研报掘金丨东莞证券：三一重工Q2盈利能力持续提升，维持“买入”评级

Core Viewpoint - Sany Heavy Industry achieved a net profit attributable to shareholders of 5.216 billion yuan in the first half of 2025, representing a year-on-year increase of 46.00% [1] Group 1: Financial Performance - In Q2 2025, the company's profitability continued to improve, with effective cost control measures evident [1] - The revenue from excavators reached 17.497 billion yuan, showing a year-on-year growth of 15.00%, maintaining the top position in the domestic market [1] - The overseas market gross profit increased by 9.92% year-on-year, driven by product structure optimization, price adjustments, and cost reduction measures [1] Group 2: Industry Trends - The recovery trend in the construction machinery industry continued in the first half of 2025, supported by long-term government bonds and the deepening implementation of equipment renewal policies, which boosted domestic demand [1] - The company is actively promoting internationalization strategies to facilitate rapid growth in overseas markets [1] Group 3: Strategic Initiatives - The company is transitioning towards electrification, focusing on three major technological routes [1]