机械设备 | 证券研究报告 — 调整盈利预测 2025 年 4 月 24 日 000680.SZ 买入 原评级：买入 市场价格:人民币 9.41 板块评级:强于大市 股价表现 (%) 今年 至今 1 个月 3 个月 12 个月 绝对 (1.8) (4.2) (3.7) 15.7 相对深圳成指 (0.3) 2.9 (1.3) 7.5 发行股数 (百万) 1,500.33 流通股 (百万) 1,314.70 (19%) (8%) 3% 13% 24% 35% Apr-24 May-24 Jun-24 Jul-24 Sep-24 Oct-24 Nov-24 Dec-24 Jan-25 Feb-25 Mar-25 Apr-25 山推股份 深圳成指 | 总市值 (人民币 百万) | 14,118.08 | | --- | --- | | 3 个月日均交易额 (人民币 百万) | 289.29 | | 主要股东 | | | 山东重工集团有限公司 | 24.29% | 资料来源：公司公告， Wind ，中银证券 以 2025 年 4 月 23 日收市价为标准 相关研究报告 《山推股份》20241223 《山推股份》2024 ...

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 ...

证券研究报告：机械设备|公司点评报告 发布时间：2025-04-24 股票投资评级 买入 |首次覆盖 个股表现 2024-04 2024-07 2024-09 2024-11 2025-02 2025-04 -19% -14% -9% -4% 1% 6% 11% 16% 21% 26% 31% 山推股份 机械设备 资料来源：聚源，中邮证券研究所 公司基本情况 l 事件描述 公司发布 2024 年年度报告，2024 年实现营收 142.19 亿元，同 增 25.12%；实现归母净利润 11.02 亿元，同增 40.72%；实现扣非归 母净利润 9.87 亿元，同增 40.54%。 l 事件点评 收入、业绩实现快速增长，盈利能力持续改善。公司主营业务毛 利率同比提升 0.39pct 至 20.28%，其中国内片区毛利率同比提升 0.51pct 至 10.76%，国外片区毛利率同比提升 0.49pct 至 27.35%。 费用率方面，2024 年公司期间费用率同减 1.74pct 至 10.77%，其中 销售费用率同增 0.81pct 至 4.16%；管理费用率同减 0.89pct 至 3.11%；财务费用率同减 ...

山推股份 2025042320250416 2024 年，山推股份实现收入 142 亿元，同比增长 25%，归母净利润达到 11 亿元。公司盈利能力显著提升，毛利率提高到 20%，期间费用率下降到 10.77%。这些成绩得益于压降费用和降本增效的努力。此外，公司业务结构 调整也取得了显著成效，出口业务占销售收入比例达到 72%，实现 74 亿元的 收入。非洲大区的销售规模超过 20 亿元，欧洲大区销售收入翻倍，海外收入 结构不断优化，不再依赖俄罗斯市场。 山推股份在产品线和业务结构方面有哪些重要调整？ 2024 年，公司进行了多元化业务结构调整。挖掘机成为第二大收入来源，实 现 30 亿元的收入，而推土机实现近 40 亿元的收入。其他如压路机、平地机、 • 2025 年推土机预算目标约占收入 35%，推土机与挖掘机各占国内总收入 一半。挖掘机计划销售过万台，国内外各一半，收入目标突破增长 10 亿 元，实现 30%以上增速。装载机预计保守增长至 15 亿左右，增速约为 20%。 • 山推股份计划一年进行两次分红，即年度分红和中期分红。2024 年中期 分红为每股 0.3 元，2025 年年度分红为每股 0.9 ...

