Xin Lang Cai Jing·2025-11-24 06:32Core Viewpoint - The report from Huaxin Securities highlights that Zoomlion's diversified business structure and emerging sectors are making significant breakthroughs, while its traditional construction machinery business maintains a leading position [1] Group 1: Business Structure and Performance - Zoomlion's traditional construction machinery sector solidifies its leading position, while emerging businesses such as aerial machinery and mining machinery are experiencing high growth [1] - The company is advancing its embodied intelligent robotics, having developed four full-size bipedal humanoid robots, with dozens already in factory operations across various processes including machining, logistics, and assembly [1] Group 2: Strategic Focus and Market Expansion - The establishment of an embodied intelligent operations center creates a closed-loop process of data collection, model training, and application iteration [1] - Agricultural machinery is experiencing counter-cyclical growth, with a focus on high-end, international, and new energy strategies, leading to an increase in overseas revenue proportion [1] - The hybrid tractor has made its first export to high-end overseas markets, and the company has launched high-power wheeled hybrid tractors, forming an initial high-end and new energy product system [1] Group 3: Revenue and Market Strategy - The shift from "sales network layout" to "localized operations" focuses on capturing the demand dividends in emerging markets, with overseas revenue accounting for over 50%, becoming a core support against domestic cyclical fluctuations [1] - The investment rating is maintained at "Buy" [1]