Investment Rating - The report maintains a "Buy" rating for the company, expecting a relative return of over 20% within the next six months [8][18]. Core Views - The company reported steady performance in Q1 2025, with revenue of 3.301 billion yuan, a year-on-year increase of 2.86%, and a net profit attributable to shareholders of 273 million yuan, up 13.63% year-on-year [1]. - The company is accelerating its transformation towards high-tech, high-quality, and high-value-added products, with a significant increase in the number of new products developed [2]. - 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 [3]. - The chairman proposed a share buyback plan, demonstrating confidence in the company's long-term development and aiming to stabilize and enhance company value [4]. - Profit forecasts for 2025-2027 indicate net profits of 1.37 billion, 1.57 billion, and 1.83 billion yuan, respectively, with corresponding PE ratios of 9.6, 8.3, and 7.1 times [5]. Financial Performance - In Q1 2025, the company achieved a gross margin of 19.2%, a slight decrease of 0.3 percentage points year-on-year, while the net profit margin increased by 0.8 percentage points to 8.3% [1]. - The company’s revenue is projected to grow from 10.54 billion yuan in 2023 to 19.97 billion yuan in 2027, with a compound annual growth rate of approximately 10.28% [6]. - The net profit attributable to shareholders is expected to grow from 765 million yuan in 2023 to 1.83 billion yuan in 2027, reflecting a robust growth trajectory [6]. Strategic Developments - The company has successfully launched new products such as skid steer loaders and excavator loaders, enhancing its high-end product line [2]. - The acquisition of Shanzhong Construction Machinery has been completed, with performance commitments for 2024-2026 expected to be exceeded, contributing positively to the company's earnings [2].

Investment Rating - The report maintains a "Buy" rating for the company, expecting a relative return of over 20% within the next six months [8][18]. Core Views - The company reported steady performance in Q1 2025, with revenue of 3.301 billion yuan, a year-on-year increase of 2.86%, and a net profit attributable to shareholders of 273 million yuan, up 13.63% year-on-year [1]. - The company is accelerating its transformation towards high-tech, high-quality, and high-value-added products, with a significant increase in the number of new products developed [2]. - 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 [3]. - The chairman proposed a share buyback plan, demonstrating confidence in the company's long-term development and aiming to stabilize and enhance company value [4]. - Profit forecasts for 2025-2027 indicate net profits of 1.37 billion, 1.57 billion, and 1.83 billion yuan, respectively, with corresponding PE ratios of 9.6, 8.3, and 7.1 times [5]. Financial Performance - In Q1 2025, the company achieved a gross margin of 19.2%, a slight decrease of 0.3 percentage points year-on-year, while the net profit margin increased by 0.8 percentage points to 8.3% [1]. - The company’s revenue is projected to grow from 10.54 billion yuan in 2023 to 19.97 billion yuan in 2027, with a compound annual growth rate of approximately 10.28% [6]. - The net profit attributable to shareholders is expected to grow from 765 million yuan in 2023 to 1.83 billion yuan in 2027, reflecting a strong growth trajectory [6]. Business Strategy - The company has successfully launched new products such as skid steer loaders and excavator loaders, enhancing its high-end product line [2]. - The acquisition of Shanzhong Construction Machinery has strengthened the company's business integrity and is expected to contribute significantly to future earnings [2].

证券研究报告·公司点评报告·工程机械 山推股份（000680） 2025 年一季报点评：归母净利润同比+14%， 股份回购+股权激励彰显长期发展信心 买入（维持） | [Table_EPS] 盈利预测与估值 | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业总收入（百万元） | 11,364 | 14,219 | 15,897 | 17,981 | 19,715 | | 同比（%） | 13.67 | 25.12 | 11.81 | 13.10 | 9.65 | | 归母净利润（百万元） | 783.30 | 1,102.26 | 1,386.20 | 1,596.33 | 1,847.58 | | 同比（%） | 23.99 | 40.72 | 25.76 | 15.16 | 15.74 | | EPS-最新摊薄（元/股） | 0.52 | 0.73 | 0.92 | 1.06 | 1.23 | | P/E（现价&最新摊薄） | 17.35 | 12.33 | 9.81 | 8.52 | 7 ...

