Investment Rating - The investment rating for the company is "Buy-A" with a 12-month target price of 10.88 CNY, while the current stock price is 9.07 CNY [5]. Core Views - The company has demonstrated solid global competitiveness and significant results in high-quality development, with a slight decline in total revenue but an increase in net profit for 2024 [1]. - The company is benefiting from a recovery in domestic demand and expansion in overseas markets, leading to improved revenue performance [1][2]. - The company is focusing on cost control and value chain optimization, resulting in enhanced profitability [3]. Summary by Sections Financial Performance - In 2024, the company achieved total revenue of 91.66 billion CNY, a year-on-year decrease of 1.28%, while net profit reached 5.976 billion CNY, an increase of 12.2% [1]. - For Q1 2025, total revenue was 26.815 billion CNY, up 10.92% year-on-year, and net profit was 2.022 billion CNY, up 26.37% year-on-year [1]. Market Position - The company ranks sixth globally in excavators and maintains the first position in cranes and concrete machinery, indicating strong competitiveness in its traditional core business [2]. - In strategic new businesses, the company ranks third in aerial work machinery and fourth in mining machinery, showcasing effective expansion efforts [2]. International Business - Domestic revenue was 49.972 billion CNY, down 10.17%, while overseas revenue was 41.687 billion CNY, up 12%, with overseas revenue accounting for a historical high of 45.48% [2]. - The company is advancing towards high-quality development in its international business through a comprehensive global operation system [2]. Profitability and Cost Control - The company's gross margin and net margin for 2024 were 22.55% and 6.53%, respectively, showing improvements year-on-year [3]. - In Q1 2025, gross margin was 22.07% and net margin was 7.57%, indicating ongoing optimization [3]. - The company achieved a net cost reduction rate of 6.6% in procurement and 6.3% in logistics, reflecting effective cost management [3]. Future Outlook - The company expects total revenue growth of over 10% in 2025, with projected revenues of 102.61 billion CNY, 115.44 billion CNY, and 132.28 billion CNY for 2025, 2026, and 2027, respectively [11]. - Net profit is expected to grow significantly, with projections of 8.07 billion CNY, 10.63 billion CNY, and 13.34 billion CNY for the same years [11].

Investment Rating - The investment rating for the company is "Buy" and is maintained [9]. Core Views - The domestic business is expected to recover from excavators to non-excavator equipment, with significant improvement in profitability [2][6]. - The company's international operations have shown significant results, with overseas revenue growing by 12% year-on-year in 2024, accounting for 45.5% of total revenue [2][12]. - The company's profitability continues to improve, with gross margin and net margin both showing year-on-year increases for 2024 and Q1 2025 [2][12]. Summary by Sections Domestic Business Performance - In 2024, the company achieved revenue of 91.66 billion yuan, a year-on-year decrease of 1.28%, while net profit attributable to shareholders was 5.976 billion yuan, an increase of 12.20% [6]. - For Q1 2025, the company reported revenue of 26.815 billion yuan, a year-on-year increase of 10.92%, and net profit attributable to shareholders of 2.022 billion yuan, up 26.37% [6]. International Business Growth - The company's international revenue is expected to continue growing, with a significant increase in overseas market share and a well-established international operational framework [2][12]. - The company has over 40 overseas subsidiaries and more than 300 overseas distributors, enhancing its competitive strength in international markets [12]. Profitability and Cash Flow - The gross margin for 2024 was 22.55%, reflecting a year-on-year increase of 1.75 percentage points, driven by higher overseas sales and product mix optimization [12]. - The net margin for 2024 was 6.53%, up 0.89 percentage points year-on-year, indicating improved profitability [12]. - The net cash flow from operating activities increased by 60% year-on-year for 2024 and by 257% for Q1 2025, demonstrating significant improvement in operational quality [2][12]. Future Outlook - The domestic engineering machinery industry is expected to shift from excavators to non-excavator equipment, with a clear upward trend anticipated [12]. - The company is projected to achieve net profits of 8.106 billion yuan and 10.346 billion yuan in 2025 and 2026, respectively, with corresponding price-to-earnings ratios of 13 times and 10 times [12].

| 601688 | 华泰证 | 5 | 2.08 | 6.01 | 1.76 | | --- | --- | --- | --- | --- | --- | | | 券 | | | | | | 603005 | 晶方科 | 5 | 1.94 | 5.46 | 9.07 | | | 技 | | | | | | 000933 | 神火股 | 7 | 1.91 | 6.53 | 4.81 | | | 份 | | | | | | 300657 | 弘信电 | 5 | 1.79 | 4.55 | 11.37 | | | 子 | | | | | | 688158 | 优刻得 | 5 | 1.78 | 5.36 | 13.31 | | 000630 | 铜陵有 | 5 | 1.71 | 8.40 | 1.58 | | | 色 | | | | | | 300382 | 斯莱克 | 5 | 1.62 | 8.36 | 24.17 | | 688208 | 道通科 | 5 | 1.50 | 5.56 | 14.00 | | | 技 | | | | | | 002558 | 巨人网 | 5 | 1.37 | 5.25 | 11. ...

