公 司 研 究 混改效果持续体现，收入和净利润维持增长 柳工(000528) 公司 2026 年年度财务预算议案点评 | [姓名table_Authors] | 电话 | 邮箱 | 登记编号 | | --- | --- | --- | --- | | 肖群稀(分析师) | 0755-23976830 | xiaoqunxi@gtht.com | S0880522120001 | | 赵靖博(分析师) | 021-23185625 | zhaojingbo@gtht.com | S0880525040056 | 本报告导读： 目前挖机内销温和复苏，海外销售结构性改善，公司智能化、电动化、全球化布局 完善，混改效果突出，业绩有望持续释放。 投资要点： | [Table_Finance] 财务摘要(百万元) | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业总收入 | 27,519 | 30,063 | 34,368 | 39,305 | 43,184 | | (+/-)% | 3.9% | 9.2 ...

柳工(000528)12月29日在分析师会议上表示，2025年公司矿山业务受煤炭价格下行的影响，国内矿山开 工不足，导致收入、毛利率增速不及预期。随着全球矿产品价格持续回暖，市场需求稳步恢复，以及公 司强化研发力度，超大型、智慧型矿山产品落地，升级后的全面解决方案推向市场，2026年起矿山业务 预计将迎来恢复性增长。矿山业务是公司"十五五"战略重点突破的关键业务，公司未来将加强与国内外 大型矿山企业建立长期战略合作，并投入更多资源推动市场开拓和战略落地，将矿山业务打造成为装载 机、挖掘机后的第三大核心业务。 ...

Core Viewpoint - LiuGong Machinery held an analyst meeting on December 29, 2025, discussing its 2026 operational plans, overseas market strategies, and key business developments with 122 participating institutions and analysts [1][2]. Group 1: 2026 Operational Plans - LiuGong Machinery plans to significantly increase R&D and marketing investments in 2026, focusing on long-term strategic implementation and enhancing global competitiveness [3]. - The company expects improved asset quality in 2026 due to asset disposals in 2025, leading to a substantial reduction in impairment provisions [3]. Group 2: Overseas Market Strategy - LiuGong Machinery aims for balanced development across nine overseas regions, with historical highs in revenue, sales, and profits in the first three quarters of 2025 [4]. - The company plans to increase resource investment in overseas markets in 2026, targeting high-quality growth and outperforming the industry [4]. Group 3: Mining Machinery Business - The mining machinery segment is a key focus for LiuGong's "14th Five-Year Plan," with expectations for recovery in 2026 due to rising global mineral prices and market demand [5]. - LiuGong aims to establish mining machinery as its third core business after loaders and excavators, enhancing partnerships with major mining companies [5]. Group 4: Agricultural Machinery Business - LiuGong positions its agricultural machinery segment as a strategic emerging business, which, despite its smaller size, has significant growth potential and can mitigate cyclical risks from the main business [6]. - The company is currently not assessing agricultural machinery performance but aims to enhance product technology and quality [6]. Group 5: Share Buyback and Global Manufacturing Capacity - LiuGong has implemented two phases of share buybacks totaling approximately 55.23 million shares for future employee incentive plans [7]. - The company is advancing its global manufacturing layout, with ongoing projects in South Asia and Indonesia expected to be operational in the coming years [8].

Group 1: Financial Goals and Performance - The company's net profit margin target for 2025 is set to increase by over 1 percentage point, while the target for 2026 is adjusted to over 0.5 percentage points, balancing practicality and ambition [2][3] - The company anticipates significant challenges in achieving the 2025 profit margin growth due to intense domestic competition and impairment provisions [3] Group 2: Overseas Market Strategy - The company has a balanced revenue distribution across nine overseas regions, with overall income, sales, and profits reaching new highs in the first three quarters [3][4] - The overseas construction machinery market is expected to see positive growth in 2026, with the company planning to increase resource investment in overseas markets [4] Group 3: Mining Machinery Outlook - The mining business is projected to recover starting in 2026, driven by rising global mineral prices and enhanced product offerings [4] - The company aims to establish long-term strategic partnerships with major mining enterprises to strengthen its market position [4] Group 4: Agricultural Machinery Development - The agricultural machinery sector is positioned as a strategic emerging business, with plans to enhance product technology and quality [5] - The company has initiated small-scale sales of high-power tractors and expects to launch them in larger volumes starting in 2026 [5] Group 5: Shareholder Incentives - The company has repurchased approximately 55.23 million shares for a new round of equity incentives or employee stock ownership plans [6] - A detailed incentive plan is being developed, pending approval from regulatory authorities [6] Group 6: Global Production Capacity - The company is enhancing its global production capacity, with ongoing projects in South Asia and Indonesia expected to be operational in the coming years [8] - Plans for low-cost manufacturing overseas are in place to mitigate risks from geopolitical tensions and trade disputes [8]

