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].

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 （请文字说明其他活动内容） | | | | 国金证券 | 倪赵义 | | | | 平安养老 | 曾雪菲 | | | | 国寿资产 | 李珊珊 | | | 参与单位名称及 | 招银理财 | 姚思劼 | | | 人员姓名 | 聚鸣投资 | 张春雷 | | | | 淡水泉投资 | 刘耀阳 ...

机械设备 | 证券研究报告 — 公司深度 2024 年 9 月 5 日 000680.SZ 买入 原评级：未有评级 市场价格:人民币 6.66 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 (24%) (0%) 24% 48% 72% 96% Sep-23Oct-23Nov-23Dec-23Jan-24Feb-24Mar-24Apr-24May-24Jun-24Jul-24Sep-24 山推股份 深圳成指 绝对 33.5 (2.8) (23.2) 30.3 相对深圳成指 46.0 1.1 (10.1) 52.8 | --- | --- | --- | |-------------------------------|------------|----------| | | | | | 发行股数 ( 百万 ) | | 1,500.33 | | 流通股 ( 百万 ) | | 1,308.00 | | 总市值 ( 人民币 百万 ) | | 9,992.18 | | 3 个月日均交易额 ( 人民币 | 百万 ) | 203.23 | | 主要股东 | | | | 山东重工集团有限公 ...

证券代码：000680 证券简称：山推股份 | --- | --- | |----------------|--------------------| | | ）"中打"√"，下同】 | | | ）分析师会议 | | 投资者关系活动 | ）业绩说明会 | | 类别 | | | | | | | | | 参与单位名称及 | | 长城基金：周诗博人员姓名 时间 2024 年 8 月 26 日下午 地点 公司股份大楼 201 会议室 上市公司接待 人员姓名 袁 青、秦晓莉 一、互动交流 1、公司上半年经营情况 2024 年上半年，经济回升向好态势不断巩固增强，行业企业 发展信心明显增强，产业结构持续优化，技术水平大幅度提升，已 从跟跑、并跑到部分领域实现国际领先。科技创新引领行业高质量 投资者关系活动 发展取得新成绩。同时，随着高端化、智能化、绿色化发展提速， 主要内容介绍 新的竞争优势也正在逐步形成。国内工程机械行业在大规模设备更 新政策和地产政策多因素共振下内销向上拐点明显，有望筑底企 稳。从国际市场来看，工程机械市场景气度存在区域差异性，伴随 我国工程机械制造水平的提升、产品竞争力提高，以及国内工程机 械制造企 ...

Investment Rating - The report maintains a "Buy" rating for the company, with an expected relative performance increase of over 15% in the next 6 to 12 months compared to the benchmark index [10]. Core Insights - The company reported a significant increase in both revenue and net profit for the first half of 2024, with revenue reaching 6.508 billion yuan, a year-on-year growth of 33.81%, and net profit attributable to shareholders at 418 million yuan, up 38.49% [3][4]. - The domestic revenue growth turned positive, while overseas performance continued to grow significantly, with domestic sales reaching 2.301 billion yuan (up 22.37%) and overseas sales at 3.625 billion yuan (up 44.41%) [4]. - The company is recognized as a leader in the bulldozer industry, with a strong product lineup and significant growth in excavator exports, which increased by over 70% [4][5]. Financial Performance Summary - The company achieved a revenue of 10.541 billion yuan in 2023, with a projected increase to 12.688 billion yuan in 2024, reflecting a growth rate of 20% [2][8]. - Net profit is expected to grow from 765 million yuan in 2023 to 951 million yuan in 2024, representing a year-on-year increase of 24% [2][8]. - The gross profit margin for the main business was reported at 17.50%, with a slight decrease compared to the previous year [4]. Growth and Market Strategy - The company is actively expanding its overseas market presence, with a target of achieving 8.5 billion yuan in overseas revenue in 2024, a growth of 44.6% [5]. - The establishment of new subsidiaries and partnerships in various regions, including Africa and Europe, is aimed at enhancing sales channels and market reach [5]. - Continuous investment in research and development is evident, with R&D expenses amounting to 215 million yuan, accounting for 3.31% of revenue [4].

投资评级:增持(维持) 核心观点 | --- | --- | |------------------------|------------| | | | | 基本数据 | 2024-08-22 | | 收盘价 ( 元 ) | 6.47 | | 流通股本 ( 亿股 ) | 13.08 | | 每股净资产 ( 元 ) | 3.85 | | 总股本 ( 亿股 ) | 15.00 | | 最近 12 月市场表现 | | -15% 6% 28% 49% 71% 93% 山推股份 沪深300 分析师 佘炜超 SAC 证书编号：S0160522080002 shewc@ctsec.com 分析师 张豪杰 SAC 证书编号：S0160522090002 zhanghj01@ctsec.com 相关报告 1. 《推土机行业领军企业，奋楫扬帆再 谱新篇》 2024-03-31 山推股份(000680) / 工程机械 / 公司点评 / 2024.08.22 大马力产品及出口持续发力，上半年业绩快速增长 证券研究报告 事件：上半年，公司实现营收 65.08 亿元，同比增长 33.81%；实现归母净利润 4.18 亿元，同比增长 38 ...