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"徐工机械"或 "公司"）于 2025 年 4 月 8 日召开第九届董事会第三十次会议（临 时），审议通过了《关于回购公司股份的议案》，同意公司以自有 资金或其他合法资金通过二级市场回购公司股份，本次回购的股 份将用于实施股权激励或员工持股计划。本次回购资金总额不超 过人民币 360,000 万元（含），不低于人民币 180,000 万元（含）， 回购价格不超过人民币 13 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董事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《第九届董事会第三十次会议（临时） 决议公告》（公告编号：2025-05）、《关于回购公司股份的公告》 （公告编号：2025-06）、《关于回购公司股份的报告书》（公告编 号：2025-07）。 证券代码：000425 证券 ...

证券代码：000425 证券简称：徐工机械 公告编号：2025-33 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 - 1 - | 8 | 徐工集团工程机械股份有限公司回购专用 | 250,010,674 | 2.12% | | --- | --- | --- | --- | | | 证券账户 | | | | 9 | 国家制造业转型升级基金股份有限公司 | 209,114,505 | 1.77% | | 10 | 徐州徐工金帆引领企业管理咨询合伙企业 | 189,477,510 | 1.60% | | | （有限合伙） | | | 二、公司董事会公告回购股份决议前一交易日（2025 年 4 月 28 日）前十名无限售条件股东持股情况 | 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 | 7.17% | | 2 | 香港中央结算有限公司 | 476,470,781 | 5.87% | | 3 | ...

Investment Rating - The report maintains a "Positive" investment rating for the engineering machinery industry [3] Core Viewpoints - The engineering machinery sector is experiencing a recovery, with revenue growth driven by diversification and internationalization, as well as a shift from excavators to non-excavator products in the domestic market [9][10] - In Q1 2025, the sector's revenue reached 78.4 billion yuan, a year-on-year increase of 11.1%, while net profit attributable to shareholders grew by 36.5% [9][10] - The overall profitability of the sector is improving, with gross margins benefiting from product structure optimization and cost reduction efforts [13][19] Revenue Performance - In 2024, the engineering machinery sector achieved a total revenue of 284.4 billion yuan, a year-on-year increase of 3.1% [9] - The revenue for Q1 2025 was 78.4 billion yuan, reflecting a significant acceleration compared to 2024 [9][10] - Major companies such as Sany Heavy Industry and XCMG Machinery showed varied revenue growth rates, influenced by product mix and international market presence [10] Profitability Analysis - The sector's net profit for 2024 was 21.4 billion yuan, up 17.8% year-on-year, with Q1 2025 net profit reaching 7.7 billion yuan, a 36.5% increase [9][19] - The gross margin for the main machinery manufacturers was 24.7% in 2024, up 1.24 percentage points from the previous year [13][14] - The net profit margin for the main machinery segment in Q1 2025 was 9.3%, reflecting a 1.97 percentage point increase year-on-year [19] Cost Management - The report highlights that the main machinery manufacturers have improved cost control, leading to a decrease in R&D and management expense ratios [20][21] - The overall R&D expense ratio for the main machinery manufacturers was 5.2% in 2024, down 0.60 percentage points year-on-year [20][21] Sales and Marketing - The sales expense ratio for the main machinery manufacturers increased to 6.8% in 2024, attributed to expanded overseas operations and marketing networks [24]

归母净利润两位数增长 徐工机械年报数据显示，公司归母净利润59.76亿元、同比增长12.2%，扣非归母净利润57.62亿元、同 比增长28.14%，经营性现金流57.20亿元、同比增长60.18%，收入和归母净利润继续保持国内行业领先 地位。 毛利率方面，继2023年公司整体毛利率提升后，2024年公司的毛利率整体提升1.75个百分点至22.55%， 这是公司归母净利润增长的基石。毛利率连续提升的同时，公司销售净利率也连续提高，2024年同比提 高0.89个百分点至6.53%。 日前，徐工机械（000425.SZ）披露了2024年年报。其中，公司归母净利润同比增长12.2%至59.76亿 元，毛利率、净利率连续提升，经营性现金大幅增长，境外收入占比持续跃升，研发投入强度超过 6%。 有观点认为，2024财年是徐工机械加快推进智改数转网联董事长"一号工程"施工图落地、支撑业绩增 长、能力提升的突破之年，也是平稳跨越新一轮周期、积聚高质量发展动能、势能之年。 2024年11月，徐工机械披露了《全球投资者未来三年（2025—2027）回报计划》，不断提高股东获得 感，引导投资者践行长期主义，实现长期的价值投资回报。 ...

