机械设备 | 证券研究报告 — 行业专题 2025 年 5 月 18 日 强于大市 机械设备行业 2024 年年报和 2025 年一季报综述 行业展现弱复苏迹象，关注结构性机会 我们选取申万机械设备行业分类（2021）作为统计样本，对机械设备行业及其细分子 行业的营业收入、归母净利润等财务指标进行分析。2024 年机械设备行业在下游需求 和投资强度不足的情况下，导致利润端有所承压，但是 2025 年一季度呈现出弱复苏 迹象，行业整体和部分细分子行业的财务指标均有所好转，我们预计未来国内需求在 稳地产、财政、大规模设备更新等一系列政策的推动下，有望筑底回升，机械设备行 业不改长期向好趋势，建议关注周期性改善、内需复苏、新技术等相关机会，维持行 业 强大于市 评级。 支撑评级的要点 投资建议 评级面临的主要风险 ◼ 国内外经济复苏不及预期的风险；产业政策调整的风险；地缘政治和贸易战的风 险；竞争加剧的风险；原材料价格波动的风险；技术快速迭代的风险。 相关研究报告 《可控核聚变行业深度报告》20250410 《《2025 年政府工作报告》机械设备行业相关 要点及解读》20250320 《机械设备行业 2025 年度 ...

证券代码：000680 证券简称：山推股份 公告编号：2025-040 山推工程机械股份有限公司 2024 年度股东大会决议公告 (1)现场会议时间：2025 年 5 月 16 日（星期五）下午 14:00。 (2)网络投票时间：2025 年 5 月 16 日（星期五），其中： ①通过深圳证券交易所交易系统进行网络投票的具体时间为：2025年5月16日上午 9:15-9:25，9:30-11:30，下午13:00-15:00； ②通过深圳证券交易所互联网投票系统进行网络投票的具体时间为：2025年5月16 日上午9:15至下午15:00的任意时间。 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假记载、 误导性陈述或重大遗漏。 特别提示 1、本次股东大会未出现否决议案的情形； 2、本次股东大会未涉及变更以往股东大会已通过的决议。 一、会议召开和出席情况 (一)会议召开情况 1、召开时间： （二）会议的出席情况 1、股东及股东代理人出席总体情况 出席本次股东大会现场会议和网络投票表决的股东及股东代理人共 451 人，代表 股份 826,854,513 股，占公司有表决权股份总数的 55.111 ...

北京市环球律师事务所上海分所 关于 山推工程机械股份有限公司 2024 年度股东大会的 法律意见书 北京市环球律师事务所上海分所 关于山推工程机械股份有限公司 在前述审查、验证、询问过程中，本所律师得到山推股份如下承诺及保证： 其已经提供了本所认为为出具本法律意见书所必需的、完整、真实、准确、合 法、有效的原始书面材料、副本材料、复印件或口头证言，有关副本材料或复 印件与原件一致。 对于出具本法律意见书至关重要而又无法得到独立的证据支持的事实，本 所律师依赖山推股份或者其他有关机构出具的证明文件或咨询意见出具本法律 1 2024 年度股东大会的 法律意见书 GLO2025SH（法）字第 0568 号 致：山推工程机械股份有限公司 根据山推工程机械股份有限公司（"山推股份"或"公司"）的委托，北京市 环球律师事务所上海分所（"本所"）就公司 2024 年度股东大会（"本次股东大 会"）所涉及的召集、召开程序、召集人资格和出席会议人员的资格、表决程序 及表决结果等相关问题发表法律意见。本法律意见书系依据《中华人民共和国 公司法》《中华人民共和国证券法》《上市公司股东会规则》（"《股东会规 则》"）等相关法律、法规 ...

