证券代码：000680 证券简称：山推股份 公告编号：2025—033 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。 重要内容提示： 1、山推工程机械股份有限公司（以下简称"公司"）拟使用公司自有资金或自筹资 金（含股票回购专项贷款资金）通过深圳证券交易所交易系统以集中竞价交易方式回购部 分公司已在境内发行的人民币普通股（A 股）股票，回购的资金总额不低于人民币 1.5 亿 元（含本数），不超过人民币 3 亿元（含本数），回购价格不超过人民币 13.88 元/股。 本次回购的股份拟在未来适宜时机全部用于股权激励计划或实施员工持股计划，回购股份 的实施期限为自董事会审议通过回购股份方案之日起 12 个月内。 2、公司于 2025 年 4 月 22 日召开第十一届董事会第十五次会议，审议通过了《关于 山推股份回购公司部分股份的议案》，表决情况为 9 票同意，0 票反对，0 票弃权。根据 《公司章程》的规定，本事项经董事会审议通过后，无需提交公司股东大会审议。 3、公司已在中国证券登记结算有限责任公司深圳分公司开立了股份回购专用证券账 户。 相关风险提示： 山推工 ...

证券代码：000680 证券简称：山推股份 公告编号：2025—034 山推工程机械股份有限公司 关于回购股份事项前十名股东和前十名无限售条件 股东持股信息的公告 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"）于 2025 年 4 月 22 日召开了第十 一届董事会第十五次会议，审议通过了《关于山推股份回购公司部分股份的议案》，具 体内容详见公司 2025 年 4 月 23 日于巨潮资讯网（www.cninfo.com.cn）披露的《关于 山推股份回购公司部分股份的公告》。 二〇二五年四月二十九日 | 序号 | 股东名称 | 持股数量（股） | 占总股本比例 | | --- | --- | --- | --- | | 1 | 山东重工集团有限公司 | 364,399,684 | 24.29% | | 2 | 潍柴动力股份有限公司 | 236,705,601 | 15.78% | | 3 | 香港中央结算有限公司 | 47,237,169 | 3.15% | | 4 | 全国社保基金一零七组合 | 42,926,31 ...

Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook for future performance [6]. Core Insights - The company achieved significant growth in 2024, with revenue reaching 14.22 billion yuan, a year-on-year increase of 25.1%, and a net profit attributable to shareholders of 1.10 billion yuan, up 40.7% year-on-year [1][2]. - The company's overseas market expansion has been successful, with overseas revenue of 7.41 billion yuan, representing a 26.1% increase [2]. - The gross profit margin improved to 20.1%, an increase of 1.6 percentage points, driven by the introduction of high-end products and the successful development of new products [2][3]. Summary by Sections Financial Performance - In 2024, the company reported a revenue of 14.22 billion yuan, with a net profit of 1.10 billion yuan and a non-recurring net profit of 0.99 billion yuan [1]. - The fourth quarter of 2024 saw a revenue of 4.38 billion yuan, a year-on-year increase of 14.3% and a quarter-on-quarter increase of 31.7% [1]. - The gross profit margin for 2024 was 20.1%, reflecting a year-on-year increase of 1.6 percentage points [1]. Product Performance - Revenue from main engine products reached 9.76 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 3.15 billion yuan, up 30.2% year-on-year, with a gross margin of 11.5% [3]. Regional Performance - International revenue accounted for 57.4% of total revenue, with 7.41 billion yuan from overseas markets, a 26.1% increase year-on-year [3]. - Domestic revenue was 5.50 billion yuan, reflecting a year-on-year growth of 29.4% [3]. Profit Forecast and Valuation - The report forecasts net profits for 2025, 2026, and 2027 to be 1.22 billion yuan, 1.46 billion yuan, and 1.75 billion yuan, respectively [2][5]. - The company is positioned as a leader in the large horsepower bulldozer market, with significant growth potential in its main business [2].