Investment Rating - The report maintains a "Buy" rating for the company with a target price not specified [6][18]. Core Views - The company has shown excellent performance in its annual and quarterly reports, with 2024 revenue at 91.66 billion yuan, a slight decrease of 1.28% year-on-year, while overseas revenue increased by 12% to 41.69 billion yuan, accounting for 45.48% of total revenue [1][3]. - Net profit for 2024 reached 5.976 billion yuan, up 12.2% year-on-year, with a significant increase in non-recurring net profit by 28.14% [1][2]. - The company is focusing on a balanced industrial structure and strategic acquisitions to enhance its competitive advantage in the mining machinery sector [3][4]. Financial Performance - In Q1 2025, the company achieved a revenue of 26.815 billion yuan, reflecting a year-on-year growth of 10.92% [1]. - The gross profit margin for 2024 was 22.5%, an increase of 1.7 percentage points, while the net profit margin was 6.5%, up 0.8 percentage points [1][2]. - Operating cash flow improved significantly, with a net amount of 5.72 billion yuan in 2024, a 60.18% increase year-on-year [2]. Strategic Initiatives - The company is implementing three major initiatives to enhance quality, focusing on reducing accounts receivable, optimizing inventory, and improving gross margins [4]. - A strategic acquisition of 51% of Xuzhou Xugong Heavy Vehicle Co., Ltd. aims to strengthen its position in the mining machinery market [3]. Investor Returns - The company has announced a cash dividend of 2.08 billion yuan for 2024 and plans to repurchase shares worth 1.8 to 3.6 billion yuan, demonstrating confidence in future growth [5]. - Profit forecasts for 2025-2027 are adjusted to 7.91 billion, 10.08 billion, and 13.36 billion yuan respectively, with corresponding P/E ratios of 13.2, 10.3, and 7.8 [5][10].

2025 年 5 月 3 日 公司研究 利润稳健增长，经营质量持续提升 ——徐工机械（000425.SZ）2024 年年报、2025 年一季报点评 要点 净利润稳健增长，净利率持续提升 徐工机械 24 年实现营业收入 916.6 亿元，同比下降 1.3%；归母净利润 59.8 亿元，同比增长 12.2%；经营性现金净流入 57.2 亿元，同比增长 60.2%。毛利 率为 22.5%，同比上升 0.2 个百分点；净利率为 6.5%，同比上升 0.9 个百分点。 公司 25Q1 实现营业收入 268.1 亿元，同比增长 10.9%；归母净利润 20.2 亿元，同比增长 26.4%；经营性现金净流入 8.3 亿元，同比增长 257.2%。毛利 率为 22.1%，同比下降 0.8 个百分点；净利率为 7.6%，同比上升 0.9 个百分点。 传统产业提质增效，新兴产业发展壮大 24 年公司起重机械收入 189.0 亿元，同比下降 10.8%；土方机械收入 240.1 亿元，同比增长 6.4%；混凝土机械收入 94.1 亿元，同比下降 9.8%；高空作业 机械收入 86.8 亿元，同比下降 2.3%；矿业机械收入 63. ...

（原标题：调仓风向标|交银施罗德基金郭斐：大幅加仓传统价值股，"坚信周期终将回归的力量"） 中国基金报 魏仲哲 编者按：四月中旬起，公募基金2025年度一季报陆续披露，明星基金经理们的调仓动作和仓位变化也成为基民们关注的焦点。而在每一份定期报 告背后，也隐藏着这些优秀管理人的"投资秘籍"。基金君将继续为大家更新人物库专题【调仓风向标】，解码明星基金产品持仓变化及其管理人 的投资理念。 进入4月下旬，交银施罗德基金经理郭斐发布了其旗下管理的四只基金的2025年度一季报。 一季度内，郭斐在持仓组合中大幅加仓价值风格的标的，对重仓股中的银行、消费相关标的均作出了明显增持动作，并有两只银行股和两只工业 股新进入重仓组合；减持方面，郭斐并没有对组合中原有的持仓做太多调整。 本期【调仓风向标】，基金君将为大家详解交银施罗德基金郭斐的2025年一季报及调仓变化。 截至2025年一季度末，郭斐在管基金产品仍然为4只，管理规模为70.23亿元，较上一季度减少8.24亿元。 而在资产配置方面，郭斐也是明显加重了权益资产的比重。仍以交银成长30为例，2025年一季度，交银成长30的股票资产占比达到80.59%，较上 一季度提升超1 ...