证券代码：000425 证券简称：徐工机械 公告编号：2025-05 - 1 - 徐工集团工程机械股份有限公司 第九届董事会第三十次会议（临时）决议公告 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。 一、董事会会议召开情况 徐工集团工程机械股份有限公司（以下简称"公司"）第九届 董事会第三十次会议（临时）通知于 2025 年 4 月 6 日（星期日） 以书面方式发出，会议于 2025 年 4 月 8 日（星期二）以非现场 的方式召开。公司董事会成员 9 人，出席会议的董事 9 人，实际 行使表决权的董事 9 人：杨东升先生、孙雷先生、陆川 先生、邵丹蕾女士、夏泳泳先生、田宇先生、耿成轩女士、况世道 先生、杨林先生。公司监事、高级管理人员列席了会议。本次会 议的召集、召开和表决程序符合有关法律、法规和公司《章程》 的规定，会议形成的决议合法有效。 二、董事会会议审议情况 本次会议以记名方式投票表决，审议通过以下事项： （一）关于回购公司股份的议案 表决情况为：9 票同意，0 票反对，0 票弃权 具体内容详见 2025 年 4 月 8 日刊登在《中国证券报》《上 ...

Asia Pacific Equity Research 01 April 2025 This material is neither intended to be distributed to Mainland China investors nor to provide securities investment consultancy services within the territory of Mainland China. This material or any portion hereof may not be reprinted, sold or redistributed without the written consent of J.P. Morgan. XCMG - A A transformative leader in the construction machinery space; initiate with OW We are initiating coverage on XCMG with an OW and a DCF-based price target of Rm ...

Core Viewpoint - The article discusses the latest developments and trends in the new energy commercial vehicle sector, highlighting market penetration rates, sales data, and significant policy initiatives aimed at promoting electric vehicles and infrastructure development. Industry Data - In February, the sales of new energy medium and heavy trucks significantly increased, reaching 19.4% of total new energy commercial vehicle sales, while the penetration rate for medium and heavy trucks rose to 17.52% and light buses to 56.58% [7]. - The 2025 plan for Guangdong Province includes the construction of 1,306 non-highway public charging stations and 66,045 public charging piles, along with 274 supercharging stations and 492 supercharging terminals [6][12]. Policy and Regulations - The National Development and Reform Commission announced the first batch of vehicle-grid interaction pilot projects to support the integration of new energy vehicles with the power grid [13][14]. - The Haikou Municipal Bureau of Commerce issued guidelines for a vehicle replacement subsidy program, allocating a total of 23 million yuan for the first quarter of 2025 [10]. Company Developments - Remote New Energy Commercial Vehicles successfully delivered 150 units of the Remote Star Intelligent H light truck to SF Express, marking a significant step in their green logistics partnership [15]. - Jiangling Motors delivered 111 units of the Jiangling Avenue EV to Eastern Airlines, aiming to reduce carbon emissions by approximately 1,200 tons annually [16]. - The launch of the 2025 Remote Super VAN aims to set a new benchmark in commercial vehicle value through technological innovation [18]. Sales and Market Trends - The article notes a significant increase in the sales of new energy vehicles, with a 126.5% rise in net profit and a 28% increase in sales for Yutong Bus in 2024 [22]. - The article highlights the strategic cooperation between XCMG Group and China Merchants Group to enhance collaboration in various sectors, including logistics and technology [19].

