Core Viewpoint - In 2024, the company achieved significant revenue and profit growth, driven by overseas market expansion and new product development Financial Performance - The company reported a revenue of 14.219 billion yuan in 2024, a year-on-year increase of 25.1% (adjusted) [1] - The net profit attributable to shareholders reached 1.102 billion yuan, up 40.7% year-on-year (adjusted) [1] - The net profit excluding non-recurring gains and losses was 987 million yuan, reflecting a 40.5% year-on-year increase [1] - The gross profit margin for 2024 was 20.1%, an increase of 1.6 percentage points year-on-year [1] Quarterly Performance - In Q4 2024, the company achieved a revenue of 4.382 billion yuan, a year-on-year increase of 14.3% and a quarter-on-quarter increase of 31.7% [1] - The net profit attributable to shareholders in Q4 was 428 million yuan, up 52.5% year-on-year and 67.4% quarter-on-quarter [1] - The net profit excluding non-recurring gains and losses for Q4 was 325 million yuan, reflecting a year-on-year increase of 36.7% and a quarter-on-quarter increase of 28.9% [1] Market and Product Insights - The engineering machinery industry showed steady progress, with domestic markets stabilizing and export levels remaining high [2] - The company's overseas revenue reached 7.411 billion yuan, a year-on-year increase of 26.1%, driven by expansion in regions such as Africa, Europe, the Americas, and Southeast Asia [2] - New product development cycles were significantly shortened, leading to a rapid increase in new product offerings, including high-end products like the DH80 bulldozer and SE series mining excavators [2] - The company completed the acquisition of 100% of Shanzhong Construction Machinery, which exceeded performance commitments with a net profit of 197 million yuan [2] Product and Regional Breakdown - Revenue from main engine products was 9.763 billion yuan, a year-on-year increase of 26.6%, with a gross margin of 23.1% [3] - Revenue from parts and other products was 3.145 billion yuan, reflecting a year-on-year increase of 30.2% with a gross margin of 11.5% [3] - International revenue accounted for 57.4% of total revenue, with a gross margin of 27.4%, while domestic revenue was 5.497 billion yuan, up 29.4% with a gross margin of 10.8% [3] Future Outlook - The company is expected to maintain strong profit growth, with projected net profits of 1.22 billion yuan, 1.46 billion yuan, and 1.75 billion yuan for 2025, 2026, and 2027 respectively [3] - The company is positioned as a leader in the high-power bulldozer market, with significant growth potential in its main engine business [3]

证券代码：000680 证券简称：山推股份 公告编号：2025—033 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。 重要内容提示： 1、山推工程机械股份有限公司（以下简称"公司"）拟使用公司自有资金或自筹资 金（含股票回购专项贷款资金）通过深圳证券交易所交易系统以集中竞价交易方式回购部 分公司已在境内发行的人民币普通股（A 股）股票，回购的资金总额不低于人民币 1.5 亿 元（含本数），不超过人民币 3 亿元（含本数），回购价格不超过人民币 13.88 元/股。 本次回购的股份拟在未来适宜时机全部用于股权激励计划或实施员工持股计划，回购股份 的实施期限为自董事会审议通过回购股份方案之日起 12 个月内。 2、公司于 2025 年 4 月 22 日召开第十一届董事会第十五次会议，审议通过了《关于 山推股份回购公司部分股份的议案》，表决情况为 9 票同意，0 票反对，0 票弃权。根据 《公司章程》的规定，本事项经董事会审议通过后，无需提交公司股东大会审议。 3、公司已在中国证券登记结算有限责任公司深圳分公司开立了股份回购专用证券账 户。 相关风险提示： 山推工 ...

