Investment Rating - The report maintains a "Buy" rating for the company, with a target price raised to 9.56 CNY, based on a 2024 PE of 18 times [3][4]. Core Views - The company, as a leading player in the domestic engineering machinery industry, has shown improved operational vitality following its mixed-ownership reform. The expansion into overseas markets is progressing well, and the company is expected to benefit from the recovery in demand in both domestic and international engineering machinery sectors in the second half of the year [2][3]. Summary by Sections Financial Performance - For the first three quarters of 2024, the company achieved a revenue of 68.73 billion CNY, a decrease of 4.1% year-on-year. The revenue for Q3 alone was 19.09 billion CNY, down 6.4% [3]. - The net profit attributable to shareholders for the first three quarters was 5.31 billion CNY, an increase of 9.7% year-on-year, with Q3 net profit reaching 1.60 billion CNY, up 28.3% [3]. - The gross margin for Q3 was 25.5%, an increase of 2.5 percentage points, attributed to a higher proportion of overseas revenue and a decline in raw material prices [3]. Operational Efficiency - The company's return on equity (ROE) for the first three quarters of 2024 was 9.1%, reflecting a 0.29 percentage point increase [3]. - The company has improved its asset quality, with net cash flow from operating activities reaching 2.043 billion CNY, a year-on-year increase of 24.45% [3]. Market Position and Strategy - The mixed-ownership reform has led to enhanced operational efficiency, with the company's global market share at 5.3%. In H1 2024, overseas revenue was 27.7 billion CNY, up 4.8%, accounting for 44% of total revenue [3]. - The company is focusing on high-end products, which saw a revenue increase of over 10% year-on-year, now making up more than 32% of total revenue [3].

证券代码：000425 证券简称：徐工机械 公告编号：2024-52 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 ...

北京大成（南京）律师事务所 南京市鼓楼区集慧路 18 号 联创科技大厦 A 座 7-10 层 邮编：210036 18 Jihui Road, 7-10/F of Building A, Lianchuang Mansion, Gulou District, Nanjing, China,210036 北京大成（南京）律师事务所 关于徐工集团工程机械股份有限公司 2024 年第一次临时股东大会 的法律意见书 致：徐工集团工程机械股份有限公司 北京大成（南京）律师事务所接受徐工集团工程机械股份有限公 司（下称"公司"）的委托，就公司召开 2024 年第一次临时股东大 会（以下简称"本次股东大会"）的有关事宜，根据《中华人民共和 国公司法》（以下简称《公司法》）《上市公司股东大会规则》等法 律、法规和其他规范性文件以及《徐工集团工程机械股份有限公司章 程》（以下简称《公司章程》）的有关规定，出具本法律意见书。 为了出具本法律意见书，本所及本所律师根据《律师事务所从事 证券业务管理办法》和《律师事务所证券业务执业规则》等规定，严 格履行了法定职责，遵循了勤勉尽责和诚实信用原则，对本次股东大 会涉及的相关事项进行了必 ...

1.召开时间：2024 年 11 月 1 日（星期五）下午 3:30 证券代码：000425 证券简称：徐工机械 公告编号：2024-51 徐工集团工程机械股份有限公司 2024 年第一次临时股东大会决议公告 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。 特别提示： 1.本次股东大会未出现否决议案的情形。 2.本次股东大会未涉及变更以往股东大会已通过的决议。 一、会议召开和出席情况 （一）会议召开情况 2.召开地点：公司 705 会议室 3.召开方式：现场投票和网络投票相结合 4.召集人：公司董事会 5.主持人：董事长杨东升先生 6.会议的召开符合《公司法》《上市公司股东大会规则》《深圳 证券交易所股票上市规则》等法律法规和公司《章程》的有关规 定。 （二）会议出席情况 1.会议总体出席情况 出席本次股东大会的股东及股东授权委托代表（以下统称股 东）1,781 人，代表股份 6,018,508,711 股，占公司有表决权股份 - 1 - 总数的 50.94%。 2.现场出席会议情况 出席本次现场会议的股东共 13 人，代表股份 3,025,885,539 股 ...

