证券研究报告 工程机械Ⅲ 投资评级 买入-A 首次评级 12个月目标价 11.2元 股价 (2024-11-01) 9.66元 交易数据 总市值(百万元) 14, 493. 16 流通市值(百万元) 12, 635. 25 总股本(百万股) 1, 500. 33 流過膜本(百万股) 1, 308. 00 12个月价格区间 4.6/9.66元 12M 升幅% 1M 18. 3 80.5 相对收益 26.4 15. 1 89.4 绝对收益 40. 2 郭倩倩 分析师 2024 年 11 月 04 日 山推股份(000680. SZ) 推土机开山力士，改革出海拓新篇 目国内推土机行业龙头,历史悠久底蕴深厚。山推股份前身可追 溯至 1952年成立的烟台机械厂,21 世纪 80年代,公司通过引进 卡特彼勒、小松技术完成推土机起步,随后持续深耕推土机主业, 1997 年于深交所挂牌上市,2009 年与潍柴控股集团、山东省汽车 工业集团共同组建山东重工集团。经历40余年研发积累,公司逐 步实现 300-900HP 大马力推土机的国产替代。目前,国内方面, 公司推土机市占率多年维持 60%以上,龙头地位长期稳固;海外 方面， ...

Investment Rating - The investment rating for the company is "Buy" [1][3] - The previous rating was also "Buy" [1] Core Views - The company reported strong financial performance in Q3 2024, with revenue reaching RMB 9.84 billion, a year-on-year increase of 30.64%, and net profit attributable to shareholders of RMB 674 million, up 34.16% [3][5] - The company is recognized as a leading manufacturer of bulldozers in China, with significant growth potential driven by ongoing expansion in overseas markets and a focus on excavator business [3][4] - The report maintains a positive outlook on the company's growth trajectory, supported by robust financial metrics and strategic initiatives [3][4] Financial Summary - For the first three quarters of 2024, the company achieved revenue of RMB 98.36 billion, a 30.64% increase year-on-year, and a net profit of RMB 6.74 billion, reflecting a 34.16% growth [3][5] - The gross margin for the first three quarters was 16.70%, a decrease of 1.35 percentage points, while the net margin improved to 6.89%, an increase of 0.17 percentage points [3][5] - The company’s operating cash flow significantly improved, with a net cash flow of RMB 4.79 billion compared to a negative RMB 0.89 billion in the same period last year [3][5] Growth Projections - Revenue projections for 2024-2026 are RMB 137.12 billion, RMB 160.90 billion, and RMB 181.32 billion, respectively, with net profit estimates of RMB 9.80 billion, RMB 12.88 billion, and RMB 14.68 billion [3][4] - The expected earnings per share (EPS) for 2024-2026 are RMB 0.65, RMB 0.86, and RMB 0.98, with corresponding price-to-earnings (PE) ratios of 14.8, 11.3, and 9.9 [4][3] Market Position and Strategy - The company has been actively expanding its overseas market presence, establishing subsidiaries in regions such as Africa, Europe, and the Americas, which contributed to over 50% of its revenue in the first half of 2024 [3][4] - The company is also planning to acquire a stake in a related party, which is expected to enhance its excavator business and leverage existing sales channels [3][4]

好的各位投资者还有我们三推的两位领导员总感谢两位领导的宝贵时间还有群众参加今天的交流三推其实看出来的三级报还是有亮点的我们还是觉得业绩还是比预期要好的那么我们其实看整个供应期限最近调整也比较多了我们 前面也说了我们还是看拐点那么因为这个9月24号的封锁的原因导致了其实整个的前期比较强势的公众机械造成其实跑出了很多的一些行业我们觉得可能的来看这个行业可能的机会也快到了那么更详细的呢我会请我们领导还有华欣老师以及我们春奇来来主持今天的互动交流好的那么那么有感谢那个严总还有那我们秦总先交给两位领导 好的 谢谢邱总 谢谢华晶总就是给这样一个机会对这个投资者跟三级度的经营业绩情况进行交流首先我简单的把三级道的公司的基本情况给这位投资者汇报一下就是今年一到九月份整个大家从裁判上也看到了营业收入实现了98个亿 那个比之前同期量增长31个亿值得一提的呢就是我们的经营我们的实现的利润是10%本期度呢是实现了2.5%较去较同期呢增长了27%就是一到九月份呢实现了6.7个亿也是超过销售收入的增长实现了34个亿这个游民空间的这个喇叭口呢也继续进一步增加毛利率水平呢就是说应该是和中期基本上保持 保持一致保持一致主要是因为就是和去年同期 ...

