月 28 日、2024 年 5 月 22 日召开第九届董事会第十七 次会议、2023 年年度股东大会，审议通过了《关于回购公司股份 的议案》，基于对未来发展的信心和对公司价值的认可，为维护广 大投资者利益，增强投资者信心，提升公司资本市场形象，在考 虑经营情况、财务状况及未来发展战略的基础上，同意公司以自 有资金通过二级市场回购公司股份，本次回购的股份将用于减少 公司注册资本，并自回购完成之日起十日内注销。本次回购资金 总额不超过人民币 60,000 万元（含），不低于人民币 30,000 万元 （含），回购价格不超过人民币 8.5 元/股（含）。具体回购股份的 数量以回购期限届满时实际回购的股份数量为准。 本次回购股份的实施期限自公司股东大会审议通过回购股 份方案之日起不超过十二个月。具体内容详见公司刊登在巨潮资 讯网（www.cninfo.com.cn）的《第九届董事会第十七次会 ...

Investment Rating - The report maintains a "Recommend" rating for the company, with projected net profits of 6.497 billion, 8.180 billion, and 10.649 billion yuan for 2024-2026, corresponding to P/E ratios of 13x, 10x, and 8x respectively [2][3] Core Views - The domestic construction machinery industry is expected to bottom out in 2024, driven by infrastructure investment and equipment renewal policies [1][2] - The company's emerging businesses, including aerial work platforms and mining machinery, are progressing smoothly, contributing to incremental revenue [1][2] - Overseas revenue continues to grow, accounting for 40.09% of total revenue in 2023, with significant room for further expansion [1][2] Global Construction Machinery Market - The global construction machinery market reached 871.09 billion yuan in 2022, with China accounting for 13.2% of global sales [8][9] - Excavators represent nearly 30% of the total market value in the construction machinery sector [11] - Infrastructure (45%), real estate (20%), and mining (20%) are the primary downstream sectors for construction machinery [1][13] Domestic Market Outlook - Infrastructure investment is expected to grow by 8% in 2024, supported by 1 trillion yuan in special government bonds [1][38] - Natural equipment renewal demand is at a bottom, with excavator scrappage expected to be 128,500 units in 2024 and 139,100 units in 2027 [1][48] - Equipment renewal policies are expected to drive the replacement of outdated "National I" and "National II" models, potentially generating demand for 97,000 excavators, 91,000 loaders, 189,000 forklifts, and 9,000 rollers [1][55] Company Performance and Market Position - The company's global market share increased from 3.7% in 2016 to 5.8% in 2022, ranking third globally [15][16] - In 2023, the company achieved revenue of 92.848 billion yuan, with net profit attributable to shareholders increasing by 23.66% year-on-year to 5.326 billion yuan [22][23] - The company's aerial work platform business ranked third globally in 2023, with revenue of 8.883 billion yuan, a 35.62% year-on-year increase [57][60] - Mining machinery revenue reached 4.236 billion yuan in 2023, a 14.18% year-on-year increase, with the business ranking fifth globally [62][64] Overseas Expansion - Overseas revenue reached 37.220 billion yuan in 2023, accounting for 40.09% of total revenue, a 33.71% year-on-year increase [1][66] - The company has established a global network covering 193 countries and regions, with 39 overseas subsidiaries and 330 overseas distributors [66][67] - Excavator exports increased from 26,600 units in 2019 to 105,000 units in 2023, with export share rising from 11.28% to 53.86% [65][66]

Investment Rating - The report maintains a "Buy" rating for XCMG Machinery (000425.SZ) [2][3]. Core Insights - The domestic engineering machinery market is expected to bottom out in 2024, driven by infrastructure investments supported by a 1 trillion yuan bond issuance, which has been allocated to approximately 15,000 specific projects [2][3]. - XCMG Machinery has seen significant growth in its emerging businesses and overseas revenue, with a projected net profit of 6.5 billion yuan in 2024, reflecting a year-on-year growth of 22% [2][3]. - The company is positioned as a leading player in the global engineering machinery market, with its market share increasing from 3.7% in 2016 to 5.8% in 2022, ranking third globally among domestic brands [2][3]. Summary by Sections 1. Global Engineering Machinery Market - The global engineering machinery market reached 871.09 billion yuan in 2022, with excavators accounting for nearly 30% of the market value [2][3]. - XCMG's market share has increased significantly, with the combined share of domestic companies rising from 8.7% in 2016 to 13.9% in 2022 [2][3]. 2. Domestic Market Outlook for 2024 - Infrastructure investment is expected to maintain a growth rate of around 8% in 2024, supported by government policies and funding [2][3]. - The natural replacement of old machinery is at a low point, with an estimated 128,500 excavators expected to be scrapped in 2024 [2][3]. 3. Revenue Growth from New Products and International Expansion - XCMG's new high-altitude machinery business ranked third globally, generating revenue of 8.883 billion yuan in 2023, a year-on-year increase of 35.62% [2][3]. - The company's overseas sales reached 37.22 billion yuan in 2023, accounting for 40.09% of total revenue, with a year-on-year growth of 33.71% [2][3]. 4. Financial Forecast and Investment Recommendations - The projected net profits for XCMG from 2024 to 2026 are 6.497 billion yuan, 8.180 billion yuan, and 10.649 billion yuan, respectively, with corresponding valuations of 13x, 10x, and 8x [2][3]. - The report emphasizes the company's improving profitability and the successful progress of its emerging businesses as key factors for investment [2][3].

