研报掘金丨浙商证券：维持山推股份“买入”评级，黄金内核+渠道协同赋能发展

Core Viewpoint - The report from Zheshang Securities indicates that Shantui's construction machinery products are expected to grow rapidly due to its bulldozer channels and the strong core of Shandong Heavy Industry Group, which includes Weichai engines, Linde hydraulic components, and Shantui transmission components [1] Group 1: Growth Potential - Shantui's bulldozer products are set to expand globally, while excavators are opening new market opportunities, and there is significant growth potential in mining machinery [1] - The demand for the company's construction machinery products is anticipated to be boosted by the Yarlung Tsangpo River downstream hydropower project [1] Group 2: Strategic Developments - The company plans to issue H-shares to further advance its globalization strategy [1] - Competition between Leiwo Construction Machinery and Shantui is expected to gradually resolve [1] Group 3: Corporate Actions - Wang Zhijian has been appointed as the chairman of Shandong Heavy Industry Group [1] - Shantui has repurchased shares worth 110 million yuan [1]