SHANTUI(SZ:000680) ZHONGTAI SECURITIES·2025-08-29 12:39Investment Rating - The investment rating for the company is "Buy" (maintained) [4] Core Views - The company has established itself as a leading player in the bulldozer market, holding a domestic market share of 67.2% in 2023 and ranking among the top five global manufacturers [6][11] - The company is transitioning from a domestic leader to a global competitor, with overseas revenue expected to exceed 50% for the first time in 2024 [6][11] - The financial outlook is positive, with projected revenue growth and profitability driven by strong overseas demand and cost control measures [4][37] Summary by Sections Company Overview - The company, originally founded as Yantai Machinery Factory in 1952, has evolved into a leading bulldozer manufacturer, achieving continuous domestic sales leadership for 19 years [11] - The company is now part of Shandong Heavy Industry Group, enhancing its competitive position [11] Financial Analysis - The company is expected to achieve revenues of 14,219 million yuan in 2024, a 35% increase year-over-year, and a net profit of 1,102 million yuan, reflecting a 44% increase [4][37] - The overseas revenue reached 74.11 billion yuan in 2024, accounting for 52.12% of total revenue, indicating a significant shift towards international markets [37] Industry Overview - The global bulldozer market is highly concentrated, with the top five manufacturers holding over 80% of the market share [6][50] - The demand for large horsepower bulldozers is primarily driven by mining and infrastructure projects, with a projected market growth rate of 2.7% from 2025 to 2031 [50][54] Product and Market Strategy - The company has diversified its product offerings, including electric and large-capacity machinery, to meet evolving market demands [19][52] - The integration of excavators and loaders into the product line is expected to enhance market presence and revenue streams [19][56] Profitability and Cost Management - The company's gross margin improved to 20.05% in 2024, driven by higher contributions from overseas markets and premium products [40] - Cost control measures are projected to save 5.2 billion yuan in 2025, further enhancing profitability [39][40] Global Expansion - The company plans to issue H shares and establish subsidiaries in key international markets, aiming for 9 billion yuan in overseas revenue by 2025 [35][37]