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：2024-12 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） 华夏久盈 孙玉姣、赵佳；中信建投 吕娟、陈宣霖 活动参与人员 时间 2024年5 月16日14:00-15:00 地点 公司612 会议室 上市公司接待人 李栋、胥卫东、刘敏芳 员姓名 （一）公司出口区域？ 答：公司有完善的全球布局与强大的国际化拓展能力，公司营销网络覆 盖全球190 余个国家和地区，可为全球客户提供全方位产品营销服务、全价 ...

Group 1: Company Overview and Market Presence - XCMG has a comprehensive global layout with a marketing network covering 190 countries and regions, providing full-value chain services and solutions [1] - The company primarily exports to Southeast Asia, Central Asia, Africa, South America, Europe, North America, West Asia, North Africa, Central America, and Oceania [1] Group 2: Overseas Market Growth - The overseas market for domestic brands is expected to maintain a growth trend during the 14th Five-Year Plan period, becoming an important growth point for the engineering machinery industry [2] - Key reasons for overseas market growth include stable demand, improved product quality, and enhanced competitive strength of domestic brands [2] Group 3: Product Profitability and Strategy - To improve overseas product gross margin, the company plans to optimize product structure, enhance service capabilities, and conduct cost reduction efforts [2] - The company has the potential to increase prices in stable markets with high customer recognition [2] Group 4: Electric Product Development - XCMG is a pioneer in electric products, with a market-leading share in electric aerial work platforms and loaders [2] - In 2023, revenue from new energy products doubled compared to the previous year [2] Group 5: Agricultural Machinery Initiatives - The company established an agricultural machinery division in June 2020, focusing on tractors and harvesting machinery, with nearly 10 products in development [2] Group 6: Dividend Policy and Shareholder Returns - The company plans to distribute a cash dividend of 1.80 yuan per 10 shares (including tax), totaling approximately 2.127 billion yuan, which is 40% of the net profit attributable to shareholders [2] - Future dividend payouts are expected to be no less than 30% of the distributable profits over the next three years [2]

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：2024-13 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） 财通基金 翁嘉敏；华宝基金 高一丹；富国基金 汪欢吉；煜德投资 靳天珍、 活动参与人员 赵宏旭、管俊玮；招银理财 朱贝贝；国君资管 李煜；中信建投 吕娟、 陈宣霖 时间 2024年5 月16日15:10-16:40 地点 一、公司 612会议室；二、徐工矿机。 上市公司接待人 李栋、胥卫东、刘敏芳 员姓名 一、互动交流 ...

Investment Rating - The report assigns a "Buy" rating for the company, indicating an expected increase of over 15% relative to the CSI 300 index within the next six months [2][17]. Core Insights - The demand for construction machinery is recovering due to equipment upgrades and overseas expansion, with emerging industries creating new growth points [1]. - The company reported a revenue of approximately 92.85 billion yuan in 2023, a slight decrease of 1.03% year-on-year, while net profit increased by 23.51% to 5.33 billion yuan [2][6]. - The first quarter of 2024 showed a revenue of 24.17 billion yuan, a year-on-year increase of 1.18%, with net profit rising by 5.06% to 1.6 billion yuan [4]. Summary by Sections Financial Performance - In 2023, the company's gross margin was 22.38%, up by 2.17 percentage points year-on-year, and the net profit margin was 5.64%, an increase of 1.06 percentage points [3]. - The company achieved a gross margin of 22.89% in Q1 2024, reflecting continuous improvement in profitability [4]. Market Outlook - The domestic construction machinery industry is expected to recover as the demand for equipment upgrades increases, with the previous cycle peaking in early 2021 [5]. - The company is well-positioned to benefit from the recovery in the domestic market and the expansion of its international business [5][6]. Business Segmentation - Traditional construction machinery revenue faced pressure, while emerging industries and exports grew rapidly, with high-altitude work machinery revenue increasing by 35.62% year-on-year [2][3]. - The company’s international business accounted for over 40% of total revenue, with significant growth in overseas markets [2][6]. Future Projections - Revenue projections for 2024 to 2026 are 105.06 billion yuan, 118.71 billion yuan, and 133.56 billion yuan, respectively, with net profits expected to reach 6.76 billion yuan, 8.54 billion yuan, and 10.49 billion yuan [6][7]. - The company aims to enhance its gross margin further by optimizing its product mix and increasing the share of high-margin products [5][6].