Core Insights - The company reported a revenue of 14.219 billion yuan for 2024, representing a year-on-year growth of 25.12%, and a net profit attributable to shareholders of 1.102 billion yuan, up 40.72% [1] - A cash dividend of 0.6 yuan per 10 shares (including tax) is proposed for all shareholders [1] Revenue Growth and Product Optimization - The company achieved significant revenue growth with overseas revenue reaching 7.411 billion yuan, accounting for 57.41% of total revenue, a year-on-year increase of 26.08%, driven by contributions from the Middle East, Southeast Asia, and Africa [1] - The company restructured its global marketing network, adding 23 new overseas distributors, and improved service response efficiency to industry-leading levels [1] - High-end product breakthroughs include the mass production of DH80 bulldozers, SE1500/2000 mining excavators, and the LE series electric loaders, enhancing competitive differentiation [1] - The company completed the acquisition of 100% equity in Shanzhong Construction Machinery, which generated a revenue of 3.351 billion yuan and a net profit of 197 million yuan in 2024 [1] Profitability and Financial Metrics - The gross profit margin for 2024 was 20.55%, an increase of 1.61 percentage points, primarily due to product structure optimization [2] - The sales expense ratio increased by 0.69 percentage points due to investments in overseas market expansion, while the management expense ratio decreased by 0.59 percentage points, reflecting scale effects [2] - Research and development expenses amounted to 542 million yuan, focusing on new energy, intelligence, and core components, with key technologies like electric control gearboxes achieving mass production [2] - Accounts receivable at the end of 2024 stood at 4.711 billion yuan, a year-on-year increase of 32.3%, indicating a need for improved collection [2] Future Projections - Revenue forecasts for 2025 to 2027 are 15.721 billion yuan, 17.522 billion yuan, and 19.425 billion yuan, respectively, with net profits projected at 1.320 billion yuan, 1.604 billion yuan, and 1.896 billion yuan [2] - Corresponding earnings per share (EPS) are expected to be 0.88 yuan, 1.07 yuan, and 1.26 yuan for the same years [2] - The company is rated as a "buy" with a target price of 11.44 yuan, equivalent to a 13 times dynamic price-to-earnings ratio for 2025 [2]

Investment Rating - The investment rating for the company is "Buy-A" with a 6-month target price of 11.16 CNY, compared to the current stock price of 9.16 CNY as of April 24, 2025 [3][6]. Core Views - The company has demonstrated excellent performance with a total revenue of 14.219 billion CNY in 2024, reflecting a year-on-year increase of 25.12%, and a net profit of 1.102 billion CNY, up 40.72% year-on-year, indicating strong profit elasticity [1][2]. - The recovery in the earthmoving machinery sector is supported by both domestic and international demand, with the company benefiting from its leading position in the bulldozer industry and expanding its product range to include excavators and loaders [1][2]. - The company has successfully integrated its subsidiary, Shandong Heavy Industry Group, which has significantly contributed to profit growth, with net profit from this subsidiary reaching 197 million CNY, a remarkable increase of 355.6% year-on-year [2][6]. Financial Performance - The company's gross margin and net margin improved to 20.05% and 7.77%, respectively, with gross margin driven by the integration of excavator manufacturing [2]. - Revenue from main engine products reached 9.763 billion CNY, up 26.61% year-on-year, while revenue from parts and other products was 3.145 billion CNY, up 30.21% year-on-year [1]. - Domestic market revenue was 5.497 billion CNY, up 29.39% year-on-year, and overseas market revenue was 7.411 billion CNY, up 26.08% year-on-year, with export revenue reaching a record high, accounting for 52.13% of total revenue [1]. Future Outlook - The company aims for a revenue target of 15.7 billion CNY in 2025, with expectations of continued growth in both domestic and international markets [6]. - Projected revenues for 2025-2027 are 16.17 billion CNY, 18.25 billion CNY, and 20.77 billion CNY, with corresponding net profits of 1.39 billion CNY, 1.64 billion CNY, and 2.02 billion CNY, indicating robust growth rates [6][8]. - The company is expected to benefit from further internal asset integration and has a low valuation level, presenting significant investment value [6].

