Investment Rating - The investment rating for the company is "Buy" (maintained) [3] Core Views - The company reported a revenue of 916.60 billion yuan in 2024, a year-on-year decrease of 1.28%, while the net profit attributable to shareholders was 59.76 billion yuan, an increase of 12.20% [6] - In Q1 2025, the company achieved a revenue of 268.15 billion yuan, a year-on-year increase of 10.92%, and a net profit of 20.22 billion yuan, up 26.37% [6] - The company is focusing on a "5+1" industrial layout, enhancing its core engineering machinery sector while diversifying into new industries [7] - The international market revenue reached 416.87 billion yuan in 2024, accounting for 45.48% of total revenue, with a year-on-year growth of 12% [9] - The company has revised its profit forecasts for 2025-2027, expecting revenues of 1019.62 billion yuan, 1148.34 billion yuan, and 1299.70 billion yuan respectively [10] Financial Summary - For 2024, the company reported a gross margin of 22.5% and a return on equity (ROE) of 10.3%, which improved by 0.44 percentage points from 2023 [6][13] - The projected earnings per share (EPS) for 2025-2027 are 0.67 yuan, 0.83 yuan, and 1.02 yuan respectively [10][13] - The company's price-to-earnings (P/E) ratio is projected to be 12, 10, and 8 times for 2025-2027 [10][13]

Core Viewpoint - The new energy heavy truck market experienced a significant year-on-year increase of 245% in April 2025, with total sales reaching a record 15,800 units, driven primarily by charging sales exceeding 10,000 units, marking the highest monthly sales ever recorded [1][4]. Market Performance - In April 2025, the domestic new energy heavy truck market sold a total of 15,800 units, reflecting a month-on-month increase of 5% and a year-on-year increase of 245% [4]. - Pure electric heavy trucks accounted for 98.57% of total sales, with sales of 15,600 units, showing an increase from 94.91% in the previous month [4]. - The battery swap heavy truck segment sold 4,830 units in April, achieving a month-on-month growth of 9% and a year-on-year growth of 184%, although it continued to lag behind the overall new energy heavy truck market [4][29]. Segment Analysis - The market share of battery swap heavy trucks in pure electric heavy truck sales was 30.95% in April, slightly down from 31.14% in March and significantly lower than the 37.24% share from the previous year [6]. - From January to April 2025, battery swap heavy trucks accumulated sales of 14,600 units, representing a year-on-year increase of 138% [16][19]. - The main models sold were tractor trucks and dump trucks, accounting for 84.30% and 13.70% of sales, respectively [21]. Company Performance - In April, Foton topped the sales chart with 976 units sold, marking its first month as the leader in battery swap heavy truck sales [12][13]. - Other top performers included XCMG, Heavy Truck, and Shaanxi Automobile, with sales of 686, 648, and 616 units, respectively [12]. - Eight out of the top ten companies in the battery swap heavy truck market achieved year-on-year sales growth of over 100% [15]. Competitive Landscape - The competition in the battery swap tractor truck segment is intense, with Foton and Heavy Truck leading the market with sales of 1,794 and 1,732 units, respectively [23]. - The battery swap dump truck segment did not keep pace with the overall growth, with sales of 2,002 units from January to April, reflecting a year-on-year growth of only 49% [25]. - By April 2025, 14 companies had achieved sales in the battery swap dump truck market, with XCMG leading with a market share of 45.70% [27]. Future Outlook - The battery swap heavy truck market has shown consistent growth in the first four months of 2025, with year-on-year increases of 77%, 242%, 107%, and 184% [29]. - The market is expected to continue evolving, with ongoing monitoring of its performance and potential to outperform the overall new energy heavy truck market in the future [29].

