Investment Rating - The investment rating for the company is "Buy" and is maintained [11]. Core Views - The company, as a leading manufacturer in China's construction machinery industry, is expected to undergo a value reassessment in the new cycle, driven by internationalization, product expansion, and improved operational quality [3][6]. - The current upward trend in both domestic and overseas construction machinery markets supports the company's potential for value reassessment during the new upward cycle [9]. Summary by Sections Introduction - The report discusses the value reassessment of the company in the context of a new cycle, emphasizing the importance of demand-side analysis and the company's operational quality, product line expansion, and business layout [6][18]. Industry Trends - The domestic market is at the beginning of a new upward cycle, with significant growth in excavator sales, which increased by 38.3% year-on-year in Q1 2025 [7][21]. - The global market for construction machinery presents vast opportunities, with emerging markets showing sustained demand growth [48][49]. Company Analysis - The company is enhancing its international presence, with overseas revenue contributing 44% and gross profit contributing 47% in H1 2024 [8][9]. - Product line expansion includes strengthening its excavator business and increasing its presence in the mining machinery sector, which is expected to drive revenue and profit growth [8][9]. - Operational quality is improving, with anticipated increases in profitability and asset quality due to scale effects and a shift towards high-margin overseas revenue [9][9]. Investment Recommendations - The company is projected to achieve a net profit of 6.124 billion and 8.224 billion yuan in 2024 and 2025, respectively, with corresponding price-to-earnings ratios of 17 times and 12 times [9].

投资要点 2025 年一季度：周期成长，百花齐放；重视工程机械、人形机器人等 1、主线一：周期反转 【工程机械】反转逻辑加强，海外国内共振；【船舶】景气上行，盈利改善；【工业气体】气价历史低 位，拐点即将来临；【检测检验】需求逐步改善，有望拐点向上；【轨交装备】铁路固定资产投资稳步 推进，景气持续；【机床刀具】周期复苏、国产替代、出海、新领域。 2、主线二：成长崛起 【人形机器人】日新月异，内外并进；【半导体设备】先进扩产、国产提速；【低空经济】低空翱翔， 拉开序幕。 3、主线三：供应全球 【出口链】库存扰动解除，降息接力复苏；【油服装备】景气持续，聚焦海上、出海。 2024 年机械子行业业绩前瞻/回顾：工程机械行业盈利能力改善明显，五大主机厂实现利润正增；船舶 行业盈利能力逐步修复，景气上行。 2025 年第一季度机械子行业业绩前瞻：工程机械有望开门红，出口链业绩释放，船舶景气持续，工业 气体、光伏设备筑底。 工程机械：反转逻辑持续验证中，海外市占率提升，国内更新周期有望逐步开启1、3 月挖掘机国内销 量同比增长28.5%；重视工程机械一季度旺季行情2025 年3 月挖掘机总销量29590 台，同比增长18 ...

证券代码：000425 证券简称：徐工机械 公告编号：2025-09 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。 - 1 - | 8 | 国家制造业转型升级基金股份有限公司 | 209,114,505 | 1.77% | | --- | --- | --- | --- | | 9 | 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） | | | | 10 | 中国证券金融股份有限公司 | 166,923,243 | 1.41% | 二、公司董事会公告回购股份决议前一交易日（2025 年 4 月 7 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 | 5 ...

Investment Rating - The report does not explicitly provide an investment rating for the engineering machinery industry Core Viewpoints - The "reciprocal tariff" policy by the Trump administration is expected to benefit US domestic engineering machinery companies while intensifying global competition in the industry. Chinese engineering machinery companies have limited exposure to the US market, making the overall risk manageable. The industry faces both short-term pressures and long-term opportunities as it shifts towards high-end and globalized operations, supported by domestic demand stimulation and the "Belt and Road" initiative [1][5][8] Summary by Sections Impact of Tariffs - The "reciprocal tariff" policy includes a minimum baseline tariff of 10% on all goods exported to the US, effective April 5, 2025, with additional tariffs for countries with significant trade deficits or deemed to engage in "unfair trade" [3][4] Export Trends - Chinese engineering machinery exports have been growing, particularly to countries along the "Belt and Road" initiative, with exports to these regions reaching $21.055 billion in 2023, a year-on-year increase of 24.1%, accounting for 47.2% of total exports. The share of exports to the US has decreased, currently representing about 7%-8% of total exports, with major companies like SANY, Zoomlion, and XCMG having less than 5% exposure to the US market [5][8] Competitive Landscape - US brands such as Caterpillar and John Deere hold a combined market share of 52% in the US market, and the high tariffs are likely to strengthen their market position. European and Japanese companies are also facing similar tariff pressures, which may heighten competition in other global markets [7][8] Strategic Responses - Major Chinese engineering machinery companies are expanding their overseas production capabilities and entering emerging markets to mitigate risks. For instance, SANY has established a factory in North America, while Zoomlion and Hengli Hydraulic have set up operations in Mexico and Brazil to cater to local demand [7][8] Future Outlook - While short-term challenges exist due to increased tariffs leading to a decline in exports to the US, the long-term outlook is positive as the industry is pushed towards higher-end and globalized operations. The focus of competition is expected to shift towards technological innovation and localized service capabilities rather than merely the gains or losses in a single market [8]

