4月14日，山推股份今日收盘8.61元，下跌1.49%，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13.79倍，总市值129.18亿元。 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29.94倍，行业中值25.62倍，山推股份排 名第11位。 序号股票简称PE(TTM)PE(静)市净率总市值(元)11山推股份13.7916.882.14129.18亿行业平均 29.9430.983.13219.78亿行业中值25.6225.392.4176.35亿1吉峰科技-129.28-129.287.4339.84亿2川润股 份-62.66-68.922.7443.83亿3荣亿精密-59.26-59.266.1416.74亿4厦工股份-27.58-21.063.0245.95亿5建设机 械-4.36-4.360.9342.99亿6诺力股份9.139.211.4742.14亿7安徽合力10.9610.961.41144.65亿8浙江鼎力 11.1412.142.30226.64亿9同力股份11.2811.283.2087.71亿10杭叉集团11.8513.742.43236.42亿 来源：金融界 ...

Summary of the Conference Call for Shantui Construction Machinery Co., Ltd. Industry Overview - The construction machinery industry has not seen significant changes in perception post-trade war, with domestic demand potentially affected but expected policy support to mitigate impacts [3][4] - The industry is currently in a recovery phase, with a gradual upward trend anticipated [19] Company Performance and Outlook - Shantui has demonstrated strong performance in the current market, leveraging its domestic import substitution advantages [4] - The company is projected to achieve a revenue growth of 15%-20% and an earnings growth of 30%-40% by 2025, driven by accelerated domestic import substitution and increased market share overseas, particularly in Belt and Road Initiative countries [4][6] - The company ranks third globally in bulldozer sales, with a domestic market share exceeding 70% [4][10] - The chairman proposed a stock buyback of 150-300 million yuan for employee stock ownership plans, reflecting confidence in the company's long-term development [7][10] Market Position and Competitive Landscape - Shantui is the leading domestic manufacturer of bulldozers, with a market share consistently above 60% [21][25] - The company is focusing on large excavators and mining excavators while avoiding highly competitive markets [9][10] - The company is expanding its presence in emerging markets such as Africa, Southeast Asia, and the Middle East, which are rich in mining resources [11][26] Financial Performance - From 2019 to 2023, Shantui's revenue grew from 6.4 billion yuan to 10.5 billion yuan, with a compound annual growth rate (CAGR) of 13% [17] - The net profit attributable to shareholders increased from 60 million yuan to 770 million yuan during the same period, with a CAGR of 92% [17] - The company successfully reduced costs by 140 million yuan in 2023, significantly enhancing performance [28] Future Projections - The forecasted net profit for 2024-2026 is 1.05 billion, 1.45 billion, and 1.89 billion yuan, respectively, with a three-year CAGR of 34% [14][29] - The current price-to-earnings (PE) ratio is significantly lower than competitors, indicating substantial upside potential [14][29] Strategic Initiatives - The company is focusing on cost control through various measures, including group procurement and domestic material substitution [28] - Shantui is also enhancing its excavator business by leveraging core components and optimizing product structure to improve profitability [13][22] Management and Governance - The company is controlled by the Shandong Provincial State-owned Assets Supervision and Administration Commission, with a strong management team experienced in production and operations [15] Conclusion - Shantui is well-positioned in the construction machinery industry with strong growth prospects, a solid market position, and effective cost control measures, making it an attractive investment opportunity in the sector [4][10][29]

投资要点 2）俄罗斯不利影响有望逐步减弱，新兴市场有望快速增长 一、一句话逻辑 工程机械低估值强阿尔法品种，推土机迈向全球，挖掘机打开空间；挖掘机发力有望驱动业绩增长及估 值提升超预期。 二、超预期逻辑 1、市场认为：市场担忧美国关税政策或对公司海外业务产生较大影响。 市场担忧俄罗斯市场存在较大的下滑风险。市场担忧公司挖掘机业务能否做大做强。 2、我们认为： 1）公司对美敞口微小；中美贸易摩擦利好矿山机械国产替代进程。 据互动易4 月10 日消息，山推在美业务收入占比不足0.1%，美国增加关税对公司的影响有限。 4 月9 日，国务院关税税则委员会发布公告称对原产于美国的所有进口商品的加征关税税率由34%提高 至84%。中国对美国加征关税有望加速大马力推土机、矿用挖掘机等矿山机械高价值量产品实现国产替 代。 1、与众不同的认识： 2024 年4 月27 日，俄罗斯联邦政府决议对部分卡车和工程机械设备的回收费将从2024 年7 月1 日起增 加。考虑到俄罗斯报废税带来的短期冲击有望逐步减弱，以及若俄乌冲突缓解有望带来俄乌重建需求等 因素影响，我们预计俄罗斯市场不利影响有望逐步减弱。 考虑到公司积极布局海外市场、部 ...

