山推股份：业绩稳健增长，完善矿山与新能源领域战略布局-20260318

Investment Rating - The report maintains a "Buy" rating for the company with a target price of 13.94, compared to the last closing price of 11.52 [1]. Core Insights - The company has demonstrated steady revenue growth, achieving a total revenue of 146.20 billion with a year-on-year increase of 2.82%, and a net profit of 12.11 billion, reflecting a 9.86% increase [4][7]. - The company is focusing on enhancing its strategic layout in the mining and new energy sectors, with a comprehensive product matrix that includes over 930 main products across six major series [6]. - The company is expanding its overseas market presence, with a significant increase in overseas revenue, which reached 87.41 billion, a year-on-year growth of 17.94% [5]. Financial Performance - The company’s gross profit margin and net profit margin for 2025 were 21.48% and 8.28%, respectively, showing an increase of 1.43 percentage points and 0.53 percentage points year-on-year [7]. - Revenue projections for 2026 to 2028 are 161.05 billion, 178.83 billion, and 199.24 billion, respectively, with corresponding net profits of 14.94 billion, 18.23 billion, and 21.93 billion [8].