关于 2024 年前三季度利润分配预案的公告 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。 证券代码：000680 证券简称：山推股份 公告编号：2024—050 山推工程机械股份有限公司 山推工程机械股份有限公司（以下简称"公司"或"本公司"）于 2024 年 11 月 10 日召开第十一届董事会第十二次会议，审议通过了《公司 2024 年前三季度利润分配预 案》，本议案尚需提交公司 2024 年第二次临时股东大会审议。现将具体情况公告如下： 四、相关风险提示 本次利润分配方案尚需提交公司 2024 年第二次临时股东大会审议通过后方可实施， 敬请广大投资者理性投资，注意投资风险。 一、2024 年前三季度利润分配预案内容 根据公司 2024 年前三季度财务报表，公司 2024 年 1-9 月实现归属于母公司的净 利润 674,178,303.33 元，母公司的净利润 644,664,960.36 元，加上年初未分配利润 2,898,063,588.18 元，扣除本期派发的 2023 年度现金股利 225,049,111.80 元，2024 年 9 月末未分 ...

证券代码：000680 证券简称：山推股份 公告编号：2024—047 山推工程机械股份有限公司 关于董事及高级管理人员辞职的公告 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。 二〇二四年十一月十二日 山推工程机械股份有限公司（以下简称"公司"或"本公司"）董事会于近日收到 吴建义先生提交的辞职报告。吴建义先生因工作需要，向公司董事会申请辞去公司董 事、副总经理、财务总监、战略委员会委员职务。按照有关法律、法规和《公司章程》 的规定，吴建义先生的辞职未导致公司董事会成员低于法定人数，其辞职报告自送达 董事会时生效，吴建义先生在辞职后不再担任公司任何职务。截至本公告披露日，吴 建义先生未持有本公司股票。 吴建义先生在任职期间勤勉尽责、认真履职，在公司治理、财务管控、经营管理 等方面做出了重要贡献，为公司规范运作和健康发展发挥了重要作用。公司董事会对 吴建义先生在任职期间为公司及董事会工作所做的贡献表示衷心的感谢！ 特此公告。 山推工程机械股份有限公司董事会 ...

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、日常关联交易基本情况 2024年4月26日，公司2023年度股东大会审议通过了《关于预计2024年度日常关联交 易的议案》，结合2024年1-9月与关联方的实际发生交易金额，及公司2024年第四季度生 产经营计划，公司预计2024年与山重建机有限公司及其关联方的实际发生关联交易金额 有所增加，按照《深圳证券交易所股票上市规则》的相关规定，增加与山重建机有限公司 及其关联方2024年度日常关联交易额度，具体内容如下： 证券代码：000680 证券简称：山推股份 公告编号：2024—051 山推工程机械股份有限公司 关于增加 2024 年度部分日常关联交易额度的公告 单位：亿元 | 关联人 | 关联交易 | 按产品或 | | 预计金额 | | 2024 年1-9月实际 | | --- | --- | --- | --- | --- | --- | --- | | | 类别 | 劳务划分 | 原预计 | 增加金额 | 重新预计 | 发生额（未经审 | | | | | 金额 | | 金额 | 计） | | 山重建机有 ...

证券研究报告 工程机械Ⅲ 投资评级 买入-A 首次评级 12个月目标价 11.2元 股价 (2024-11-01) 9.66元 交易数据 总市值(百万元) 14, 493. 16 流通市值(百万元) 12, 635. 25 总股本(百万股) 1, 500. 33 流過膜本(百万股) 1, 308. 00 12个月价格区间 4.6/9.66元 12M 升幅% 1M 18. 3 80.5 相对收益 26.4 15. 1 89.4 绝对收益 40. 2 郭倩倩 分析师 2024 年 11 月 04 日 山推股份(000680. SZ) 推土机开山力士，改革出海拓新篇 目国内推土机行业龙头,历史悠久底蕴深厚。山推股份前身可追 溯至 1952年成立的烟台机械厂,21 世纪 80年代,公司通过引进 卡特彼勒、小松技术完成推土机起步,随后持续深耕推土机主业, 1997 年于深交所挂牌上市,2009 年与潍柴控股集团、山东省汽车 工业集团共同组建山东重工集团。经历40余年研发积累,公司逐 步实现 300-900HP 大马力推土机的国产替代。目前,国内方面, 公司推土机市占率多年维持 60%以上,龙头地位长期稳固;海外 方面， ...

