Investment Rating - The report maintains a "Buy" rating for the company, indicating an expectation that the stock price will exceed the benchmark index by more than 20% over the next 6-12 months [2][4][6]. Core Views - The company has shown steady overall performance with a significant rebound in profit growth in Q3 2025. For the first three quarters of 2025, the company achieved revenue of 10.488 billion RMB, a year-on-year increase of 2.36%, and a net profit attributable to shareholders of 838 million RMB, up 15.67% year-on-year. In Q3 alone, revenue was 3.484 billion RMB, growing 1.04%, while net profit surged 33.44% to 270 million RMB [4][9][10]. - The company is positioned as a leading manufacturer of bulldozers in China, with ongoing expansion in excavator and mining machinery businesses, as well as growth in overseas markets, which is expected to further enhance growth potential [4][6][9]. Financial Performance Summary - For the first three quarters of 2025, the company reported a gross margin of 20.53%, an increase of 1.59 percentage points year-on-year, and a net margin of 8.01%, up 0.91 percentage points year-on-year. The total expense ratio was well-controlled at 10.52%, slightly down by 0.11 percentage points [9][10]. - The company has adjusted its revenue forecasts for 2025-2027 to 15.775 billion RMB, 18.072 billion RMB, and 21.150 billion RMB, respectively, with net profits projected at 1.282 billion RMB, 1.609 billion RMB, and 1.922 billion RMB, respectively. The expected EPS for these years is 0.85 RMB, 1.07 RMB, and 1.28 RMB, corresponding to P/E ratios of 13.0, 10.3, and 8.7 times [6][8][9]. Growth Drivers - The company has completed the integration of Shandong Heavy Industry's construction machinery segment, which is expected to enhance its operational scale in the engineering machinery sector. The excavator business is anticipated to become a second growth curve, leveraging sales channels and supply chain advantages [9][10]. - The launch of the TEH260 rigid mining truck represents a significant step in enhancing the company's strategic positioning and brand influence in the mining sector [9][10].

Group 1 - The company, Shantui Construction Machinery Co., Ltd., has announced the progress of its share repurchase plan initiated in April 2025, with a repurchase amount ranging from 150 million to 300 million yuan [1][2] - The upper limit of the repurchase price has been adjusted from the initial 13.88 yuan per share to 13.79 yuan per share due to two rounds of equity distribution [1][3] - The repurchase plan is intended for future equity incentive plans or employee stock ownership plans [2] Group 2 - As of the end of October 2025, the company has not disclosed the specific number and amount of shares repurchased, but confirms compliance with relevant regulations [4] - The company has adhered to regulatory requirements during the repurchase process, avoiding sensitive periods and ensuring compliance with trading time restrictions [5] - The company plans to continue the repurchase based on market conditions and will disclose progress in accordance with legal obligations [6]

Core Viewpoint - On November 3, Shantui Construction Machinery Co., Ltd. announced that it will not implement share repurchase in October 2025 [2] Company Summary - Shantui Construction Machinery Co., Ltd. released an announcement regarding its decision on share repurchase [2]

Core Viewpoint - The company, Shantui Construction Machinery Co., Ltd. (山推股份), has conducted a share buyback, acquiring a total of 10,762,650 shares, which represents 0.72% of its total share capital, in compliance with relevant laws and its established buyback plan [1] Summary by Category Share Buyback Details - The share buyback was executed through a dedicated securities account via centralized bidding [1] - The highest transaction price was 9.74 CNY per share, while the lowest was 8.64 CNY per share [1] - The total amount spent on the buyback was 99,985,476.50 CNY, excluding transaction fees [1]

根据公司《关于山推股份回购公司部分股份的报告书》的约定，在回购期内，如公 司实施派息、送股、资本公积金转增股本、配股及其他除权除息事项，自股价除权除息 之日起，按照中国证监会及深圳证券交易所的相关规定相应调整回购价格上限。自 2025 年 7 月 15 日起，因公司实施 2024 年度权益分派，本次回购价格将由不超过 13.88 元/ 股调整为不超过 13.82 元/股（调整后的回购价格上限=调整前的回购价格上限-每股现金 红利=13.88 元/股-0.0597783 元/股≈13.82 元/股，保留两位小数）。自 2025 年 9 月 26 日起，因公司实施 2025 年中期权益分派，本次回购价格将由不超过 13.82 元/股调整 为不超过 13.79 元/股（调整后的回购价格上限=调整前的回购价格上限-每股现金红利 =13.82 元/股-0.0347488 元/股≈13.79 元/股，保留两位小数）。 根据《深圳证券交易所上市公司自律监管指引第 9 号——回购股份》的相关规定， 回购期间公司应当在每个月的前三个交易日内披露截至上月末的回购进展情况。现将公 司截至上月末的回购进展情况公告如下： 一、截至上月 ...