Investment Rating - The report maintains a "Recommend" rating for XCMG (000425 SZ) [4] Core Views - XCMG's operating quality continues to improve, with high-end products driving profitability growth [2] - The domestic construction machinery industry is expected to enter an upward cycle, supported by government policies and infrastructure projects [2] - XCMG's high-end product revenue increased by over 10% YoY in H1 2024, accounting for more than 32% of total revenue [2] - The company's new energy products are growing rapidly, with new energy loader revenue nearly doubling YoY [2] - XCMG's operating cash flow reached RMB 2 043 million in Q1-Q3 2024, up 24 48% YoY [2] Financial Performance - XCMG achieved revenue of RMB 68 726 million in Q1-Q3 2024, down 4 11% YoY, with net profit attributable to parent company of RMB 5 309 million, up 9 71% YoY [2] - In Q3 2024, revenue was RMB 19 094 million, down 6 37% YoY, while net profit attributable to parent company increased 28 28% YoY to RMB 1 603 million [2] - Gross margin improved to 23 63% in Q1-Q3 2024, up 0 73 percentage points YoY [2] - Net profit margin reached 7 74% in Q1-Q3 2024, up 1 03 percentage points YoY [2] Industry Outlook - Domestic excavator sales showed signs of recovery, with 74 000 units sold in Jan-Sep 2024, up 8 6% YoY [2] - The construction machinery industry is expected to bottom out and rebound in 2024, driven by special bond issuances and infrastructure projects [2] - The industry still has significant growth potential as China implements its "two-step" development strategy [2] Product Development - XCMG's new energy products revenue grew 26 76% YoY, with new energy loaders accounting for 23 3% of total revenue [2] - The company's high-end products, including large horsepower mining graders and 100t+ mining trucks, saw significant market share increases [2] - XCMG's products targeting high-end markets in Europe, America, and Australia also gained market share [2] Financial Forecasts - Revenue is expected to grow from RMB 92 848 million in 2024E to RMB 121 989 million in 2026E [3][5] - Net profit attributable to parent company is projected to increase from RMB 6 473 million in 2024E to RMB 10 039 million in 2026E [3][5] - EPS is forecasted to rise from RMB 0 55 in 2024E to RMB 0 85 in 2026E [3][5] - PE ratio is expected to decline from 14x in 2024E to 9x in 2026E [3][5] Operational Efficiency - Accounts receivable decreased by RMB 2 546 million QoQ at the end of Q3 2024 [2] - Gross margin is projected to improve from 22 38% in 2023A to 23 66% in 2026E [5] - Net profit margin is expected to increase from 5 74% in 2023A to 8 23% in 2026E [5] - ROE is forecasted to grow from 9 49% in 2023A to 13 89% in 2026E [5]

Investment Rating - The investment rating for the company is "Buy" with a maintained rating [1][6]. Core Views - The company reported a revenue of 68.726 billion RMB for Q3 2024, a year-on-year decrease of 4.11%, while the net profit attributable to shareholders was 5.309 billion RMB, an increase of 9.71% [1]. - The gross margin for Q3 2024 reached 25.54%, marking a year-on-year increase of 2.53 percentage points, and a quarter-on-quarter increase of 2.65 percentage points, achieving the highest level in the past three years [1]. - The company is focusing on high-end markets, with over 32% of revenue coming from high-end products, which saw a growth rate exceeding 10% [1]. Summary by Sections Performance Analysis - In Q3 2024, the company achieved a revenue of 19.094 billion RMB, a year-on-year decrease of 6.37%, while the net profit was 1.603 billion RMB, a year-on-year increase of 28.28% [1]. - The international revenue for H1 2024 was 21.9 billion RMB, a year-on-year increase of 4.8%, with international revenue accounting for 44% of total revenue, up by 3.37 percentage points [1]. - The gross margin for H1 2024 was significantly boosted by the overseas market and new product contributions, with the gross margins for aerial work machinery and mining machinery reaching 31.25% and 24.11%, respectively [1]. Financial Forecast - The projected revenues for 2024-2026 are 94.395 billion RMB, 102.381 billion RMB, and 114.744 billion RMB, respectively, with net profits expected to be 6.144 billion RMB, 7.784 billion RMB, and 10.331 billion RMB [1][3]. - The corresponding price-to-earnings ratios (PE) for these years are estimated at 14, 11, and 9 times [1]. Asset Quality - The company's operating cash flow for Q3 2024 was 2.044 billion RMB, a year-on-year increase of 24.5% [1]. - The asset-liability ratio for H1 2024 was 63.84%, a decrease of 1.40 percentage points year-on-year, indicating improved asset quality [1]. Market Positioning - The company is emphasizing high-end products, with significant growth in new energy products and large-tonnage machinery, such as a 100% year-on-year increase in new energy loaders and an 80.6% increase in new energy forklifts [1]. - The revenue from high-end products is expected to continue to grow, contributing positively to overall profitability [1].