Investment Rating - The investment rating for the company is "Buy" [1][3] - The previous rating was also "Buy" [1] Core Views - The company reported strong financial performance in Q3 2024, with revenue reaching RMB 9.84 billion, a year-on-year increase of 30.64%, and net profit attributable to shareholders of RMB 674 million, up 34.16% [3][5] - The company is recognized as a leading manufacturer of bulldozers in China, with significant growth potential driven by ongoing expansion in overseas markets and a focus on excavator business [3][4] - The report maintains a positive outlook on the company's growth trajectory, supported by robust financial metrics and strategic initiatives [3][4] Financial Summary - For the first three quarters of 2024, the company achieved revenue of RMB 98.36 billion, a 30.64% increase year-on-year, and a net profit of RMB 6.74 billion, reflecting a 34.16% growth [3][5] - The gross margin for the first three quarters was 16.70%, a decrease of 1.35 percentage points, while the net margin improved to 6.89%, an increase of 0.17 percentage points [3][5] - The company’s operating cash flow significantly improved, with a net cash flow of RMB 4.79 billion compared to a negative RMB 0.89 billion in the same period last year [3][5] Growth Projections - Revenue projections for 2024-2026 are RMB 137.12 billion, RMB 160.90 billion, and RMB 181.32 billion, respectively, with net profit estimates of RMB 9.80 billion, RMB 12.88 billion, and RMB 14.68 billion [3][4] - The expected earnings per share (EPS) for 2024-2026 are RMB 0.65, RMB 0.86, and RMB 0.98, with corresponding price-to-earnings (PE) ratios of 14.8, 11.3, and 9.9 [4][3] Market Position and Strategy - The company has been actively expanding its overseas market presence, establishing subsidiaries in regions such as Africa, Europe, and the Americas, which contributed to over 50% of its revenue in the first half of 2024 [3][4] - The company is also planning to acquire a stake in a related party, which is expected to enhance its excavator business and leverage existing sales channels [3][4]

好的各位投资者还有我们三推的两位领导员总感谢两位领导的宝贵时间还有群众参加今天的交流三推其实看出来的三级报还是有亮点的我们还是觉得业绩还是比预期要好的那么我们其实看整个供应期限最近调整也比较多了我们 前面也说了我们还是看拐点那么因为这个9月24号的封锁的原因导致了其实整个的前期比较强势的公众机械造成其实跑出了很多的一些行业我们觉得可能的来看这个行业可能的机会也快到了那么更详细的呢我会请我们领导还有华欣老师以及我们春奇来来主持今天的互动交流好的那么那么有感谢那个严总还有那我们秦总先交给两位领导 好的 谢谢邱总 谢谢华晶总就是给这样一个机会对这个投资者跟三级度的经营业绩情况进行交流首先我简单的把三级道的公司的基本情况给这位投资者汇报一下就是今年一到九月份整个大家从裁判上也看到了营业收入实现了98个亿 那个比之前同期量增长31个亿值得一提的呢就是我们的经营我们的实现的利润是10%本期度呢是实现了2.5%较去较同期呢增长了27%就是一到九月份呢实现了6.7个亿也是超过销售收入的增长实现了34个亿这个游民空间的这个喇叭口呢也继续进一步增加毛利率水平呢就是说应该是和中期基本上保持 保持一致保持一致主要是因为就是和去年同期 ...

Investment Rating - The report maintains a "Buy" rating for the company, with a target price indicating a potential return of over 20% within the next six months [5][13]. Core Views - The company reported excellent performance in its Q3 results, with a revenue of 9.836 billion yuan, representing a year-on-year increase of 30.64%, and a net profit attributable to shareholders of 674 million yuan, up 34.16% year-on-year [1][2]. - The company is expanding its overseas market presence, having established a subsidiary in Belgium and added 24 overseas distributors, enhancing its market coverage in Africa, Europe, America, and Southeast Asia [3]. - The integration of high-quality resources within the group has led to a complete and efficient production system, leveraging economies of scale and competitive advantages from the Shandong Heavy Industry Group [4]. Financial Performance Summary - For the first three quarters of 2024, the company achieved a revenue of 9.836 billion yuan, with a gross margin of 16.7% and a net margin of 6.89% [1]. - In Q3 2024, the company reported a revenue of 3.328 billion yuan, with a gross margin of 16.44% and a net margin of 7.72% [2]. - The company expects net profits attributable to shareholders to reach 950 million yuan, 1.231 billion yuan, and 1.401 billion yuan for the years 2024, 2025, and 2026 respectively, reflecting a positive outlook for its product lines [4][7]. Financial Data and Valuation - The company’s total revenue for 2023 is projected at 10.541 billion yuan, with a growth rate of 5.43%, and is expected to increase significantly to 13.940 billion yuan in 2024, representing a growth rate of 32.25% [7]. - The earnings per share (EPS) is forecasted to be 0.63 yuan in 2024, with a price-to-earnings (P/E) ratio of 15.25 [9]. - The company’s total assets are expected to grow from 13.427 billion yuan in 2023 to 15.674 billion yuan in 2024, indicating a strong asset base [8].

