山推股份营收净利五连增 拟“A+H”上市推进全球化

Core Viewpoint - Shantui Co., Ltd. is planning to issue H-shares and list on the Hong Kong Stock Exchange to enhance its global strategy and connect with overseas capital markets [2][3] Group 1: Company Overview - Shantui is a leading enterprise in the Chinese machinery industry, particularly known for its bulldozers, maintaining over 60% market share in China [7] - The company has achieved steady growth in revenue and net profit for five consecutive years, with a revenue of 142.19 billion yuan in 2024, up 25.12% year-on-year, and a net profit of 11.02 billion yuan, up 40.72% year-on-year [7][8] Group 2: International Expansion - In 2024, Shantui's overseas business generated 74.11 billion yuan in revenue, a 26.08% increase, accounting for 52.12% of total revenue [4] - The company has seen significant growth in overseas markets, with main products generating 66.7 billion yuan in revenue, a 30% increase [5] - Despite challenges in the Russian market, Shantui has experienced growth in other regions such as Europe, Africa, and Southeast Asia, with expectations of a 30% revenue increase in Africa for the year [5] Group 3: Future Goals and Strategies - Shantui aims to achieve a revenue target of 157 billion yuan in 2025, with 90 billion yuan expected from overseas [6] - The company is focusing on technological innovation, with R&D expenses totaling 12.04 billion yuan from 2023 to Q1 2025, representing 4.91% to 3.15% of revenue [9] - A recent acquisition of 100% of Shandong Heavy Industry's excavator business for 18.41 billion yuan is expected to enhance profitability and asset scale [9][10]