Market Overview - The engineering machinery sector experienced a decline of 1.11% on January 28, with Huadong Heavy Machinery leading the drop [1] - The Shanghai Composite Index closed at 4151.24, up 0.27%, while the Shenzhen Component Index closed at 14342.9, up 0.09% [1] Stock Performance - Notable gainers in the engineering machinery sector included: - Fushite (301446) with a closing price of 49.89, up 8.22% on a trading volume of 50,300 shares and a turnover of 249 million yuan [1] - Zhigao Machinery (920101) closed at 47.50, up 5.30% with a trading volume of 78,000 shares and a turnover of 367 million yuan [1] - Anhui Heli (600761) closed at 23.60, up 2.97% with a trading volume of 471,100 shares and a turnover of 1.101 billion yuan [1] - Major decliners included: - Huadong Heavy Machinery (002685) closed at 6.92, down 4.16% with a trading volume of 595,600 shares and a turnover of 416 million yuan [2] - Southern Road Machinery (603280) closed at 65.66, down 3.16% with a trading volume of 27,400 shares and a turnover of 109 million yuan [2] - Sany Heavy Industry (600031) closed at 22.25, down 2.54% with a trading volume of 1,092,600 shares and a turnover of 2.447 billion yuan [2] Capital Flow - The engineering machinery sector saw a net outflow of 321 million yuan from institutional investors and 224 million yuan from retail investors, while retail investors had a net inflow of 545 million yuan [2] - Key stocks with significant capital flow included: - Anhui Heli (600761) had a net inflow of 97.05 million yuan from institutional investors, while retail investors saw a net outflow of 38.57 million yuan [3] - Zhigao Machinery (920101) had a net inflow of 40.73 million yuan from institutional investors, with a minor net inflow from retail investors [3] - Sany Heavy Industry (600031) experienced a net outflow of 148.70 million yuan from institutional investors [3]

Core Viewpoint - Dongwu Securities report indicates that Liugong's net profit attributable to shareholders is expected to increase by 20% year-on-year in 2025, although impairment and exchange rate fluctuations will negatively impact performance [1] Company Summary - Liugong's mining machinery business is a key focus for the company's "14th Five-Year Plan," with plans to strengthen long-term strategic partnerships with large domestic and international mining enterprises [1] - The company aims to accelerate the deployment of ultra-large and intelligent mining products and comprehensive solutions, positioning mining machinery as the third core business alongside excavators and loaders [1] Industry Summary - Prices of core metals such as gold, silver, and copper are currently high, coupled with a continuous decline in global mining grades, leading to a substantial increase in demand for mining machinery equipment [1] - Due to tower crane impairments and investments in mining machinery, the short-term profit forecast for Liugong has been revised down to 1.6 billion, 1.98 billion, and 2.6 billion yuan for 2025-2027, respectively, from previous estimates of 1.62 billion, 2.34 billion, and 2.79 billion yuan [1] - The current market capitalization corresponds to price-to-earnings ratios of 15, 12, and 9 times for the years 2025, 2026, and 2027, respectively, while maintaining a "buy" rating [1]

经济观察网2026年1月27日，柳工（000528）发布2025年度业绩预告，预计2025年净利润15.26亿元至 16.59亿元，同比增长15%至25%；扣除非经常性损益后的净利润13.23亿元至14.55亿元，同比增长16% 至28%。 ...

