Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected price increase of over 15% in the next 6-12 months [6][14]. Core Views - The company's share repurchase announcement reflects confidence in long-term performance, with a planned repurchase amount between 1.8 billion and 3.6 billion RMB, at a maximum price of 13 RMB per share, aimed at enhancing investor confidence and supporting employee stock ownership plans [3][4]. - The domestic excavator market is recovering faster than expected, with Q1 2025 sales reaching 19,517 units, a year-on-year increase of 28.5%. The company, as a leading player in the excavator industry, is well-positioned to benefit from this demand recovery [4][5]. Financial Performance and Forecast - Revenue projections for 2024-2026 are 90.32 billion, 100.66 billion, and 115.46 billion RMB, respectively, with corresponding net profits of 5.95 billion, 7.80 billion, and 10.26 billion RMB. The price-to-earnings ratios are forecasted at 16, 12, and 9 times for the same periods [6][11]. - The company has shown strong leadership in various sectors, holding the top position in 16 categories of machinery in China and maintaining a leading global position in several others, including mobile cranes and concrete machinery [5]. Market Analysis - The report indicates a strong recovery in the domestic excavator market, with the company expected to fully benefit from the upward cycle in domestic demand [4]. - The company's robust market position is supported by its leading share in multiple machinery categories, ensuring a solid competitive advantage [5].

Summary of Key Points Core Viewpoint - A total of 27 central and state-owned enterprises in China have announced share repurchase or increase plans, with amounts reaching 200 million yuan or more, indicating a strong commitment to enhancing shareholder value and confidence in the market [1]. Group 1: Share Repurchase Plans - Xugong Machinery plans to repurchase shares worth between 1.8 billion and 3.6 billion yuan [2] - Guotai Junan's chairman proposed a share repurchase of 1 billion to 2 billion yuan [2] - BOE Technology Group intends to repurchase no less than 1.5 billion yuan in shares [2] - COSCO Shipping Holdings plans to repurchase shares worth between 742 million and 1.483 billion yuan [2] - China National Nuclear Power's chairman proposed a repurchase of 600 million to 1 billion yuan [2] - State Grid Corporation of China plans to repurchase shares worth between 250 million and 500 million yuan [2] - Huazhong University of Science and Technology's chairman proposed a repurchase of 300 million to 400 million yuan [2] - AVIC Heavy Machinery's chairman proposed a repurchase of 200 million to 400 million yuan [2] - Guotai Junan plans to repurchase shares worth 200 million to 400 million yuan [2] - Tianhong Supermarket's chairman proposed a repurchase of 150 million to 200 million yuan [2] - Deep Blue Technology's chairman proposed a repurchase of 150 million to 200 million yuan [2] - AVIC High-Tech's chairman proposed a repurchase of 100 million to 200 million yuan [2] - Baotou Steel's chairman proposed a repurchase of 100 million to 200 million yuan [2] - AVIC Optoelectronics' chairman proposed a repurchase of 100 million to 200 million yuan [2] - Zhongyun Drone's chairman proposed a repurchase of 100 million to 200 million yuan [2] - Sichuan Road and Bridge's chairman proposed a repurchase of 100 million to 200 million yuan [2] Group 2: Share Increase Plans - China National Petroleum Corporation's controlling shareholder plans to increase holdings by 2.8 billion to 5.6 billion yuan [3] - China National Offshore Oil Corporation's actual controller plans to increase holdings by 2 billion to 4 billion yuan [3] - Sinopec's controlling shareholder plans to increase holdings by 2 billion to 3 billion yuan in both A-shares and H-shares [3] - Three Gorges Corporation plans to increase holdings by 1.5 billion to 3 billion yuan [3] - China Aluminum Corporation's controlling shareholder and its concerted parties plan to increase holdings by 1 billion to 2 billion yuan [3] - Wuliangye Group plans to increase holdings by 500 million to 1 billion yuan [3] - Sichuan Investment Energy's controlling shareholder plans to increase holdings by 500 million to 1 billion yuan [3] - CNOOC Services' controlling shareholder plans to increase holdings by 300 million to 500 million yuan [3] - Offshore Oil Engineering's controlling shareholder plans to increase holdings by 300 million to 500 million yuan [3] - Guoxin Health's controlling shareholder and its concerted parties plan to increase holdings by 100 million to 200 million yuan [3]