4月10日，山推股份今日收盘8.43元，上涨5.51%，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13.50倍，总市值126.48亿元。 序号股票简称PE(TTM)PE(静)市净率总市值(元)11山推股份13.5016.522.10126.48亿行业平均 29.8330.913.15218.44亿行业中值24.8824.362.3670.60亿1吉峰科技-129.28-129.287.4339.84亿2荣亿精 密-57.48-57.485.9516.23亿3川润股份-55.80-61.372.4439.03亿4厦工股份-26.94-20.572.9544.88亿5建设机 械-4.32-4.320.9242.61亿6诺力股份8.758.821.4140.39亿7安徽合力10.6410.641.37140.37亿8同力股份 10.9810.983.1285.37亿9浙江鼎力11.0111.992.27223.96亿10杭叉集团11.9313.842.45238.12亿 来源：金融界 股东方面，截至2024年9月30日，山推股份股东户数67795户，较上次增加5970户，户均持股市值35.28 万 ...

三一重工：回购金额 不低于10亿元人民币，不超过20亿元人民币 3月19日，三一重工股份有限公司（以下简称"三一重工"）公告，公司董事长向文波提议公司以集中竞价交易 方式回购股份，回购金额不低于10亿元人民币，不超过20亿元人民币。 三一重工工作人员向《证券日报》记者表示："本次回购是出于对未来持续稳定发展的信心和对公司内在 价值的认可，公司将以自有资金或自筹资金回购股份，推进公司股价与内在价值相匹配。回购的股份用于 员工持股计划。" 徐工机械： 回购金额 不超过人民币36亿元(含)，不低于人民币18亿元(含) 徐工机械公告，公司本次回购资金总额不超过人民币36亿元(含)，不低于人民币18亿元(含)，回购价格区 间不超过人民币13元/股(含)，回购股份用于实施股权激励或员工持股计划。 山推股份：1.5亿元至3亿元回购部分公司股票 山推股份(000680)4月9日晚间公告，公司董事长李士振提议公司以1.5亿元至3亿元回购部分公司股票，并 在未来适宜时机用于股权激励或员工持股计划等。 工程机械板块密集回购，增强投资者信心，彰显公司长期业绩增长信心。 ·往期回顾· 【行业热点】 1 业绩改观，工程机械行业复苏或已在 ...

证券代码：000680 证券简称：山推股份 公告编号：2025-014 山推工程机械股份有限公司 关于董事长提议回购公司部分股份的提示性公告 3、回购股份的方式：通过深圳证券交易所交易系统以集中竞价交易方式进行股份 回购。 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 9 日收到公司董事 长李士振先生（以下简称"提议人"）《关于提议山推工程机械股份有限公司回购部分股 份的函》，具体内容如下： 一、提议人的基本情况及提议时间 1、提议人：公司董事长李士振先生。 2、提议时间：2025 年 4 月 9 日。 二、提议回购股份的原因和目的 为维护公司全体股东利益，增强投资者信心，建立健全公司长效激励机制，稳定及 提升公司价值，基于对公司未来发展的信心，公司董事长李士振先生提议公司通过集中 竞价交易方式回购部分公司股票，并在未来适宜时机用于股权激励或员工持股计划等。 三、提议内容 1、回购股份的种类：公司发行的人民币普通股（A 股）。 2、回购股份的用途：本次回购的股份在未来适宜时机将全部用于股权 ...

山推股份 20250408 摘要 Q&A 当前全球贸易战对工程机械行业的影响如何？ 全球贸易战确实引发了市场恐慌，导致流动性紧张。许多公司即使受益也出现 了股价下跌。对于工程机械行业来说，美国市场的出口占比很小，头部公司的 出口量可以忽略不计。因此，即便欧美国家对中国实施关税措施，对中国工程 机械行业的直接影响有限。此外，中国作为单一经济体，其体量接近欧洲水平， 很少有国家会系统性地与中国进行贸易战，这不符合他们的利益。从这个维度 来看，我们可以保持一定乐观。 山推在应对全球贸易战方面采取了哪些具体措施？ 山推针对全球贸易战做出了多项生产安排和措施。首先，美国市场销售收入仅 占我们总销售收入的 1‰，而从美国采购的一些核心零部件，如珀金斯的大马 力发动机，占比约为 6‰至 7‰。因此，无论是销售还是采购，对我们的影响都 相对较小。然而，为应对可能进一步加剧的贸易战，公司成立了国产化替代专 • 山推股份受欧美关税直接影响有限，因美国市场销售占比极小，且已成立 国产化替代小组应对潜在风险，确保供应链稳定。 • 俄罗斯市场一季度下滑 30%，主要受汇率波动和报废税增加影响，但独联 体其他国家市场增长有效对冲了部分负 ...

