山推股份 (000680.SZ) 买入(维持评级) 证券研究报告 业绩简评 8 月 22 日，公司发布 24 年中报，24H1 公司预计实现收入 65.08 亿元，同比+33.81%；归母净利润 4.18 亿元，同比+38.49%，扣非 后归母净利润 4.09 亿元，同比+55.58%；单 Q2 来看，公司 24Q2 实现收入 34.29 亿元，同比+38.02%，实现归母净利润 2.11 亿元， 同比+58.39%，实现扣非后归母净利润 2.01 亿元，同比+68.43%。 经营分析 海外市场收入高速增长，24H1 海外收入占比超过 55%。根据公告， 24H1 公司海外收入为 36.25 亿元（同比+44.41%），海外收入占比 达到 55.69%（同比+4.08pcts）。从毛利润贡献来看，24H1 公司海 外市场毛利润贡献达到 72.97%，同比+3.01pcts，海外市场已成为 公司收入、利润的重要增长动力。根据公告，公司布局海外子公 司，新增比利时子公司，重点拓展非洲、欧洲、美洲、东南亚等 区域海外经销商 24 家，其中非洲、欧洲、美洲区域经销商占比有 所提升，海外区域结构更为多元化。 发力大马力 ...

Financial Performance - The company's operating revenue for the first half of 2024 reached ¥6,508,010,963.75, representing a 33.81% increase compared to ¥4,863,645,356.81 in the same period last year[10]. - Net profit attributable to shareholders was ¥418,469,400.40, up 38.49% from ¥302,164,604.42 year-on-year[10]. - The net profit after deducting non-recurring gains and losses was ¥409,445,968.39, reflecting a significant increase of 55.58% compared to ¥263,179,205.43 in the previous year[10]. - The net cash flow from operating activities improved to ¥230,330,922.98, a turnaround from a negative cash flow of ¥85,116,875.09 in the same period last year, marking a 370.61% increase[10]. - Basic earnings per share rose to ¥0.2788, a 38.50% increase from ¥0.2013 in the previous year[10]. - Total assets at the end of the reporting period were ¥14,776,193,546.14, which is a 10.05% increase from ¥13,426,795,161.00 at the end of the previous year[10]. - The net assets attributable to shareholders increased to ¥5,781,441,958.28, up 3.78% from ¥5,570,996,399.70 at the end of the previous year[10]. - The weighted average return on equity improved to 7.23%, an increase of 1.24 percentage points from 5.99% in the previous year[10]. Dividend and Shareholder Actions - The company plans not to distribute cash dividends or issue bonus shares for this reporting period[2]. - The company granted 25.27 million restricted stocks at a price of 1.81 CNY per share to 72 eligible participants as part of the 2020 restricted stock incentive plan[63]. - As of April 14, 2023, 8,017,200 shares were released from restrictions, while 397,800 shares were repurchased and canceled[63]. - The company repurchased and canceled 528,000 restricted shares based on performance assessments, with the cancellation completed on June 14, 2024[92]. - The total number of shares held by the board of directors and senior management did not change during the reporting period[98]. Market and Industry Insights - The engineering machinery industry is highly correlated with macroeconomic conditions and fixed asset investments, impacting product market demand significantly[14]. - The company has established a complete product chain in bulldozers, road machinery, loaders, and excavators, with a strong competitive position in comfort, intelligence, and stability[15]. - The loader market is highly concentrated, with leading companies holding over 70% market share, and the company is enhancing its market competitiveness through R&D and quality control[16]. - The engineering machinery industry is experiencing a shift towards digitalization, smart technology, and new energy applications, creating new competitive advantages[14]. - The company is actively expanding its sales channels and enhancing its international brand influence by exporting products to multiple countries[16]. Sales and Revenue Streams - The sales amount through the repurchase warehouse business was approximately 200.33 million CNY, accounting for 3.08% of the company's total revenue for the first half of 2024[18]. - The sales amount through the mortgage business was approximately 3.00 million CNY, with a loan balance of 39.54 million CNY as of June 30, 2024[19]. - The sales amount through the financing leasing business was approximately 107.29 million CNY, accounting for 1.65% of the company's total revenue for the first half of 2024[20]. - The sales amount through the financial credit granting business was approximately 27.32 million CNY, accounting for 0.42% of the company's total revenue for the first half of 