Investment Rating - The report maintains a "Buy" rating for the machinery industry, indicating a positive outlook for investment returns over the next 6-12 months [1]. Core Insights - The machinery industry is experiencing a recovery in demand, particularly in the engineering machinery sector, with significant growth in excavator sales and a positive outlook for infrastructure investment [12]. - The humanoid robot sector is poised for breakthroughs in 2025, with expected mass production driving data collection and training improvements [5]. - The agricultural machinery market shows a significant increase in the market sentiment index, indicating strong demand growth [8][9]. - The report highlights the importance of domestic and international market dynamics, including the impact of U.S. inflation trends on machinery exports [10]. Summary by Sections Humanoid Robots - The humanoid robot company, Guanggu Dongzhi, is set to officially launch its products in May 2025, with plans to produce 300 units this year and a future target of 1,000 units annually [3]. - TARS, a startup in embodied intelligence, completed a $120 million financing round, marking the largest angel round in China's embodied intelligence sector [4]. - The report emphasizes the potential for mass production of humanoid robots to address data scarcity issues and enhance practical applications [5]. Machine Tools & Cutters - Japan's machine tool orders in February 2025 reached 118.215 billion yen, showing a year-on-year increase of 3.5% [6]. - China's metal cutting machine tool production in January-February 2025 was 103,000 units, up 14.4% year-on-year [6]. - The report suggests focusing on companies in the machine tool sector that are likely to benefit from improved economic conditions and government policies [7]. Agricultural Machinery - The agricultural machinery market sentiment index rose to 59.1% in February 2025, reflecting a 17.6 percentage point increase from the previous month [8]. - The report notes a significant increase in tractor exports, with a 19.7% rise in quantity and a 38.6% increase in export value compared to the previous year [9]. Engineering Machinery - Excavator sales in February 2025 reached 19,270 units, a year-on-year increase of 52.8%, with domestic sales up 99.4% [12]. - The report anticipates a recovery in demand for engineering machinery as infrastructure projects ramp up [12]. Mining Machinery Exports - China's mining machinery exports in February 2025 amounted to $430 million, a year-on-year increase of 13.5% [10]. - The report highlights the growth in China's overseas investments in mining, driven by high copper prices and increased capital expenditures [10]. Semiconductor Equipment - The report discusses the urgent need for domestic production of photolithography machines due to U.S. export controls on semiconductor equipment [14]. - The semiconductor equipment sector is expected to see significant revenue growth, with a projected 29% increase in total revenue for A-share semiconductor equipment companies in 2024 [14]. New Energy Equipment - A new 1GW photovoltaic project in Xinjiang has commenced, with an investment of approximately 3 billion yuan [15]. - The report notes advancements in solar cell technology, with a new record for conversion efficiency achieved by a Chinese company [16]. Low-altitude Economy and EVTOL - The report highlights the development of low-altitude logistics and tourism projects in major Chinese cities, marking a significant step in the low-altitude economy [17]. - The issuance of operation certificates for passenger-carrying drones indicates a new milestone in urban air mobility [17].

证券代码：000425 证券简称：徐工机械 公告编号：2025-04 徐工集团工程机械股份有限公司 关于回购公司股份注销的进展公告 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 ...

Investment Rating - The report maintains a "Buy" rating for the company with a target price of 11.22 RMB based on a 17x PE for 2025 [3]. Core Views - The company is expected to benefit from state-owned enterprise reforms and improved profitability, with a projected net profit margin increase of 3.2 percentage points from 2022 to Q3 2024 [1]. - Domestic demand for excavators is anticipated to recover, with a forecast of 100,500 units sold in 2024, representing an 11.7% year-on-year increase [1]. - The mining machinery segment is poised for significant growth, with expected revenues of 8.501 billion, 11.552 billion, and 15.445 billion RMB for 2024, 2025, and 2026 respectively, reflecting growth rates of 45.1%, 35.9%, and 33.7% [2]. Summary by Sections Investment Logic - The company has optimized its revenue structure by merging with Xugong Limited, incorporating high-margin products such as earthmoving and mining machinery [1]. - The focus on improving gross margins and reducing risk exposure has been emphasized through market-oriented executive compensation and stock incentives linked to ROE and net profit [1]. - The company is expected to see a revenue growth rate of -2.7%, +11.5%, and +14.7% from 2024 to 2026 [1]. Mining Machinery - The global open-pit mining machinery market exceeds 37 billion USD, with a projected 3% year-on-year increase in demand for 2024 [2]. - The company has secured nearly 4 billion RMB in orders from top foreign clients, indicating a potential breakout period for its mining machinery segment [2]. - The company’s mining machinery revenue is expected to grow significantly, with projections of 8.501 billion, 11.552 billion, and 15.445 billion RMB for 2024, 2025, and 2026 respectively [2]. Profit Forecast, Valuation, and Rating - The company is projected to achieve revenues of 90.317 billion, 100.662 billion, and 115.458 billion RMB from 2024 to 2026, with corresponding net profits of 5.946 billion, 7.799 billion, and 10.263 billion RMB [3]. - The expected PE ratios for the same period are 19, 14, and 11 times respectively [3].

