调研速递|徐工机械接待银河证券调研 矿山机械2030年目标超400亿

Core Viewpoint - XCMG Group aims to strengthen its position in the mining machinery sector, targeting over 40 billion yuan by 2030, while also anticipating a recovery in the domestic market by 2026 and implementing strategies to enhance profit margins and expand overseas markets [2][3][4][5]. Group 1: Mining Machinery Business - XCMG has developed a comprehensive range of mining machinery products, including two-bridge mining trucks, excavators, electric shovels, articulated trucks, and wide-body dump trucks, positioning itself as a leading player in both domestic and global markets [2]. - The company is optimistic about future growth in the mining machinery sector, driven by increased demand for new energy minerals, advancements in mining technology, and solid technical reserves recognized by international clients [2]. Group 2: Domestic Market Outlook - The domestic engineering machinery market is showing positive signs, particularly in earth-moving machinery, which has seen consecutive months of positive sales [3]. - Factors such as the government's strategic initiatives, urbanization disparities, and the demand for equipment upgrades are expected to drive a recovery in the domestic market, with projections for continued growth into 2026 [3]. Group 3: Profit Margin Enhancement - XCMG plans to improve its profit margins through a strategy of "one stability, one reduction, and four adjustments," aiming for a year-on-year increase in gross margin [4]. - Specific measures include stabilizing prices, reducing costs across various sectors, and adjusting product, industry, market, and customer structures [4]. Group 4: Overseas Market Expansion - XCMG's marketing network spans over 190 countries, providing comprehensive product marketing and value chain services, with significant export growth anticipated [5]. - The company expects continued demand in overseas markets, driven by improved product quality, enhanced distribution channels, and accelerated localization strategies [5].