三一重工：回购金额 不低于10亿元人民币，不超过20亿元人民币 3月19日，三一重工股份有限公司（以下简称"三一重工"）公告，公司董事长向文波提议公司以集中竞价交易 方式回购股份，回购金额不低于10亿元人民币，不超过20亿元人民币。 三一重工工作人员向《证券日报》记者表示："本次回购是出于对未来持续稳定发展的信心和对公司内在 价值的认可，公司将以自有资金或自筹资金回购股份，推进公司股价与内在价值相匹配。回购的股份用于 员工持股计划。" 徐工机械： 回购金额 不超过人民币36亿元(含)，不低于人民币18亿元(含) 徐工机械公告，公司本次回购资金总额不超过人民币36亿元(含)，不低于人民币18亿元(含)，回购价格区 间不超过人民币13元/股(含)，回购股份用于实施股权激励或员工持股计划。 山推股份：1.5亿元至3亿元回购部分公司股票 山推股份(000680)4月9日晚间公告，公司董事长李士振提议公司以1.5亿元至3亿元回购部分公司股票，并 在未来适宜时机用于股权激励或员工持股计划等。 工程机械板块密集回购，增强投资者信心，彰显公司长期业绩增长信心。 ·往期回顾· 【行业热点】 1 业绩改观，工程机械行业复苏或已在 ...

Core Viewpoint - The excavator market is experiencing a recovery in domestic demand and steady growth in exports, with significant year-on-year increases in sales figures for 2025 [2][3][4]. Group 1: Sales Performance - In the first quarter of 2025, major excavator manufacturers sold a total of 61,372 units, representing a year-on-year increase of 22.8%, with domestic sales increasing by 38.3% to 36,562 units [2][3]. - The China Machinery Industry Association reported that the excavator market index (CMI) reached 128.56 in March, reflecting a year-on-year growth of 18.28% and a month-on-month increase of 20.51% [4]. Group 2: Factors Driving Demand - The increase in excavator sales is attributed to several factors, including the replacement of aging equipment, improved funding conditions, and sustained demand from rural areas and infrastructure projects [3][4]. - The real estate sector has shown signs of recovery, with a significant increase in transaction volumes in monitored cities, contributing to the demand for excavators [3]. Group 3: Export Trends - In the first quarter, excavator exports reached 24,810 units, marking a year-on-year growth of 5.49%, with March alone seeing exports of 10,073 units, up 2.87% [5][6]. - The export market remains diversified, with limited exposure to the U.S. market, where the impact of new tariffs is expected to be minimal for major companies [5][6]. Group 4: Tariff Impact and Company Responses - Major companies like XCMG and Zoomlion reported that their revenue from the U.S. market constitutes a very small percentage of total revenue, indicating that the impact of U.S. tariffs will be limited [5][6]. - Companies are proactively expanding their overseas presence and production capabilities to mitigate risks associated with tariffs, with strategic investments in regions like North America and emerging markets [7].

上午开会讨论，下午就买入 当天决定回购，当天就买入，上市公司的回购决心可见一斑。 在当前A股的回购大潮中，记者注意到，有的上市公司回购动作极其迅速。徐工机械在4月8日上午开会决定回 购方案后，4月8日下午就加仓买入了7000万元的公司股票。也有的公司在次日加仓。美的集团4月8日确定回 购，4月9日就加仓1.2亿元。 回购资金方面，有的公司连夜修改方案，追加资金。恒铭达4月8日董事会确定的回购资金总额在3000万元到 6000万元之间，4月9日召开董事会追加了至多1亿元。 券商中国记者注意到，在4月8日早盘后的11点52分（Wind发布时间，下同），徐工机械发布了董事会临时决 议公告。 公告称，董事会4月8日审议通过了《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36亿元（含），不低于人民币18亿元（含），回购价格不超过人民币13元/股（含）。 当日收盘后的18点17分，徐工机械又发布了《关于首次回购公司股份的公告》。公告表示，公司于2025年4 月8日通过股份回购专用证券账户以集中竞价方式首 ...