Investment Rating - The investment rating for the company is "Buy" with a target price set for the next six months [5][17]. Core Views - The company has demonstrated excellent performance in its 2024 annual report, achieving a revenue of 14.22 billion yuan, a year-on-year increase of 25.12%, with domestic and international revenues growing by 29.39% and 26.08% respectively [1][2]. - The company’s net profit attributable to shareholders reached 1.10 billion yuan, reflecting a year-on-year growth of 40.72%, indicating a significant improvement in profitability [1]. - The company is focusing on high-tech, high-quality, and high-value-added products, with a notable increase in the number of new products launched [2]. - The acquisition of Shanzhong Construction Machinery has been successful, with the actual net profit exceeding the performance commitment, which is expected to continue enhancing the company's earnings [2][3]. - The chairman's proposal to repurchase shares demonstrates confidence in the company's long-term development and aims to stabilize and enhance company value [4]. Financial Performance - In 2024, the company achieved a gross profit margin of 20.05% and a net profit margin of 7.77%, both showing improvements compared to the previous year [1]. - The company’s operating expenses ratio decreased to 10.8%, indicating better cost control [1]. - The forecast for net profit attributable to shareholders for 2025-2027 is projected to be 1.37 billion, 1.57 billion, and 1.83 billion yuan respectively, reflecting a positive outlook for future earnings [4][9]. Business Structure and Strategy - The company is diversifying its product offerings, with new high-end products such as large bulldozers and mining excavators being developed [2]. - The integration of resources within the Shandong Heavy Industry Group has provided the company with significant competitive advantages through capital, technology, and talent support [3]. Market Position - The company has strengthened its international market presence, with overseas revenue accounting for 57.41% of its main business income, enhancing its resilience against risks [1][2].

Investment Rating - The report maintains a "Buy" rating for the company, with a target price not specified [5][17]. Core Views - The company achieved excellent performance in 2024, with revenue of 14.22 billion yuan, a year-on-year increase of 25.12%. Domestic and international revenues grew by 29.39% and 26.08%, respectively, with overseas exports accounting for 57.41% of main business revenue [1][2]. - The net profit attributable to the parent company reached 1.10 billion yuan, up 40.72% year-on-year, indicating improved profitability [1]. - The company is transitioning towards high-tech, high-quality, and high-value-added products, significantly shortening the average development cycle for new products [2]. - The acquisition of Shanzhong Construction Machinery has strengthened the company's business integrity and exceeded performance commitments, contributing positively to future earnings [2][3]. - The chairman's proposal to repurchase shares reflects confidence in the company's long-term development and aims to stabilize and enhance company value [4]. Financial Performance - In 2024, the company reported a gross profit margin of 20.05% and a net profit margin of 7.77%, both showing year-on-year increases [1]. - The company’s operating income is projected to grow to 16.33 billion yuan in 2025, with a net profit of 1.37 billion yuan, reflecting a growth rate of 23.94% [9][11]. - The company’s total assets are expected to reach 18.50 billion yuan by 2025, with a debt-to-asset ratio of 65.09% [11][12]. Strategic Developments - The company is enhancing its product line with new high-end products, including large bulldozers and mining excavators, which are expected to contribute to revenue growth [2]. - The integration of resources within the Shandong Heavy Industry Group has provided significant competitive advantages through capital, technology, and talent support [3]. Market Position - The company is positioned as a leader in the machinery and engineering equipment industry, with a strong focus on export markets and a diversified revenue structure [5][17].

