研报掘金丨财信证券：维持徐工机械“增持”评级，出口额创历史新高

Core Viewpoint - XCMG Machinery has significantly improved its operating cash flow in the first half of the year, indicating a steady enhancement in operational quality [1] Financial Performance - The company achieved a net profit attributable to shareholders of 4.358 billion yuan, representing a year-on-year increase of 16.63% [1] - The second quarter saw a rapid year-on-year growth in the net profit excluding non-recurring items [1] Operational Highlights - The company set a historical high in export volume during the first half of the year [1] - XCMG Machinery has formed a "geese formation" effect with its product groups, including earth-moving products led by excavators, traditional advantageous products led by cranes, and strategic emerging products led by mining machinery, which collectively support performance growth [1] Competitive Positioning - The company maintains a comprehensive international layout, with its main products leading in various niche markets [1] - XCMG Machinery has developed differentiated competitive advantages through self-researched component products, positioning itself well for growth opportunities amid industry recovery [1] Investment Rating - The report maintains an "overweight" rating for the company [1]