易方达、泉果、富国基金等41家明星机构调研中伟股份！

Core Insights - The company has adjusted its 2026 operating target to a net profit margin increase of over 0.5 percentage points due to intensified R&D and marketing investments, particularly in overseas markets, despite short-term impacts on profitability [1][24][31] - The overseas market has seen record high revenues, sales, and profits in the first three quarters, with expectations for a positive growth rate in the engineering machinery market in 2026 [2][24][30] - The mining machinery segment is expected to recover starting in 2026, driven by the rebound in mineral prices and the launch of large-scale, smart products [2][24][31] - The agricultural machinery sector is positioned as a strategic emerging business, focusing on technology development and channel layout, with expectations for mass production of high-power tractors starting in 2026 [2][24][31] - The company has repurchased approximately 55.23 million shares for a new stock incentive plan, with overseas production projects in South Asia and Indonesia set to commence in the coming years [2][24][31] Financial Performance - For the first three quarters of 2025, the company reported revenues of 11.43 billion yuan, a year-on-year increase of 18.10%, and a net profit of 1.22 billion yuan, up 50.40% [10][32] - The core business of CNC machine tools and functional components has seen significant growth, particularly in spindle products, which generated 7.58 billion yuan in revenue, a 30.32% increase year-on-year [10][32] - The company anticipates a 15% increase in output for 2026, with a focus on enhancing profitability through improved self-supply ratios and cost management [37] Strategic Initiatives - The "15th Five-Year Plan" outlines a clear long-term development blueprint, aiming for a revenue target of no less than 60 billion yuan by 2030, with international revenue accounting for at least 60% [31] - The company is focusing on vertical integration in the nickel, lithium iron phosphate, and solid-state battery materials sectors, with significant investments planned for resource development and overseas production [12][34][35] - The company has established a robust dealer network exceeding 400 and service points over 1,300, enhancing its market presence and customer engagement [30]