发布大额回购计划，彰显国企担当 事件：徐工机械发布回购公司股份的公告，拟用自有资金或其 他合法资金回购 18-36 亿元，回购价格不超过人民币 13 元/股， 按 13 元/股价格计算，拟回购股份占总股本的 1.17%-2.34%。本 次回购的股份将用于实施股权激励或员工持股计划。 连续第三年实施回购计划，回购规模创历史新高：回顾公司历 史回购，公司分别于 2015 年、2023 年、2024 年发布回购计划并 完成，回购规模分别约为 2.59 亿元、8.52 亿元、3.73 亿元，分 别占彼时总股本的 1.08%、1%、0.48%。本次回购系公司连续第三 年回购，且规模较大，我们认为一方面反映了公司对当前行业格 局和产业边际改善的判断，系对业绩增长的信心，另一方面是积 极深化国改，持续完善长效激励机制。此举亦充分体现了国有大 企业对社会、对市场的担当。 深化国改，践行股东回报计划：公司通过引入市场机制、优化 股权结构和激励机制等改革手段，持续推动自身向高质量发展转 型，也在 2024 年底提出了《全球投资者未来三年（2025-2027） 回报计划》，不仅在主业方面加强研发投入、提升基本面，也在股 东回报方面 ...

Investment Rating - The investment rating for the company is "Buy" and is maintained [9] Core Views - The company announced a share repurchase plan with a total amount ranging from RMB 1.8 billion to 3.6 billion, aimed at implementing equity incentives or employee stock ownership plans, reflecting confidence in future development and recognition of company value [2][6] - The traditional segments of the company, including lifting machinery, excavators, and concrete machinery, are expected to benefit from the upward cycle of the industry, while the emerging segment of mining machinery has significant growth potential [2][12] - The company is continuously advancing its internationalization strategy, having established a four-pronged international development model that includes export trade, overseas greenfield factories, cross-border mergers and acquisitions, and global R&D, which is expected to steadily increase its market share overseas [2][12] Summary by Sections Share Repurchase - The company plans to repurchase shares at a price not exceeding RMB 13 per share, with a total repurchase amount between RMB 1.8 billion and 3.6 billion, which is expected to enhance the motivation and cohesion of core employees [6][12] Domestic Market Performance - In March, the domestic excavator industry saw a year-on-year increase in sales of 28.5%, indicating robust growth despite a high base last year. The sales of concrete mixing transport vehicles also increased by 25.82% year-on-year, benefiting from the rise in new energy penetration [12] Market Position - The company holds leading positions in multiple categories within the engineering machinery sector, including being the top in 16 categories domestically and maintaining a strong global presence in several others. This positions the company to fully benefit from the industry's upward cycle [12][12] International Expansion - The company is actively pursuing international expansion, with a focus on enhancing its overseas presence and market share, which is expected to contribute positively to its performance in the coming years [12][12] Financial Projections - The company is projected to achieve a net profit attributable to shareholders of RMB 6.187 billion in 2024 and RMB 8.313 billion in 2025, with corresponding price-to-earnings ratios of 15 times and 12 times, respectively [12]

智通财经4月9日早间新闻精选 1、国务院总理李强8日同欧盟委员会主席冯德莱恩通电话。李强指出，中国今年的宏观政策充分考虑了 各种不确定因素，也有充足的储备政策工具，完全能够对冲外部不利影响，对保持自身经济持续健康发 展充满信心。中国将继续坚定不移扩大开放，同包括欧盟在内的世界各国加强合作，分享发展机遇。 3、国务院国资委8日表示，将全力支持推动中央企业及其控股上市公司主动作为，不断加大增持回购力 度。 4、全国社会保障基金理事会8日表示，近日已主动增持国内股票，近期将继续增持。 5、中国诚通公告，继4月7日增持股票资产后，4月8日，中国诚通旗下诚通金控和诚旸投资继续大额增 持ETF和中央企业上市公司股票。中国诚通拟使用股票回购增持再贷款资金1000亿元，用于增持上市公 司股票。 6、瑞银估计，在2025年期间，除了"国家队"之外，其他长期投资者可能在内地监管机构的指导下，以 可持续且稳定的方式进入A股市场。该行预计内地保险公司、互惠基金及社会保障基金进入中国股市的 净流入可能分别达到1万亿、5900亿及1200亿元人民币。 7、国家发展改革委主任郑栅洁昨日主持召开座谈会，邀请江苏天合光能、浙江中基宁波、广东领 ...