Investment Rating - The report maintains a "Recommended" investment rating for the mechanical industry [7]. Core Insights - The low-altitude economy is accelerating, with significant growth in export machinery. The report highlights strong performance in the mechanical sector, with a 2.69% increase in the Shenwan Mechanical Equipment Index, outperforming the CSI 300 Index by 2.31 percentage points [2][12]. - The report emphasizes the resilience of domestic and export sales in the excavator market, with a total of 61,372 units sold in Q1 2025, representing a year-on-year growth of 22.8% [4]. Weekly Market Review - From April 21 to April 25, 2025, the Shanghai Composite Index rose by 0.56%, the Shenzhen Component Index by 1.38%, and the ChiNext Index by 1.74%. The Shenwan Mechanical Equipment Index outperformed these indices with a 2.69% increase, ranking 4th among 31 Shenwan primary industries [2][12]. - The sub-sectors of general equipment, specialized equipment, rail transit equipment II, engineering machinery, and automation equipment experienced varied performance, with increases of 4.65%, 2.32%, 0.43%, 1.30%, and 2.45% respectively [12][15]. Key Sector Tracking - The low-altitude economy is characterized by deepening policies and accelerated application scenarios. The government has included low-altitude consumption in its top-level design, with cities like Shenzhen and Hefei promoting industrialization through substantial subsidies [3]. - The mechanical equipment sector is significantly influenced by the ongoing U.S.-China tariff negotiations, with a recommendation to focus on companies with strong overseas production capabilities and diversified customer bases [4]. Investment Recommendations - For the low-altitude economy, recommended companies include Deep City Transportation, Sujiao Technology, Huasheng Group, and Nairui Radar. In the complete machine sector, focus on Wan Feng Ao Wei, Yihang Intelligent, Zongheng Co., and Green Energy Hui Charge [5]. - In the mechanical equipment sector, recommended companies include Juxing Technology, Quan Feng Holdings, and Nine Companies for the export chain, and Sany Heavy Industry, XCMG, and Anhui Heli for engineering machinery [5].

风险提示：国内需求风险、海外市场风险、汇率波动风险。 公司发布2025 年第一季度报告。2025 年Q1 公司实现营业收入91.49 亿元，同比增加15.24%；归母净利 润6.57 亿元，同比增长32.00%；扣非归母净利润6.12 亿元，同比增长34.09%。2025 年Q1 公司净利率 7.03%，同比在高基数的背景下仍然提升0.54pct，接近上一轮周期高点2020Q2 的7.33%。从公司营运能 力看，2025Q1 存货周转天数是120 天，同比下降7 天。公司国企改革提升效率和净利率的逻辑持续验 证。此外，公司控股股东增持公司股份，计划6 个月内增持2.5~5.0 亿元，并且本次增持计划不设价格 区间，彰显公司对未来的发展信心。 公司装载机市场地位稳固，挖掘机业务增速大超行业增速。2024 年公司装载机业务国内市场份额稳居 第一，海外新兴市场增量显著，国际整机毛利率提升1.4 个百分点；电动装载机全球销量同比增幅 194%，市场占有率保持行业领先地位。公司2024 年挖掘机业务销量增速优于行业27 个百分点，出口销 量增速优于行业15 个百分点，海内外市场份额再创新高；整体盈利水平稳步提高，利润同 ...

事件描述 公司发布2025 年一季报，25Q1 公司实现营收91.49 亿元，同比+15.24%；实现归母净利润6.57 亿元，同 比+32.00%；实现扣非归母净利润6.12 亿元，同比+34.09%。 事件评论 控股股东拟增持公司股份，有望提振资本市场信心。近日公司发布公告，控股股东广西柳工集团有限公 司计划自公告披露之日起6 个月内，拟以集中竞价交易的方式增持公司股份2.5-5.0 亿元人民币，体现控 股股东对公司未来发展前景的看好，有望更好地支持公司高质量发展，同时有望提振资本市场信心。 预计2025-2026 年公司分别实现归母净利润20.15 亿、26.23 亿元，对应PE 分别为10倍、8 倍 ，维持"买 入"评级。 风险提示 1、基建、地产投资增速低于预期； 2、海外市场拓展不及预期。 Q1 国内土方机械行业增长态势较好，公司国内收入或显著增长。根据CCMA，25Q1 我国挖掘机行业内 销量36562 台，同比+38.3%，在去年基础上大幅提速，或受益于下游农田、水利、新农村建设、矿山等 需求较好，以及保有量更新、政策刺激、存量二手机出口等；25Q1 我国装载机行业内销量16379 台， 同比 ...