Investment Rating - The industry investment rating is maintained as "Positive" [1] Core Viewpoints - The engineering machinery industry is experiencing a positive cycle driven by both domestic and overseas demand, with significant revenue growth and improved profitability expected in 2024 and Q1 2025 [3][4] - The "Belt and Road" initiative is expected to boost exports, with a notable increase in overseas market share and a recovery in the domestic cycle anticipated [4][5] Revenue Growth - In 2024, the total revenue of the five major engineering machinery manufacturers reached 259.8 billion, a year-on-year increase of 3% [6][11] - In Q1 2025, the total revenue reached 72.6 billion, marking a year-on-year increase of 12% and a quarter-on-quarter increase of 11% [6][11] Profitability Improvement - The net profit attributable to shareholders for the five major manufacturers in 2024 was 17.9 billion, up 19% year-on-year [24] - In Q1 2025, the net profit reached 6.8 billion, reflecting a year-on-year increase of 42% and a quarter-on-quarter increase of 164% [24] Export Growth - In April 2025, export sales reached 9,595 units, a year-on-year increase of 19.3%, with the "Belt and Road" region accounting for 64% of the total export value in Q1 2025, up 15% year-on-year [4][5] Domestic Market Recovery - Domestic sales in April 2025 reached 12,547 units, a year-on-year increase of 16.4%, indicating a recovery in the domestic cycle [4][5] Investment Recommendations - The report recommends focusing on industry leaders such as SANY Heavy Industry, XCMG, Shantui, and others, while also paying attention to companies like Noli [5] Cash Flow and Financial Health - Operating cash flow for the five major manufacturers increased by 75% in 2024 and by 16% in Q1 2025, indicating improved operational quality [59][62] - The asset-liability ratio for 2024 and Q1 2025 was 57%, showing a year-on-year decrease of 1.7 percentage points and 1.1 percentage points, respectively [65]

证券研究报告 工程机械：反转逻辑持续验证， 内外需共振盈利周期上行 ——工程机械行业2024年与2025Q1业绩综述 行业评级：看好（维持） 2025年5月16日 分析师 邱世梁 分析师 王华君 分析师 胡飘 邮箱 qiushiliang@stocke.com.cn 邮箱 wanghuajun@stocke.com.cn 邮箱 hupiao@stocke.com.cn 电话 18516256639 电话 18610723118 电话 13886125652 证书编号 S1230520050001 证书编号 S1230520080005 证书编号 S1230524040006 分析师 邱世梁 分析师 王华君 分析师 何家恺 研究助理 徐琛奇 邮箱 qiushiliang@stocke.com.cn 邮箱 wanghuajun@stocke.com.cn 邮箱 hejiakai@stocke.com.cn 研究助理 蒋逸 证书编号 S1230520050001 证书编号 S1230520080005 证书编号 S1230523080007 工程机械：反转逻辑持续验证中，海外与国内有望共振 1、回顾2024年&20 ...

Core Insights - Jining High-tech Zone is leveraging digital empowerment to drive the transformation of advanced manufacturing towards higher levels of sophistication, intelligence, and sustainability [1][10] Group 1: Digital Infrastructure - Jining High-tech Zone has implemented 115 digital transformation projects, achieving full coverage of digital transformation among 286 industrial enterprises [3] - The zone has established one national-level intelligent manufacturing demonstration factory and eight provincial-level intelligent factories, along with six provincial-level digital workshops [3] Group 2: Green Transformation - Digital empowerment has led to a 130% increase in per capita output and a 30% reduction in energy consumption for companies like Chenxin Pharmaceutical [5] - The zone has built eight national-level green factories and ten provincial-level green factories, earning recognition as a national-level green industrial park [5] Group 3: Innovation and Cluster Development - In 2024, Jining High-tech Zone ranked 61st in the national evaluation of high-tech zones, marking three consecutive years of improvement [7] - Key projects such as Komatsu's global intelligent manufacturing base and Longcheng New Energy headquarters are accelerating, with domestic production capacity for innovative drugs reaching 650 million tablets [7] Group 4: Future Planning - The zone collaborates with 32 research institutions, including the Chinese Academy of Sciences and Tsinghua University, aiming to break through 12 key core technologies within three years [9] - By 2025, the zone plans to deepen the integration of research and production, while enhancing cross-border e-commerce channels to achieve record transaction volumes [9]

