Core Viewpoint - The company reported strong revenue and profit growth in the first half of 2025, driven by significant performance in earthmoving machinery and strategic international expansion [1][2][3]. Financial Performance - In H1 2025, the company achieved revenue of 18.181 billion yuan, a year-on-year increase of 13.21% - The net profit attributable to shareholders was 1.230 billion yuan, up 25.05% - The net profit excluding non-recurring items was 1.146 billion yuan, an increase of 27.01% [1]. Segment Performance - Earthmoving machinery was the main growth driver, with revenue of 11.652 billion yuan, a year-on-year growth of 17.26% - Other segments included engineering machinery and components at 5.081 billion yuan (8.81% growth), prestressed machinery at 1.197 billion yuan (-0.61% decline), and rental business at 251 million yuan (0.88% growth) [2]. - Within earthmoving machinery, loader revenue grew by over 20%, and global sales of electric loaders surged by 193% - Excavator revenue increased by 25%, with domestic and overseas terminal sales growing by 31% and 22% respectively, leading to a 1.6 percentage point increase in domestic market share and a 0.5 percentage point increase in global market share [2]. Profitability Metrics - The company's gross margin decreased by 1.08 percentage points to 22.32% - Domestic gross margin decreased by 0.65 percentage points to 15.82%, while overseas gross margin increased by 1.49 percentage points to 29.69% - The total expense ratio decreased by 1.49 percentage points to 12.48%, with sales expense ratio down by 1.16 percentage points to 6.92% [2]. Strategic Developments - The company is experiencing high-quality growth in strategic emerging businesses, with significant advancements in the mining machinery sector, achieving a 42% increase in overseas sales - The aerial work machinery segment saw substantial growth in sales, revenue, and net profit, with net profit growth exceeding 100% - The industrial vehicle segment also reported double-digit growth in sales, revenue, and net profit, with both domestic and international revenue increasing [3]. - The company has entered a deep internationalization phase, establishing manufacturing bases in India, Brazil, Argentina, and Indonesia, and developing local supply chains for localized production [3]. Future Outlook - Revenue projections for 2025-2027 are 34.233 billion, 37.820 billion, and 41.361 billion yuan, with year-on-year growth rates of 13.87%, 10.48%, and 9.36% respectively - Net profit attributable to shareholders is expected to be 1.719 billion, 2.093 billion, and 2.518 billion yuan, with growth rates of 29.57%, 21.74%, and 20.31% respectively [4]. - The company's PE ratios for 2025-2027 are projected to be 12.86, 10.57, and 8.78, maintaining a "buy" rating [5].

Investment Rating - The report maintains a "Buy" rating for the company, expecting a relative increase in stock price of over 20% compared to the benchmark index within six months [2][14]. Core Insights - The company reported a robust performance in H1 2025, achieving revenue of 18.181 billion yuan, a year-on-year increase of 13.21%, and a net profit attributable to shareholders of 1.230 billion yuan, up 25.05% [4][5]. - The growth was primarily driven by the earth-moving machinery segment, with both domestic and overseas sales outpacing industry averages. Notably, the loader segment saw revenue growth exceeding 20%, and electric loader global sales surged by 193% [5][6]. - The company is entering a deep internationalization phase, establishing multiple overseas manufacturing bases and R&D institutions, enhancing local supply chains and production capabilities [6]. Financial Performance Summary - For H1 2025, the company reported a gross margin of 22.32%, a decrease of 1.08 percentage points year-on-year. Domestic gross margin decreased by 0.65 percentage points to 15.82%, while overseas gross margin increased by 1.49 percentage points to 29.69% [5]. - The company forecasts revenues of 34.233 billion yuan, 37.820 billion yuan, and 41.361 billion yuan for 2025, 2026, and 2027, respectively, with year-on-year growth rates of 13.87%, 10.48%, and 9.36% [7][10]. - The projected net profit attributable to shareholders for the same period is 1.719 billion yuan, 2.093 billion yuan, and 2.518 billion yuan, with growth rates of 29.57%, 21.74%, and 20.31% [7][10].