证券代码：000680 证券简称：山推股份 公告编号：2025-036 山推工程机械股份有限公司 第十一届监事会第十四次会议决议公告 本公司及监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。 山推工程机械股份有限公司第十一届监事会第十四次会议于 2025 年 4 月 29 日以 现场与通讯相结合的方式召开。会议通知已于 2025 年 4 月 25 日以电子邮件方式发出。 公司监事唐国庆、王卫平、崔保运出席了会议，会议由监事会主席唐国庆主持。会议 的召开符合《公司法》和《公司章程》的有关规定。会议审议并通过了以下议案： 一、审议通过了《公司 2025 年第一季度报告》； 表决结果为：同意 3 票，反对 0 票，弃权 0 票。 二、审议通过了《与山东重工集团财务有限公司发生存款业务风险应急处置预案》； 表决结果：同意 3 票，反对 0 票，弃权 0 票。 特此公告。 山推工程机械股份有限公司监事会 二〇二五年四月三十日 1 ...

山推工程机械股份有限公司监事会 二〇二五年四月二十九日 山推工程机械股份有限公司监事会 关于《公司 2025 年第一季度报告》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 2025 年第 一季度报告》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。 ...

因此，我们一致同意《与山东重工集团财务有限公司发生存款业务风险应急处 置预案》并将本议案提交公司第十一届董事会第十六次会议审议。 表决结果为：同意 3 票，反对 0 票，弃权 0 票。 山推工程机械股份有限公司 第十一届董事会 2025 年第三次独立董事专门会议决议 （2025 年 4 月 29 日通过） 根据《上市公司独立董事管理办法》及《公司章程》等有关规定，山推工程机 械股份有限公司（以下简称"公司"）于 2025 年 4 月 25 日发出了召开第十一届董事 会 2025 年第三次独立董事专门会议的通知，会议于 2025 年 4 月 29 日以通讯表决方 式召开。会议应到独立董事 3 人，实到独立董事 3 人，全体独立董事共同推举本次 会议由陈爱华先生主持。本次会议的召集、召开和表决程序符合《公司法》《上市公 司独立董事管理办法》等法律法规及《公司章程》的规定。会议审议并通过了《与 山东重工集团财务有限公司发生存款业务风险应急处置预案》，认为：该议案能够有 效防范、及时控制和化解公司在财务公司的资金风险，维护资金安全，该预案的编 制符合相关规定要求，切实可行。 ———————— 、———————— 、— ...

证券代码：000680 证券简称：山推股份 公告编号：2025-035 山推工程机械股份有限公司 第十一届董事会第十六次会议决议公告 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"）第十一届董事会第十六次会议于 2025 年 4 月 29 日在公司总部大楼 205 会议室以现场与通讯相结合的方式召开。会议通 知已于 2025 年 4 月 25 日以书面和电子邮件两种方式发出。会议应到董事 9 人，实到董 事 9 人。公司董事李士振、张民、马景波、曲洪坤现场出席了会议，董事王翠萍、肖奇 胜、吕莹、陈爱华、潘林以通讯方式进行了表决。本次董事会参会董事人数超过公司董 事会成员半数，符合《公司法》和《公司章程》的有关规定，本次会议的召集、召开及 表决程序合法有效。会议由李士振董事长主持。公司监事、高级管理人员列席了会议。 会议审议并通过了以下议案： 一、审议通过了《公司 2025 年第一季度报告》；（详见公告编号为 2025-037 的"公 司 2025 年第一季度报告"） 表决结果为：同意 9 票，反对 0 票，弃权 0 ...