证券代码：000680 证券简称：山推股份 公告编号：2025—034 山推工程机械股份有限公司 关于回购股份事项前十名股东和前十名无限售条件 股东持股信息的公告 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。 山推工程机械股份有限公司（以下简称"公司"）于 2025 年 4 月 22 日召开了第十 一届董事会第十五次会议，审议通过了《关于山推股份回购公司部分股份的议案》，具 体内容详见公司 2025 年 4 月 23 日于巨潮资讯网（www.cninfo.com.cn）披露的《关于 山推股份回购公司部分股份的公告》。 二〇二五年四月二十九日 | 序号 | 股东名称 | 持股数量（股） | 占总股本比例 | | --- | --- | --- | --- | | 1 | 山东重工集团有限公司 | 364,399,684 | 24.29% | | 2 | 潍柴动力股份有限公司 | 236,705,601 | 15.78% | | 3 | 香港中央结算有限公司 | 47,237,169 | 3.15% | | 4 | 全国社保基金一零七组合 | 42,926,31 ...

2025 年 4 月 28 日 行业研究 开普勒 K2"大黄蜂"进入上汽通用车厂实训，工程机械景气度持续复苏 ——机械行业周报 2025 年第 17 周（2025.4.21-2025.4.27） 机械行业 买入（维持） 作者 分析师：黄帅斌 执业证书编号：S0930520080005 0755-23915357 huangshuaibin@ebscn.com 分析师：陈佳宁 执业证书编号：S0930512120001 021-52523851 chenjianing@ebscn.com 分析师：汲萌 执业证书编号：S0930524010002 021-52523859 jimeng@ebscn.com 分析师：李佳琦 执业证书编号：S0930524070006 021-52523836 lijiaqi@ebscn.com 联系人：夏天宇 近日，国产机器人厂商开普勒发布了其人形机器人 K2"大黄蜂"在上汽通用汽车工 厂中的实训视频，视频中，开普勒 K2"大黄蜂"丝滑上岗质检、巡航、搬运等工作 流程。开普勒 K2"大黄蜂"身高 175cm、体重 75kg，全身有 52 个自由度；整机算 力达 100 TOPS，能 ...

Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook for future performance [6]. Core Insights - The company achieved significant growth in 2024, with revenue reaching 14.22 billion yuan, a year-on-year increase of 25.1%, and a net profit attributable to shareholders of 1.10 billion yuan, up 40.7% year-on-year [1][2]. - The company's overseas market expansion has been successful, with overseas revenue of 7.41 billion yuan, representing a 26.1% increase [2]. - The gross profit margin improved to 20.1%, an increase of 1.6 percentage points, driven by the introduction of high-end products and the successful development of new products [2][3]. Summary by Sections Financial Performance - In 2024, the company reported a revenue of 14.22 billion yuan, with a net profit of 1.10 billion yuan and a non-recurring net profit of 0.99 billion yuan [1]. - The fourth quarter of 2024 saw a revenue of 4.38 billion yuan, a year-on-year increase of 14.3% and a quarter-on-quarter increase of 31.7% [1]. - The gross profit margin for 2024 was 20.1%, reflecting a year-on-year increase of 1.6 percentage points [1]. Product Performance - Revenue from main engine products reached 9.76 billion yuan, a year-on-year increase of 26.6%, with a gross margin of 23.1% [3]. - Revenue from parts and other products was 3.15 billion yuan, up 30.2% year-on-year, with a gross margin of 11.5% [3]. Regional Performance - International revenue accounted for 57.4% of total revenue, with 7.41 billion yuan from overseas markets, a 26.1% increase year-on-year [3]. - Domestic revenue was 5.50 billion yuan, reflecting a year-on-year growth of 29.4% [3]. Profit Forecast and Valuation - The report forecasts net profits for 2025, 2026, and 2027 to be 1.22 billion yuan, 1.46 billion yuan, and 1.75 billion yuan, respectively [2][5]. - The company is positioned as a leader in the large horsepower bulldozer market, with significant growth potential in its main business [2].