Group 1 - The company, LiuGong, announced its first share buyback on December 20, 2024, through a centralized bidding method [1] - As of August 31, 2025, LiuGong has repurchased approximately 35.91 million shares, accounting for 1.77% of its total share capital of about 2.03 billion shares [1] - The highest transaction price during the buyback was 11.6 CNY per share, while the lowest was 10.62 CNY per share, with a total transaction amount of approximately 400 million CNY [1]

证券代码：000528 证券简称：柳 工 公告编号：2025- 68 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 关于股份回购（第二期）进展情况的公告 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。 广西柳工机械股份有限公司（以下简称"公司"）于 2024 年 11 月 28 日召开第九 届董事会第二十六次（临时）会议，审议通过了《关于公司回购股份方案（第二期） 的议案》，同意公司使用自有资金及股票回购专项贷款资金通过集中竞价的方式回购 部分公司已发行的人民币普通股（A 股）股票，用于新一期的股权激励或员工持股计划。 本次回购金额区间为不低于人民币 30,000 万元（含）且不超过人民币 60,000 万元 （含），回购价格为不超过人民币 18.20 元/股（含），该价格不高于董事会通过回购 决议前三十个交易日公司股票交易均价的 150%。具体回购股份的数量以回购期满时实 际回购的股份数量为准。上述具体内容详见公司于 2024 年 12 月 3 日在巨潮资讯网 （www.cninfo.com.cn）披露的《公司第九届董事会第二十六次（ ...

Group 1: Financial Performance - In H1 2025, the company achieved revenue of 18.181 billion yuan, a year-on-year increase of 13.21%, and a net profit attributable to shareholders of 1.230 billion yuan, up 25.05% year-on-year [1] - In Q2 2025, the company reported revenue of 9.032 billion yuan, a year-on-year growth of 11.22%, while net profit was 573 million yuan, increasing by 17.94% year-on-year [1] - The gross margin for H1 2025 was 22.32%, a decrease of 1.08 percentage points year-on-year, while the net margin was 6.34%, an increase of 0.01 percentage points year-on-year [1] Group 2: Market Position and Segment Performance - The company's market share in earthmoving machinery increased, with revenue of 11.652 billion yuan in H1 2025, a year-on-year growth of 17.26%, accounting for 64.09% of total revenue [2] - The loader business saw domestic and international revenue growth exceeding 20%, while global sales of electric loaders surged by 193% [2] - The excavator business experienced a revenue increase of 25.10% and a net profit growth of over 90%, with domestic and international sales rising by 31% and 22.10% respectively [2] Group 3: International Expansion and Strategic Initiatives - The company accelerated its globalization efforts, with overseas revenue reaching 8.523 billion yuan in H1 2025, a year-on-year increase of 10.52%, representing 46.88% of total revenue [3] - Emerging markets showed strong growth, with revenue in regions like South Asia, Middle East, and Africa seeing increases exceeding 80% [3] - The company approved an investment of 500 million yuan to establish a manufacturing plant in Indonesia, enhancing its local market presence and optimizing the global supply chain [3]