2024[21]. Research and Development - Research and development investment was CNY 215,413,703.81, a slight increase of 1.43% compared to the previous year[34]. - The company launched several new products, including the pure electric bulldozer DE26 and the LE series pure electric loader, achieving international advanced technology levels[28]. - The company is investing 100 million RMB in research and development for innovative technologies aimed at improving product performance[117]. Environmental and Compliance Efforts - The company’s pollution treatment system achieves a removal rate of over 95% for painting waste gas, and welding fume collection efficiency exceeds 90%[69]. - The company has obtained pollution discharge permits valid until January 12, 2027, for its main operations[66]. - The company has implemented strict compliance with various environmental protection laws and standards during its operations[65]. - The company’s environmental emergency response plans have been filed with government ecological environment departments[70]. Financial Management and Risk - The company has established a comprehensive risk management framework for financial sales, including pre-approval measures and ongoing monitoring of agents[24]. - The company has implemented strict management measures for potential repurchase risks, including pre-approval measures and loss compensation measures[23]. - The company is implementing measures to mitigate exchange rate risks by accelerating receivables collection and expanding RMB settlements[58]. - The company has established risk management strategies for its derivative investments, including stop-loss limits and reverse hedging measures[48]. Future Outlook - The company has provided a positive outlook for the second half of 2024, projecting a revenue growth of 10% to 12%[117]. - The company plans to maintain a balanced development across international markets to increase revenue and profit sources[57]. - A strategic acquisition of a local competitor is in progress, which is anticipated to enhance operational efficiency and increase revenue by 5% annually[117]. Accounting and Financial Reporting - The financial report for the first half of 2024 has not been audited[101]. - The company follows the accounting standards issued by the Ministry of Finance and the relevant regulations for financial reporting[105]. - The company’s significant accounting policies include a materiality threshold for bad debt provisions set at over RMB 10 million[107]. - The company recognizes revenue when control of the goods is transferred to the customer, primarily at the point of acceptance upon delivery[163]. Credit and Receivables Management - The company’s provision for bad debts was calculated using the expected credit loss model, applicable for the reporting period[198]. - The company reported a bad debt provision of CNY 44,668,994.06 for accounts receivable, with a provision ratio of 5.00% for receivables within one year[198]. - The company assesses credit risk for financial assets at each reporting date, considering all reasonable and supportable information, including forward-looking information[122]. Shareholder Structure - The total number of ordinary shareholders at the end of the reporting period was 61,825, with the largest shareholder, Shandong Heavy Industry Group Co., Ltd., holding 24.29% of shares[95]. - The number of restricted shares at the beginning of the period was 436,053,309, with 244,378,101 shares released during the period, resulting in 192,330,932 restricted shares remaining[94].

山推工程机械股份有限公司第十一届董事会 了以下议案： 一、审议通过了《关于山东重工集团财务有限公司 2024 年上半年风险评估报告 的议案》； 会议认为，该报告充分反映了山东重工集团财务有限公司（以下简称"财务公 司"）的经营资质、业务和风险状况。财务公司作为非银行金融机构，其业务范围、 业务内容和流程、内部的风险控制制度等措施都受到金融监督管理机构的严格监管， 未发现财务公司的风险控制体系存在重大缺陷。 因此，我们一致同意本议案并将《关于山东重工集团财务有限公司 2024 年上半 年风险评估报告的议案》提交公司第十一届董事会第十次会议审议。 第三次独立董事专门会议决议 （2024 年 8 月 21 日通过） 根据《上市公司独立董事管理办法》及《公司章程》等有关规定，山推工程机 械股份有限公司（以下简称"公司"）于 2024 年 8 月 16 日发出了关于召开第十一届 董事会第三次独立董事专门会议的通知，会议于 2024 年 8 月 21 日以现场与通讯相 结合的方式召开。会议应到独立董事 3 人，实到独立董事 3 人，全体独立董事共同 推举本次会议由陈爱华先生主持。本次会议的召集、召开和表决程序符合《公司法 ...