Investment Rating - The report maintains a "Buy" rating for the company, with a target price indicating a potential return of over 20% within the next six months [5][13]. Core Views - The company reported excellent performance in its Q3 results, with a revenue of 9.836 billion yuan, representing a year-on-year increase of 30.64%, and a net profit attributable to shareholders of 674 million yuan, up 34.16% year-on-year [1][2]. - The company is expanding its overseas market presence, having established a subsidiary in Belgium and added 24 overseas distributors, enhancing its market coverage in Africa, Europe, America, and Southeast Asia [3]. - The integration of high-quality resources within the group has led to a complete and efficient production system, leveraging economies of scale and competitive advantages from the Shandong Heavy Industry Group [4]. Financial Performance Summary - For the first three quarters of 2024, the company achieved a revenue of 9.836 billion yuan, with a gross margin of 16.7% and a net margin of 6.89% [1]. - In Q3 2024, the company reported a revenue of 3.328 billion yuan, with a gross margin of 16.44% and a net margin of 7.72% [2]. - The company expects net profits attributable to shareholders to reach 950 million yuan, 1.231 billion yuan, and 1.401 billion yuan for the years 2024, 2025, and 2026 respectively, reflecting a positive outlook for its product lines [4][7]. Financial Data and Valuation - The company’s total revenue for 2023 is projected at 10.541 billion yuan, with a growth rate of 5.43%, and is expected to increase significantly to 13.940 billion yuan in 2024, representing a growth rate of 32.25% [7]. - The earnings per share (EPS) is forecasted to be 0.63 yuan in 2024, with a price-to-earnings (P/E) ratio of 15.25 [9]. - The company’s total assets are expected to grow from 13.427 billion yuan in 2023 to 15.674 billion yuan in 2024, indicating a strong asset base [8].

Investment Rating - The report maintains a "Buy" investment rating for the company [1] Core Views - The company's performance meets expectations, with a significant increase in revenue and net profit for the first three quarters of 2024, achieving operating income of 9.836 billion yuan (up 30.64% year-on-year) and net profit attributable to shareholders of 674 million yuan (up 34.16% year-on-year) [1] - The global bulldozer market is projected to grow at a compound annual growth rate (CAGR) of 7.56%, reaching a total market size of 45.224 billion yuan by 2029, with the company holding over 60% market share in China [1] - The company is actively seizing export opportunities, with its export scale increasing from 6.3 million USD in 2018 to 77.2 million USD in 2023, reflecting a CAGR of 65.07% [1][2] - The company has established a robust overseas marketing network, with over 160 overseas agents and 10 subsidiaries, leading to over 55% of its revenue coming from international markets [1] Summary by Sections Financial Performance - For Q3 2024, the company reported operating income of 3.328 billion yuan (up 24.85% year-on-year) and net profit of 256 million yuan (up 27.64% year-on-year) [1] - The gross profit margin for Q3 2024 was 16.44%, while the net profit margin improved to 7.72% [1][2] Profit Forecast - The company is projected to achieve revenues of 13.931 billion yuan, 16.063 billion yuan, and 17.431 billion yuan for 2024, 2025, and 2026 respectively, with corresponding EPS of 0.65 yuan, 0.81 yuan, and 1.00 yuan [3][5] - The current stock price corresponds to a PE ratio of 13, 10, and 8 times for the years 2024, 2025, and 2026 respectively [3]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company reported a revenue of 9.836 billion RMB for Q3 2024, representing a year-on-year growth of 30.64%, and a net profit attributable to shareholders of 674 million RMB, up 34.16% year-on-year [1] - The overseas market revenue grew rapidly, accounting for over 55% of total revenue in H1 2024, with overseas revenue reaching 3.625 billion RMB, a year-on-year increase of 44.41% [1] - The company is focusing on high-power bulldozer products, which are expected to enhance profitability due to the increasing proportion of high-value-added products and overseas sales [1] - The asset quality has improved, with an average ROE of 11.62% in Q1-Q3 2024, up 1.75 percentage points year-on-year [1] Summary by Sections Performance Analysis - In Q3 2024, the company achieved a revenue of 3.328 billion RMB, a year-on-year increase of 24.85%, and a net profit of 256 million RMB, up 27.64% year-on-year [1] - The overseas market has become a significant growth driver, contributing 72.97% to gross profit in H1 2024, an increase of 3.01 percentage points year-on-year [1] Financial Forecasts - The company expects revenues of 12.434 billion RMB, 14.407 billion RMB, and 15.912 billion RMB for 2024, 2025, and 2026 respectively, with net profits of 945 million RMB, 1.238 billion RMB, and 1.535 billion RMB [1] - The projected PE ratios for 2024, 2025, and 2026 are 13, 10, and 8 respectively [1] Asset Quality and Efficiency - The average ROE for Q1-Q3 2024 is reported at 11.62%, reflecting an improvement in asset quality [1] - The accounts receivable turnover days decreased to 104.82 days, a reduction of 3 days year-on-year [1]