山推工程机械股份有限公司 与山东重工集团财务有限公司发生存款业务风险应急处置预案 为有效防范、及时控制和化解公司及其控股子公司在山东重工集团有限公司 (以下简称"山东重工集团")控制的山东重工集团财务有限公司(以下简称"财 务公司")存款的资金风险，维护资金安全，根据《深圳证券交易所股票上市规 则》及《上市公司自律监管指引第7号——交易与关联交易》等文件的要求，特 制定本风险处置预案。 第一章 组织机构及职责 第一条 公司成立存款风险处置领导小组（以下简称"领导小组"），由公司 董事长任组长，为领导小组风险处置第一责任人，由公司总经理任副组长，领导 小组成员包括董事会秘书、财务总监、财务部门及证券部门等相关部门负责人。 领导小组负责组织开展存款风险的防范和处置工作，对存款风险，任何单位、个 人不得隐瞒、缓报、谎报或者授意他人隐瞒、缓报、谎报。 第二条 领导小组下设办公室，办公室设在公司财务部门，由公司财务总监 担任办公室主任，具体负责日常的监督与管理工作。 第三条 对存款风险的应急处置应遵循以下原则办理： 1、统一领导，分级负责。存款风险的应急处置工作由领导小组统一领导， 对董事会负责，全面负责存款风险的防范 ...

Financial Performance - The company's operating revenue for Q1 2025 was CNY 3,300,766,451.06, representing a 2.86% increase compared to CNY 3,209,053,581.96 in the same period last year[4]. - Net profit attributable to shareholders was CNY 272,649,939.27, up 13.63% from CNY 239,947,751.61 year-on-year[4]. - The company recorded a 28.93% increase in net profit after deducting non-recurring gains and losses, amounting to CNY 268,839,161.59 compared to CNY 208,515,266.69 in the previous year[4]. - Total revenue for Q1 2025 reached ¥3,300,766,451.06, an increase of 2.8% compared to ¥3,209,053,581.96 in the same period last year[24]. - Net profit for Q1 2025 was ¥273,183,365.68, compared to ¥240,808,580.21 in the previous year, representing an increase of 13.4%[25]. - The total comprehensive income for the period was CNY 271,373,573.24, compared to CNY 241,238,570.19 in the previous period, reflecting an increase of approximately 12.5%[26]. - Basic and diluted earnings per share increased to CNY 0.1817 from CNY 0.1599, representing a growth of about 13.9%[26]. Cash Flow - The net cash flow from operating activities was negative at CNY -268,454,158.87, a decline of 116.02% compared to CNY -124,270,139.98 in the previous year[12]. - Cash inflows from operating activities totaled CNY 2,676,888,253.01, up from CNY 2,359,395,962.36, indicating an increase of approximately 13.4%[28]. - Cash outflows from operating activities amounted to CNY 2,945,342,411.88, compared to CNY 2,483,666,102.34, which is an increase of about 18.6%[28]. - Cash flow from financing activities showed a significant increase, reaching CNY 304,112,727.54, up 1,741.68% from CNY 16,512,768.58 in the same period last year[12]. - Cash flow from investing activities resulted in a net outflow of CNY -277,660,468.88, compared to a net inflow of CNY 84,570,964.84 in the previous period[28]. - The ending balance of cash and cash equivalents was CNY 1,015,611,003.39, down from CNY 1,696,052,784.69[29]. - The company’s cash and cash equivalents decreased by CNY 231,125,511.28 during the period, compared to a decrease of CNY 19,808,187.70 in the previous period[28]. Assets and Liabilities - Total assets at the end of the reporting period were CNY 18,479,954,322.06, reflecting a 1.05% increase from CNY 18,288,496,908.44 at the end of the previous year[5]. - Total liabilities decreased slightly to ¥12,672,539,739.82 from ¥12,753,048,584.13, a decrease of 0.6%[23]. - The company's equity attributable to shareholders rose to ¥5,511,670,762.72 from ¥5,240,428,819.40, an increase of 5.2%[23]. Shareholder Information - The number of ordinary shareholders at the end of the reporting period was 63,494, with the largest shareholder, Shandong Heavy Industry Group Co., Ltd., holding 24.29% of the shares[13]. - The company has a total of 180.61 million shares held by Shandong Heavy Industry Group, which is a controlling shareholder[15]. - The company has a total of 236.71 million shares held by Weichai Power Co., Ltd., which is also a significant shareholder[15]. - The company has a total of 42.93 million shares held by the National Social Security Fund 107 Portfolio[15]. - The company has a total of 20.47 million shares held by Huatai-PB Fund Management Co., Ltd.[15]. Investments and Financing - The company reported a significant increase in short-term borrowings, which rose by 43.45% to CNY 1,153,810,636.10 from CNY 804,320,550.45[10]. - The company reported a 47.33% increase in long-term equity investments, totaling CNY 809,824,968.76, compared to CNY 549,684,567.16 in the previous year[10]. - The company has a total of 72.38 million yuan in financing leasing from Shandong Heavy Industry Leasing Co., Ltd.[18]. - The company has a total of 26.99 million yuan in mortgage loan balance, with overdue amounts of 16.38 million yuan[17]. - The company has issued a total of 4.26 million yuan in surplus raised funds to supplement working capital permanently[19]. - The company has a total of 7.26 million yuan in outstanding bank acceptance bills as of March 31, 2025[16]. - As of March 31, 2025, the balance of financing leasing business is 593.67 million yuan, with overdue amounts totaling 13.88 million yuan[18]. - The balance of financial credit granting business is 31.07 million yuan as of March 31, 2025, with no overdue conditions met[18]. Research and Development - Research and development expenses for Q1 2025 were ¥103,915,818.26, down from ¥138,212,635.86, a decrease of 24.8%[25]. Inventory and Receivables - Accounts receivable increased to ¥5,311,040,029.54 from ¥4,710,741,522.11, marking a rise of 12.8%[21]. - Inventory decreased to ¥3,014,547,683.47 from ¥3,200,095,156.30, a reduction of 5.8%[21]. - The company's cash and cash equivalents decreased to ¥3,877,259,521.95 from ¥4,572,610,420.38, a decline of 15.2%[21].

