华源证券：给予同力股份买入评级

Group 1 - The core viewpoint of the report is that Tongli Co., Ltd. is positioned for long-term growth in the autonomous mining truck sector, with a dual focus on growth and dividends [1] - In 2024, the global shipment of autonomous mining trucks is expected to reach approximately 2,100 units, with significant demand growth anticipated from regions like the Middle East and Australia [1] - The Chinese market for autonomous mining truck solutions is rapidly expanding, projected to reach a market size of 1.9 billion yuan in 2024, accounting for about 75.6% of the closed-scene autonomous driving market [1] Group 2 - Tongli Co., Ltd. has achieved large-scale production of autonomous vehicles, with an estimated delivery of over 700 units by 2024, capturing more than half of the domestic market share for controlled chassis [2] - The company has developed a comprehensive autonomous driving control platform that integrates various control systems, which has been recognized as a top intelligent solution in the engineering machinery sector [2] - The new Mineral Resources Law, effective from July 2025, aligns with the company's product solutions, emphasizing safety, resource conservation, and green development [2] Group 3 - The company has provided substantial cash dividends to investors, with a dividend yield of 5.49% in 2024, making it the only company listed on the Beijing Stock Exchange to be included in the CSI Dividend Index [3] - The projected net profits for the company from 2025 to 2027 are estimated at 8.87 billion yuan, 9.94 billion yuan, and 11.14 billion yuan, with corresponding EPS of 1.94, 2.17, and 2.43 yuan per share [3] - The company is expected to accelerate product innovation and expand its overseas market presence, leading to a positive outlook for sustainable growth [3]