Investment Rating - The report maintains a "Buy" rating for the company with a target price of 11.22 RMB based on a 17x PE for 2025 [3]. Core Viewpoints - The company is expected to benefit from state-owned enterprise reforms and improved profitability, with a projected net profit margin increase of 3.2 percentage points from 2022 to Q3 2024 [1]. - Domestic demand for excavators is anticipated to recover, with sales expected to reach 100,500 units in 2024, representing an 11.7% year-on-year increase [1]. - The mining machinery segment is poised for significant growth, with expected revenues of 8.501 billion, 11.552 billion, and 15.445 billion RMB from 2024 to 2026, reflecting growth rates of 45.1%, 35.9%, and 33.7% respectively [2]. Summary by Sections Investment Logic - The company has optimized its revenue structure by merging with Xugong Limited, incorporating high-margin products such as earthmoving and mining machinery [1]. - The focus on improving gross margins and reducing risk exposure has been emphasized through market-oriented executive compensation and stock incentives linked to ROE and net profit [1]. - The company is expected to see a revenue growth rate of -2.7%, +11.5%, and +14.7% from 2024 to 2026 [1]. Mining Machinery - The global open-pit mining machinery market exceeds 37 billion USD, with a projected 3% year-on-year increase in demand for 2024 [2]. - The company has secured nearly 4 billion RMB in orders from top foreign clients, indicating a potential breakout period for its mining machinery segment [2]. - The company’s risk exposure has decreased significantly, which is expected to enhance its valuation as net profit margins improve [2]. Profit Forecast, Valuation, and Rating - The company is projected to achieve revenues of 90.317 billion, 100.662 billion, and 115.458 billion RMB from 2024 to 2026, with corresponding net profits of 5.946 billion, 7.799 billion, and 10.263 billion RMB [3]. - The expected PE ratios for the same period are 19, 14, and 11 times respectively [3].

Investment Rating - The report initiates coverage with a "Buy" rating for XCMG [4]. Core Views - XCMG is a leading player in the engineering machinery sector, benefiting from a recovery in traditional segments and breakthroughs in emerging sectors like mining machinery and aerial work platforms. The company is expected to enter a new growth phase, supported by industry recovery and a strong dividend policy [4][5]. - The company is projected to achieve net profits of 6.2 billion, 8.0 billion, and 10.0 billion CNY for the years 2024, 2025, and 2026, respectively, with corresponding P/E ratios of 18.2, 14.1, and 11.2 [4]. Summary by Sections 1. Company Overview - XCMG is recognized as a comprehensive leader in engineering machinery, with a diverse product range and a strong focus on technological innovation. The company has established numerous R&D platforms and has received multiple national awards for technological advancements [15]. - The company is positioned as a significant player in both domestic and international markets, ranking among the top in various machinery categories [21][39]. 2. Industry Dynamics - The engineering machinery sector is expected to experience a rebound driven by domestic demand and policy support, with excavator sales projected to recover to a mid-level of 150,000 to 200,000 units annually [5]. - The global excavator market saw sales of 540,000 units in 2023, with China accounting for 90,000 units, indicating substantial growth potential in overseas markets [5]. 3. Mining Machinery Market - The global mining machinery market is valued at approximately 118.3 billion USD, with XCMG being a top player in this segment. The company is well-positioned to capitalize on the upcoming replacement cycle in mining equipment [6][37]. 4. Corporate Reform and Strategy - XCMG's mixed-ownership reform is expected to enhance operational flexibility and profitability, with commitments to return at least 40% of distributable profits as dividends over the next three years [7]. - The company has a robust international presence, with overseas revenue accounting for 40% of total income in 2023, reflecting a significant increase from previous years [56]. 5. Financial Performance and Projections - XCMG's revenue for 2023 was approximately 129.6 billion USD, with a global market share of 5.3%, ranking it third globally [21][24]. - The company anticipates revenue growth in the coming years, with projected revenues of 91.998 billion, 104.148 billion, and 118.582 billion CNY for 2024, 2025, and 2026, respectively [8].

