一、截至上月末回购股份的进展情况 截至 2026 年 2 月 28 日，公司通过股份回购专用证券账户以集中竞价方式回购公司 股份 14,842,772 股，占公司目前总股本的 0.99%，最高成交价 13.74 元/股，最低成交价 1 证券代码：000680 证券简称：山推股份 公告编号：2026-011 山推工程机械股份有限公司 关于回购股份方案实施进展的公告 本公司及董事会全体成员保证信息披露内容的真实、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》。公 司拟使用自有资金或自筹资金（含股票回购专项贷款资金），以集中竞价交易方式回购 公司发行的人民币普通股（A 股）股份。本次回购的股份，在未来适宜时机将全部用于股 权激励计划或实施员工持股计划。本次回购股份金额不低于人民币 1.5 亿元（含本数）， 不超过人民币 3 亿元（含本数），回购价格不高于人民币 13.88 元/股。本次回购股份的 实施期限为自董事会审议通过回购股份方案之日起 12 个 ...

证券研究报告 工程机械 行业深度报告 hyzqdatemark 2026 年 03 月 02 日 证券分析师 王彬鹏 SAC：S1350524090001 wangbinpeng@huayuanstock.com 戴铭余 SAC：S1350524060003 daimingyu@huayuanstock.com 郦悦轩 SAC：S1350524080001 liyuexuan@huayuanstock.com 唐志玮 tangzhiwei@huayuanstock.com 林高凡 lingaofan@huayuanstock.com 工程机械行业深度报告 投资评级： 看好（首次） ——七十年艰苦奋斗路，两周期寰宇立潮头 投资要点： 请务必仔细阅读正文之后的评级说明和重要声明 图表目录 工程机械的行业逻辑是怎样的？工程机械是国民经济建设的重要支柱产业，2024 年 全球工程机械行业规模达 2135 亿美元，其中中国市场规模为 234 亿美元，占比 11%。 挖掘机械、装载机、起重机械产品价值量分列前三，占行业整体超 60%份额。上游 成本中原材料占比最高，液压系统是价值核心。行业根本需求逻辑或来自国内下游 新增 ...

Summary of Key Points from the Conference Call Industry Overview - The conference call focuses on the **engineering machinery industry** and its outlook for **2026**. The industry is expected to experience a mild recovery, with significant potential for growth driven by various factors, including seasonal demand and policy support [1][4]. Core Insights and Arguments - **Demand Surge in 2026**: The traditional peak season for engineering machinery in China (March-April) is likely to exceed expectations due to higher market share aspirations from manufacturers and diversified sales strategies [1][2]. - **Improvement in Payment Collection**: Since August 2024, payment collection has improved from a range of 30%-40% to nearly 50%, indicating a shift from a critical balance state to a more sustainable one [3]. - **Sales Growth Projections**: The domestic sales growth for engineering machinery in 2026 is projected to be between **5%-10%** under baseline conditions, with potential increases to **10%-20%** if unconventional sales methods like "turning to export" and operating leases are considered [4][5]. - **Export Performance**: The unexpected export growth in 2025 was primarily driven by demand from regions such as Africa, the Middle East, and Indonesia, particularly for large excavators, which have significantly higher profit margins compared to other products [6][7]. Additional Important Content - **Risks and Challenges**: Key risks include exchange rate fluctuations and the impact of Russia's scrappage tax on short-term export volatility [9][10]. - **Cost Structure and Material Prices**: The impact of rising raw material prices on manufacturers is manageable, as direct materials constitute a relatively low percentage of total costs, and the ability to pass on costs is limited [11]. - **Valuation Trends**: Leading manufacturers are currently valued at around **20 times earnings**, with potential for further upward adjustment due to improved asset quality and shareholder returns [12][13]. - **Stock Selection Recommendations**: The focus for stock selection includes major manufacturers such as SANY, Zoomlion, XCMG, LiuGong, and Shantui, as well as component suppliers like Hengli Hydraulic [14]. This summary encapsulates the essential insights and projections regarding the engineering machinery industry, highlighting both opportunities and risks as the sector approaches 2026.

