证券代码：000425 证券简称：徐工机械 公告编号：2024-55 徐工集团工程机械股份有限公司 全球投资者未来三年（2025-2027）回报计划 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。 为进一步提升公司投资价值、保护投资者合法权益、增强股 东获得感，积极响应并践行"以投资者为本"的上市公司发展理念， 引导投资者践行"长期主义"，互相陪伴穿越市场周期，根据《国 务院关于加强监管防范风险推动资本市场高质量发展的若干意 见》（国发〔2024〕10 号）、《上市公司监管指引第 3 号—上市公 司现金分红（2023 年修订）》、《上市公司监管指引第 10 号—市 值管理》及公司《章程》等文件精神，在综合考虑公司所处行业 特点、发展阶段、自身经营模式、盈利水平等因素基础上，公司 制定了《全球投资者未来三年（2025-2027）回报计划》（以下简 称"《回报计划》"），以高质量的发展业绩回报广大投资者、共 享企业高质量发展成果。《回报计划》具体内容如下： 一、《回报计划》制定原则 公司现金分红等股东回报措施须符合相关法律法规和公司 《章程》等有关规定，公司实施积 ...

徐工集团工程机械股份有限公司 第九届董事会第二十七次会议（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。 证券代码：000425 证券简称：徐工机械 公告编号：2024-54 本次会议以记名方式投票表决，审议通过以下事项： 1.经与会董事签字并加盖董事会印章的董事会决议； 2.深交所要求的其他文件。 特此公告。 徐工集团工程机械股份有限公司董事会 （一）全球投资者未来三年（2025-2027）回报计划 表决情况为：9 票同意，0 票反对，0 票弃权 本议案尚需提交公司股东大会审议，内容详见 2024 年 11 月 27 日刊登在《中国证券报》《上海证券报》和巨潮资讯网 （www.cninfo.com.cn）编号 2024-55 的公告。 - 1 - 三、备查文件 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 董事会第二十七次会议（临时）通知于 2024 年 11 月 21 日（星 期四）以书面方式发出，会议于 2024 年 11 月 26 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 ...

| 上市公司： | 徐工集团工程机械股份有限公司 | | --- | --- | | 股票上市地点： | 深圳证券交易所 | | 股票简称： | 徐工机械 | | 股票代码： | 000425 | 江苏省国信集团有限公司 江苏省南京市长江路88号 江苏省南京市长江路88号 减少 徐工集团工程机械股份有限公司 简式权益变动报告书 一、信息披露义务人依据《中华人民共和国公司法》（以下简称《公司法》）、 《中华人民共和国证券法》（以下简称《证券法》）、《上市公司收购管理办法》 （以下简称《收购办法》）、《公开发行证券的公司信息披露内容与格式准则第 15号——权益变动报告书》（以下简称《准则第15号》）及相关的法律、法规和 规范性文件编写本报告书。 二、信息披露义务人签署本报告书已获得必要的授权和批准，其履行亦不违 反信息披露义务人持有权益公司章程或内部规则中的任何条款，或与之相冲突。 三、依据《公司法》《证券法》《收购办法》《准则第15号》等规定，本报告书 已全面披露信息披露义务人在徐工集团工程机械股份有限公司（以下简称上市公 司或徐工机械）中拥有权益的股份变动情况。截至本报告书签署之日，除本报告书 披露的信息外， ...

证券代码：000425 证券简称：徐工机械 公告编号：2024-53 徐工集团工程机械股份有限公司 关于持股 5%以上股东权益变动至 5%以下的提示性公告 股东江苏省国信集团有限公司保证向本公司提供的信息内容真实、准确、完整，没 有虚假记载、误导性陈述或重大遗漏。 本公司及董事会全体成员保证信息披露的内容与江苏省国信集团有限公司提供的 信息一致。 特别提示： 1.本次权益变动不触及要约收购，未涉及徐工集团工程机械 股份有限公司（以下简称"徐工机械"或"公司"）控股股东及实际 控制人，不会导致公司控股股东及实际控制人发生变化，不会对 公司治理结构及持续性经营产生影响。 2.本次权益变动后，江苏省国信集团有限公司（以下简称"江 苏国信 "） 持有公司股份 590,808,280 股，占公司总股本的 4.9999998%，不再属于公司持股 5%以上股东。 3.江苏国信承诺在未来十二个月内减持其所持有徐工机械股 票不超过股本总额的 1%。 公司于近日收到股东江苏国信出具的《关于持有徐工集团工 程机械股份有限公司股份数量降至 5%以下的告知函》，江苏国信 因参与公司吸收合并徐工集团工程机械有限公司之交易取得股 份，其通 ...