Core Viewpoint - XCMG is accelerating its global market expansion, with international revenue accounting for over 44% of its total income, aiming to increase this to over 60% by 2030 [3][7]. Group 1: International Expansion - XCMG has been collaborating with partners for 20 years in Indonesia, now employing 1,000 people there [3]. - The company hosted over 2,000 overseas customers during its seventh International Customer Festival, with expected orders reaching several hundred million dollars [4][6]. - XCMG's international revenue for 2024 is projected to be 41.687 billion yuan, a 12% increase year-on-year [3]. Group 2: Product and Market Development - XCMG's products are exported to over 190 countries, with nearly 40 subsidiaries and 330 dealers globally [7]. - The company has established a "four-in-one" international development model, focusing on product exports, overseas manufacturing, cross-border mergers, and global collaborative research [7]. Group 3: Technological Advancements - XCMG maintains an annual R&D investment ratio of over 5%, driving its transformation towards high-end, intelligent, green, and service-oriented operations [9]. - The company has launched several industry-leading products, including the world's largest 4,000-ton wheeled crane and a new generation of intelligent rotary drilling rigs [9]. Group 4: Green Transformation - XCMG has established a New Energy Research Institute, focusing on electric, hybrid, and hydrogen technologies, and has introduced various electric products [10]. - At the recent Bauma exhibition in Germany, 40% of the showcased products were new energy solutions, tailored to meet European standards and customer needs [10].

Company Overview - As of May 23, 2025, XCMG Machinery (000425) closed at 8.31 yuan, down 1.89% from the previous week [1] - The company's current market capitalization is 97.723 billion yuan, ranking 2nd in the engineering machinery sector and 138th in the A-share market [1] Industry Insights - The engineering machinery industry is highly mature with intense regional competition, leading to increased industry concentration and stronger market positions for leading companies [1] - In 2025, industry policies are expected to support global manufacturing recovery, with continued infrastructure demand along the "Belt and Road" initiative and stricter ESG requirements, creating new market opportunities [1] - Projected revenue growth for 2025 is expected to exceed 10% year-on-year [1] Product Performance - XCMG's products maintain a leading position globally, with cranes, mobile cranes, and directional drilling equipment ranked first, while pile machinery and concrete machinery are also in the top tier [1] - Road machinery, truck-mounted cranes, tower cranes, and aerial work platforms rank third globally, while mining equipment ranks fourth, excavators sixth globally and second domestically, and loaders rank first domestically and first globally in the electric loader segment [1] Financial Performance - In Q1 2025, the overseas gross margin exceeded 24%, while the domestic gross margin was 20.5% [2][5] - The sales trend for electric loaders is positive, with a projected year-on-year increase of 141% in 2024 [2][5] Corporate Actions - The company has established a foreign exchange risk management system to enhance monitoring and analysis of exchange rate fluctuations [2] - A total of 3,388.1052 million restricted stock units will be released from restrictions, representing 0.29% of the company's total share capital [3][5] - The company plans to increase its investment in Jiangsu Ruikong by 110 million yuan, raising its equity stake to 72.95% [3][5]

Group 1 - The seventh XCMG International Customer Festival was held, showcasing advanced machinery and attracting over 2,000 customers from more than 80 countries, with record order transactions [1] - XCMG's products, including all-terrain cranes and wind power cranes, demonstrate world-leading technology and safety features, receiving positive feedback from international customers [1] - The event serves as a platform for XCMG to accelerate its internationalization efforts, having been established in 2019 and now achieving the highest attendance to date [1] Group 2 - XCMG has established a global presence, selling products to over 190 countries and regions, and has set up research centers and subsidiaries in key markets such as Germany, the USA, and Australia [2] - The company has consistently achieved over 100 billion yuan in revenue for five consecutive years, with international revenue accounting for over 46% of total income, marking it as a leading player in the engineering machinery sector [2] - XCMG's resilience and confidence in navigating global economic changes have been highlighted, showcasing its commitment to becoming a world-class enterprise [2] Group 3 - The engineering machinery industry in Xuzhou has grown to over 150 billion yuan, capturing more than 20% of the national market share, with a high degree of self-control and international revenue [3] - Key enterprises in the Xuzhou engineering machinery sector reported an 18% year-on-year increase in import and export value in the first four months of this year [3] - Xuzhou aims to focus on six major directions for development, including high-end, intelligent, green, service-oriented, international, and autonomous strategies, targeting a growth of over 5% in industry scale for the year [3]