国海证券研报指出，山推股份是推土机龙头企业，迈向智能化+高端化+全球化。从公司的α来看，公司 的核心产品推土机有望实现量价齐升逻辑，量受益于亚太地区基建加速+非洲地区的矿企资本开支；价 有望受益结构性供需失衡而涨价。公司的挖掘机受益内外挖机β共振，公司挖机有望实现量升价稳逻 辑。首次覆盖，给予"买入"评级。 ...

Group 1: Online Subscription Revenue Growth and AI Development - NetEase Cloud Music - Adjusted operating profit increased by over 30% year-on-year, indicating continuous improvement in profitability [3][4] - In 2025, revenue reached 7.759 billion yuan, a decrease of 2.4% year-on-year, primarily due to a more cautious operational strategy in social entertainment services [3] - The number of paid users increased, driving online music subscription revenue growth, with 2025 online music business revenue at 5.994 billion yuan, up 12.0% year-on-year [5][6] Group 2: Price Increase in Overseas MDI and Polyurethane Market Outlook - Wanhua Chemical - Major overseas manufacturers have raised MDI prices, indicating a potential price increase trend in the market [9][10] - As of February 24, 2026, domestic MDI prices were 13,900 yuan/ton, with TDI prices at 14,900 yuan/ton, showing stability compared to pre-Spring Festival levels [10] - The report anticipates a recovery in polyurethane demand post-Spring Festival, supported by low inventory levels [12] Group 3: Motorcycle Industry Analysis - Suzuki - From FY2014 to FY2024, Suzuki's motorcycle production increased from 1.799 million units to 2.042 million units, with a CAGR of approximately 1.3% [14] - The company's motorcycle revenue grew from 250.5 billion yen to 398.1 billion yen during the same period, with a CAGR of approximately 4.7% [15] - Suzuki's global motorcycle market share for FY2023 is estimated at around 4% [18] Group 4: Movie Industry Performance and Trends - The 2026 Spring Festival box office reached 5.69 billion yuan, a year-on-year decrease of 39.9% due to high base effects [20][21] - The number of attendees during the Spring Festival was 119 million, down 36.3% year-on-year, with an average ticket price of 47.8 yuan, a decrease of 6.1% [21] - The report highlights strong performance in lower-tier markets, with a significant share of box office revenue coming from these areas [21] Group 5: Motorcycle Industry Analysis - Honda - Honda's motorcycle sales revenue increased from 1.85 trillion yen to 3.22 trillion yen from FY2015 to FY2024, with a CAGR of approximately 6.37% [25] - The company's motorcycle sales volume grew from 17.59 million units to 18.82 million units during the same period, with a CAGR of approximately 0.75% [26] - Honda's global motorcycle market share is approximately 40% [29] Group 6: Express Logistics Industry Trends - In the first eight weeks of 2026, the total express delivery volume reached 32.734 billion pieces, a year-on-year increase of 5.4% [36][37] - YTO Express led the growth in business volume, with a year-on-year increase of 29.75% in January [38] - The report maintains a "recommended" rating for the express logistics sector, anticipating steady growth in business volume [40] Group 7: Engineering Machinery - Shantui - Shantui is positioned as a leading enterprise in bulldozers, focusing on smart, high-end, and globalized products [45][46] - The company expects revenue growth driven by increased infrastructure investment in Southeast Asia and mining capital expenditure in Africa [46][47] - Revenue forecasts for 2025-2027 are projected at 15.4 billion, 17.4 billion, and 20.2 billion yuan, respectively, with corresponding net profits of 1.25 billion, 1.61 billion, and 1.93 billion yuan [49]