Group 1: Company Overview and Market Position - The company's main product is mining machinery, with a revenue share exceeding 30% from this segment [1] - The gross margin for mining machinery is currently 24%, an increase of 8 percentage points compared to the same period last year [1] - The company ranks first in the domestic market and is among the top five globally in mining machinery [1] Group 2: Market Outlook and Growth Potential - The domestic market shows positive signs, particularly in earth-moving machinery, which has seen continuous growth [2] - The government’s issuance of 1 trillion yuan in bonds and policies for large-scale equipment updates are expected to stabilize and revive the industry [2] - The company is optimistic about the engineering machinery industry, citing several growth drivers including urbanization, investment growth, and the development of the new energy sector [2] Group 3: International Expansion and Revenue - The company has a global marketing network covering over 190 countries and regions, with international revenue accounting for 46.7% in the first three quarters of 2024 [2] - The overseas market is expected to maintain a positive trend, driven by the growing demand for domestic brands and improved product quality [2] - The company anticipates that the overseas market will be a significant growth point for the engineering machinery industry during the 14th Five-Year Plan period [2] Group 4: Investor Relations and Return Strategies - The company emphasizes returning value to investors, with plans for share buybacks, dividends, and other measures to enhance market value [3] - Since October 26, 2022, the new leadership has reinforced the commitment to investor returns through digital transformation and organizational adjustments [3] - Future plans include a series of initiatives related to dividend ratios, share repurchases, and mergers and acquisitions [3]

Investment Rating - The investment rating for the company is "Buy" and is maintained [10]. Core Views - The company has shown significant improvement in operational quality, with expectations for accelerated growth in exports and domestic excavator business [3][8]. - The company's profitability continues to enhance, with gross margin and net margin increasing by 2.54 percentage points and 1.95 percentage points year-on-year, respectively, benefiting from a higher proportion of overseas revenue, product structure optimization, and ongoing cost control [3][7]. - The company is positioned as a leading player in the domestic mining machinery sector, with substantial growth potential [3][8]. Summary by Relevant Sections Financial Performance - For the first three quarters of 2024, the company achieved revenue of 68.726 billion yuan, a year-on-year decrease of 4.11%, and a net profit attributable to shareholders of 5.309 billion yuan, an increase of 9.71% [3]. - In Q3 2024, the company reported revenue of 19.094 billion yuan, down 6.37% year-on-year, but net profit attributable to shareholders rose by 28.28% to 1.603 billion yuan [3][8]. Market Outlook - The domestic excavator market is expected to grow well, with industry sales increasing by 20% year-on-year in Q3 2024, and the company is anticipated to outperform this growth due to its strong position in the mid-to-large excavator segment [6][8]. - The overseas market is showing signs of recovery, with excavator exports turning positive for two consecutive months in August and September 2024, and significant increases in exports of other machinery [6][8]. Business Segments - The mining machinery segment is projected to grow rapidly, with a notable contract won from Rio Tinto for a mining project in Guinea, valued at nearly 800 million yuan, expected to contribute to growth in Q4 [5][8]. - The company’s gross margin for mining machinery reached 24.11% in the first half of 2024, an increase of 7.67 percentage points year-on-year, indicating strong profitability in this segment [5][8].

