【中国龙工（3339.HK）】利润率显著提升，海外收入有望进入快速增长期——2025年度业绩点评（陈佳宁/聂博雅/汲萌）

Core Viewpoint - The company has demonstrated significant growth in net profit and profitability, with a focus on expanding its global presence and capitalizing on the electric loader market trend [4][6][7]. Group 1: Financial Performance - In 2025, the company achieved operating revenue of 11.22 billion, a year-on-year increase of 9.8%, and a net profit attributable to shareholders of 1.3 billion, up 27.7% [4]. - Earnings per share were reported at 0.30, with a gross margin of 21.4%, an increase of 1.8 percentage points year-on-year, and a net profit margin of 11.6%, up 1.6 percentage points [4]. - The company proposed a dividend of 0.20 HKD per share, with a payout ratio of 58% and a dividend yield of approximately 6.5% based on the stock price as of March 27, 2026 [4]. Group 2: Product Performance - The revenue from wheel loaders reached 4.6 billion, reflecting a robust year-on-year growth of 16.9%, serving as a core driver for revenue growth [5]. - Excavator sales performed exceptionally well, generating 1.69 billion in revenue, a remarkable increase of 60.1%, driven by equipment upgrades and infrastructure investment policies [5]. - Forklift revenue declined to 3.46 billion, down 7.0%, but the gross margin improved to 21.3%, with future recovery expected as the company accelerates electric forklift development and overseas expansion [5]. Group 3: Global Expansion - The company reported overseas revenue of 3.81 billion, a year-on-year increase of 19.3%, with overseas revenue accounting for 33.9% of total revenue, up 2.7 percentage points [6]. - The company is well-positioned to benefit from increased demand for construction and mining machinery in Southeast Asia, Africa, and South America, as well as improved penetration in high-end markets in Europe and the U.S. [6]. Group 4: Electric Loader Market - In the first two months of 2026, the sales of electric loaders in China reached 5,132 units, a year-on-year increase of 112.7%, with an electricization rate of 24.1%, up 9.6 percentage points [7]. - The government has emphasized the need to accelerate the elimination of outdated capacity and support the innovation and application of green low-carbon technology equipment [7]. - The company has strategically positioned itself in the electric loader market, anticipating growth as electric loader penetration increases and the competitive landscape improves [7].