Investment Rating - The report maintains a "Buy" rating for the company, with a market price of RMB 9.41 and a sector rating of "Outperform" [2][5]. Core Views - The company reported strong performance in 2024, achieving revenue of RMB 14.22 billion, a year-on-year increase of 25.12%, and a net profit attributable to shareholders of RMB 1.10 billion, up 40.72% year-on-year. The successful expansion into overseas markets and the integration of excavator business are expected to further enhance growth potential [5][10]. - The company is projected to achieve revenues of RMB 15.86 billion, RMB 18.07 billion, and RMB 21.15 billion for 2025, 2026, and 2027 respectively, with net profits of RMB 1.37 billion, RMB 1.63 billion, and RMB 2.00 billion for the same years [7][9]. Summary by Sections Financial Performance - In 2024, the company achieved a gross margin of 20.05%, an increase of 1.61 percentage points year-on-year, and a net margin of 7.77%, up 0.48 percentage points year-on-year. The operating cash flow improved significantly, reaching RMB 515 million, a 36.70% increase year-on-year [10][11]. - The company’s revenue from overseas markets reached RMB 7.41 billion, accounting for 52.1% of total revenue, while domestic revenue was RMB 5.50 billion, reflecting a year-on-year growth of 29.39% [10]. Growth Drivers - The acquisition of Shandong Heavy Industry's excavator business is expected to create a second growth curve for the company, leveraging existing sales channels and supply chain advantages [10]. - The company plans to repurchase shares worth RMB 150 million to RMB 300 million, indicating management's confidence in long-term growth prospects [10]. Valuation Metrics - The report forecasts earnings per share (EPS) of RMB 0.92, RMB 1.08, and RMB 1.34 for 2025, 2026, and 2027 respectively, with corresponding price-to-earnings (P/E) ratios of 10.3, 8.7, and 7.0 [7][9].

股东方面，截至2025年3月31日，山推股份股东户数63494户，较上次增加4495户，户均持股市值35.28 万元，户均持股数量2.76万股。 4月24日，山推股份今日收盘9.16元，下跌2.66%，滚动市盈率PE（当前股价与前四季度每股收益总和的 比值）达到12.47倍，总市值137.43亿元。 从行业市盈率排名来看，公司所处的工程机械行业市盈率平均29.15倍，行业中值24.25倍，山推股份排 名第9位。 序号股票简称PE(TTM)PE(静)市净率总市值(元)9山推股份12.4712.472.62137.43亿行业平均 29.1529.483.14221.40亿行业中值24.2525.092.4273.29亿1吉峰科技-117.57-117.576.6936.23亿2川润股 份-62.45-68.692.7343.69亿3荣亿精密-56.26-56.265.8315.89亿4建设机械-4.31-4.311.0042.61亿5诺力股份 9.759.831.5744.98亿6安徽合力10.7210.721.38141.44亿7同力股份12.1712.173.1196.54亿8杭叉集团 12.2812.632 ...

Investment Rating - The report assigns a "Buy" rating for the company, marking the first coverage [2][8]. Core Insights - The company reported a revenue of 14.219 billion yuan for 2024, representing a year-on-year increase of 25.12%. The net profit attributable to shareholders reached 1.102 billion yuan, up 40.72% year-on-year [5][6]. - The company's gross margin improved by 0.39 percentage points to 20.28%, with domestic and international segments showing increases in gross margin [6]. - The company is a leading player in the domestic bulldozer industry and has completed the integration of Shandong Heavy Industry's construction machinery, which is expected to enhance market share [6][7]. - The company has made significant advancements in new energy technologies and product development, launching several high-end products and achieving breakthroughs in key technologies [7]. - The overseas market expansion has strengthened the company's risk resilience, with overseas export revenue accounting for 57.41% of main business income in 2024 [7]. Financial Summary - The company forecasts revenues of 15.876 billion yuan, 17.559 billion yuan, and 19.252 billion yuan for 2025, 2026, and 2027, respectively, with year-on-year growth rates of 11.65%, 10.60%, and 9.64% [8][11]. - The projected net profit attributable to shareholders for the same period is 1.315 billion yuan, 1.554 billion yuan, and 1.814 billion yuan, with growth rates of 19.28%, 18.16%, and 16.76% [8][11]. - The company's price-to-earnings (P/E) ratio is expected to decrease from 12.77 in 2024 to 7.76 by 2027, indicating an attractive valuation [8][11].