2025 年 4 月 27 日 公司研究 2024 年收入微降，利润端承压，看好配套装备业务 ——景津装备（603279.SH）2024 年年报点评 要点 事件： 4 月 23 日景津装备发布 2024 年年报。2024 年公司实现营收 61.29 亿元， 同比-1.9%；实现归母净利润 8.48 亿元，同比-15.9%；实现扣非归母净利润 8.41 亿元，同比-14.8%。2024 年销售毛利率为 29.1%，同比-2.7pct。单季度来看， 2024Q4 公司实现营收 14.26 亿元，同比-11.0%，环比-9.6%；实现归母净利润 1.83 亿元，同比-31.8%，环比-11.2%；实现扣非归母净利润 1.9 亿元，同比 -26.2%，环比-7.1%。 点评：2024 年收入微降，利润端承压，现金流大幅改善。 2024 年公司营收同比下降 1.9%，主要由于 2024 年新能源客户设备需求减缓， 化工、环保等其他下游行业也缺乏较大订单增量；归母净利润同比下降 15.9%， 销售毛利率同比下滑 2.7pct，主要由于压滤机市场竞争加剧，公司主动调低产 品销售价格，压滤机产品销售收入及毛利降幅较大，导致公 ...

证券研究报告·行业跟踪周报·机械设备 机械设备行业跟踪周报 关注人型机器人灵巧手的技术迭代；工程机 械持续重点推荐 增持（维持） [Table_Tag] [Table_Summary] 1.推荐组合：北方华创、三一重工、中微公司、恒立液压、中集集团、拓荆科技、海天 国际、柏楚电子、晶盛机电、杰瑞股份、浙江鼎力、杭叉集团、迈为股份、先导智能、 长川科技、华测检测、安徽合力、精测电子、纽威股份、芯源微、绿的谐波、海天精 工、杭可科技、伊之密、新莱应材、高测股份、纽威数控、华中数控。 2.投资要点： 【工程机械】 CME 预测 4 月国内挖机销量同比+25%，超市场预期 CME 预测 2025 年 4 月中国挖掘机市场销量预计 22000 台，同比增长 17%，其中： 国内市场销量预计 13500 台，同比增长 25%左右，超市场预期。展望后续，我们预计 后续可以期待一系列内需提振的政策或者补贴出台，继续刺激内需向上。出口来看， CME 预测 4 月出口市场销量预计 8500 台，同比增长 6%左右，出口继续温和复苏。结 合小松开工小时数来看，2025 年 3 月日本/欧洲/北美/印尼开工小时数同比分别 +1.5% ...

证券研究报告·行业跟踪周报·机械设备 机械设备行业跟踪周报 关注人型机器人灵巧手的技术迭代；工程机 械持续重点推荐 增持（维持） [Table_Tag] [Table_Summary] 1.推荐组合：北方华创、三一重工、中微公司、恒立液压、中集集团、拓荆科技、海天 国际、柏楚电子、晶盛机电、杰瑞股份、浙江鼎力、杭叉集团、迈为股份、先导智能、 长川科技、华测检测、安徽合力、精测电子、纽威股份、芯源微、绿的谐波、海天精 工、杭可科技、伊之密、新莱应材、高测股份、纽威数控、华中数控。 2.投资要点： 【工程机械】 CME 预测 4 月国内挖机销量同比+25%，超市场预期 CME 预测 2025 年 4 月中国挖掘机市场销量预计 22000 台，同比增长 17%，其中： 国内市场销量预计 13500 台，同比增长 25%左右，超市场预期。展望后续，我们预计 后续可以期待一系列内需提振的政策或者补贴出台，继续刺激内需向上。出口来看， CME 预测 4 月出口市场销量预计 8500 台，同比增长 6%左右，出口继续温和复苏。结 合小松开工小时数来看，2025 年 3 月日本/欧洲/北美/印尼开工小时数同比分别 +1.5% ...