Core Viewpoint - Guangxi Liugong Machinery Co., Ltd. has launched Smart Butler 2.0, leveraging AI for equipment lifecycle management, driving the industry's intelligent transformation [1] Group 1: Industry Transformation - The construction machinery industry is accelerating its transition towards high-end, intelligent, and green solutions, with increasing customer demands for precision and efficiency in equipment operation [1] - Liugong is evolving from a traditional equipment manufacturer to a provider of smart green equipment and technical solutions, enhancing its production capabilities and order intake [1] Group 2: Smart Manufacturing Enhancements - Liugong's intelligent factory features advanced automation, including robotic arms and automated guided vehicles (AGVs), significantly improving safety, product quality, work environment, and production efficiency [2] - The factory has achieved a production efficiency increase of 27% and a capacity increase of 18% due to the implementation of smart manufacturing solutions [3] Group 3: Market Performance - In the first half of the year, Liugong's domestic sales of new energy equipment grew by over 260%, with the company holding the top market share in electric loaders [3] - International sales in the first half of the year nearly matched the total sales of the previous year, with a growth of over 200%, particularly in high-end markets like Europe [3] Group 4: Customer-Centric Innovations - Liugong developed a dual-function electric loader for an Indian client, showcasing its commitment to customer needs and problem-solving capabilities [4] - The company emphasizes a principle of addressing challenges directly and efficiently, leading to improved product performance and customer satisfaction [6] Group 5: Commitment to Electrification and Automation - Liugong has delivered over 40 electric devices to a major client, enhancing production support and green logistics [6] - The company is focused on integrating electrification, intelligence, and automation technologies, establishing a comprehensive electric product line to meet diverse operational needs [6][7] Group 6: Global Competitive Strategy - Liugong aims to strengthen its position in high-end markets by offering a series of intelligent, digital, and lifecycle cost-optimized products, enhancing after-sales support for improved customer service [7] - The company is committed to building a sustainable ecosystem for electrification through global collaboration and innovative marketing strategies [7]

Core Viewpoint - LiuGong's stock price has shown fluctuations, with a recent decline of 3.09% and a year-to-date increase of 3.61%, indicating mixed investor sentiment and market performance [1][2]. Group 1: Stock Performance - LiuGong's stock price as of December 29 is 12.22 CNY per share, with a market capitalization of 24.863 billion CNY [1]. - Year-to-date, LiuGong's stock has increased by 3.61%, with a recent 5-day decline of 0.33%, a 20-day increase of 1.50%, and a 60-day increase of 14.42% [2]. - The company has appeared on the trading leaderboard once this year, with a net buy of -608.31 million CNY on July 22 [2]. Group 2: Financial Performance - For the period from January to September 2025, LiuGong reported a revenue of 25.760 billion CNY, reflecting a year-on-year growth of 12.71%, and a net profit attributable to shareholders of 1.458 billion CNY, up 10.37% year-on-year [2]. - Since its A-share listing, LiuGong has distributed a total of 5.102 billion CNY in dividends, with 1.122 billion CNY distributed over the last three years [3]. Group 3: Shareholder Information - As of September 30, 2025, LiuGong had 100,800 shareholders, an increase of 26.20% from the previous period, with an average of 20,140 circulating shares per shareholder, down 20.29% [2]. - The second-largest circulating shareholder is Hong Kong Central Clearing Limited, holding 80.2894 million shares, an increase of 14.2355 million shares from the previous period [3].

叶振海表示，中国新能源汽车在印尼市场很受欢迎，上汽通用五菱已在印尼开设工厂，学成归国后就业 前景广阔。 12月28 同样看好中国新能源汽车发展的，还有老挝留学生王艺。"中国新能源汽车的质量和性能特别适合老挝 复杂的道路环境。"王艺表示，老挝急需新能源汽车人才，通过比赛可了解如何加深双方在新能源领域 的合作。 上汽通用五菱汽车股份有限公司人力资源经理冉光伟认为，在新能源汽车产业快速迭代的当下，企业需 要既懂技术又具国际视野的复合型人才。他期待通过大赛发现更多青年人才，为全球新能源产业培育新 生力量。(完) 中新网柳州12月28日电 (林馨)广西高校国际学生第二届新能源大赛28日在柳州铁道职业技术学院(下 称"柳铁职院")举行。本届赛事吸引了12所学校的留学生参与，来自越南、老挝、泰国等11个国家的选 手，共同聚焦中国新能源汽车与工程机械设备电动化发展。 本次比赛由广西高等教育学会外国留学生教育管理专业委员会主办，柳铁职院与上汽通用五菱汽车股份 有限公司(下称"上汽通用五菱")、东风柳州汽车有限公司、广西柳工机械股份有限公司联动举办三大赛 项，以此提升学生实践创新能力，为企业搭建赋能人才培养、拓展国际市场的重要平 ...

