研报掘金丨中邮证券：柳工业绩稳健增长，加码国际化、新产业，维持“买入”评级

Core Viewpoint - The company is expected to achieve steady growth in performance while enhancing internationalization and new industries, with projected net profit growth of 15-25% by 2025 [1] Financial Projections - The company anticipates a net profit attributable to shareholders of 1.526-1.659 billion yuan for 2025, representing a year-on-year increase of 15-25% [1] - The expected net profit after deducting non-recurring items is projected to be 1.323-1.455 billion yuan, with a year-on-year growth of 16%-28% [1] Strategic Initiatives - The industry is stabilizing and recovering, and the company is adhering to its new "Three Full Strategy" [1] - The company plans to increase overseas investments, with revenue from international markets expected to rise to 47% [1] Future Outlook - For 2026, the company aims to accelerate its business layout in core markets, establishing over 10 new overseas subsidiaries in key regions [1] - The company will leverage subsidiary platforms to set up local product application R&D centers and establish local KD factories in selected countries, along with building overhaul centers and logistics operation centers for complete machines and parts in multiple countries [1] - The company will continue to enhance its product offerings in the mining machinery and agricultural machinery sectors to create new growth points [1]