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 [5][13]. Core Views - The company is projected to achieve a net profit attributable to shareholders of RMB 1.526-1.659 billion for 2025, representing a year-on-year growth of 15%-25% [2]. - The company has faced short-term profit impacts due to impairment in tower crane assets but is expected to see accelerated profit release in 2026 as asset quality improves and domestic demand stabilizes [3]. - The overseas demand is showing signs of recovery, with significant growth in export revenues for loaders and excavators, which is anticipated to continue driving profit growth [3]. - The company is experiencing pressure on margins due to price competition in the domestic electric loader market, but the launch of new products is expected to enhance profitability [4]. - The company's "14th Five-Year Plan" aims for revenue of RMB 60 billion by 2030, with over 60% from overseas markets and a net profit margin of no less than 8% [4]. Summary by Sections Performance Review - The company forecasts a net profit of RMB 1.526-1.659 billion for 2025, with a quarterly net profit of RMB 0.68-2.01 billion for Q4 2025, showing significant year-on-year growth [2]. Operational Analysis - The company has increased provisions for credit impairment losses to RMB 2.7 billion in Q3 2025 due to a sharp decline in the domestic tower crane industry, which has affected profit growth [3]. - Export revenues for loaders grew over 20% in H1 2025, and excavator sales increased by 22.1% year-on-year, indicating strong overseas demand [3]. - The company’s gross margin was impacted by price competition in the domestic market, but the introduction of the T-series loaders is expected to improve profitability [4]. Profit Forecast and Valuation - The company’s revenue projections for 2025-2027 are RMB 33.564 billion, RMB 37.973 billion, and RMB 43.695 billion, respectively, with net profits of RMB 1.601 billion, RMB 2.092 billion, and RMB 2.640 billion [5].

柳工（000528）(000528.SZ)披露2025 年年度业绩预告 ，公司预计归属于上市公司股东的净利润15.26亿 元至16.59亿元，同比增长15%–25%;归属于上市公司股东扣除非经常性损益的净利润13.23亿元至14.55 亿元，同比增长16%–28%。 ...

（文章来源：证券日报） 证券日报网讯 1月27日，柳工发布公告称，公司预计2025年归属于上市公司股东的净利润为152，609.54 万元–165，879.94万元，比上年同期增长15%–25%。 ...

智通财经APP讯， 柳工(000528.SZ)披露2025 年年度业绩预告 ，公司预计归属于上市公司股东的净利润 15.26亿元至16.59亿元，同比增长15%–25%;归属于上市公司股东扣除非经常性损益的净利润13.23亿元 至14.55亿元，同比增长16%–28%。 ...

报告期内，影响公司归属于上市公司股东的净利润和扣除非经常性损益后的净利润变动的主要原因如 下： 格隆汇1月27日丨柳工(000528.SZ)公布，预计2025年1月1日至2025年12月31日归属于上市公司股东的净 利润盈利15.26亿元-16.59亿元，比上年同期增长15%-25%；扣除非经常性损益后的净利润盈利13.23亿 元-14.55亿元，比上年同期增长16%-28%。 1．国内工程机械尤其是土方机械需求受行业周期性及宏观政策影响，在上年度筑底反弹的基础上稳定 增长，国际工程机械市场整体也呈现企稳复苏态势。公司坚持"全面解决方案、全面数智化、全球化"的 新"三全"战略，通过创新国际国内双循环发展模式、统筹推进业务组合优化、全价值链降本增效等措 施，实现收入及利润双增长。2．公司一贯严格遵循会计政策，报告期内加大了对问题和风险资产核查 力度，并相应进行了计提减值准备，确保了公司财务报表的稳健性。 ...

每经AI快讯，柳工（000528）1月27日发布业绩预告，预计2025年净利润15.26亿元~16.59亿元，同比增 长15%~25%。报告期内，国内工程机械尤其是土方机械需求受行业周期性及宏观政策影响，在上年度 筑底反弹的基础上稳定增长，国际工程机械市场整体也呈现企稳复苏态势。公司坚持"全面解决方案、 全面数智化、全球化"的新"三全"战略，通过创新国际国内双循环发展模式、统筹推进业务组合优化、 全价值链降本增效等措施，实现收入及利润双增长。 ...

人民财讯1月27日电，柳工（000528）1月27日发布业绩预告，预计2025年净利润15.26亿元—16.59亿 元，同比增长15%—25%。报告期内，国内工程机械尤其是土方机械需求受行业周期性及宏观政策影 响，在上年度筑底反弹的基础上稳定增长，国际工程机械市场整体也呈现企稳复苏态势。公司坚持"全 面解决方案、全面数智化、全球化"的新"三全"战略，通过创新国际国内双循环发展模式、统筹推进业 务组合优化、全价值链降本增效等措施，实现收入及利润双增长。 ...