证券代码：000680 证券简称：山推股份 公告编号：2024-042 山推工程机械股份有限公司 关于山东重工集团财务有限公司 2024 年上半年风险评估报告 根据《深圳证券交易所上市公司自律监管指引第 7 号——交易与关联交易》的要 求，山推工程机械股份有限公司（下称"山推股份"）通过查验山东重工集团财务有 限公司（以下简称"重工财务公司"）《金融许可证》《营业执照》及相关资料，审 阅重工财务公司财务报表，对重工财务公司的经营资质、业务和风险状况进行评估， 具体情况报告如下： 一、重工财务公司基本情况 重工财务公司是经中国银行业监督管理委员会（现为"国家金融监督管理总局"， 下称"金融监管总局"）批准设立的非银行金融机构。重工财务公司于 2012 年 6 月 11 日取得《金融许可证》（机构编码：L0151H237010001），并于同日领取了《营业执照》 （统一社会信用代码：91370000597828707N）。 重工财务公司注册资本 16 亿元人民币（含 1000 万美元），股权结构如下： （一）山东重工集团有限公司（下称"山东重工"）出资 6 亿元人民币，占重工 财务公司注册资本的 37.5%； （ ...

山推工程机械股份有限公司监事会 关于第十一届监事会第九次会议相关事项的审核意见 一、关于《公司 2024 年半年度报告》及其《摘要》的审核意见 经审核，监事会认为董事会编制和审议的山推工程机械股份有限公司《2024 年半年 度报告》及其《摘要》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。 二〇二四年八月二十三日 二、监事会关于公司 2024 年上半年计提资产减值准备及资产核销的报告 按照《公司计提资产减值准备和损失处理内部控制制度》及会计准则的规定，《公司 2024 年上半年计提资产减值准备及资产核销的报告》反映了公司本期计提坏账准备、存 货跌价准备、合同资产减值准备、长期股权投资减值准备、固定资产减值准备、无形资 产减值准备、投资性房地产减值准备、商誉减值准备的情况：本期坏账准备余额 79,760.39 万元，存货跌价准备余额 8,342.37 万元，合同资产减值准备余额 199.64 万 元，长期股权投资减值准备余额 490.32 万元，固定资产减值准备余额 174.75 万元，无 形资产减值准备余额 83 ...

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。 一、日常关联交易基本情况 2024年4月26日，公司2023年度股东大会审议通过了《关于预计2024年度日常关联交 易的议案》，鉴于2024年1-6月与关联方的实际发生交易金额，结合公司2024年下半年生 产经营计划，公司预计2024年与中国重型汽车集团有限公司及其关联方的实际发生关联 交易金额有所增加，按照《深圳证券交易所股票上市规则》（以下简称"《上市规则》"） 的相关规定，增加与中国重型汽车集团有限公司及其关联方2024年度日常关联交易额度， 具体内容如下： 单位：万元 | 关联人 | 关联交易 | 按产品或劳 | 预计金额 | | 重新预计 | 2024年1-6月实际 | | --- | --- | --- | --- | --- | --- | --- | | | | | 原预计 | | | | | | 类别 | 务划分 | | 增加金额 | | 发生额（未经审计） | | | | | 金额 | | 金额 | | | 中国重型汽车集 团有限公司及其 | 销售货物 | 销售整机等 | 10,000.00 ...