Investment Rating - The report assigns a "Buy" rating for XCMG Machinery (000425.SZ) for the first time [4]. Core Views - XCMG Machinery is a leading player in the engineering machinery sector, benefiting from the recovery of traditional segments and breakthroughs in emerging sectors like mining machinery and aerial work platforms. The company is expected to enter a new growth phase, supported by industry recovery and a strong dividend policy [4][5]. Summary by Sections Company Overview - XCMG Machinery is recognized as a comprehensive leader in engineering machinery, with a diverse product range and a strong focus on technological innovation. The company has established numerous R&D platforms and has received multiple national awards for its technological advancements [15][21]. Financial Performance - The company reported a total revenue of 93.82 billion yuan in 2022, with a projected revenue of 104.15 billion yuan in 2025, reflecting a year-on-year growth of 13.2% [8]. The net profit attributable to shareholders is expected to grow from 6.18 billion yuan in 2024 to 10.04 billion yuan in 2026 [8]. Market Dynamics - The engineering machinery industry is poised for a recovery, with domestic excavator sales expected to rebound to a central level of 150,000 to 200,000 units annually, driven by replacement demand and policy support [5]. The global excavator market saw sales of 540,000 units in 2023, with China accounting for 90,000 units [5]. Emerging Opportunities - The mining machinery segment is identified as a key growth area, with the global market size reaching 118.3 billion USD in 2023. XCMG is positioned as a top player in this market, with significant potential for growth as the industry undergoes a replacement cycle [6][37]. Corporate Governance and Strategy - XCMG's mixed-ownership reform is expected to enhance operational flexibility and profitability. The company has committed to returning at least 40% of its distributable profits as dividends over the next three years, reinforcing its commitment to shareholder value [7][40]. International Expansion - The company has made significant strides in international markets, with overseas revenue reaching 37.2 billion yuan in 2023, accounting for 40% of total revenue. This segment has shown a year-on-year growth of 34% [56][58].

Investment Rating - The report assigns an "Outperform" rating to the company, with a reasonable valuation range of 9.38 to 11.39 CNY per share, corresponding to a PE ratio of 14 to 17 times for 2025 [4][6]. Core Insights - The company is a leading player in the domestic engineering machinery sector, with a comprehensive product portfolio including cranes, excavators, loaders, rollers, and concrete machinery. It ranks fourth globally and first in China with a sales revenue of 12.964 billion USD in 2023 [1][17]. - The domestic market is stabilizing, with expectations for a recovery in demand driven by equipment replacement cycles and supportive government policies. The overseas market presents significant growth opportunities, with a compound annual growth rate (CAGR) of 43.84% in excavator exports from 2015 to 2023 [2][4]. - The company's competitive edge is enhanced through state-owned enterprise reforms and an expanding international presence, with overseas revenue increasing from 8.26% in 2020 to 40.09% in 2023 [3][4]. Summary by Sections Company Overview - The company is recognized as a leader in the engineering machinery industry, with a strong backing from its controlling shareholder, Xugong Group. It has achieved significant milestones, including the acquisition of key assets and the establishment of a global marketing network [1][33]. Financial Performance - In 2023, the company reported revenues of 92.848 billion CNY, a slight decrease of 1.03% year-on-year, while net profit attributable to shareholders increased by 23.51% to 5.326 billion CNY [5][43]. - The forecast for net profit from 2024 to 2026 is projected to be 6.309 billion CNY, 7.961 billion CNY, and 10.211 billion CNY, respectively, indicating a steady growth trajectory [4][5]. Market Dynamics - The global engineering machinery market was valued at 243.4 billion USD in 2023, with China’s market share increasing from 13.4% in 2013 to 17.2% in 2023 [2][66][67]. - The domestic market is expected to stabilize due to infrastructure investments and a recovery in real estate, which are crucial for the demand for engineering machinery [70]. Competitive Landscape - The competitive landscape remains stable, with leading companies maintaining their market positions. The company ranks fourth globally, with significant market shares in various machinery segments [67][68]. Future Outlook - The company is well-positioned for future growth, driven by ongoing reforms, international expansion, and a focus on high-margin products. The expected recovery in domestic demand and continued growth in overseas markets are key factors for its performance [3][4][43].