山推股份分析师会议-20260121

1. Reported Industry Investment Rating - No information provided 2. Core Views of the Report - The company firmly promotes the mining strategy, concentrating superior resources and systematically deploying high - end equipment for the entire mining construction scenario. It has formed a mining product matrix and has developed systematic competitiveness in the high - tech and high - value - added mining field [22] - The heavy industry group provides the company with synergy advantages in product R & D, through "integrated collaboration" R & D between vehicle and engine enterprises [22] - The company actively responds to the "Belt and Road" initiative, with products covering over 95% of countries and regions along the route. It has continuously improved the global regional operation framework this year, with overseas subsidiaries increasing to 13, achieving high - speed growth in core markets such as Southeast Asia and Africa [22] 3. Summary by Relevant Catalogs 3.1 Research Basic Situation - The research object is Shantui Construction Machinery Co., Ltd., belonging to the construction machinery industry. The reception time was January 21, 2026, and the listed company's reception staff were Yuan Qing, Xiao Yao, and Dong Jianjun [17] 3.2 Detailed Research Institutions - The reception object is a fund management company, specifically, the relevant personnel from Harvest Fund is Zhai Fang [20] 3.3 Research Institution Proportion - No information provided 3.4 Main Content Data - The company has formed a mining product matrix centered on large - horsepower mining bulldozers and high - drive bulldozers, covering large mining excavators, mining graders, and TEH series rigid mining trucks, and has launched relevant products into the market [22] - The heavy industry group supports the "integrated collaboration" R & D between vehicle and engine enterprises, jointly creating a product portfolio with differential competitive advantages [22] - The company's products cover over 95% of countries and regions along the "Belt and Road" route. This year, it has improved the global regional operation framework, with overseas subsidiaries increasing to 13, achieving high - speed growth in core markets and effectively resolving single - market risks [22]