山推工程机械股份有限公司监事会 关于《公司 2024 年第三季度报告》的审核意见 经审核，山推工程机械股份有限公司监事会认为董事会编制和审议《公司 2024 年第 三季度报告》的程序符合法律、行政法规及中国证监会的规定，报告内容真实、准确、 完整地反映了上市公司的实际情况，不存在任何虚假记载、误导性陈述或者重大遗漏。 山推工程机械股份有限公司监事会 二〇二四年十月三十一日 ...

Financial Performance - The company's operating revenue for Q3 2024 reached ¥3,328,333,493.94, representing a year-over-year increase of 24.85%[2] - Net profit attributable to shareholders for the same period was ¥255,708,902.93, up 27.64% compared to the previous year[2] - The net profit after deducting non-recurring gains and losses was ¥252,238,746.57, reflecting a 25.41% increase year-over-year[2] - The company reported a 30.64% increase in total operating revenue for the year-to-date, amounting to ¥9,836,344,457.69[6] - Total operating revenue for Q3 2024 reached ¥9,836,344,457.69, an increase of 30.6% compared to ¥7,529,450,214.48 in Q3 2023[32] - Operating profit for the period was ¥785,286,472.01, up 50.6% from ¥521,792,918.88 in the previous year[32] - Net profit attributable to shareholders of the parent company was ¥674,178,303.33, a rise of 34.2% from ¥502,508,405.38 in the same period last year[33] - The total comprehensive income for the period was ¥671,899,775.44, compared to ¥506,259,518.48 in the previous year, reflecting a significant increase[33] Assets and Liabilities - The total assets at the end of the reporting period amounted to ¥15,763,216,410.99, an increase of 17.40% from the end of the previous year[2] - The company’s total liabilities increased by 30.35% to ¥5,076,519,028.33, driven by higher procurement activities[5] - The company’s total liabilities increased to ¥9,007,743,420.17, which is a significant rise compared to the previous period[30] - The company reported a total cash outflow from investing activities of CNY 128,857,140.40, down from CNY 274,118,507.64 in the previous period, showing a decrease of 53.0%[36] Cash Flow - The net cash flow from operating activities for the year-to-date was ¥479,472,917.12, a significant increase of 640.50% compared to the same period last year[7] - The cash received from sales and services amounted to CNY 7,431,284,768.62, an increase of 27.1% compared to CNY 5,842,048,999.15 in the previous period[35] - The net cash flow from operating activities was CNY 479,472,917.12, a significant recovery from a negative cash flow of CNY -88,708,973.55 in the same period last year[35] - Total cash inflow from financing activities reached CNY 3,354,106,238.05, up from CNY 1,686,455,665.09 in the previous period, indicating a 98.9% increase[36] - The company’s total cash outflow for financing activities was CNY 3,694,788,055.60, compared to CNY 2,192,547,766.25 in the previous period, indicating an increase of 68.5%[36] Shareholder Information - The total number of common shareholders at the end of the reporting period was 67,795[8] - The largest shareholder, Shandong Heavy Industry Group Co., Ltd., holds 24.29% of shares, totaling 364,399,684 shares[8] - The second-largest shareholder, Weichai Power Co., Ltd., holds 15.78% of shares, totaling 236,705,601 shares[8] - The company has a total of 10 major shareholders, with no known related party relationships among them[9] Investment and Financing Activities - The company raised a total of RMB 681,712,130.88 from the issuance of 236,705,601 shares at a price of RMB 2.88 per share[20] - Cumulative payments for investment projects amounted to RMB 615,423,875.36, with RMB 16,242,017.72 invested in the third quarter of 2024[22] - The company has used RMB 16,023,732.77 of raised funds for bank acceptance bills to pay for investment projects[21] - The company has approved the use of up to RMB 12,000 million of idle raised funds for cash management until November 30, 2024[25] - The company has invested in structured deposit products with expected annualized returns ranging from 1.5% to 3.6%[26] Risk Management - The company conducted foreign exchange hedging to mitigate exchange rate risks associated with export contracts[20] - The company has established risk management strategies for its financial derivatives investments, including stop-loss limits and reverse hedging[17] - The company’s cash management strategy includes ensuring that idle funds do not affect the progress of investment projects or normal operations[24] Current Assets and Liabilities - The total current assets increased to ¥12,359,080,839.74 from ¥10,191,824,656.11, representing a growth of approximately 21.4%[29] - Cash and cash equivalents rose to ¥4,215,874,672.08 from ¥3,287,742,091.87, marking an increase of about 28.2%[29] - Accounts receivable increased to ¥4,240,010,855.47 from ¥3,397,212,195.65, reflecting a growth of approximately 24.8%[29] - Inventory grew to ¥2,428,638,867.95 from ¥2,170,269,352.89, indicating an increase of around 11.9%[29] - Current liabilities rose to ¥9,007,743,420.17 from ¥7,263,287,621.70, representing an increase of approximately 23.9%[30] - Accounts payable increased significantly to ¥2,545,092,388.79 from ¥1,783,348,480.02, reflecting a growth of about 42.7%[30] Research and Development - Research and development expenses for the quarter were ¥286,870,772.68, a decrease of 11.8% from ¥325,408,685.44 in the previous year[32]

