Core Viewpoint - Shantui Construction Machinery Co., Ltd. is applying for a listing on the Hong Kong Stock Exchange, aiming to enhance its global strategy and competitiveness, with a significant portion of its revenue coming from overseas markets [1][4][10]. Company Overview - Shantui has a 73-year history, originally established in 1952, and has evolved into a leading bulldozer manufacturer [4][6]. - The company has undergone several mergers and acquisitions, including the acquisition of Shandong DeGong and the sale of part of its stake in Komatsu Shantui [5][6]. - Shantui is backed by Shandong Heavy Industry Group, which holds approximately 40.07% of the company's shares [7]. Financial Performance - Shantui's revenue for the years 2022 to 2025 shows a compound annual growth rate (CAGR) of 11.8%, with 2024 revenue expected to grow by 25.1% year-on-year [9][10]. - The net profit for the same period has a remarkable CAGR of 111.94%, indicating strong profitability growth [9][11]. Market Position - Shantui is the third-largest bulldozer manufacturer globally and the largest in China, maintaining over 60% market share in the domestic market since 2010 [7][9]. - The company has established a significant presence in overseas markets, with international sales contributing over 52.1% of total revenue by 2024 [10]. Product and Service Expansion - Shantui has diversified its product offerings to include a full range of construction machinery, such as excavators, loaders, and concrete equipment [6][12]. - The company has established 10 overseas subsidiaries and a sales network covering over 160 countries, participating in major infrastructure projects both domestically and internationally [12]. Market Trends - The global construction machinery market is projected to grow from $213.5 billion in 2024 to $296.1 billion by 2030, with a CAGR of 5.6% [9]. - Factors driving this growth include infrastructure recovery, ongoing mining investments, and the acceleration of electrification and automation in the industry [9].

核心产品突围至全球化布局，龙头成长再加速 ——山推股份深度报告 工程机械 执业证书编号：S0740519080001 Email：wangke03@zts.com.cn | 基本状况 | | | --- | --- | | 总股本(百万股) | 1,500.14 | | 流通股本(百万股) | 1,314.70 | | 市价(元) | 9.60 | | 市值(百万元) | 14,401.37 | | 流通市值(百万元) | 12,621.14 | 山推股份（000680.SZ） 证券研究报告/公司深度报告 2025 年 08 月 29 日 | 评级： | 买入（维持） | | 公司盈利预测及估值 | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | | 指标 | | 2023A | 2024A | 2025E | 2026E | 2027E | | 分析师：王可 | | | 营业收入（百万元） | | 10,541 | 14,219 | 15,925 | 18,236 | 20,607 | | | | ...

证券代码：000680 证券简称：山推股份 公告编号：2025—072 山推工程机械股份有限公司 关于向香港联交所递交 H 股发行上市申请并刊发申请资料的公告 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。 山推工程机械股份有限公司（以下简称"公司"）已于 2025 年 8 月 28 日向香港联 合交易所有限公司（以下简称"香港联交所"）递交了首次公开发行 H 股股票并在香港 联交所主板上市（以下简称"本次发行"）的申请，并于同日在香港联交所网站刊登了 本次发行的申请材料。该申请材料为公司按照香港证券及期货事务监察委员会（以下简 称"香港证监会"）及香港联交所的要求编制和刊发，为草拟版本，其所载资料可能会 适时作出更新及修订，投资者不应根据其中的资料作出任何投资决定。 https://www1.hkexnews.hk/app/sehk/2025/107659/documents/sehk25082800363 _c.pdf 英文： https://www1.hkexnews.hk/app/sehk/2025/107659/documents/sehk25082 ...

