Investment Rating - The report assigns a "Buy" rating for the company, marking its first coverage [1]. Core Insights - XCMG is a leading enterprise in the construction machinery sector with a comprehensive product range. Following the merger with XCMG Limited in 2022, the company has expanded its offerings to include excavators, concrete machinery, mining machinery, and tower cranes, achieving the highest market share in China and fourth globally [5][9]. - The traditional construction machinery industry in China is expected to bottom out in 2024, with policies supporting real estate and large-scale equipment updates likely to accelerate demand for machinery replacement [5][21]. - Strategic emerging sectors such as aerial work machinery and mining machinery show resilience against economic cycles, with significant growth in revenue reported for these segments [5][14]. - The company's global expansion is a key growth driver, with notable increases in overseas revenue and market share in regions like North America and Europe [5][18]. - Revenue and profit forecasts indicate a positive growth trajectory, with expected revenues of 1,024 billion, 1,163 billion, and 1,349 billion yuan from 2024 to 2026, and net profits of 67 billion, 84 billion, and 107 billion yuan respectively [5][6]. Summary by Sections Company Overview - XCMG has a rich history dating back to 1943 and has evolved into a major player in the global construction machinery market, ranking among the top five worldwide since 2011 [9][12]. Financial Performance - In 2023, XCMG reported revenues of 92.8 billion yuan and a net profit of 5.3 billion yuan, demonstrating resilience amid industry challenges [14][16]. - The company’s gross margin and net margin improved to 22.38% and 5.64% respectively in 2023, reflecting effective cost management and product mix optimization [16]. Market Dynamics - The construction machinery market in China is cyclical, with recent trends indicating a downturn since 2021. However, signs of recovery are anticipated in 2024 due to policy support and equipment replacement needs [24][38]. - The demand for excavators is projected to stabilize in 2024, with a slight year-on-year decline expected, indicating a potential bottoming out of the market [38]. Strategic Initiatives - XCMG's international strategy has led to significant growth in overseas markets, with a 50.5% increase in international revenue in 2022 [18][41]. - The company is focusing on enhancing its product offerings and expanding its market presence, particularly in high-demand regions such as Southeast Asia and Europe [5][18].

Investment Rating - Buy rating (首次) with a target price of 6.55 RMB [2] Core Views - The company is positioned to benefit from both domestic and international demand in the construction machinery sector, with traditional and emerging businesses driving growth [2] - The domestic construction machinery cycle has bottomed out, and the company's traditional products are expected to benefit from the upcoming replacement cycle [4] - Emerging businesses such as mining machinery and aerial work platforms are contributing to the second growth curve, with strategic emerging industries growing nearly 30% in 2023 [4] - State-owned enterprise (SOE) reforms are gradually releasing results, with profitability expected to improve [4] Company Overview - XCMG is a global leader in construction machinery, ranking third globally and first among Chinese companies, with a 5.3% market share [7] - The company has a comprehensive product portfolio, including earthmoving machinery, lifting machinery, piling machinery, concrete machinery, and road machinery, as well as strategic emerging industries like mining machinery and aerial work platforms [10] - XCMG has a strong presence in the global market, with operations in over 190 countries and regions, and overseas revenue accounting for 40% of total revenue in 2023 [50] Financial Performance - Revenue for 2024-2026 is projected to be 1027/1154/1296 billion RMB, with year-on-year growth of 10.6%/12.3%/12.4% [5] - Net profit for 2024-2026 is expected to be 68.2/88.2/109.4 billion RMB, with year-on-year growth of 28.0%/29.3%/24.1% [5] - The company's gross margin and net margin have improved, with a gross margin of 22.38% and a net margin of 5.64% in 2023 [24] Industry Analysis - The domestic construction machinery market has bottomed out, with excavator sales turning positive in March 2024, signaling the start of a new replacement cycle [31] - The global construction machinery market is projected to reach 1570.6 billion USD in 2023, with China accounting for 21.8% of global exports [35] - The mining machinery market is expected to grow, with global sales reaching 468.4 billion RMB in 2023 and projected to grow to 714.9 billion RMB by 2030, with a CAGR of 5.7% [38] Emerging Businesses - Mining machinery and aerial work platforms are key growth drivers, with mining machinery sales expected to grow at a CAGR of 40%/30%/30% from 2024-2026 [5] - Aerial work platforms are seeing strong growth, with the company's Mexico factory expected to boost overseas sales [44] SOE Reforms and Profitability - The company has implemented mixed-ownership reforms, including employee stock ownership and professional manager systems, which are expected to improve profitability [52] - The company has set net profit targets of 58 and 65 billion RMB for 2024 and 2025, respectively, to incentivize management and employees [28] Global Expansion - XCMG has a strong global presence, with 40 overseas offices, 150 spare parts centers, and over 300 overseas dealers, covering more than 190 countries and regions [50] - Overseas revenue accounted for 40% of total revenue in 2023, with export gross margins 3 percentage points higher than domestic margins [50]

Summary of Conference Call Notes Company Overview - The report focuses on XCMG Machinery, highlighting its strong performance since the last report was published [1] Core Insights and Arguments - XCMG Machinery is identified as a leading enterprise in its sector, suggesting a strong market position [1] - The industry has been influenced by certain emotional factors, indicating that market sentiment plays a role in the company's performance [1] Additional Important Content - The report implies that despite external emotional influences, XCMG Machinery has maintained a solid performance, which may indicate resilience in its business model [1]

证券代码：000425 证券简称：徐工机械 公告编号：2024-27 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"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潮资 ...