证券研究报告 | 2025 年 04 月 29 日 晨会集萃 制作：产品中心 重点推荐 《策略|中观景气度高频跟踪及运用——中观景气度数据库和定量模型应 用》 1、4 月决断，应对波动率放大，待冲击落地继续攻坚。根据经济复苏与 市场流动性，可以把投资主线降维为三个方向：1）Deepseek 突破与开源 引领的科技 AI+，2）消费股的估值修复和消费分层逐步复苏，3）低估红 利继续崛起。红利回撤常在有强势产业趋势出现的时候，因此低估红利的 高度取决于 AI 产业趋势的进展，而 AI 产业趋势的进展又取决于 AI 应用 端和消费端的突破。2、从整体的行业景气度方面来看，本周机械设备、 食品饮料、非银金融、房地产、环保、商贸零售等行业整体呈上行趋势； 石油石化、医药生物、家用电器、银行、公用事业等行业整体呈下行趋势。 3、我们预测了未来 4 周表现较优的申万二级行业。重视汽车服务、通用 设备、物流、元件、专用设备、造纸、半导体、风电设备、消费电子、电 机Ⅱ、服装家纺、光学光电子、光伏设备、饰品、基础建设等申万二级行 业。相对于上周，本周主要新增了汽车服务、半导体、服饰家纺等。 风险提示：1）历史复盘仅供参考；2）市 ...

证券代码：000528 证券简称：柳 工 公告编号：2025-41 债券代码：127084 债券简称：柳工转2 广西柳工机械股份有限公司 关于控股股东取得银行贷款承诺函的公告 本公司及董事会全体成员保证信息披露内容的真实、准确、完整，没有虚假记载、误 导性陈述或重大遗漏。 近日，广西柳工机械股份有限公司(以下简称"公司")收到控股股东广西柳工集团有限公 司（以下简称"柳工集团"）通知，其已取得中国工商银行股份有限公司广西分行出具的《贷 款承诺函》。现将有关情况公告如下： 一、增持计划主要内容 基于对公司未来发展前景的信心和对公司长期价值的合理判断，为维护资本市场的健 康稳定，提振广大投资者的信心，同时确保国有控股地位，更好地支持公司未来高质量可 持续发展，柳工集团计划自 4 月 28 日起 6 个月内，通过深圳证券交易所（以下简称"深交 所"）交易系统以集中竞价交易的方式，合计增持金额为 2.5~5.0 亿元人民币，资金来源为 自有或自筹资金。详见公司于 2025 年 4 月 26 日在《中国证券报》及巨潮资讯网上披露的 《柳工关于控股股东增持公司股份计划的公告》（公告编号：2025-40）。 二、取得金融机 ...

Investment Rating - The report maintains a "Buy" rating for the company, with a target price not specified [6][5]. Core Insights - The company reported strong performance in Q1 2025, achieving revenue of 9.149 billion yuan, a year-on-year increase of 15.24%, and a net profit attributable to shareholders of 657 million yuan, up 32% year-on-year [1]. - The controlling shareholder plans to increase its stake by 250 to 500 million yuan, reflecting confidence in the company's long-term development [2]. - The company is accelerating its industrial cluster layout, with significant growth in excavators and loaders, and a diversified business model that enhances profitability across various segments [3][4]. Financial Performance - In Q1 2025, the company’s gross profit margin was 22.01%, and net profit margin reached 7.03%, showing an improvement in profitability metrics [1]. - The company expects net profits for 2025-2027 to be 2.17 billion, 3.10 billion, and 4.28 billion yuan, respectively, with year-on-year growth rates of 63%, 43%, and 38% [5][10]. Market Position and Strategy - The company has strengthened its market position in various segments, with excavators and loaders leading in domestic market share, and significant growth in international markets, particularly in emerging regions [3][4]. - The company has expanded its dealer network to nearly 400, increasing coverage to approximately 70% across over 180 countries and regions [4].

2025 年 04 月 28 日 柳工(000528.SZ) 国改降本增效延续，盈利能力持续改善。2025 年 Q1，公司实现 毛利率、净利率 22.01%、7.03%，同比+0.09pct、+0.54pct，高基 数下盈利能力进一步提升，主要得益于降本控费。公司期间费用 率合计 11.98%，同比-1.04pct，其中销售、财务费用率改善显著， 同比-0.82pct、-0.89pct；资产减值损失 0.27 亿元，较去年同期 减少 0.14 亿元，主要系计提存货跌价准备减少。公司通过研发、 采购、零部件、制造效率、产品结构等全价值链优化调整，持续 挖掘降本空间；延续节流创新举措，根据滚动预测弹性管控费用， 固定费用摊薄后费用率有望进一步降低；同时资产周转和运营效 率保持行业领先，公司未来盈利能力仍有较大提升空间。 治理结构保持稳定，大股东增持增强信心。①董事会及管理层 换届：近年混改变革已为公司打下长期发展的稳定根基，换届后 公司治理结构基本保持稳定，董事长曾光安卸任后将在公司担任 高级顾问指导制定"十五五"战略和新一届领导班子管理；新一 届管理层将按照既定战略规划、经营方向和预算目标进行经营， 持续推动" ...