关于召开 2025 年第二次临时股东大会的提示性公告 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 3 月 28 日在《中国 证券报》、《证券时报》和巨潮资讯网（www.cninfo.com.cn）上刊登了《山推工程机 械股份有限公司关于召开 2025 年第二次临时股东大会的通知》。由于本次股东大会将 采取网络投票与现场投票相结合的方式，根据中国证监会《关于加强社会公众股股东 权益保护的若干规定》的要求，现将本次股东大会相关事项提示如下： 证券代码：000680 证券简称：山推股份 公告编号：2025-013 山推工程机械股份有限公司 一、召开会议的基本情况 (一)股东大会届次：本次股东大会是公司 2025 年第二次临时股东大会。 (二)股东大会的召集人：公司第十一届董事会。 (三)会议召开的合法、合规性：本届董事会认为本次股东大会的召集程序符合有 关法律、行政法规、部门规章、规范性文件及《公司章程》的有关规定。 (四)会议召开日期和时间： 现场会议时间：2025 年 4 月 14 日（星期一）下 ...

Investment Rating - The report maintains an "Overweight" rating for the machinery equipment industry, particularly highlighting opportunities in semiconductor equipment due to tariff impacts [1]. Core Insights - The report emphasizes the impact of tariffs on the machinery equipment sector, particularly the 34% tariff on U.S. imports, which raises the total export tariff to the U.S. for engineering machinery to 79%. However, the actual impact on major companies is limited due to their low exposure to the U.S. market [1][2]. - The report identifies potential growth in domestic demand and the electric vehicle transition as key factors for the forklift segment, while also noting the limited impact of tariffs on exports [3]. - The semiconductor equipment sector is expected to benefit from increased domestic production due to tariffs, with a focus on both mature and advanced process equipment [4]. Summary by Sections Engineering Machinery - The report highlights that major engineering machinery companies have minimal exposure to the U.S. market, with SANY Heavy Industry at approximately 3% and XCMG at about 1% [1][2]. - Companies with overseas factories, particularly in North America and Mexico, are better positioned to mitigate tariff risks [2]. - The report recommends companies like SANY Heavy Industry, XCMG, and LiuGong for their strategic factory locations [2]. Forklifts - The report notes that domestic forklift manufacturers have limited exposure to the U.S. market, and the impact of tariffs is manageable due to pre-stocked inventory [3]. - It suggests that the domestic forklift market will see growth driven by the electric vehicle transition and government policies supporting domestic demand [3]. Semiconductor Equipment - The report indicates that the 34% tariff on U.S. imports will accelerate the domestic production of semiconductor equipment, particularly in mature processes where price sensitivity is higher [4]. - It recommends focusing on companies involved in both front-end and back-end semiconductor equipment, highlighting firms like North China Innovation and Zhongwei Company [4]. General Automation - The report suggests that the general automation sector will see limited impact from tariffs, with a focus on domestic demand for tools and automation products [5][8]. - It highlights the recovery in manufacturing and logistics sectors as potential growth drivers for the general automation market [8]. Investment Recommendations - The report provides a list of recommended companies across various segments, including semiconductor equipment, engineering machinery, and general automation, emphasizing their potential for growth in the current market environment [1][16].

Investment Rating - The report maintains an "Overweight" rating for the machinery equipment industry, particularly highlighting opportunities in semiconductor equipment due to tariff impacts [1]. Core Insights - The report emphasizes the impact of tariffs on the machinery equipment sector, particularly the 34% tariff on U.S. imports, which raises the total export tariff to the U.S. for engineering machinery to 79%. However, the actual impact on major companies is limited due to their low exposure to the U.S. market [1][2]. - The report identifies potential growth in domestic demand and the electric vehicle transition as key factors for the forklift segment, while also highlighting the importance of overseas factory layouts to mitigate tariff risks [3][4]. - The semiconductor equipment sector is expected to benefit from increased domestic production due to tariffs, with a focus on both mature and advanced process equipment [4]. Summary by Sections Engineering Machinery - The report notes that major engineering machinery companies have limited exposure to the U.S. market, with SANY Heavy Industry at approximately 3% and XCMG at about 1% [1][2]. - Companies with overseas factories, particularly in North America and Mexico, are better positioned to mitigate tariff risks [2]. - The report recommends companies such as SANY Heavy Industry, XCMG, and LiuGong for their strategic factory locations [2]. Forklifts - The report indicates that domestic forklift exports to the U.S. will face a 79% tariff, but the impact is manageable due to low exposure and pre-stocked inventory [3]. - It highlights the potential for growth in the domestic market driven by policies supporting electric vehicle adoption and logistics industry upgrades [3]. Semiconductor Equipment - The report suggests that the 34% tariff on U.S. imports will accelerate the domestic production of semiconductor equipment, particularly in mature processes where price sensitivity is higher [4]. - It recommends focusing on companies involved in both front-end and back-end semiconductor equipment, such as North China Innovation and Zhongwei Company [4]. General Automation - The report suggests that the general automation sector will see limited impact from tariffs, with a focus on domestic demand for tools and automation products [5][8]. - It highlights the recovery in manufacturing and logistics sectors as potential growth drivers for the automation industry [8]. Investment Recommendations - The report provides a list of recommended companies across various segments, including semiconductor equipment, engineering machinery, and general automation, emphasizing their strategic positions to capitalize on current market conditions [1][16].