Investment Rating - The report maintains a "Buy" rating for the company [1][7]. Core Insights - The company achieved a significant growth in net profit for H1 2025, with revenue reaching 181.81 billion yuan, a year-on-year increase of 13.21%, and net profit of 12.30 billion yuan, up 25.05% [5]. - The company's market share in earthmoving machinery continues to rise, with revenue from this segment at 116.52 billion yuan, a 17.26% increase year-on-year, accounting for 64.09% of total revenue [5]. - The company is accelerating its globalization efforts, with overseas revenue of 85.23 billion yuan, a 10.52% increase year-on-year, representing 46.88% of total revenue [5]. Summary by Sections Financial Performance - In H1 2025, the company reported a gross margin of 22.32%, a decrease of 1.08 percentage points year-on-year, while the net margin was 6.34%, an increase of 0.01 percentage points [5]. - For Q2 2025, revenue was 90.32 billion yuan, an 11.22% year-on-year increase, with a net profit of 5.73 billion yuan, up 17.94% year-on-year [5]. Market Position - The company’s electric loader sales increased by 193% year-on-year, with over 50% of the industry’s electric loader exports coming from the company [5]. - The excavator segment saw a revenue increase of 25.10% year-on-year, with domestic and international sales growing by 31% and 22.10%, respectively [5]. International Expansion - The company is investing 500 million yuan in a manufacturing facility in Indonesia to enhance its local market presence and optimize its global supply chain [5]. - Emerging markets such as South Asia, the Middle East, and Africa showed strong growth, with some regions exceeding 80% revenue growth [5]. Earnings Forecast - The company’s earnings per share (EPS) are projected to be 0.93 yuan, 1.17 yuan, and 1.46 yuan for 2025, 2026, and 2027, respectively, with corresponding price-to-earnings (PE) ratios of 12x, 9x, and 7x [6][7].

Core Viewpoint - Pacific Securities report indicates that LiuGong achieved a net profit attributable to shareholders of 1.23 billion yuan in the first half of the year, representing a year-on-year growth of 25.05%, aligning with the previous performance forecast range of 20%-30% [1] Group 1: Financial Performance - In the first half of the year, LiuGong's revenue showed steady growth, with earth-moving machinery products outperforming the industry [1] - The company's overseas business accounted for 46.88% of total revenue in the first half of 2025, becoming a "ballast" for the company's performance growth [1] Group 2: Market Expansion - The growth momentum in overseas emerging markets is strong, with revenue growth rates in key regions such as South Asia, Central Asia, Indonesia, and Africa exceeding 80% [1] Group 3: Strategic Goals - According to the company's board resolution, LiuGong aims to achieve a revenue target of 60 billion yuan by 2030, with international revenue accounting for over 60% and a net profit margin of no less than 8% [1] - The six-month target price is set at 15.82 yuan, corresponding to a 17 times PE for 2025, with a "buy" rating given [1]

Investment Rating - The report maintains a "Buy" rating for the company [5][7]. Core Insights - The company achieved a revenue of 18.18 billion with a year-on-year growth of 13.2% and a net profit of 1.23 billion, reflecting a 25.1% increase [1]. - The company aims to reach a revenue target of 60 billion by 2030, with international revenue accounting for over 60% and a net profit margin of no less than 8% [1]. - The demand for earthmoving machinery is supported by the ongoing equipment upgrades and the commencement of the Yaxia hydropower project, which is expected to further boost demand for large excavators and loaders [2]. - The company has seen a 10.5% year-on-year growth in overseas revenue, reaching 8.52 billion, with significant growth in emerging markets [3]. - The sales of electric loaders in China have surged by 172.8%, with the company benefiting from a leading position in the electric loader market [4]. Summary by Sections Financial Performance - In H1 2025, the company reported a revenue of 18.18 billion, a 13.2% increase year-on-year, and a net profit of 1.23 billion, up 25.1% [1]. - The gross margin stood at 22.3%, a slight increase of 0.2 percentage points, while the net margin remained stable at 6.3% [1]. Market Demand - The earthmoving machinery segment saw a revenue of 11.65 billion, growing 17.3% year-on-year, with loaders and excavators experiencing over 20% and 25% growth in sales, respectively [2]. - The commencement of the Yaxia hydropower project is expected to further enhance demand for the company's machinery [2]. International Expansion - The company achieved overseas revenue of 8.52 billion, marking a 10.5% increase, with a notable 40% growth in emerging markets [3]. - The company’s market share in earthmoving machinery has increased, with significant growth in sectors like mining and aerial work platforms [3]. Electric Machinery Development - The sales of electric loaders increased by 193.0% year-on-year, with the company capturing over 50% of the industry’s electric loader exports [4]. - The company has received over 20 intent orders for autonomous electric loaders, indicating strong market interest [4]. Profit Forecast and Valuation - The report projects a slight downward adjustment in net profit forecasts for 2025-2027, with expected profits of 1.86 billion, 2.46 billion, and 3.08 billion, respectively [5]. - The expected EPS for the same period is projected to be 0.92, 1.22, and 1.52 yuan [5].