Revenue and Profit - Revenue for Q3 2024 was CNY 19,093,623,653.26, a decrease of 6.37% year-over-year, while year-to-date revenue reached CNY 68,725,894,620.69, down 4.11% compared to the same period last year[3] - Net profit attributable to shareholders for Q3 2024 was CNY 1,603,326,535.53, an increase of 28.28% year-over-year, with year-to-date net profit at CNY 5,309,032,696.12, up 9.71%[3] - The basic earnings per share for Q3 2024 was CNY 0.14, reflecting a 27.27% increase compared to the same period last year[3] - Total operating revenue for the third quarter of 2024 was CNY 68.73 billion, a decrease of 4.1% compared to CNY 71.67 billion in the same period last year[13] - Net profit for the third quarter reached CNY 5.32 billion, an increase of 10.6% from CNY 4.81 billion in the previous year[13] - The net profit attributable to the parent company shareholders for Q3 2024 was ¥5,309,032,696.12, an increase from ¥4,839,321,097.14 in Q3 2023, representing a growth of approximately 9.7%[14] Assets and Liabilities - Total assets as of the end of Q3 2024 amounted to CNY 165,969,719,812.68, representing a 2.45% increase from the end of the previous year[3] - The company's total liabilities amounted to CNY 105.95 billion, an increase of 1.4% from CNY 104.51 billion year-over-year[12] - The total equity attributable to shareholders of the parent company was CNY 58.84 billion, up from CNY 56.14 billion, reflecting a growth of 4.8%[12] - The total non-current liabilities rose to CNY 20.74 billion, an increase of 14.4% from CNY 18.14 billion year-over-year[12] Cash Flow - Cash flow from operating activities for the year-to-date period was CNY 2,043,645,824.30, an increase of 24.45% year-over-year[3] - Cash flow from operating activities for the current period was ¥83,202,019,940.75, a decrease from ¥86,215,858,585.34 in the previous year, reflecting a decline of about 3.7%[16] - The net cash flow generated from operating activities increased to ¥2,043,645,824.30, compared to ¥1,642,150,430.73 in the previous year, marking a growth of approximately 24.5%[16] - Cash flow from financing activities showed a net outflow of -¥1,648,868,809.20, improving from -¥9,597,616,880.09 in the previous year, indicating a reduction in cash outflow by approximately 82.8%[17] Shareholder Information - The total number of common shareholders at the end of the reporting period is 136,811, with the top 10 shareholders holding a combined 40.12% of shares[8] - Xuzhou Construction Machinery Group Co., Ltd. holds 20.83% of shares, amounting to 2,461,325,466 shares[8] - The top 10 unrestricted shareholders include Jiangsu Guoxin Group Co., Ltd. with 610,979,880 shares, representing 5.17% of total shares[9] Expenses and Costs - Total operating costs decreased to CNY 63.44 billion, down 3.4% from CNY 65.68 billion year-over-year[13] - Research and development expenses for the quarter were CNY 2.60 billion, a decrease of 11% compared to CNY 2.92 billion in the same period last year[13] - Financial expenses increased significantly to CNY 1.53 billion, compared to CNY 270.31 million in the previous year, primarily due to higher interest expenses[13] - The company experienced a 465.23% increase in financial expenses, attributed to higher exchange losses compared to the same period last year[6] Investment and Subsidies - The company reported a significant increase in investment income by 785.49% due to reduced losses from asset termination confirmations[7] - The company reported a significant increase in investment income, reaching CNY 195.41 million, compared to CNY 22.07 million in the previous year[13] - The company’s government subsidies recognized during the year-to-date period totaled CNY 332,317,313.21, reflecting ongoing support for its operations[4] Other Financial Metrics - The weighted average return on equity increased to 2.72%, up 0.58 percentage points from the previous year[3] - The company's cash and cash equivalents as of September 30, 2024, are CNY 21,333,023,911.17, down from CNY 23,371,004,907.94 at the beginning of the period[10] - The company's cash and cash equivalents at the end of the quarter were CNY 15.63 billion, reflecting a stable liquidity position[12] - The company reported a decrease in cash and cash equivalents at the end of the period to ¥16,625,562,188.64, compared to ¥21,394,675,264.48 at the beginning of the period[17]

