SHANTUI(SZ:000680) 光大证券研究·2026-03-18 23:05Core Viewpoint - The company, Shantui, has demonstrated steady revenue growth and improved profitability, with a focus on expanding its overseas operations and adapting to trends in green and intelligent construction machinery [4][5][6]. Group 1: Financial Performance - In 2025, Shantui achieved an operating revenue of 14.62 billion, a year-on-year increase of 2.8%, and a net profit attributable to shareholders of 1.21 billion, up 9.9% [4]. - The company's gross margin was 21.5%, an increase of 1.4 percentage points year-on-year, while the net profit margin reached 8.3%, up 0.5 percentage points [4]. - For 2026, the company aims to achieve revenue of 16.1 billion, representing a year-on-year growth of approximately 10.1% [4]. Group 2: Business Segments - The main engine business of the company generated revenue of 10.95 billion in 2025, reflecting a year-on-year growth of 12.2% [5]. - The company launched significant mining equipment, including the TEH260 rigid mining truck and DEH100 hybrid bulldozer, and expanded its new energy product line with the DEH100 hybrid bulldozer and LEH120 hybrid loader [5]. - The company has introduced an AI strategy globally, launching the world's first AI bulldozer, which has been successfully delivered [5]. Group 3: International Expansion - In 2025, Shantui's overseas revenue reached 8.74 billion, a year-on-year increase of 17.9%, with overseas revenue accounting for 59.8% of total revenue, up approximately 7.7 percentage points [6]. - The company aims for overseas revenue of 10.5 billion in 2026, representing a year-on-year growth of 20.1% [6]. - Shantui has been deepening its overseas presence with the establishment of warehouses in Indonesia and training centers in Peru, and has launched 13 overseas subsidiaries [6].