从指数持仓来看，中证细分机械设备产业主题指数十大权重分别为：宁德时代（14.35%）、汇川技术 （6.56%）、三一重工（5.37%）、国电南瑞（4.54%）、隆基绿能（4.3%）、中国中车（4.17%）、阳 光电源（3.95%）、潍柴动力（3.89%）、徐工机械（3.27%）、中国船舶（3.13%）。 金融界4月8日消息，上证指数低开高走，中证细分机械设备产业主题指数 (细分机械，000812)上涨 2.05%，报5281.3点，成交额558.73亿元。 数据统计显示，中证细分机械设备产业主题指数近一个月下跌14.85%，近三个月下跌8.40%，年至今下 跌12.71%。 据了解，中证细分产业主题指数系列由细分有色、细分机械等7条指数组成，分别从相关细分产业中选 取规模较大、流动性较好的上市公司证券作为指数样本，以反映相关细分产业上市公司证券的整体表 现。该指数以2004年12月31日为基日，以1000.0点为基点。 跟踪细分机械的公募基金包括：富国中证细分机械设备产业主题联接A、富国中证细分机械设备产业主 题联接C、富国中证细分机械设备产业ETF、国泰中证细分机械设备产业ETF。 从中证细分机械设备产业主 ...

Investment Rating - The investment rating for the company is "Buy" [6] Core Views - The company has announced a share buyback plan of RMB 1.8-3.6 billion, reflecting confidence in its development and recognition of its own value [2] - The construction machinery industry is showing signs of recovery, with leading companies expected to benefit [3][4] - The company is positioned to become a global leader in the engineering machinery sector, currently ranked fourth globally and first in China [4] - The company's asset quality has improved, and its profitability is notable, with a projected return on equity (ROE) of 9% for Q3 2024 [5] - Revenue and net profit forecasts for 2024-2026 indicate growth, with a compound annual growth rate (CAGR) of 22% for net profit from 2023 to 2026 [6] Summary by Sections Share Buyback and Confidence - The company plans to repurchase shares at a price not exceeding RMB 13 per share, totaling between RMB 1.8 billion and RMB 3.6 billion, which will account for approximately 1.17%-2.34% of its total share capital [2] Industry Recovery - Domestic excavator sales in March reached 19,517 units, a year-on-year increase of 29%, while total sales for the first quarter were 36,562 units, up 38% year-on-year [3] - The average working hours for major construction machinery products in March increased by 7% year-on-year, indicating a recovery in the domestic market [4] Company Positioning and Product Range - The company maintains a comprehensive product range and is expected to gradually enter the global top three in the engineering machinery sector [4] - The company leads in various categories, including cranes and concrete machinery, and ranks sixth globally in excavators [4] Financial Performance and Projections - The company’s financing lease obligations decreased by 18% year-on-year, and its net profit margin has shown consistent improvement [5] - Revenue projections for 2024-2026 are RMB 909 billion, RMB 1,047 billion, and RMB 1,279 billion, with net profits expected to be RMB 62 billion, RMB 78 billion, and RMB 97 billion respectively [6]

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。 证券代码：000425 证券简称：徐工机械 公告编号：2025-08 （一）公司回购股份符合《回购指引》相关规定。 1.公司未在下列期间内回购股份： （1）自可能对本公司股票交易价格产生重大影响的重大事 项发生之日或者在决策过程中，至依法披露之日内； 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.c ...

当地时间4月7日上午，有着全球工程机械行业"奥运会"之称的德国宝马展在慕尼黑盛大启幕。在全球60多个国 家的3200多家参展商中，徐工集团携7大门类的60余款产品惊艳亮相，为全球客户带来"场景+产品"的一体化解 决方案。 此次参展的徐工产品突出"智造+低碳"，其中四成是新能源产品，这也与徐工" Solid Innovation for Green Tomorrow 绿色创新 驱动未来"的参展主题紧密呼应。徐工专为欧洲市场研发的全球首款混合动 力全地面起重 机XCA60EV，可完全实现"零排放"作业。摊铺机、铣刨机、轻型压路机等多款明星产品，提供具有全球竞争 力的"智慧全场景"。XZ450E-R水平定向钻可提升导向速度200%、泥浆消耗降低60%。 徐工集团、徐工机械董事长、党委书记杨东升表示，徐工始终秉承"工程科技引领，装备美好未来"的企业使 命，致力于实现可持续发展，为全球客户提供更加高效、智能、环保的全生命周期解决方案。目前，徐工已实 现全系列产品绿色化电动化，"青山绿"新能源产品渗透率达19%。 为精准定位客户需求，赋能当地化服务能力提升，徐工欧洲培训中心正式建立，将从品牌推广、市场销售、服 务保障等方 ...

