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].

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《 ...

盈利预测与投资评级:我们基本维持公司2025 年归母净利润预测为13.86亿元(原值为13.86 亿元),上调 2026 年归母净利润预测至15.96 亿元(原值为15.37 亿元),新增2027 年归母净利润预测为18.48 亿元,当前 市值对应PE 分别为10/9/8 倍,维持"买入"评级。 风险提示:国内行业需求不及预期,政策不及预期,出海不及预期 事件:2025 年4 月22 日,公司发布2024 年业绩报告,超市场预期。 归母净利润同比+41%超市场预期,国内外均有望保持快速增长2024 年公司实现营业收入142.2 亿元,同比 +25.1%,实现归母净利润11.0亿元,同比+40.7%,超市场预期。单Q4 来看,公司实现营业收入43.8 亿元,同比 +14.3%,归母净利润4.3 亿元,同比+52.5%。分区域来看,2024 年公司实现国内收入55.0 亿元,同比+29.4%, 表现大幅优于行业。公司是国内推土机龙头,市占率超过60%,推土机业务随着国内工程机械周期向上开 始筑底回升;此外公司新产品如挖掘机、装载机等产品"黄金内核"优势突出,市占率稳步提升。2024 年公 司海外收入74.1 亿元 ...

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].