XCMG(SZ:000425) SINOLINK SECURITIES·2025-04-09 00:23Investment Rating - The report maintains a "Buy" rating for the company, expecting significant price appreciation in the next 6-12 months [6]. Core Insights - The company announced a share buyback plan with a total fund of up to 3.6 billion RMB and a minimum of 1.8 billion RMB, aimed at enhancing investor confidence and demonstrating long-term growth prospects [3][4]. - The domestic excavator market is recovering faster than expected, with Q1 2025 sales reaching 19,517 units, a year-on-year increase of 28.5%, indicating a positive trend for the company as a leading player in the industry [4]. - The company holds a strong market position, leading in various segments such as truck cranes, road rollers, and concrete machinery, with several products ranked first globally [5]. Financial Forecasts - Projected revenues for 2024, 2025, and 2026 are 90.317 billion RMB, 100.662 billion RMB, and 115.458 billion RMB, respectively, with corresponding net profits of 5.946 billion RMB, 7.799 billion RMB, and 10.263 billion RMB [6][11]. - The company is expected to achieve a PE ratio of 16, 12, and 9 for the years 2024, 2025, and 2026, respectively, indicating a favorable valuation trend [6].