Group 1 - The core viewpoint of the report is that China Galaxy has given a "recommended" rating for Liugong (000528.SZ) based on several positive indicators [1] - Domestic sales are recovering, and overseas sales and profitability have reached new highs during the same period [1] - The market share of excavators has increased both domestically and internationally, with a significant growth in global sales of electrical equipment and accelerated growth in emerging businesses [1] Group 2 - The gross profit margin has improved year-on-year, although there has been a slight increase in the expense ratio [1] - There has been an increase in accounts receivable exposure, which has impacted operating cash flow due to the company's own financing leasing business [1]

Summary of Key Points from Conference Call Records Industry Overview - The mechanical industry is experiencing a comprehensive upward trend, with various segments at different stages of growth [1] - The AI-related industry chain, including AIDC, PCB, 3C equipment, and smart logistics, is a focus for the Huatai Securities mechanical team for the second half of this year and next year [2] Company-Specific Insights Ice Wheel Environment - Ice Wheel Environment is expected to achieve over 700 million yuan in profit this year, with approximately 30%-35% coming from AI-related business [3] - The overall growth rate for the company may reach 25%-30% next year, with AI business expected to account for 45% [3] - Current valuation is around 15 times next year's profit, with a potential market cap increase to 19-20 billion yuan, indicating about 40% growth potential [3] Lian De Co., Ltd. - Lian De Co., Ltd. is benefiting from AI performance, with projected revenue of 1.6-1.7 billion yuan and profit of about 320 million yuan next year [4] - The current valuation is below 20 times, with potential to rise above 30 times as AI revenue share becomes clearer [4] - Recent stock performance has been affected by a share reduction announcement and market doubts about capacity realization [5] - Despite recent stock performance, the long-term investment opportunity remains strong due to high industry barriers and demand from the U.S. and domestic construction orders [6][7] New Flag Micro-Assembly - New Flag Micro-Assembly's expansion plan is expected to bring significant performance elasticity, with high profit margins and substantial valuation flexibility [9] Dazhu CNC - Dazhu CNC is expected to benefit from the AI PCB trend, with anticipated order volume reaching 10 billion yuan and a profit margin of about 40% [10] Quick Intelligent - Quick Intelligent operates in high-value-added businesses in the semiconductor and 3C fields, with a valuation corresponding to 22-23 times by 2026, indicating significant space and valuation elasticity [10] Industry Challenges and Risks New Energy Equipment - The new energy equipment sector is in a downward cycle, with declining contract liabilities and inventory indicators signaling reduced orders [12] - The photovoltaic equipment industry is currently profitable, but cash flow may deteriorate in the second half of 2025, with no signs of order recovery [13] Lithium Battery Equipment - The lithium battery equipment sector is performing strongly, with leading companies like CATL driving industry expansion [15] - The solid-state battery sector is impacting the lithium battery equipment landscape, providing opportunities for smaller equipment companies [16] Industrial Automation - The industrial automation sector has shown mixed results, with leading companies performing well while second-tier companies face challenges [18] - A recovery is anticipated in the fourth quarter of this year and into 2026 [18] Investment Recommendations - The Huatai Securities mechanical team recommends focusing on AI-related companies, including Ice Wheel Environment, Lian De Co., Ltd., and others in the mechanical sector [2] - Attention should also be given to the engineering machinery sector, which is expected to see a recovery driven by domestic and international demand [24][26] - The textile equipment sector is facing challenges due to tariffs, but companies like Jack and Huashu Technology are showing resilience [27][28] - The X-ray equipment sector is showing signs of recovery, with companies like Meiya Optoelectronics and Yirui Technology performing well [29] Conclusion - Overall, the mechanical industry and its related sectors present various investment opportunities, particularly in AI and engineering machinery, while also facing challenges in new energy and textile equipment sectors.