证券代码：000680 证券简称：山推股份 山推工程机械股份有限公司 投资者关系活动记录表 | --- | --- | --- | --- | --- | |-------------------------|-------|----------------------------------|---------|--------------------| | | | 【请在您选择的方式的"（ | | ）"中打"√"，下同】 | | | （ | ）特定对象调研 （ ）分析师会议 | | | | 投资者关系活动 | | （ ）媒体采访 （ ）业绩说明会 | | | | 类别 | | （ ）新闻发布会 （ | | ）路演活动 | | | （ | ）现场参观 | | | | | （ | √）其他 （走进上市公司） | | | | 参与单位名称及 人员姓名 | | 中信证券及投资者代表共计 | 30 人 | | | 时间 | 2024 | 年 10 月 18 日下午 | | | | 地点 | | 公司股份大楼 109 会议室 | | | | | | 董事会秘书：袁青 | | | | | | 财务副总监：宋强 | | ...

Investment Rating - The report initiates coverage with a "Buy" rating for the company [5][3]. Core Views - The company is a leading player in the domestic bulldozer and road construction machinery industry, with a diverse product range and a strong export performance, achieving over 55% of its revenue from overseas markets in the first half of 2024 [3][19]. - The company has a stable financial outlook, with projected net profits for 2024-2026 expected to grow at rates of 24.6%, 20.4%, and 19.2% respectively, indicating a robust growth trajectory [3][4]. Summary by Sections Company Overview - The company has over 40 years of experience in the engineering machinery sector, focusing on technological innovation to establish a leading position in the market [12][15]. - It offers a wide range of products, including bulldozers, excavators, loaders, and concrete machinery, with a strong emphasis on export markets [15][19]. Market Position - The company holds approximately 19% of the global bulldozer market, with the top five manufacturers controlling over 80% of the market share [2][3]. - The domestic market share is even more pronounced, with the company commanding 66.53% of the market, indicating a strong competitive position [2][3]. Growth Strategy - The company is actively restructuring its sales strategy to increase export revenues, which have significantly contributed to its growth [3][21]. - It has effectively integrated resources within the Shandong Heavy Industry Group, enhancing its production efficiency and competitive advantage [3][19]. Financial Performance - In 2023, the company achieved a revenue of over 10 billion yuan, with a year-on-year growth of 33.81% in the first half of 2024 [19][4]. - The projected net profit for 2024 is estimated at 953.44 million yuan, reflecting a year-on-year increase of 24.56% [4][3]. Valuation Metrics - The company is currently valued at a price-to-earnings (P/E) ratio of 13.2x for 2024, which is considered advantageous compared to its peers [3][4]. - The target market capitalization is set at 171.72 billion yuan, with a target price of 11.45 yuan per share [3][5].