Core Viewpoint - In 2024, the company achieved significant revenue and profit growth, driven by overseas market expansion and new product development Financial Performance - The company reported a revenue of 14.219 billion yuan in 2024, a year-on-year increase of 25.1% (adjusted) [1] - The net profit attributable to shareholders reached 1.102 billion yuan, up 40.7% year-on-year (adjusted) [1] - The net profit excluding non-recurring gains and losses was 987 million yuan, reflecting a 40.5% year-on-year increase [1] - The gross profit margin for 2024 was 20.1%, an increase of 1.6 percentage points year-on-year [1] Quarterly Performance - In Q4 2024, the company achieved a revenue of 4.382 billion yuan, a year-on-year increase of 14.3% and a quarter-on-quarter increase of 31.7% [1] - The net profit attributable to shareholders in Q4 was 428 million yuan, up 52.5% year-on-year and 67.4% quarter-on-quarter [1] - The net profit excluding non-recurring gains and losses for Q4 was 325 million yuan, reflecting a year-on-year increase of 36.7% and a quarter-on-quarter increase of 28.9% [1] Market and Product Insights - The engineering machinery industry showed steady progress, with domestic markets stabilizing and export levels remaining high [2] - The company's overseas revenue reached 7.411 billion yuan, a year-on-year increase of 26.1%, driven by expansion in regions such as Africa, Europe, the Americas, and Southeast Asia [2] - New product development cycles were significantly shortened, leading to a rapid increase in new product offerings, including high-end products like the DH80 bulldozer and SE series mining excavators [2] - The company completed the acquisition of 100% of Shanzhong Construction Machinery, which exceeded performance commitments with a net profit of 197 million yuan [2] Product and Regional Breakdown - Revenue from main engine products was 9.763 billion yuan, a year-on-year increase of 26.6%, with a gross margin of 23.1% [3] - Revenue from parts and other products was 3.145 billion yuan, reflecting a year-on-year increase of 30.2% with a gross margin of 11.5% [3] - International revenue accounted for 57.4% of total revenue, with a gross margin of 27.4%, while domestic revenue was 5.497 billion yuan, up 29.4% with a gross margin of 10.8% [3] Future Outlook - The company is expected to maintain strong profit growth, with projected net profits of 1.22 billion yuan, 1.46 billion yuan, and 1.75 billion yuan for 2025, 2026, and 2027 respectively [3] - The company is positioned as a leader in the high-power bulldozer market, with significant growth potential in its main engine business [3]