Investment Rating - The report assigns a "Buy" rating for the company, marking its first coverage [1]. Core Insights - The report addresses key aspects of the company's development history, industry analysis of its core products (bulldozers and excavators), and the company's competitive advantages in these areas [3]. - The company is positioned as a leading player in the bulldozer market, advancing towards smart, high-end, and global operations [3]. - The report highlights the stable industry structure and the potential benefits from increased capital expenditure in mining and accelerated infrastructure projects [3]. Summary by Sections Company Overview - The company has evolved from its inception, fulfilling the mission of domesticating high-power bulldozers in China, thus eliminating reliance on imports for bulldozers over 180 horsepower [12][13]. - The company has a stable shareholding structure, with significant stakes held by Shandong Heavy Industry Group and Weichai Power [20][24]. - The company has seen a steady increase in overseas revenue, with the proportion rising from 38.7% in 2022 to 55.7% in the first half of 2025 [34]. Bulldozer Market Analysis - The global bulldozer market is expected to grow from 33.6 billion yuan in 2020 to 53.9 billion yuan by 2024, driven by infrastructure development and mining activities [45]. - The report indicates that the market concentration is high, with the top five manufacturers expected to hold a 66% market share by 2024 [45]. - The domestic market is projected to recover in 2024, with the company maintaining a leading market share of 64.7% [48]. Competitive Advantages - The company is recognized as the leader in the domestic bulldozer market, having maintained a market share above 60% since 2010 [49]. - The report suggests that the company's bulldozers are likely to benefit from a structural supply-demand imbalance, leading to potential price increases [3][6]. - The company has a unique position in the excavator market, with a focus on internal and external demand recovery, supported by various factors such as policy stimulation and large-scale engineering projects [4][6]. Financial Projections - Revenue is projected to grow from 14.22 billion yuan in 2024 to 20.16 billion yuan by 2027, with a compound annual growth rate (CAGR) of approximately 19% from 2020 to 2024 [5]. - The net profit attributable to shareholders is expected to increase from 1.10 billion yuan in 2024 to 1.93 billion yuan in 2027, reflecting a strong growth trajectory [5]. - The report anticipates a stable gross margin and improved profitability due to effective cost control measures [29].

各位投资大家好我是长安机械组的张雄欢迎参加长安机械团队春节开幕红新的第一场电脑会议今天我们会议的主题是对整个供应机械开幕红包括整个初代机械的一个状况去做一个汇报在场上也是先祝各位投资人新年快乐然后满年大吉 那么从整个供给这个方面来看的话我们今天会报的主要是分为几个方面第一点的话我们觉得还是会去重点汇报一下就是目前国内的一个特供情况包括整个这种开门红的一些预期从整个销售的一个数据来看其实我们看到的看到的话就是1月份的话国内的话简直是包括像挖机还有像飞蛙的一些销售数据其实还是在年轻人来讲其实都还是比较超预期的情况 那么从销量的一个这个这个具体的一个这个这个数据来看那么我们也看到一点的话就是在1月份的时候像整个挖掘机的一个这个内销增速大概同比是61.4%的增长那么从飞蛙的就是飞蛙产品的一些这种销量的一个增速来看那么像整个切实形容机的话内销的一个同比增速是55.2%然后这个驴蛋式形容机内销的话是同比是126%的一个增长包括这个 这个叉车的一个内销件数据就60%以上增长就是从经济来讲的话就是从整个这种销量的一个这个增速来看其实我们看到点就是在整个一月份的时候的话就是一方面是确实是有一些就是呃春节错期你就去年同期来讲一级 ...