| 证券代码：000425 | 证券简称：徐工机械 | 公告编号：2024-49 | | --- | --- | --- | | 债券代码：149668 | 债券简称：21徐工02 | | 徐工集团工程机械股份有限公司 "21 徐工 02"2024 年本息兑付及摘牌公告 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。 特别提示： - 1 - 公司债券（第一期）（品种一）在深圳证券交易所上市的公告》 有关条款的规定，现将有关事项公告如下： 一、本期债券基本情况 1.债券简称：21徐工02； 2.债券代码：149668； 3.计息期间：2023年10月20日至2024年10月19日； 4.债权登记日及最后交易日：2024 年 10 月 18 日； 5.本息支付日及债券摘牌日：2024 年 10 月 21 日； 6.每手（面值 1,000 元）"21 徐工 02"兑付人民币 1035.80 元 （含税）。 徐工集团工程机械股份有限公司（以下简称"本公司""发行 人"）于 2021 年 10 月 20 日发行的徐工集团工程机械股份有限公 司 2021 年面向专业投资者 ...

Investment Rating - The investment rating for the company is "Accumulate" with a target price of 8.22 CNY, while the current price is 7.67 CNY [4][10]. Core Views - The company, as a leader in the domestic engineering machinery industry, has revitalized its operations post-mixed ownership reform and is successfully expanding into overseas markets. With the recovery of demand in both domestic and international engineering machinery sectors in the second half of the year, the company is expected to benefit significantly [1][10]. Financial Summary - **Revenue**: - 2022A: 93,817 million CNY - 2023A: 92,848 million CNY (down 1.0% YoY) - 2024E: 91,226 million CNY (down 1.7% YoY) - 2025E: 102,835 million CNY (up 12.7% YoY) - 2026E: 115,453 million CNY (up 12.3% YoY) [2] - **Net Profit (attributable to parent)**: - 2022A: 4,312 million CNY - 2023A: 5,326 million CNY (up 23.5% YoY) - 2024E: 6,300 million CNY (up 18.3% YoY) - 2025E: 7,882 million CNY (up 25.1% YoY) - 2026E: 9,774 million CNY (up 24.0% YoY) [2] - **Earnings Per Share (EPS)**: - 2022A: 0.36 CNY - 2023A: 0.45 CNY - 2024E: 0.53 CNY - 2025E: 0.67 CNY - 2026E: 0.83 CNY [2] - **Return on Equity (ROE)**: - 2022A: 8.1% - 2023A: 9.5% - 2024E: 10.3% - 2025E: 12.0% - 2026E: 13.7% [2] - **Price-to-Earnings Ratio (P/E)**: - 2022A: 21.02 - 2023A: 17.02 - 2024E: 14.39 - 2025E: 11.50 - 2026E: 9.27 [2] Market Performance - The company has seen a significant increase in domestic excavator sales in September, with a total of 7,610 units sold, representing a 21.5% increase. Meanwhile, overseas sales also showed a positive trend with 8,221 units sold, reflecting a 2.5% year-on-year increase [10]. Strategic Developments - The mixed ownership reform has led to improved operational efficiency, with the company's ROE in the first half of 2024 reaching 6.4%, surpassing that of peer companies. The company's global market share stands at 5.3%, with overseas revenue amounting to 27.7 billion CNY, accounting for 44% of total revenue [10]. - The company is also planning to issue an asset-backed securities project with a total amount not exceeding 20 billion CNY, which aims to improve its asset-liability structure and enhance cash flow [10].

证券代码：000425 证券简称：徐工机械 公告编号：2024-43 徐工集团工程机械股份有限公司 第九届董事会第二十五次会议（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 董事会第二十五次会议（临时）通知于 2024 年 10 月 11 日（星 期五）以书面方式发出，会议于 2024 年 10 月 15 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）关于申请发行资产证券化项目的议案 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 1 ...