%% research.95579.com %% 丨证券研究报告丨 公司研究丨点评报告丨徐工机械（ ） 000425.SZ [徐Ta工b机le_械T：itl国e]际化、多元化接续发展，盈利能力 提升明显 报告要点 [公Ta司ble持_续Su推mm进a国ry际] 化战略，23 年境外收入同比+33.70%，接续高速增长，收入占比提升 10.42pct。新兴板块实现量、质双增，23 年新板块业务收入同比增长近 30%，占比+4.5pct， 其中高空作业机械、矿业机械收入同比分别+35.62%、+14.17%。同时，受益结构优化及降本， 公司盈利能力大幅提升；应收账款和存货两项压降成效显著，23年经营活动现金流量净额同比 ...

Investment Rating - The report assigns an "Accumulate" rating for the company, marking its first coverage [1]. Core Views - The company, XCMG Machinery, has demonstrated resilience in performance despite a slight decline in revenue in 2023, achieving a revenue of 92.848 billion yuan, a year-on-year decrease of 1.03%, while net profit attributable to shareholders increased by 23.51% to 5.326 billion yuan [1][12]. - The report highlights the positive impact of ongoing government policies aimed at infrastructure investment and the recovery of the real estate sector, which are expected to boost demand for construction machinery [1][21]. - The company's international expansion has been fruitful, with overseas revenue reaching 37.22 billion yuan in 2023, a year-on-year increase of 33.7%, accounting for over 40% of total revenue [1][28]. Summary by Sections 1. Company Overview - XCMG Machinery, established in 1993, has become a leading player in the engineering machinery industry, ranking third globally with a sales revenue of 13.407 billion USD in 2022 [7][8]. - The company has a diverse product portfolio, including cranes, earth-moving machinery, concrete machinery, and road machinery, with several products holding leading positions in the domestic and global markets [9][10]. 2. Domestic Demand - The report indicates that the engineering machinery sector is at a cyclical low but is expected to recover, driven by government policies and infrastructure investments [16][21]. - In 2023, domestic sales of key machinery types, such as excavators and cranes, showed signs of stabilization, with a decrease in sales volume narrowing compared to previous years [19][20]. 3. Export Performance - The company has maintained a strong trend in international sales, with excavator exports reaching 109,453 units in 2022, a 59.96% increase, although a slight decline was noted in 2023 due to high base effects [28]. - The report emphasizes the growing recognition of domestic brands in international markets, with XCMG and SANY among the top players [29][36]. 4. Financial Forecasts - The financial projections for the company indicate a steady growth trajectory, with expected net profits of 6.579 billion yuan, 7.634 billion yuan, and 8.916 billion yuan for 2024, 2025, and 2026, respectively, reflecting year-on-year growth rates of 23.5%, 16%, and 16.8% [2][12]. - The report notes an improvement in profit margins, with a gross margin of 22.38% and a net margin of 5.64% in 2023, both showing year-on-year increases [12][13].

Investment Rating - The investment rating for the company is "Buy - A" with a 6-month target price of 8.4 CNY [3][8]. Core Views - The company has shown resilience in revenue despite a slight decline in 2023, with a revenue of 928.48 billion CNY, down 1.03% year-on-year, while net profit increased by 23.51% to 53.26 billion CNY [1][8]. - The company is experiencing a gradual stabilization in revenue growth, with significant contributions from emerging industries and international expansion [1][8]. - The company has established a comprehensive international development model, enhancing its global competitiveness [1][8]. Financial Performance - In 2023, the company achieved revenues of 928.48 billion CNY and a net profit of 53.26 billion CNY, with a revenue growth rate of -1.03% and a net profit growth rate of +23.51% [1][8]. - For Q1 2024, the company reported revenues of 241.74 billion CNY, up 1.18% year-on-year, and a net profit of 16.00 billion CNY, up 5.06% year-on-year [1][8]. - The gross margin for 2023 was 22.38%, and for Q1 2024, it improved to 22.89% [2][8]. Product and Market Analysis - Traditional business segments contributed significantly to revenue, with revenues from hoisting machinery, earthmoving machinery, and concrete machinery at 211.87 billion CNY, 225.60 billion CNY, and 104.25 billion CNY respectively [1][8]. - The strategic emerging industries saw nearly 30% revenue growth in 2023, contributing over 20% to total revenue [1][8]. - Domestic sales decreased by 15.69% to 556.28 billion CNY, while overseas sales increased by 33.70% to 372.20 billion CNY [1][8]. Future Projections - Revenue projections for 2024-2026 are 986.2 billion CNY, 1,078.1 billion CNY, and 1,211.5 billion CNY, with growth rates of 6.2%, 9.3%, and 12.4% respectively [8][9]. - Net profit projections for the same period are 66.0 billion CNY, 79.8 billion CNY, and 102.1 billion CNY, with growth rates of 23.9%, 20.8%, and 28.0% respectively [8][9].