证券代码：000425 证券简称：徐工机械 公告编号：2025-06 徐工集团工程机械股份有限公司 关于回购公司股份的公告 - 1 - 7.公司董事、监事、高级管理人员、控股股东、实际控制人 及其一致行动人在回购股份实施期间无增减持计划。 8.公司持股 5%以上股东及其一致行动人未来六个月尚未制 定减持计划。 特别风险提示： 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。 重要内容提示： 1.拟回购股份的种类：人民币普通股（A 股）。 2.回购股份的用途：用于实施股权激励或员工持股计划。 3.回购价格区间：不超过人民币 13 元/股（含本数）。 4.回购资金总额及资金来源：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 所需资金全部来源于公司自有资金或其他合法资金。 5.回购数量：在本次回购价格不超过人民币 13 元/股条件下， 按照回购资金总额不超过 360,000 万元测算，预计回购股份的数 量不超过 27,692.31 万股，约占公司目前已发行总股本的 2.34%； 按照回购资金总额不低于 18 ...

证券代码：000425 证券简称：徐工机械 公告编号：2025-07 徐工集团工程机械股份有限公司 关于回购公司股份的报告书 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。 重要内容提示： 1.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"）拟使用自有资金或其他合法资金通过深圳证券交易 所交易系统以集中竞价交易方式回购部分公司已在境内发行的 人民币普通股（A 股）股票，回购的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。本次回购的股份拟用于开展股权激励 或员工持股计划，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。 2.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》，表决情况为 9 票同意，0 票反对，0 票弃权。根据公司《章程》的规定，本 事项经董事会审议通过后，无需提交公司股东大会审议。 3.公司已在中国证券登记结算有限责任公司深圳分公司开 立了股份回购专用证券账户 ...

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 ...

Summary of XCMG Research Call Company Overview - **Company**: XCMG - **Industry**: Construction Machinery - **Coverage Initiation**: Initiated with an Overweight (OW) rating and a DCF-based price target of Rmb11.3 by end-2026 [2][3][15] Key Points Transformation and Market Position - XCMG has solidified its position as a formidable player in the global construction machinery industry through strategic reforms and asset injections, enhancing profitability and market position [2][10][15] - The company completed ownership reform and acquired Xuzhou Construction Machinery Group Ltd., expanding its portfolio to include mining, excavators, and concrete machinery [7][17] - XCMG's earnings CAGR is projected at 30% over 2024-2026, with ROE expected to reach 15% by 2026, up from ~10% [2][10] Financial Performance and Valuation - XCMG trades at a P/E of ~13x/10x for FY25/26E, at a ~40% discount to its closest peer, SANY Heavy, despite a higher ROE and earnings growth profile [2][16] - The company has committed to a payout ratio of no less than 40% and has set tangible targets for margin and ROE improvements [2][10] Growth Drivers 1. **Domestic Demand**: - XCMG anticipates a >10% year-over-year increase in domestic sales in FY25, driven by government stimulus and infrastructure projects [7][10][63] - The domestic excavator demand is expected to increase by 10% Y/Y in 2025, marking a recovery from previous declines [57][63] 2. **International Expansion**: - XCMG has expanded its operations to 193 countries, with significant growth in the Middle East, West Asia, and Africa [7][39] - The company aims for 20-25% of its sales to come from exports, driven by strong demand from Latin America, the Middle East, and Africa [42] 3. **Electrification and New Energy Products**: - XCMG is focusing on electrification, with new energy sales achieving Rmb7 billion in 1H24, a 140% increase Y/Y [71] - The company aims for new energy products to contribute 27% of total sales by 2027 [72] Strategic Initiatives - XCMG is enhancing working capital efficiency, reducing accounts receivable and inventory turnover days to improve cash flow generation [7] - The company has implemented a stock incentive plan to align management incentives with shareholder interests, which includes share buybacks and cash payouts [18][31] Risks and Challenges - Domestic competition remains fierce amid cyclical challenges, and there are risks related to accounts receivable collection [13][30] - Uncertainty amid trade tensions could impact international operations [13] Conclusion - XCMG's strategic reforms, focus on electrification, and international expansion position it well for future growth, with significant potential for valuation catch-up against peers [2][10][16][39]