Core Viewpoint - Guangxi Liugong Machinery Co., Ltd. plans to increase its shareholding through its controlling shareholder, Guangxi Liugong Group Co., Ltd., with a total investment of 250 to 500 million RMB within six months, reflecting confidence in the company's future development and long-term value [2][6][10] Group 1: Shareholding Increase Plan - The controlling shareholder, Guangxi Liugong Group, holds 505,753,552 shares, accounting for 25.05% of the total share capital as of the announcement date [3][4] - The increase in shareholding will be executed through centralized bidding on the Shenzhen Stock Exchange without a specified price range [7][8] - The purpose of the shareholding increase is to maintain market stability and boost investor confidence while ensuring the state-owned controlling position [6][10] Group 2: Implementation Details - The planned increase will occur within six months from the announcement date, subject to legal and regulatory restrictions [8][10] - The funding for the share purchase will come from self-owned or self-raised funds [10] - The controlling shareholder commits to comply with relevant regulations and will not engage in insider trading or short-term trading during the implementation period [9][10]

Group 1: Strategic Planning and Governance - The new board and management will continue the established "14th Five-Year" strategy, focusing on stable governance and long-term development [3][4] - The company aims to deepen internal incentive systems and organizational changes to promote sustainable high-quality growth [3] Group 2: Incentive and Compensation Plans - The 2023 stock option incentive plan will proceed as originally planned, with preparations for future incentives already in place [4] - A new executive compensation scheme has been approved, designed to enhance market competitiveness and align management interests with long-term company value [4] Group 3: Internationalization Strategy - The "15th Five-Year" internationalization strategy emphasizes transitioning from comprehensive internationalization to globalization, focusing on localizing operations overseas [5] - The goal is to elevate the company from a high-end Chinese brand to a globally recognized high-value brand [5] Group 4: Research and Development Focus - The company maintains a leading position in R&D intensity and efficiency within the industry, with a focus on smart and electric products [6] - Future R&D will prioritize agricultural machinery, mining machinery, and key components, leveraging an advanced innovation design system [6] Group 5: Cost Reduction and Efficiency Improvement - The company employs a comprehensive approach to cost reduction, optimizing the entire value chain from R&D to manufacturing [6] - Future strategies include enhancing asset quality and reducing expense ratios, aiming for improved gross margins and net profit rates [6] Group 6: Electric Product Internationalization - The company is a pioneer in electric loader and excavator manufacturing, with higher profit margins for electric products overseas [7] - A dual model of "subsidiary + local agents" will be used to enhance global market coverage and customer support [7] Group 7: Competitive Response to Domestic Market Cycles - The company has made significant progress in R&D, manufacturing, and operational management since the mixed-ownership reform [8] - With a strong domestic market foundation, the company is well-positioned to capitalize on the upcoming market cycle [8]

Investment Rating - The report maintains a "Buy" rating for the company [5] Core Insights - The company reported Q1 2025 results that exceeded expectations, with a revenue of 9.149 billion yuan, a year-on-year increase of 15.24%, and a net profit of 657 million yuan, up 32.00% year-on-year. The net profit margin reached 7.03%, close to the previous cycle's high point [1][3] - The company has a strong market position in the loader segment and significantly outperformed the industry growth rate in the excavator business, with a sales growth rate exceeding the industry by 27 percentage points [2][3] - The company is actively expanding its overseas market presence, with notable growth in emerging markets and a diversified regional market structure [2][3] Summary by Sections Financial Performance - In Q1 2025, the company achieved a net profit margin of 7.03%, an increase of 0.54 percentage points year-on-year, nearing the previous cycle's high of 7.33% in Q2 2020 [1] - The company plans to increase its shareholding by 250 to 500 million yuan within six months, reflecting confidence in future growth [1] Market Position - The company maintained the largest domestic market share in loaders in 2024, with a significant increase in global sales of electric loaders by 194% [2] - The excavator business saw a sales growth rate that outpaced the industry by 27 percentage points, with export sales growth exceeding the industry by 15 percentage points [2] Future Projections - The company is expected to achieve net profits of 2.1 billion yuan, 2.8 billion yuan, and 3.7 billion yuan for 2025, 2026, and 2027 respectively, with corresponding P/E ratios of 9.7, 7.3, and 5.5 [3] - The report suggests that the company can command a higher profit reversal premium and overseas growth premium due to anticipated domestic market recovery and strong overseas performance [3]