Investment Rating - The report maintains a "Buy" investment rating for the company [1] Core Views - The company's performance meets expectations, with a significant increase in revenue and net profit for the first three quarters of 2024, achieving operating income of 9.836 billion yuan (up 30.64% year-on-year) and net profit attributable to shareholders of 674 million yuan (up 34.16% year-on-year) [1] - The global bulldozer market is projected to grow at a compound annual growth rate (CAGR) of 7.56%, reaching a total market size of 45.224 billion yuan by 2029, with the company holding over 60% market share in China [1] - The company is actively seizing export opportunities, with its export scale increasing from 6.3 million USD in 2018 to 77.2 million USD in 2023, reflecting a CAGR of 65.07% [1][2] - The company has established a robust overseas marketing network, with over 160 overseas agents and 10 subsidiaries, leading to over 55% of its revenue coming from international markets [1] Summary by Sections Financial Performance - For Q3 2024, the company reported operating income of 3.328 billion yuan (up 24.85% year-on-year) and net profit of 256 million yuan (up 27.64% year-on-year) [1] - The gross profit margin for Q3 2024 was 16.44%, while the net profit margin improved to 7.72% [1][2] Profit Forecast - The company is projected to achieve revenues of 13.931 billion yuan, 16.063 billion yuan, and 17.431 billion yuan for 2024, 2025, and 2026 respectively, with corresponding EPS of 0.65 yuan, 0.81 yuan, and 1.00 yuan [3][5] - The current stock price corresponds to a PE ratio of 13, 10, and 8 times for the years 2024, 2025, and 2026 respectively [3]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company reported a revenue of 9.836 billion RMB for Q3 2024, representing a year-on-year growth of 30.64%, and a net profit attributable to shareholders of 674 million RMB, up 34.16% year-on-year [1] - The overseas market revenue grew rapidly, accounting for over 55% of total revenue in H1 2024, with overseas revenue reaching 3.625 billion RMB, a year-on-year increase of 44.41% [1] - The company is focusing on high-power bulldozer products, which are expected to enhance profitability due to the increasing proportion of high-value-added products and overseas sales [1] - The asset quality has improved, with an average ROE of 11.62% in Q1-Q3 2024, up 1.75 percentage points year-on-year [1] Summary by Sections Performance Analysis - In Q3 2024, the company achieved a revenue of 3.328 billion RMB, a year-on-year increase of 24.85%, and a net profit of 256 million RMB, up 27.64% year-on-year [1] - The overseas market has become a significant growth driver, contributing 72.97% to gross profit in H1 2024, an increase of 3.01 percentage points year-on-year [1] Financial Forecasts - The company expects revenues of 12.434 billion RMB, 14.407 billion RMB, and 15.912 billion RMB for 2024, 2025, and 2026 respectively, with net profits of 945 million RMB, 1.238 billion RMB, and 1.535 billion RMB [1] - The projected PE ratios for 2024, 2025, and 2026 are 13, 10, and 8 respectively [1] Asset Quality and Efficiency - The average ROE for Q1-Q3 2024 is reported at 11.62%, reflecting an improvement in asset quality [1] - The accounts receivable turnover days decreased to 104.82 days, a reduction of 3 days year-on-year [1]

山推工程机械股份有限公司监事会 关于《公司 2024 年第三季度报告》的审核意见 经审核，山推工程机械股份有限公司监事会认为董事会编制和审议《公司 2024 年第 三季度报告》的程序符合法律、行政法规及中国证监会的规定，报告内容真实、准确、 完整地反映了上市公司的实际情况，不存在任何虚假记载、误导性陈述或者重大遗漏。 山推工程机械股份有限公司监事会 二〇二四年十月三十一日 ...