发布时间：2025-04-24 证券研究报告：机械设备|公司点评报告 股票投资评级 买入 |首次覆盖 个股表现 2024-04 2024-07 2024-09 2024-11 2025-02 2025-04 -19% -14% -9% -4% 1% 6% 11% 16% 21% 26% 31% 山推股份 机械设备 资料来源：聚源，中邮证券研究所 公司基本情况 | 最新收盘价（元） | 9.38 | | --- | --- | | 总股本/流通股本（亿股）15.00 | / 13.15 | | 总市值/流通市值（亿元）141 | / 123 | | 52 周内最高/最低价 | 10.79 / 6.47 | | 资产负债率(%) | 69.7% | | 市盈率 | 12.77 | | 第一大股东 | 山东重工集团有限公司 | 研究所 分析师:刘卓 SAC 登记编号:S1340522110001 Email:liuzhuo@cnpsec.com 分析师:陈基赟 SAC 登记编号:S1340524070003 Email:chenjiyun@cnpsec.com 山推股份(000680) 业绩快速增长，集团协同优势明 ...

山推工程机械股份有限公司 关于公司 2024 年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。 特别提示： 1、山推工程机械股份有限公司（以下简称"公司"）本次 2024 年度利润分配预案 为：以总股本 1,500,327,412 股扣除拟回购注销的限制性股票 184,800 股后的股本 1,500,142,612 股为基数，向全体股东每 10 股派发现金红利 0.6 元（含税），预计派发 现金 90,008,556.72 元，不送红股，不以资本公积金转增股本。 2、在本预案披露之日起至实施权益分派股权登记日期间，公司总股本发生变动的， 按照分配比例不变的原则对分配总额进行调整。 3、公司利润分配预案不触及《深圳证券交易所股票上市规则》第 9.8.1 条规定的可 能被实施其他风险警示情形。 一、本次利润分配预案的决策程序 证券代码：000680 证券简称：山推股份 公告编号：2025—032 （一）董事会审议情况 2025 年 4 月 22 日，公司第十一届董事会第十五次会议以 9 票同意，0 票反对，0 票 弃权的表决结果，审议通过了《 ...

Investment Rating - The report maintains a "Buy" rating for the company [4] Core Views - The company reported a 2024 performance that exceeded market expectations, with a 40.7% year-on-year increase in net profit attributable to shareholders, driven by strong domestic and international growth [2] - The company achieved a total revenue of 14.22 billion yuan in 2024, representing a year-on-year growth of 25.1% [2] - The company is a leading player in the domestic bulldozer market, holding over 60% market share, and is expected to benefit from the recovery of the domestic construction machinery cycle [2] - The company has successfully enhanced its overseas brand presence, achieving 7.41 billion yuan in overseas revenue, a year-on-year increase of 26.1% [2] - The company’s gross profit margin improved to 20.1% in 2024, up 1.6 percentage points year-on-year, with significant cost control measures contributing to this improvement [3] - The company announced a share buyback plan of 150 to 300 million yuan to boost internal vitality and investor confidence [4] Financial Summary - The company forecasts a net profit of 1.39 billion yuan for 2025 and 1.60 billion yuan for 2026, with a new forecast of 1.85 billion yuan for 2027 [4] - The earnings per share (EPS) is projected to be 0.73 yuan for 2025, 0.92 yuan for 2026, and 1.06 yuan for 2027 [4] - The price-to-earnings (P/E) ratio is expected to be 10, 9, and 8 times for 2025, 2026, and 2027 respectively [4]