Core Insights - The mechanical sector underperformed in 2024 but showed strong recovery in 2025, with the Shenwan Mechanical Equipment Index rising by 10.44% in early 2025, outperforming both the Shanghai Composite Index and the Shenzhen Component Index by 10.43 and 12.52 percentage points respectively [2][3] - The mechanical industry reported a revenue of 1,999.57 billion yuan in 2024, a year-on-year increase of 6.55%, but the net profit attributable to the parent company decreased by 3.28% to 86.36 billion yuan [3][4] - In Q1 2025, the mechanical sector's revenue reached 454.01 billion yuan, up 11.23% year-on-year, while the net profit attributable to the parent company fell by 30.03% to 27.50 billion yuan, marking the highest absolute value since Q1 2021 [3][4] Industry Segmentation - Within the mechanical sector, semiconductor equipment (39.08%), photovoltaic processing equipment (29.60%), and motorcycles (17.85%) showed the highest revenue growth in 2024 [4] - The highest net profit growth in 2024 was seen in motorcycles (59.02%), semiconductor equipment (42.38%), and textile and apparel equipment (33.94%) [4] - In Q1 2025, the fastest revenue growth was again in semiconductor equipment (33.38%) and motorcycles (30.74%), while the highest net profit growth was in marine equipment (351.08%) and rail transit equipment (104.73%) [4] Policy and Market Outlook - The report suggests a focus on more proactive fiscal policies and new productivity layouts, with a projected issuance of 1.3 trillion yuan in long-term special bonds to stimulate engineering machinery sales [5][7] - The government aims to accelerate the progress of new projects, which is expected to boost demand for engineering machinery [5][7] - The low-altitude economy is highlighted as a growing sector, with predictions of significant growth in drone deliveries and eVTOL aircraft by 2035, potentially reaching a market size of 5.7 trillion yuan [8] Company Performance - Guoxuan High-Tech reported a revenue of 35.39 billion yuan in 2024, a year-on-year increase of 12.0%, with a net profit of 1.21 billion yuan, up 28.6% [9][10] - The company achieved a total output of approximately 63 GWh in power and energy storage batteries in 2024, reflecting a 40% year-on-year increase [10][11] - Guoxuan High-Tech's gross margin for energy storage batteries improved to 21.8%, up 4.6 percentage points year-on-year, indicating strong profitability [11][12] Investment Recommendations - The report recommends focusing on companies benefiting from new productivity and fiscal policies, particularly in the engineering machinery and low-altitude economy sectors [5][8] - Companies such as Sany Heavy Industry, Zoomlion, and XCMG are identified as potential beneficiaries of increased infrastructure investment [7] - The financial technology sector is also highlighted for its growth potential, driven by increased IT investments from financial institutions [25][26]

证券研究报告·行业点评报告·工程机械 工程机械行业点评报告 4 月销量点评：4 月挖机销量同比+18%，工 程机械行业有望迎来国内外共振 增持（维持） [Table_Tag] [Table_Summary] 投资要点 ◼ 4 月挖机内销同比+18%，继续保持高景气增长 24H2 以来，国内小、中、大挖销量同比均基本实现转正，实现率先复苏， 2025 年起挖掘机景气度大幅上升， 1-3 月小/中/大挖合计销量达 29685/4945/2955 台，同比+44%/+32%/+6%。同时，挖机景气度逐渐向非挖 转移，2025Q1 道路机械持续复苏，平地机/压路机/摊铺机销量同比 +32%/+22%/+30%；除塔机由于和地产相关性较高持续下滑外，起重机均 有所回暖，25Q1 汽车/履带/随车起重机销量同比-20%/+2%/+5%，实现筑底 反转。出口方面，2024 年小/中/大挖分别出口 45540/36446/18601 台，分别 同比-12%/+1%/+17%；2025 年 1-3 月小/中/大挖分别出口 10838/9117/4832 台，分别同比-1%/+10%/+14%，需求向上趋势明显，主要由于以小挖为 ...

