山推股份：推土机龙头，受益下游矿山高景气

Investment Rating - The report assigns a "Buy" rating for the company, marking it as the first coverage [2]. Core Views - The company is a leading player in the bulldozer industry, benefiting from high demand in the mining sector and strong export growth [2]. - The company has significantly increased its overseas revenue share, which has positively impacted its profitability [2][21]. - The report forecasts robust revenue and profit growth for the company in the coming years, driven by high-margin large bulldozer products and increased capital expenditure in the mining sector [2][16]. Summary by Sections Company Overview - The company, under Shandong Heavy Industry, has over 70 years of experience in the bulldozer industry and ranks among the top players globally [2][12]. - The company has successfully expanded its product offerings and has a strong focus on overseas markets, with overseas revenue rising from 21% in 2021 to 55% in 2023 [2][21]. Financial Performance - The company reported a significant increase in net profit, with a year-on-year growth of 175% in 2023, driven by higher overseas sales and the introduction of high-value products [16][18]. - Revenue projections for 2024-2026 are estimated at 126.70 billion, 143.62 billion, and 160.13 billion RMB, with net profits expected to reach 9.44 billion, 12.01 billion, and 14.34 billion RMB respectively [2][6]. Market Dynamics - The global bulldozer market is expected to grow, with a projected market size of 3.63 billion USD by 2025, driven by infrastructure projects in developed countries and increased mining capital expenditures [33]. - The company holds a market share of 64.5% in the domestic bulldozer market, indicating a strong competitive position [32]. Product and Demand Analysis - The demand for large bulldozers, particularly in the mining sector, is expected to rise, supported by ongoing capital expenditures in mining [2][28]. - The company has a diverse product range, including high-power bulldozers that meet the complex requirements of the mining industry [29].