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 | | ...

公司报告 | 首次覆盖报告 推土机行业龙头，出口+高效体系实现跨越式发展 厚植工程机械行业，夯实核心竞争优势： 公司是国内推土机及道路工程机械行业头部企业，业务遍及采矿、道路修 筑、道路养护、农林水利等领域，以推土机为核心产品，衍生产品服务品 类丰富，呈针对性布局。公司为省属国有企业，依托山东重工集团，有国 家资本背书，股权结构较为稳定。2023 年公司营业收入突破百亿大关，24H1 营收、归母净利润 YOY+33.81%、38.49%，出口赛道稳健发力，盈利能力稳 中向好。 推土机市场鳌头独占，出口支撑强劲增长： 全球推土机核心厂商包括卡特彼勒、山推、小松、约翰迪尔等，前 5 大厂 商占据了推土机市场份额的 80%以上，其中公司作为行业领军企业、占据 19%左右的市场份额。2022 年需求端市场总容量约为 2.8 万台，对于国内 厂商而言，海外市场规模更大，具有潜在发展优势；自 2018 年以来，推土 机出口市场规模不断扩大，并逐年稳步增长。在国内公司凭借 66.53%的市 场份额以绝对优势断层稳居市场鳌头，并且市场前 6 大厂商占据 96.5%的 市场份额，呈现出较为稳定的市场竞争格局。 扩大出口优势+整 ...

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 ...

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 ...

山推工程机械股份有限公司 2024 年半年度报告 SHANTUI （000680） 二○二四年八月 山推工程机械股份有限公司 2024 年半年度报告全文 1 山推工程机械股份有限公司 2024 年半年度报告 第一节 重要提示、目录和释义 1、公司董事会、监事会及董事、监事、高级管理人员保证半年度报告内容的真实、 准确、完整，不存在虚假记载、误导性陈述或者重大遗漏，并承担个别和连带的法律责任。 2、公司董事长刘会胜先生、总经理李士振先生、主管会计工作负责人吴建义先生及 会计机构负责人宋强先生声明：保证本半年度报告中财务报告的真实、准确、完整。 3、所有董事均已出席了审议本次半年报的董事会会议。 4、本半年度报告涉及未来计划等前瞻性陈述，不构成公司对投资者的实质承诺，投 资者及相关人士均应当对此保持足够的风险认识，并且应当理解计划、预测与承诺之间的 差异。 5、公司在本半年度报告第三节管理层讨论与分析中，描述了影响公司未来发展战略 和经营目标的风险因素及对策，敬请查阅。《中国证券报》、《证券时报》和巨潮资讯网 （www.cninfo.com.cn）为公司信息披露指定媒体，公司所有信息均以在上述指定媒体刊 登的信息 ...