据港交所8月28日披露，山推工程机械股份有限公司(000680.SZ)向港交所主板递交上市申请，中金公司（601995）为其独家保荐人。 据招股书，山推股份（000680）是全球推土机行业的领导者，也是全球工程机械行业的领先企业。公司致力于推土机、挖掘机、装载机、道路机械、矿 卡和混凝土设备等全系列工程机械以及零部件的研发、制造、销售及服务，并矢志成为全球"智慧施工解决方案领先者"。 根据弗若斯特沙利文的资料，以2024年销量计，山推股份是全球第三大与中国第一大推土机制造商。以销量计，自2004年起公司于中国的推土机领域连 续21年稳居第一；根据同一来源，自2010年至2024年，公司于中国推土机市场的份额一直稳居60%以上。 山推股份自创立之初便承担了中国大马力推土机国产化的历史使命，一举改变了中国大马力推土机全部依赖进口的局面，填补了国内180马力以上推土机 的空白。根据弗若斯特沙利文，公司已引领多项行业突破，包括研发中国最大马力推土机、中国第一台无人驾驶推土机、全球第一台纯电新能源推土 机，全球第一台AI推土机。 凭借在推土机大马力化、高端化中所积累的技术能力，并依托公司的控股股东山东重工集团"黄金产业 ...

Core Insights - Shantui Co., Ltd. is a leading player in the global bulldozer industry and a prominent enterprise in the engineering machinery sector, focusing on the R&D, manufacturing, sales, and service of a full range of construction machinery and components [3][4] - The company has maintained its position as the largest bulldozer manufacturer in China for 21 consecutive years since 2004, holding over 60% market share in the Chinese bulldozer market from 2010 to 2024 [3] - Shantui has pioneered several industry breakthroughs, including the development of China's largest horsepower bulldozer and the world's first AI bulldozer [3] Company Performance - As of June 30, 2025, Shantui has established 10 overseas subsidiaries, with a sales and service network covering over 160 countries and regions, achieving 52.1% of its revenue from overseas in 2024, which increased to 55.7% in the first half of 2025 [4] - The company's revenue for the fiscal years 2022, 2023, 2024, and the first half of 2025 was approximately CNY 11.37 billion, CNY 11.36 billion, CNY 14.22 billion, and CNY 7.00 billion respectively, with net profits of CNY 248 million, CNY 796 million, CNY 1.11 billion, and CNY 577 million during the same periods [4][6] Financial Metrics - In 2022, Shantui's revenue was CNY 11.37 billion, with a gross profit margin of 11.2%, which improved to 19.4% in 2024 [6] - The company reported a net profit margin of 2.2% in 2022, which increased to 7.8% in 2024, indicating a significant improvement in profitability [6] - The cost of sales as a percentage of revenue decreased from 88.8% in 2022 to 80.6% in 2024, reflecting better cost management [6]

山推股份在港交所提交IPO申请，独家保荐人为中金公司。 ...

2025 年 8 月 26 日 公司研究 海外业务稳步增长，扣非业绩表现亮眼 ——山推股份（000680.SZ）2025 年中报点评 要点 事件：公司发布 2025 年中报。2025 年上半年，公司实现营业收入 70.0 亿元， 同比增长 3.0%（追溯调整后，下同）；归母净利润 5.7 亿元，同比增长 8.8%； 扣非归母净利润 5.6 亿元，同比增长 36.5%。2025 年 Q2，公司实现营收 37.0 亿元，同比增长 3.2%，环比增长 12.2%，归母净利润 3.0 亿元，同比增长 4.7%， 环比增长 8.4%，扣非归母净利润 2.9 亿元，同比增长 44.3%，环比增长 7.9%。 点评： 营收平稳增长，扣非净利润表现亮眼：25 年 H1，公司营业收入在经历 24 年同 期营收高增长后增速逐步回稳，完成 2025 全年营收目标（157 亿元）的 45%， 其中海外业务收入 39 亿元，同比增长 7.7%，全年收入目标（90 亿元）完成约 43%；费用端，25 年 H1 期间费率约 9.9%，同比提升 0.2pct，主要因销售激励 增加等导致销售薪酬增长，销售费用同比增加 31%；利润端，公司归母 ...