证券研究报告 2024 年 11 月 08 日 湘财证券研究所 相关研究： 1.《20241008-徐工机械 000425.SZ-国内工程机械龙头，国际化主战略 持续推进》 相对收益 5.3 4.2 38.2 绝对收益 8.5 28.3 52.7 注：相对收益与沪深 300 相比 公司研究 徐工机械（000425）事件点评 盈利能力持续增强，推动利润保持快速增长 核心要点： ❑ 公司发布 2024 年三季报，业绩保持快速增长 2024 年 10 月 30 日，公司发布 2024 年第三季度报告。2024 年前三季 度，公司营业总收入约 687.3 亿元，同比下降 4.1%；归母净利润约 53.1 亿 元，同比增长 9.7%；扣非后归母净利润约 48.9 亿元，同比增长 11.8%；经 营活动现金净流量约 20.4 亿元，同比增长 24.4%；基本每股收益 0.45 元， 同比增长 9.8%；加权平均 ROE 约 9.1%，同比上升 0.3 个百分点。2024 年 第三季度，公司营业收入 190.9 亿元，同比下降 6.4%；归母净利润 16.0 亿 元，同比增长 28.3%；扣非后归母净利润 15.9 亿元， ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company is enhancing its profitability through ongoing internationalization and high-end product development [1][4] - In the first three quarters of 2024, the company achieved operating revenue of 687.26 billion yuan, a year-on-year decrease of 4.11%, while net profit attributable to shareholders increased by 9.71% to 53.09 billion yuan [3][4] - The gross margin for the third quarter of 2024 reached 25.54%, an increase of 2.53 percentage points year-on-year, driven by overseas market expansion and contributions from new products [4] - The company’s international revenue grew approximately 9% year-on-year, with overseas market revenue accounting for 46.66% of total revenue [5] - The company plans to issue up to 20 billion yuan in asset securitization projects to improve its financial structure and asset turnover efficiency [4] Financial Performance Summary - For 2024, the company is projected to achieve operating revenue of 904.53 billion yuan, with net profit attributable to shareholders expected to be 60.46 billion yuan [5][6] - The earnings per share (EPS) for 2024 is forecasted at 0.51 yuan, with a price-to-earnings (P/E) ratio of 16 [6][7] - The company’s operating cash flow for the first three quarters of 2024 was 20.44 billion yuan, reflecting a year-on-year increase of 24.45% [4][8] - The company’s total assets are projected to reach 221.14 billion yuan by 2026, with a debt-to-equity ratio of 63.69% [7][8]

Investment Rating - The report maintains a "Buy" investment rating for the company [1][3]. Core Views - The company has shown a continuous improvement in profitability, with a notable increase in net profit by 9.71% year-on-year for the first three quarters of 2024 [1]. - The engineering machinery industry is approaching a turning point, with the company positioned to benefit from increased demand due to government projects and equipment upgrades [1]. - The company's overseas revenue has been steadily increasing, accounting for 44.13% of total revenue in the first half of 2024, which is expected to enhance overall profitability [1][2]. Summary by Sections Financial Performance - For Q1-Q3 2024, the company achieved a revenue of 687.26 billion yuan, a decrease of 4.11% year-on-year, while net profit reached 53.09 billion yuan, an increase of 9.71% year-on-year [1]. - In Q3 2024, the company reported a revenue of 190.93 billion yuan, down 6.37% year-on-year, with a net profit of 16.03 billion yuan, up 28.28% year-on-year [1][2]. Profitability Metrics - The gross profit margin for Q3 2024 was 25.54%, an increase of 2.53 percentage points year-on-year [1]. - The net profit margin for Q3 2024 was 8.31%, reflecting a year-on-year increase of 1.95 percentage points [2]. Revenue Forecast - The company is projected to generate revenues of 988.58 billion yuan, 1,103.92 billion yuan, and 1,262.99 billion yuan for the years 2024, 2025, and 2026, respectively [3]. - The earnings per share (EPS) are expected to be 0.55 yuan, 0.68 yuan, and 0.89 yuan for the same years, with corresponding price-to-earnings (PE) ratios of 14.9, 12.0, and 9.2 [3].

Investment Rating - The report maintains a "Recommended" rating for the company [4][6]. Core Views - The company's performance is strong, with continuous improvement in profitability. For the first three quarters of 2024, the company achieved revenue of 68.726 billion yuan, a year-on-year decrease of 4.11%. However, the net profit attributable to shareholders reached 5.309 billion yuan, an increase of 9.71% year-on-year, with a net profit margin of 7.72%, up 0.97 percentage points [2][3]. - The domestic demand for earth-moving machinery is recovering, while overseas expansion in emerging markets shows positive trends. The internal sales of excavators increased by 2.5% year-on-year in September, and the cumulative growth rate for the first nine months was 8.6%. However, sales of construction cranes and tower cranes remain weak, reflecting ongoing pressure in the real estate sector [3][4]. - The company has improved its cost control efficiency, with a stable cash flow. The operating cash flow for the first three quarters reached 2.044 billion yuan, an increase of 400 million yuan compared to the same period last year [3][4]. Financial Summary - The company is projected to achieve net profits of 6.398 billion yuan, 7.906 billion yuan, and 9.480 billion yuan for 2024, 2025, and 2026 respectively, with corresponding PE ratios of 15, 12, and 10 times [4][5]. - Key financial indicators for 2024 include a revenue of 98.382 billion yuan, a profit margin of 23.74%, and an EPS of 0.54 yuan [5][11].