证券研究报告 公 2024年05月09日 司 报 告 徐工机械(000425) │ 行 业： 机械设备/工程机械 公 投资评级： 买入（维持） 司 当前价格： 7.38元 年 公司海外业务持续放量，毛利率持续提升 目标价格： 8.68元 报 点 事件： 评 基本数据 公司2023年实现营收928.48亿元，同比下降1.03%；实现归母净利润53.26 11,816.17/8,120.0 总股本/流通股本(百万股) 9 亿元，同比增长 23.51%。公司 2024Q1 实现营收 241.74 亿元，同比增长 流通A股市值(百万元) 59,926.26 1.18%；实现归母净利润16亿元，同比增长5.06%。 每股净资产(元) 4.89 ➢ 2023年公司高空作业平台保持较高速增长，海外业务创造历史高点 资产负债率(%) 64.01 分产品看，公司起重机械/土方机械/混凝土机械/桩工机械/高空作业机械 /矿业机械/道路机械/其他工程机械、备件及其他分别实现收入 一年内最高/最低(元) 7.73/4.91 211.87/225.6/104.25/34.59/88.83/58.61/38.18/166.54亿元，分别 ...

[Table_StockInfo] 买入 2024年 05月 05日 （首次） 证券研究报告•23年年报&24Q1季报点评 当前价： 7.03元 徐工机械（000425） 机械设备 目标价： 9.18元（6个月） 海外业务稳定增长，盈利能力提升 投资要点 西南证券研究发展中心 [T a事ble件_：S公um司m发a布ry]2 023年年报和2024Q1业绩，23年实现营收928.5亿，同比-1.0%； 归母净利润53.3亿，同比+23.5%。24Q1公司实现营收241.7亿，同比+1.2%， [分Ta析bl师e_：Au邰th桂or龙] 归母净利润16.0亿，同比+5.1%。海外业务稳定增长，盈利能力提升。 执业证号：S1250521050002  国内工程机械下滑周期影响，起重机械、土方机械板块承压下滑；高机、矿机 电话：021-58351893 等新业务实现高增长。细分产品来看，23 年，传统板块部分业务受国内工程机 邮箱：tgl@swsc.com.cn 械行业下行周期影响，起重机械板块实现营收211.9亿，同比-11.2%，毛利率提 升至 22.6%，业务占比为22.8%；土方机械板块营收225.6亿 ...

Investment Rating - The report assigns a "Buy" rating to the company with a target price of 9.18 CNY over the next six months, based on the current price of 7.03 CNY [1]. Core Insights - The company reported a revenue of 92.85 billion CNY in 2023, a slight decrease of 1.0% year-on-year, while the net profit attributable to shareholders increased by 23.5% to 5.33 billion CNY. In Q1 2024, revenue was 24.17 billion CNY, up 1.2% year-on-year, and net profit was 1.60 billion CNY, up 5.1% [2][3]. - The company is experiencing stable growth in overseas markets, with overseas revenue reaching 37.22 billion CNY in 2023, a 33.7% increase year-on-year, accounting for 40.1% of total revenue. The gross margin for overseas operations improved by 1.9 percentage points to 24.2% [3][19]. - The domestic engineering machinery sector is expected to recover, benefiting the company as it is a leading player in the industry. The company has a comprehensive product range and holds leading market shares in various segments [3][4]. Summary by Sections Company Overview - The company has over 80 years of experience in the engineering machinery industry and has established itself as a leader. It has undergone significant restructuring and mixed ownership reforms, enhancing its competitiveness and operational efficiency [11][21]. Financial Performance - In 2023, the company achieved a revenue of 92.85 billion CNY, with a net profit of 5.33 billion CNY. The revenue is projected to grow to 101.52 billion CNY in 2024, with a compound annual growth rate (CAGR) of 24% for net profit from 2024 to 2026 [4][5][28]. - The company’s gross margin improved to 22.4% in 2023, up 2.2 percentage points year-on-year, driven by better cost control and an increase in high-margin overseas business [3][19]. Business Segments - The company’s traditional segments, such as lifting and earth-moving machinery, faced challenges due to the domestic market downturn, but new segments like high-altitude work machinery and mining machinery showed significant growth [2][3][12]. - The lifting machinery segment generated revenue of 21.19 billion CNY in 2023, down 11.2% year-on-year, while the earth-moving machinery segment reported 22.56 billion CNY, down 4.6% [12][26]. Future Outlook - The company is expected to benefit from a recovery in domestic demand, with projections indicating a rebound in the engineering machinery sector. The company’s diverse product offerings and strong market position are likely to support its growth [3][4][28]. - The report forecasts net profits of 6.42 billion CNY, 8.17 billion CNY, and 10.04 billion CNY for 2024, 2025, and 2026, respectively, with corresponding earnings per share (EPS) of 0.54 CNY, 0.69 CNY, and 0.85 CNY [4][28].