Investment Rating - The report maintains a "Buy" rating for the machinery industry, indicating a positive outlook for investment returns over the next 6-12 months [1]. Core Insights - Domestic demand for excavators continues to grow, with November 2025 sales reaching 20,027 units, a year-on-year increase of 13.9%. Domestic sales accounted for 9,842 units, up 9.1% year-on-year. For the first 11 months of 2025, total excavator sales were 212,162 units, reflecting a 16.7% increase, with domestic sales at 108,187 units, up 18.6% [3][4]. - The report highlights a significant recovery in non-excavator machinery categories, with loader sales in November 2025 increasing by 29.4%, motor grader sales up 24.7%, and truck crane sales rising by 25.8% [3][4]. - The ongoing replacement cycle in the machinery sector is expected to drive sales growth, with an estimated compound annual growth rate of around 30% for replacement demand in the coming years [4]. - Positive fiscal policies are anticipated to stimulate infrastructure investment, ensuring sustained mid-term demand for machinery [5]. - Export performance remains strong, with excavator exports in November 2025 reaching 10,185 units, a year-on-year increase of 18.8%, and total export value for the first 11 months of 2025 at $53.76 billion, up 12.4% [6]. - The electric loader segment shows remarkable growth, with sales in November 2025 reaching 2,935 units, a 192.0% increase year-on-year, and an electricization rate of 25.7% [7]. - The commencement of the Yarlung Tsangpo River hydropower project is expected to further boost machinery demand, with projected equipment needs estimated between 120 billion to 180 billion RMB [9]. Summary by Sections Domestic Sales Performance - November 2025 excavator sales reached 20,027 units, with domestic sales at 9,842 units, marking a 9.1% increase year-on-year [3][14]. - Loader sales in November increased by 32.1%, with domestic sales up 29.4% [14]. Export Performance - Excavator exports in November 2025 totaled 10,185 units, reflecting an 18.8% year-on-year increase [6][14]. - The total export value for machinery in November was $5.23 billion, a 16.6% increase [6]. Future Growth Drivers - The report emphasizes the importance of ongoing fiscal policies to support infrastructure investment, which is expected to drive machinery demand [5]. - The electricization trend in machinery is highlighted, with significant growth in electric loader sales and an increasing electricization rate [7]. Key Companies Recommended - The report recommends several leading manufacturers, including SANY Heavy Industry, XCMG, Zoomlion, LiuGong, Shantui, and China Longgong, as well as component manufacturers like Hengli Hydraulic [10].

Group 1 - The core announcement from LiuGong includes the approval of multiple proposals by the company's 10th Board of Directors during its 8th meeting, focusing on the financial derivatives business for the year 2026, the operational plan for 2026, and the financial budget for 2026 [2]

Group 1: Market Performance - The engineering machinery sector increased by 1.82% on December 26, with XCMG leading the gains [1] - The Shanghai Composite Index closed at 3963.68, up 0.1%, while the Shenzhen Component Index closed at 13603.89, up 0.54% [1] Group 2: Individual Stock Performance - XCMG (000425) closed at 11.24, up 5.14% with a trading volume of 895,800 shares [1] - Shaoyang Hydraulic (301079) closed at 31.87, up 4.59% with a trading volume of 299,500 shares [1] - Shantui (000680) closed at 11.53, up 3.87% with a trading volume of 446,300 shares [1] - Changling Hydraulic (605389) closed at 76.10, up 2.84% with a trading volume of 19,200 shares [1] - Yizhong Heavy Industry (600031) closed at 21.17, up 2.42% with a trading volume of 715,800 shares [1] - Hailun Zhe (300201) closed at 6.58, up 2.02% with a trading volume of 863,400 shares [1] - Fushite (301446) closed at 32.21, up 1.90% with a trading volume of 16,100 shares [1] - Liugong (000528) closed at 12.61, up 1.69% with a trading volume of 227,100 shares [1] - Zoomlion (000157) closed at 8.57, up 1.66% with a trading volume of 479,800 shares [1] - Hengli Hydraulic (601100) closed at 108.61, up 1.30% with a trading volume of 89,000 shares [1] Group 3: Capital Flow Analysis - The engineering machinery sector experienced a net outflow of 96.43 million yuan from institutional investors, while retail investors saw a net inflow of 81.26 million yuan [2] - Major stocks like Hengli Hydraulic and Yizhong Heavy Industry had varying net inflows and outflows from different investor types [3] - Hengli Hydraulic had a net inflow of 1.30 million yuan from institutional investors, while Yizhong Heavy Industry saw a net inflow of 67.84 million yuan [3]