Investment Rating - The report maintains a "Buy" rating for the company, expecting significant growth in the upcoming years [5]. Core Insights - The company achieved a revenue of 14.219 billion RMB in 2024, representing a year-on-year increase of 25.12%, and a net profit of 1.102 billion RMB, up 40.72% year-on-year, exceeding market expectations [2]. - The overseas market continues to drive growth, with overseas revenue accounting for over 55% of total revenue in 2024, amounting to 7.411 billion RMB, a 26.08% increase year-on-year [3]. - The company's gross margin improved to 20.05% in 2024, up 1.61 percentage points year-on-year, reflecting ongoing cost reduction and efficiency enhancement efforts [3]. - The return on equity (ROE) for 2024 was 16.94%, an increase of 2.27 percentage points year-on-year, indicating improved asset quality and operational efficiency [4]. Summary by Sections Performance Review - In Q4 2024, the company reported a revenue of 4.38 billion RMB, a 14.27% increase year-on-year, and a net profit of 428 million RMB, up 52.46% year-on-year [2]. Operational Analysis - The company is focusing on cost control and efficiency improvements, with a reduction in the expense ratio to 10.77%, down 1.74 percentage points year-on-year [3]. - A share buyback proposal of 150-300 million RMB was announced, reflecting management's confidence in long-term growth [3]. Financial Forecast - Projected revenues for 2024-2026 are 16.108 billion RMB, 18.731 billion RMB, and 21.827 billion RMB, respectively, with net profits expected to be 1.332 billion RMB, 1.643 billion RMB, and 2.133 billion RMB [5]. - The company is expected to maintain a price-to-earnings (P/E) ratio of 11, 9, and 7 for the years 2024, 2025, and 2026, respectively [5].

Core Viewpoint - The company plans to repurchase a portion of its issued A-shares through a centralized bidding process, with a total repurchase amount ranging from RMB 150 million to RMB 300 million, aimed at enhancing investor confidence and establishing a long-term incentive mechanism for employees [2][10]. Summary by Sections Repurchase Plan Details - The repurchase amount will not be less than RMB 150 million and not exceed RMB 300 million [2]. - The repurchased shares will be used for employee stock ownership plans or equity incentive plans, and any untransferred shares after three years will be canceled [2][25]. - The maximum repurchase price is set at RMB 13.88 per share, which is 150% of the average trading price over the last 30 trading days prior to the board's decision [2][11]. Expected Repurchase Quantity - Based on the lower limit of RMB 150 million, the company expects to repurchase at least 10,806,916 shares, accounting for approximately 0.72% of the total issued shares [3][19]. - At the upper limit of RMB 300 million, the expected repurchase quantity is up to 21,613,833 shares, approximately 1.44% of the total issued shares [3][20]. Funding Sources - The repurchase will be funded through the company's own funds or self-raised funds, including a special loan for stock repurchase [4][16]. - The company has secured a loan commitment from a bank for up to RMB 270 million, covering up to 90% of the repurchase amount [16]. Implementation Timeline - The repurchase will occur within 12 months from the board's approval date [6][17]. - The repurchase plan may be terminated early if the maximum funding is utilized or if the board decides to terminate the plan [17]. Compliance and Conditions - The company meets the necessary conditions for the repurchase, including having been listed for over six months and having no major legal violations in the past year [14]. - The board has committed to ensuring that the repurchase will not harm the company's debt repayment ability or ongoing operations [22]. Disclosure Obligations - The company will fulfill its information disclosure obligations throughout the repurchase process, including updates on the progress and any changes to the plan [27].

关于 2024 年度募集资金存放与实际使用情况的专项报告 本公司及董事会全体成员保证信息披露内容的真实、准确和完整，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：2025-021 山推工程机械股份有限公司 根据中国证券监督管理委员会《上市公司监管指引第 2 号——上市公司募集资金 管理和使用的监管要求》及《深圳证券交易所上市公司自律监管指引第 1 号——主板 上市公司规范运作》及公司《募集资金管理及使用制度》等法律法规及相关规定，山推 工程机械股份有限公司(以下简称"山推股份"、"本公司"或"公司")董事会编制了 《关于 2024 年度募集资金存放与实际使用情况的专项报告》。具体如下： 一、募集资金基本情况 （一）实际募集资金金额、资金到位情况 经中国证券监督管理委员会（以下简称"中国证监会"）核发的《关于核准山推工 程机械股份有限公司非公开发行股票的批复》（证监许可[2021]888 号），公司非公开 发行不超过 236,705,601 股新股，本次发行实际发行数量为 236,705,601 股，每股面 值 1 元，发行价格为每股 2.88 元，共募集资金人民 ...