证券研究报告·公司点评报告·工程机械 徐工机械（000425） 全品类布局工程机械电动化，为长期成长注 入新活力 2024 年 07 月 30 日 买入（维持） | --- | --- | --- | --- | --- | --- | |----------------------------|---------|--------|--------|--------|--------| | 盈利预测与估值 [Table_EPS] | 2022A | 2023A | 2024E | 2025E | 2026E | | 营业总收入（百万元） | 93817 | 92848 | 103007 | 117146 | 134112 | | 同比（%） | (19.67) | (1.03) | 10.94 | 13.73 | 14.48 | | 归母净利润（百万元） | 4312 | 5326 | 6672 | 8821 | 11711 | | 同比（%） | (47.46) | 23.51 | 25.27 | 32.20 | 32.77 | | EPS-最新摊薄（元/股） | 0.36 | 0.45 | 0.56 | ...

证券代码:000425 证券简称:徐工机械 徐工集团工程机械股份有限公司 投资者关系活动记录表 | --- | --- | --- | |----------------|--------------------------|------------------------------------------------------------------| | | | 编号:2024-24 | | 投资者关系活动 | √特定对象调研 | □分析师会议 | | 类别 | □媒体采访 | □业绩说明会 | | | □新闻发布会 | □路演活动 | | | □现场参观 | | | | □其他 | (请文字说明其他活动内容) | | 活动参与人员 | 东北证券 刘俊奇;财通基金 | 吴志豪;华富基金 时彧;农银人寿 郝赜川 | | 时间 | 2024 年 7 月 18 日 | 14:30-17:00 | | 地点 | 公司 612 会议室 | | | 上市公司接待人 | 李栋、刘敏芳 | | | 员姓名 | | | | | 一、互动交流 | | | | (一)毛利率提升预期? | | | | | 答:公司认为产品毛 ...

证券代码:000425 证券简称:徐工机械 徐工集团工程机械股份有限公司 投资者关系活动记录表 | --- | --- | --- | |----------------|------------------------------|----------------------------------------------------------------------| | | | 编号:2024-23 | | 投资者关系活动 | √特定对象调研 | □分析师会议 | | 类别 | □媒体采访 | □业绩说明会 | | | □新闻发布会 | □路演活动 | | | □现场参观 | | | | □其他 | (请文字说明其他活动内容) | | 活动参与人员 | 新华资产 孙浩文、庄家 | 赟、刘心宇、严涛 | | 时间 | 2024 年 7 月 16 日 | 14:30-17:00 | | 地点 | 公司 416 会议室 | | | 上市公司接待人 | 李栋、王凯、胥卫东、苗洋威 | | | 员姓名 | | | | | 一、互动交流 | | | | (一)目前公司海外业务布局? | | | | | 答:公司有 ...

证券代码：000425 证券简称：徐工机械 公告编号：2024-26 徐工集团工程机械股份有限公司 关于首次回购公司股份的公告 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"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潮资 ...

证券代码：000425 证券简称：徐工机械 公告编号：2024-25 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 第九届董事会第十九次会议（临时）决议公告 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 届董事会第十九次会议（临时）通知于 2024 年 7 月 8 日（星期 一）以书面方式发出，会议于 2024 年 7 月 11 日（星期四）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）关于公司组织机构调整的议案 为建设行业领先的数字化体系和物流体系，公司拟设立全球 数字化中心、全球物流中心，撤销数字化部、流程管理部。 表决情况为： ...

证券代码：000425 证券简称：徐工机械 徐工集团工程机械股份有限公司 投资者关系活动记录表 编号：2024-21 投资者关系活动 □特定对象调研 □分析师会议 类别 □媒体采访 □业绩说明会 □新闻发布会 □路演活动 □现场参观 √其他 （徐工机械线上交流会） 线上参与交流会的 527位投资者 活动参与人员 时间 2024年7 月2日11:30-12:00 地点 公司615 会议室 上市公司接待人 费广胜、李栋、崔武江、徐楠、张宝希、王凯、刘敏芳 员姓名 （一）关于近期关税问题（印尼、美国）？ 答：有媒体报道印尼欲对部分商品加征关税。据悉，不涉及工程机械产 品，且公司在全球有广泛的前瞻的布局及资本开支计划。 ...