证券代码：000680 证券简称：山推股份 公告编号：2024-043 一、募集资金基本情况 （一）实际募集资金金额、资金到位情况 经中国证券监督管理委员会（以下简称"中国证监会"）核发的《关于核准山推工 程机械股份有限公司非公开发行股票的批复》（证监许可[2021]888 号），公司非公开 发行不超过 236,705,601 股新股，本次发行实际发行数量为 236,705,601 股，每股面 值 1 元，发行价格为每股 2.88 元，共募集资金人民币 681,712,130.88 元，扣除与本 次发行有关的保荐承销费、审计及验资费用等发行费用合计人民币 3,977,688.81 元 （不含增值税）后，公司本次非公开发行实际募集资金净额为人民币 677,734,442.07 元。上述资金于 2021 年 4 月 15 日全部到位，已经大信会计师事务所（特殊普通合伙） 出具"大信验字[2021]第 3-00014 号"《验资报告》予以验证。 （二）募集资金使用情况及结余情况 1、截至 2024 年 6 月 30 日，公司对募集资金投资项目累计投入募集资金 599,181,857.64 元，全部为本次募集资金到位 ...

公司本次计提资产减值准备及资产核销事项符合《企业会计准则》和公司相 关会计政策的规定，依据充分，体现了会计处理的谨慎性原则，有利于客观、公 允地反映公司资产价值和财务状况，使公司关于资产价值的会计信息更加真实可 靠及具有合理性。因此，我们一致同意公司本次计提资产减值准备及资产核销事 项。 山推工程机械股份有限公司董事会 二〇二四年八月二十三日 山推工程机械股份有限公司董事会审计委员会 关于 2024 年上半年计提资产减值准备及资产核销的合理性说明 根据《深圳证券交易所股票上市规则》、《企业会计准则》等相关法律法规的 规定，山推工程机械股份有限公司（以下简称"公司"）董事会审计委员会，对 公司 2024 年上半年计提资产减值准备及资产核销事宜，基于勤勉尽责立场，发 表如下意见： ...

证券代码：000680 证券简称：山推股份 公告编号：2024-040 山推工程机械股份有限公司 第十一届监事会第九次会议决议公告 本公司及监事会全体成员保证信息披露内容的真实、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第十一届监事会第九次会议于 2024 年 8 月 21 日以现 场表决方式召开。会议通知已于 2024 年 8 月 10 日以书面和电子邮件两种方式发出。 公司监事唐国庆、王卫平、孔祥田出席了会议，会议由监事会主席唐国庆主持。会议 的召开符合《公司法》和《公司章程》的有关规定。会议审议并通过了以下议案： 一、审议通过了《公司 2024 年半年度报告》及其《摘要》； 经审核，监事会认为董事会编制和审议公司《公司 2024 年半年度报告》及其《摘 要》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。 表决结果为：同意 3 票，反对 0 票，弃权 0 票。 二、审议通过了《监事会关于公司 2024 年上半年计提资产减值准备及资产核销的 报告》； 监事会审核认为，本期计提资产 ...

| 非经营性资金占用 | 资金占用方名称 | 占用方与上市公司 | 上市公司核算的 | 2024 年期初占用 2024 | 年半年度占用累计 | 2024 年半年度占 | 2024 年半年度偿 | 2024 年半年度期 | 占用形成原 | 占用性质 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | 的关联关系 | 会计科目 | 资金余额 | 发生金额（不含利息） | 用资金的利息（如 有） | 还累计发生金额 | 末占用资金余额 | 因 | | | 控股股东、实际控制人及其附属企业 | | | | | | | | | | | | 小计 | - | - | - | | | | | | | - | | 前控股股东、实际控制人及其附属企业 | | | | | | | | | | | | 小计 | - | - | - | | | | | | | | | 其他关联方及其附属企业 | | | | | | | | | | | | 小计 | - | - | - | | | | | | | - | | 总计 | - | - | ...