证券代码：000425 证券简称：徐工机械 徐工集团工程机械股份有限公司 投资者关系活动记录表 编号：2024-16 投资者关系活动 √特定对象调研 □分析师会议 类别 □媒体采访 □业绩说明会 □新闻发布会 □路演活动 □现场参观 □其他 （请文字说明其他活动内容） 太平洋证券 崔文娟、张凤琳；金鹰基金 洪梓超；信达澳亚基金 李泽宙； 活动参与人员 丹羿投资 宝玥娇；国信资管 吴文成；申万菱信 谢欣雨；海通证券 赵靖博、 刘绮雯、赵玥炜；三井住友 杨畅；银华基金 吴颖哈；上银基金 刘洋；德 邦基尼 陈艳妮 时间 2024年5 月28日14:00-16:00 地点 公司612 会议室 上市公司接待人 李栋、刘敏芳、苗洋威 员姓名 ...

徐工集团工程机械股份有限公司 简式权益变动报告书 | 上市公司： | 徐工集团工程机械股份有限公司 | | --- | --- | | 股票上市地点： | 深圳证券交易所 | | 股票简称： | 徐工机械 | | 股票代码： | 000425 | 上海胜超股权投资合伙企业（有限合伙） 上海市普陀区同普路1220号9幢910室座202号 上海市长宁区愚园路1320号8号楼 一、信息披露义务人依据《中华人民共和国公司法》（以下简称《公司法》）、 《中华人民共和国证券法》（以下简称《证券法》）、《上市公司收购管理办法》 （以下简称《收购办法》）、《公开发行证券的公司信息披露内容与格式准则第 15号——权益变动报告书》（以下简称《准则第15号》）及相关的法律、法规和 规范性文件编写本报告书。 二、信息披露义务人签署本报告书已获得必要的授权和批准，其履行亦不违 反信息披露义务人持有权益公司章程或内部规则中的任何条款，或与之相冲突。 三、依据《公司法》《证券法》《收购办法》《准则第15号》等规定，本报告书 已全面披露信息披露义务人在徐工集团工程机械股份有限公司（以下简称上市公 司或徐工机械）中拥有权益的股份变动情况。截至 ...

证券代码：000425 证券简称：徐工机械 公告编号：2024-20 公司于近日收到股东上海胜超出具的《关于持有徐工集团工 程机械股份有限公司股份数量降至 5%以下的告知函》，上海胜超 因参与公司吸收合并徐工集团工程机械有限公司之交易取得股 份，其通过集中交易的方式减持本公司股份 107,324,182 股，占公 司总股本的 0.9083%。本次权益变动后，上海胜超持有的股份减 少至 590,808,273 股，占公司总股本的 4.99999%，上海胜超不再 属于公司持股 5%以上股东。具体情况如下： - 1 - 一、本次权益变动的基本情况 徐工集团工程机械股份有限公司 关于持股 5%以上股东权益变动至 5%以下的提示性公告 股东上海胜超股权投资合伙企业（有限合伙）保证向本公司提供的信息内容真实、 准确、完整，没有虚假记载、误导性陈述或重大遗漏。 本公司及董事会全体成员保证信息披露的内容与上海胜超股权投资合伙企业（有 限合伙）提供的信息一致。 特别提示： 1.本次权益变动不触及要约收购，未涉及徐工集团工程机械 股份有限公司（以下简称"徐工机械"或"公司"）控股股东及实际 控制人，不会导致公司控股股东及实际控制 ...