Investment Rating - The industry investment rating is "Positive" (maintained) [5] Core Viewpoints - In April 2025, the total sales of excavators reached 22,142 units, representing a year-on-year growth of 17.6%, with domestic sales increasing by 16.4% and export sales rising by 19.3% [2][3] - The excavator sales from January to April 2025 totaled 83,514 units, showing a year-on-year increase of 21.4%, with domestic sales up by 31.9% and export sales up by 9.0% [2] - The demand for small excavators is driven by agricultural and municipal needs, while domestic demand for large and super-large excavators is expected to gradually increase due to water conservancy projects [3] - The loader sales in April 2025 reached 11,653 units, a year-on-year increase of 19.2%, with domestic sales growing by 35.4% [3] - The electric loader sales in April 2025 were 2,924 units, marking a significant year-on-year growth of 211%, with a penetration rate of 25% [15][16] - The report anticipates a gradual recovery in the domestic machinery industry, driven by improved domestic demand, increased export market share, and the initiation of a replacement cycle [3][4] Summary by Sections Excavator Sales - April 2025 excavator sales totaled 22,142 units, with domestic sales at 12,547 units and export sales at 9,595 units, reflecting year-on-year growth of 16.4% and 19.3% respectively [2][12] - The sales from January to April 2025 reached 83,514 units, with domestic sales at 49,109 units and export sales at 34,405 units, indicating a year-on-year increase of 31.9% for domestic sales [2] Loader Sales - Loader sales in April 2025 were 11,653 units, with domestic sales at 7,191 units and export sales at 4,462 units, showing a year-on-year increase of 35.4% for domestic sales [3] - The total loader sales from January to April 2025 were 42,220 units, with domestic sales at 23,570 units, reflecting a year-on-year growth of 27.8% [3] Market Trends - The report highlights the ongoing globalization of the Chinese construction machinery industry, with an expected increase in overseas market share [3] - Domestic demand is projected to improve due to government initiatives, including the issuance of long-term special bonds and local government special bonds aimed at infrastructure investment [4] - The report suggests that the domestic replacement cycle for excavators is expected to gradually initiate in 2025, following a historical cycle of 8-10 years [4]

Investment Rating - The report maintains a "Positive" investment rating for the machinery industry [1] Core Insights - The machinery sector underperformed in 2024 with a 5.04% increase in the Shenwan Machinery Equipment Index, lagging behind the Shanghai Composite Index by 7.63 percentage points and the Shenzhen Component Index by 4.3 percentage points. However, from the beginning of 2025, the index has risen by 10.44%, outperforming both major indices [2][17] - In 2024, the machinery industry's operating revenue reached CNY 19,995.67 billion, a year-on-year increase of 6.55%, while the net profit attributable to the parent company decreased by 3.28% to CNY 863.64 billion. In Q1 2025, operating revenue grew by 11.23% to CNY 4,540.09 billion, but net profit saw a significant decline of 30.03% [2][20][24] Summary by Sections Investment Summary - The machinery sector's performance in 2024 was below expectations, but it has shown strong recovery in 2025, leading the market [2][17] - The report suggests focusing on more proactive fiscal policies and new quality productivity for future investments [4][41] Sector Performance - The internal segmentation of the machinery industry shows significant disparities, with semiconductor equipment and motorcycle segments leading in revenue growth [3][35] - In Q1 2025, the highest revenue growth was observed in semiconductor equipment (33.38%) and motorcycles (30.74%) [37] Policy Recommendations - The report emphasizes the importance of proactive fiscal policies to boost engineering machinery sales, with significant government bond issuance planned [5][44] - It highlights the focus on new quality productivity, particularly in low-altitude economy, deep-sea technology, humanoid robots, and industrial mother machines [6][49] Emerging Opportunities - The low-altitude economy is expected to benefit from government support, with projections indicating substantial growth in drone deliveries and eVTOL markets by 2035 [7][50] - Deep-sea technology is crucial for energy security, with significant potential for domestic equipment replacement in deep-water oil and gas extraction [8][52] - Humanoid robots are positioned to address customization challenges in manufacturing, supported by government initiatives to expand application scenarios [9][53] - Industrial mother machines are essential for cost reduction in mass production, with a growing market for core components [10][54]