Core Insights - The company reported a revenue of 14.219 billion yuan for 2024, representing a year-on-year growth of 25.12%, and a net profit attributable to shareholders of 1.102 billion yuan, up 40.72% [1] - A cash dividend of 0.6 yuan per 10 shares (including tax) is proposed for all shareholders [1] Revenue Growth and Product Optimization - The company achieved significant revenue growth with overseas revenue reaching 7.411 billion yuan, accounting for 57.41% of total revenue, a year-on-year increase of 26.08%, driven by contributions from the Middle East, Southeast Asia, and Africa [1] - The company restructured its global marketing network, adding 23 new overseas distributors, and improved service response efficiency to industry-leading levels [1] - High-end product breakthroughs include the mass production of DH80 bulldozers, SE1500/2000 mining excavators, and the LE series electric loaders, enhancing competitive differentiation [1] - The company completed the acquisition of 100% equity in Shanzhong Construction Machinery, which generated a revenue of 3.351 billion yuan and a net profit of 197 million yuan in 2024 [1] Profitability and Financial Metrics - The gross profit margin for 2024 was 20.55%, an increase of 1.61 percentage points, primarily due to product structure optimization [2] - The sales expense ratio increased by 0.69 percentage points due to investments in overseas market expansion, while the management expense ratio decreased by 0.59 percentage points, reflecting scale effects [2] - Research and development expenses amounted to 542 million yuan, focusing on new energy, intelligence, and core components, with key technologies like electric control gearboxes achieving mass production [2] - Accounts receivable at the end of 2024 stood at 4.711 billion yuan, a year-on-year increase of 32.3%, indicating a need for improved collection [2] Future Projections - Revenue forecasts for 2025 to 2027 are 15.721 billion yuan, 17.522 billion yuan, and 19.425 billion yuan, respectively, with net profits projected at 1.320 billion yuan, 1.604 billion yuan, and 1.896 billion yuan [2] - Corresponding earnings per share (EPS) are expected to be 0.88 yuan, 1.07 yuan, and 1.26 yuan for the same years [2] - The company is rated as a "buy" with a target price of 11.44 yuan, equivalent to a 13 times dynamic price-to-earnings ratio for 2025 [2]

Investment Rating - The investment rating for the company is "Buy-A" with a 6-month target price of 11.16 CNY, compared to the current stock price of 9.16 CNY as of April 24, 2025 [3][6]. Core Views - The company has demonstrated excellent performance with a total revenue of 14.219 billion CNY in 2024, reflecting a year-on-year increase of 25.12%, and a net profit of 1.102 billion CNY, up 40.72% year-on-year, indicating strong profit elasticity [1][2]. - The recovery in the earthmoving machinery sector is supported by both domestic and international demand, with the company benefiting from its leading position in the bulldozer industry and expanding its product range to include excavators and loaders [1][2]. - The company has successfully integrated its subsidiary, Shandong Heavy Industry Group, which has significantly contributed to profit growth, with net profit from this subsidiary reaching 197 million CNY, a remarkable increase of 355.6% year-on-year [2][6]. Financial Performance - The company's gross margin and net margin improved to 20.05% and 7.77%, respectively, with gross margin driven by the integration of excavator manufacturing [2]. - Revenue from main engine products reached 9.763 billion CNY, up 26.61% year-on-year, while revenue from parts and other products was 3.145 billion CNY, up 30.21% year-on-year [1]. - Domestic market revenue was 5.497 billion CNY, up 29.39% year-on-year, and overseas market revenue was 7.411 billion CNY, up 26.08% year-on-year, with export revenue reaching a record high, accounting for 52.13% of total revenue [1]. Future Outlook - The company aims for a revenue target of 15.7 billion CNY in 2025, with expectations of continued growth in both domestic and international markets [6]. - Projected revenues for 2025-2027 are 16.17 billion CNY, 18.25 billion CNY, and 20.77 billion CNY, with corresponding net profits of 1.39 billion CNY, 1.64 billion CNY, and 2.02 billion CNY, indicating robust growth rates [6][8]. - The company is expected to benefit from further internal asset integration and has a low valuation level, presenting significant investment value [6].