Core Viewpoint - The company plans to repurchase shares between 150 million to 300 million yuan for employee stock ownership plans, with a maximum repurchase price adjusted to 13.79 yuan per share due to equity distribution [1] Group 1: Share Repurchase Plan - The company intends to repurchase shares in April 2025, with a budget of 150 million to 300 million yuan [1] - The maximum repurchase price is set at 13.79 yuan per share following adjustments due to equity distribution [1] Group 2: Current Repurchase Status - As of October 31, 2025, the company has repurchased 10,762,650 shares, representing 0.72% of the total share capital [1] - The highest transaction price during the repurchase was 9.74 yuan per share, while the lowest was 8.64 yuan per share [1] - The total amount spent on the repurchase so far is approximately 99,985,476.50 yuan [1] Group 3: Future Plans - The company will continue to implement the share repurchase plan and will disclose further details in accordance with regulations [1]

Group 1 - The core point of the news is that Shantui Construction Machinery Co., Ltd. experienced a 5.1% drop in stock price, closing at 10.98 CNY per share, with a trading volume of 297 million CNY and a turnover rate of 2.01%, resulting in a total market capitalization of 16.472 billion CNY [1] - Shantui's main business includes research, development, manufacturing, sales, leasing, maintenance, and technical consulting services for construction machinery, mining machinery, agricultural machinery, harvesting machinery, and parts [1] - The revenue composition of Shantui's main business is as follows: 73.25% from construction machinery main products, 19.45% from construction machinery parts and others, and 7.31% from other supplementary sources [1] Group 2 - According to data from the top ten heavy positions of funds, one fund under Huaxia Fund holds a significant position in Shantui shares, specifically the Huaxia Classic Mixed Fund (288001), which reduced its holdings by 4.1869 million shares in the third quarter, now holding 7.4572 million shares, accounting for 4.31% of the fund's net value [2] - The estimated floating loss for the fund today is approximately 4.3997 million CNY [2] - The Huaxia Classic Mixed Fund (288001) was established on March 15, 2004, with a latest scale of 1.791 billion CNY, and has achieved a year-to-date return of 17.61%, ranking 4813 out of 8223 in its category [2]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1][5] Core Insights - The company's net profit growth rate outpaced revenue growth, with the excavator business becoming a new growth engine [1][5] - The company achieved a revenue of 10.488 billion yuan in the first three quarters of 2025, a year-on-year increase of 2.36%, and a net profit of 838 million yuan, up 15.67% year-on-year [5] - The gross margin and net margin for the first three quarters of 2025 were 20.53% and 8.01%, respectively, an increase of 3.83 percentage points and 1.12 percentage points compared to the same period last year [5] - The excavator business is expected to benefit from the recovery in the industry, with a total of 174,000 excavators sold in China from January to September 2025, representing an 18.1% year-on-year increase [5] - The company is expanding its mining truck business, with revenue from this segment reaching 275 million yuan in 2024, a year-on-year increase of 79.35% [5] Summary by Relevant Sections Financial Forecast and Valuation - Total revenue is projected to reach 14.22 billion yuan in 2024, with a year-on-year growth rate of 25.12%, and expected to grow to 19.76 billion yuan by 2027 [2][6] - The net profit attributable to the parent company is forecasted to be 1.10 billion yuan in 2024, increasing to 1.92 billion yuan by 2027, with a compound annual growth rate of 19.14% [2][6] - The diluted EPS is expected to rise from 0.73 yuan in 2024 to 1.28 yuan in 2027, with corresponding P/E ratios decreasing from 15.75 to 9.02 [2][6] Company Overview - The company is a global leader in bulldozers and is backed by Shandong Heavy Industry Group, which enhances its competitive advantages in R&D, scale, brand effect, and operational costs [5] - The company has made strategic acquisitions to strengthen its excavator business and is leveraging synergies with its existing product lines [5] - The company is actively pursuing globalization, electrification, and intelligent manufacturing strategies to drive future growth [5]

Investment Rating - The report maintains a "Buy" rating for the company [10] Core Insights - In Q3 2025, the company experienced a slight weakness in revenue growth, with a year-on-year increase of 2.36% to 10.488 billion yuan, while net profit attributable to shareholders rose significantly by 33.4% to 838 million yuan [2][3] - The company's gross profit margin improved to 21.3%, up 2.6 percentage points year-on-year, attributed to product structure optimization and cost reduction efforts [3] - The acquisition of Shanzhong Construction Machinery is expected to enhance the company's core competitiveness, with performance commitments of 86 million yuan, 126 million yuan, and 167 million yuan for 2024 to 2026 [4] Financial Performance Summary - For 2023, total revenue is projected at 11.364 billion yuan, with a year-on-year growth of 13.67%, and net profit attributable to shareholders is expected to reach 783.3 million yuan, reflecting a growth of 23.99% [10] - The company forecasts a net profit of 1.386 billion yuan in 2025, representing a 25.76% increase compared to the previous year [10] - The latest diluted EPS is estimated at 0.52 yuan for 2023, increasing to 0.92 yuan by 2025 [10]

Core Viewpoint - The article highlights the financial performance of Shantui Construction Machinery Co., Ltd. (山推股份) in the third quarter, indicating a modest growth in revenue and a significant increase in net profit, suggesting a potential recovery in the construction machinery industry [1]. Financial Performance - Shantui reported a revenue of 10.488 billion yuan for the first three quarters, representing a year-on-year increase of 2.36% [1]. - The net profit attributable to shareholders reached 838 million yuan, showing a year-on-year growth of 15.67% [1]. - The net profit after deducting non-recurring gains and losses was 823 million yuan, reflecting a year-on-year increase of 24.40% [1]. Industry Trends - The article discusses the recovery signs in the construction machinery industry, suggesting that the sector may be on the path to recovery [2]. - It notes the upcoming transition to "National IV" emissions standards for construction machinery starting December 1, which may impact industry dynamics [2]. - The article mentions a significant increase in exports, with a rise of over 70%, despite a continuous decline in domestic sales for 13 months [2]. - There is an expectation of improved operating rates in February, indicating a warming outlook for the construction machinery sector [2].