Core Insights - The company Shantui has developed the world's first AI bulldozer, marking a significant advancement in the construction machinery industry through the integration of AI technology [1][4][10] AI Empowerment - The AI bulldozer operates autonomously, allowing operators to control it from a remote command center, enhancing operational safety and efficiency [2][3] - The AI system enables the bulldozer to make decisions based on environmental conditions, improving its operational capabilities beyond simple remote control [2][3] Precision and Efficiency - The AI bulldozer achieves a precision control of ±3 cm, significantly improving efficiency by reducing the need for multiple passes during earth-moving tasks, leading to a 30-40% increase in operational efficiency [3][7] - The system's ability to monitor and adjust operations in real-time enhances safety by providing early warnings and automatic interventions [3][4] Testing and Development - Shantui conducted over 25,000 tests in various working conditions over six months to validate the performance of the AI bulldozer [4] - The development involved deep integration of foundational AI models with extensive industry knowledge, resulting in a specialized AI decision-making model [4] Intelligent Systems - The AI bulldozer features a comprehensive intelligent architecture with nine intelligent systems focused on optimizing power, ensuring safety, and facilitating collaborative operations [5][8] - The health management system utilizes data from 110,000 machines to proactively manage maintenance, transitioning from reactive to preventive care [5][6] Collaborative Operations - The AI bulldozer's collaborative system reduces idle time by 1.5 hours per day and improves earth-moving efficiency by 40%, showcasing a shift from disorganized operations to coordinated efforts [8] - The technology is designed to allow the operator to transition from a controller to a commander, enhancing the role of human operators in the construction process [8][9] Future Development - Shantui plans to achieve full coverage of AI bulldozer core functions within three years, expanding AI technology across its entire product line [9] - The company has established a robust supply chain with a nearly 70% local support rate, providing a solid foundation for the mass production of AI technologies [9][10]

齐鲁晚报.齐鲁壹点李梦晴 当前，数智化、绿色化是装备行业转型的重点，见面会上，山推(德州)工程机械有限公司总经理刘俊峰，德州恒力电机有限责任公司总经理方正，山东普 利森集团有限公司副总经理卢传杰，德州欧瑞电子通信设备制造有限公司副总经理史燕，分别分享了在生产环节上做的改造和创新以及如何平衡投入成本 和长期收益的。 山推(德州)工程机械有限公司： 近年来，山推(德州)公司坚持以技术赋能，构建数字生态，数智化改造总投资超3亿元。在平台建设方面，公司与山推股份（000680）协同，整合建设多 个智能化应用平台，涵盖智能化三维仿真软件、工艺管理SPM系统、集约物流WMS系统、SRM供应链管理系统等，涉及研发、工艺、制造、营销、服务 及决策等多个领域。这些平台的建成与运行，极大地提升了生产效率、优化了管理流程，显著增强了公司的市场竞争力。在绿色发展领域，山推(德州)公 司致力于全流程管控，打造了一套全面、高效的绿色制造体系，将绿色理念深度融入产品设计与生产全流程。在结构件涂装环节应用了水性漆，使VOCs 排放量相较传统油漆减少了70%—90%，各类污染物排放大幅降低，减轻了对通风系统的负荷要求，进一步降低了通风设备的能 ...

Investment Rating - The report maintains a "Buy" rating for the company [2][3] Core Views - The company reported a total revenue of 7.0 billion yuan in H1 2025, representing a year-on-year increase of 3.0%, with a net profit attributable to shareholders of 570 million yuan, up 8.8% year-on-year [2] - The domestic business gross margin increased by 3.0 percentage points year-on-year, driven by cost reduction and efficiency improvement initiatives [3] - The company has significant growth potential in overseas markets despite a slowdown in revenue growth from the Northern Special Zone [2][3] - The acquisition of Shandong Heavy Industry's excavator business is expected to enhance the company's core competitiveness and create new growth points [3] Financial Summary - The company's total revenue forecast for 2025 is 15.9 billion yuan, with a year-on-year growth of 11.81% [3] - The net profit attributable to shareholders is projected to be 1.39 billion yuan in 2025, reflecting a year-on-year increase of 25.76% [3] - The latest diluted EPS is expected to be 0.92 yuan per share in 2025, with a corresponding P/E ratio of 10.68 [3]