证券代码：000425 证券简称：徐工机械 公告编号：2025-40 徐工集团工程机械股份有限公司 关于公司 2023 年限制性股票激励计划首次授予部分 第一个解除限售期解除限售股票上市流通的公告 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。 特别提示： 1、徐工集团工程机械股份有限公司（以下简称"公司"）2023 年限制性股票激励计划（以下简称"本激励计划"）首次授予部 分第一个解除限售期解除限售条件已经成就，本次符合解除限售 条件的激励对象共计 1,616 人，可解除限售的限制性股票数量为 3,388.1052 万股，占公司当前总股本的 0.29%。 2、公司 2023 年限制性股票激励计划首次授予部分第一个限 售期解除限售股份上市流通日为 2025 年 5 月 26 日。 公司于 2025 年 5 月 20 日召开第九届董事会第三十三次会议 （临时）和第九届监事会第十七次会议（临时），审议通过了《关 于 2023 年限制性股票激励计划首次授予部分第一个解除限售期 解除限售条件成就的议案》。同意公司按照公司《2023 年限制性 股票激励计划（草案）》（以 ...

证券代码：000425 证券简称：徐工机械 公告编号：2025-39 徐工集团工程机械股份有限公司 关于回购股份事项前十名股东和前十名无限售条件股东 持股信息的公告 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"徐工机械" 或"公司"）于 2025 年 4 月 26 日召开了第九届董事会第三十 二次会议，审议通过了《关于回购公司股份并用于注销的议案》， 具体内容详见公司 2025 年 4 月 29 日披露于巨潮资讯网 （www.cninfo.com.cn）的相关公告。 根据《上市公司股份回购规则》《深圳证券交易所上市公 司自律监管指引第 9 号——回购股份》等相关规定，现将公司 在册的前十名股东和前十名无限售条件股东的名称、持股数量 和持股比例情况公告如下： 一、公司 2024 年年度股东大会股权登记日（即 2025 年 5 月 21 日）前十名股东持股情况 二、公司 2024 年年度股东大会股权登记日（即 2025 年 5 月 21 日）前十名无限售条件股东持股情况 占无限售 | | | 比例 徐工集团工程机械股份有 ...

证券代码：000425 证券简称：徐工机械 公告编号：2025-39 徐工集团工程机械股份有限公司 关于回购股份事项前十名股东和前十名无限售条件股东 持股信息的公告 | 序号 | 股东名称 | 持股数量（股） | 占无限售 条件股份 | | --- | --- | --- | --- | | | | | 总数比例 | | 1 | 江苏省国信集团有限公司 | 581,990,780 | 7.22% | | 2 | 香港中央结算有限公司 | 500,881,329 | 6.21% | | 3 | 湖州盈灿投资合伙企业（有限合伙） | 367,957,139 | 4.56% | | 4 | 建信金融资产投资有限公司 | 302,206,049 | 3.75% | | 5 | 徐工集团工程机械股份有限公司回购专用 | 296,916,594 | 3.68% | | | 证券账户 | | | | 6 | 国家制造业转型升级基金股份有限公司 | 209,114,505 | 2.59% | | 7 | 中国证券金融股份有限公司 | 166,923,243 | 2.07% | | 8 | 中国工商银行股份有限公司－华泰柏瑞沪 ...

Investment Rating - The report maintains a "Buy" rating for the engineering machinery industry [1] Core Insights - The engineering machinery industry is experiencing steady revenue growth, with profit growth outpacing revenue growth in 2024 and Q1 2025 [3][4] - The industry is supported by favorable government policies and a recovering demand for infrastructure, ensuring medium-term demand stability [7] - The trend towards electrification in engineering machinery is accelerating, with significant growth in electric loader sales [9] Revenue and Profit Performance - In 2024, the overall revenue of listed companies in the engineering machinery industry reached CNY 355.12 billion, a year-on-year increase of 3.5% [3] - For Q1 2025, the revenue was CNY 96.13 billion, reflecting a year-on-year growth of 10.4% [3] - The net profit attributable to shareholders in 2024 was CNY 29.77 billion, up 16.9% year-on-year, while Q1 2025 saw a net profit of CNY 9.72 billion, a 30.2% increase [4] Profitability Metrics - The overall gross margin for the industry in 2024 was 25.5%, a slight increase of 0.3 percentage points year-on-year [5] - The net profit margin improved to 8.7% in 2024, up 1.1 percentage points from the previous year [5] Sales Trends - From January to April 2025, excavator sales (including exports) reached 83,514 units, a year-on-year increase of 21.4% [6] - The domestic sales of excavators during this period were 49,109 units, marking a 31.9% increase [6] Export Performance - In the same period, excavator exports totaled 34,405 units, reflecting a 9.0% year-on-year growth [8] - The report highlights opportunities for growth in Southeast Asia, Africa, and the Middle East markets [8] Electrification and Green Transition - Electric loader sales surged by 254.8% in Q1 2025, with an electrification rate of 19.3%, up 14.3 percentage points year-on-year [9] - The government is promoting a green transition, which is expected to accelerate the electrification process in the engineering machinery sector [9] Investment Recommendations - The report recommends key players such as SANY Heavy Industry, Zoomlion, XCMG, LiuGong, and Shantui, as well as component manufacturers like Hengli Hydraulic [10]

Investment Rating - The report maintains a "Buy" rating for the engineering machinery industry [1] Core Viewpoints - The engineering machinery industry is experiencing steady revenue growth, with profit growth outpacing revenue growth in 2024 and Q1 2025 [3][4] - The industry is benefiting from cost reduction, efficiency improvements, and product structure optimization, leading to a recovery in profitability [5] - The demand for engineering machinery is expected to continue its recovery due to strong government support and infrastructure investment [7] - The trend towards electrification in the engineering machinery sector is accelerating, with significant growth in electric loader sales [9] Summary by Sections Revenue and Profit Performance - In 2024, the overall revenue of listed companies in the engineering machinery industry reached 355.12 billion yuan, a year-on-year increase of 3.5% [3] - For Q1 2025, the revenue was 96.13 billion yuan, reflecting a year-on-year growth of 10.4% [3] - The net profit attributable to shareholders in 2024 was 29.77 billion yuan, up 16.9% year-on-year, with Q1 2025 showing a 30.2% increase to 9.72 billion yuan [4] Profitability Metrics - The overall gross margin for the industry in 2024 was 25.5%, a slight increase from the previous year, while the net margin improved to 8.7% [5] - In Q1 2025, the gross margin slightly decreased to 25.1%, but the net margin rose to 10.3% [5] Sales Trends - From January to April 2025, excavator sales reached 83,514 units, a year-on-year increase of 21.4%, with domestic sales growing by 31.9% [6] - The report highlights a significant increase in electric loader sales, with a year-on-year growth of 254.8% in Q1 2025 [9] Government Support and Market Outlook - The government plans to issue 1.3 trillion yuan in long-term special bonds to support infrastructure projects, which is expected to boost demand for engineering machinery [7] - The report anticipates continued growth in the international market for engineering machinery, particularly in Southeast Asia, Africa, and the Middle East [8] Investment Recommendations - The report recommends investing in leading companies such as Sany Heavy Industry, Zoomlion, XCMG, LiuGong, and Shantui, as well as component manufacturers like Hengli Hydraulic [10]