建设"一网五中心"，打造"具有全国影响力的机器人产业基地" 与此同时，当地建设"一网五中心"，助力产业高质量发展。"一网"即"天机通网"，定位打造技术先 进、安全可靠、生态开放的国内一流机器人及无人机全产业链电商交易与综合服务平台，涵盖产品交 易、测评服务、维保服务等功能，已于1月26日正式上线。"五中心"即北方机器人（无人机）培训、维 保、检测、零部件配送中心和济宁飞控中心。 服务平台方面，济宁市现已建成国家机器人检验检测公共服务平台济宁分平台、山东省智能机器人 应用技术研究院和山东正方智能机器人产业发展有限公司等3家服务平台，不仅能进行机器人质量测评 技术研发、检测评估环境搭建及标准体系构建，还能提供工业机器人技术研发、行业应用集成、人才教 育培训及企业孵化服务。 眼下，机器人已经走进济宁的工业、矿山、低空、智慧养老等众多领域，既拓展了应用场景，又延 伸了产业链。 新春伊始，白马河畔的济宁内河新能源船舶制造基地，工人们正在紧锣密鼓地忙碌着。"当前，生 产线满负荷运转，2026年首月实现开工6条、铺底10条、下水9条的月度产能目标。"山东新能船业有限 公司党委委员、常务副总经理王庆虎介绍，硬核制造实力背后， ...

这家中国领先、在全球具有重要影响力的工业装备跨国集团，坐拥11家上市公司、14只股票的资本矩 阵，其中潍柴动力、中国重汽、山推股份、潍柴重机、中通客车等多家A股上市公司构成产业发展核心 支撑，形成了覆盖动力总成、整车制造、工程机械、客车制造等领域的全产业链布局，为产业升级筑牢 资本与产业双底座。 工业机器人在海信视像青岛工厂智能装配线上忙碌。新华社图 县域经济是山东高质量发展的重要基石，会议也为山东县域发展明确了方向，而乳山市的实践正是山东 县域干事创业的生动缩影。 乳山市委书记王大治表示，乳山将坚决落实山东"百县图强"计划，以"干字当头、奋勇争先"的作风，精 准发力抓招商、提速提效促项目、量质并举强工业，加快推进总投资1053亿元的178个省市县三级重点 项目建设，持续夯实产业发展基础，全力打造新能源产业高质量发展先行区。 从链主企业领航产业升级，到县域以重大项目攻坚夯实发展底座，会议已勾勒出山东"十五五"开局的清 晰路径。在干事创业、担当尽责的浓厚氛围中，山东正以省市县联动、政企协同的强大合力，推动各领 域各层级找准定位、主动作为，让高质量发展的步伐更加坚实，奋力在"十五五"新征程上书写中国式现 代化的山 ...

Investment Rating - The investment rating for the Chinese construction machinery industry has been adjusted from "stable weakening" to "stable" [3] Core Viewpoints - The construction machinery industry has shown a clear recovery trend since 2025, driven by continuous improvement in domestic demand and stable export performance. The overall sales volume of construction machinery is expected to continue to improve in 2026, with industry revenue and profits maintaining a growth trend [3][7] - The core products such as excavators and loaders have accelerated their recovery, while the demand for different types of cranes has shown some divergence due to uneven recovery in downstream demand [7][9] - The industry is expected to benefit from multiple drivers of domestic demand, including traditional infrastructure, urban renewal, and mining development, which will support market growth [7][18] Summary by Sections Industry Fundamentals - The construction machinery industry has experienced a significant recovery since 2025, with total sales volume reaching 206.72 million units, a year-on-year increase of 11.47%. The sales of excavators have rebounded after three consecutive years of decline, with a notable increase in exports to countries along the "Belt and Road" [9][10] - The domestic market demand is expected to improve in 2024, supported by policy measures, while exports are projected to maintain steady growth. The overall sales volume for major products in 2024 was 185.45 million units, a year-on-year increase of 4.47% [9][10] Financial Performance - The revenue of sample enterprises in the construction machinery sector is expected to show significant recovery in 2025, with operating cash flow levels restored to previous high levels. The debt scale of these enterprises has been well controlled [41][43] - In 2024, the total operating revenue of the construction machinery industry increased by 0.79% to 816.5 billion yuan, with sample enterprises achieving revenue of 300.73 billion yuan, accounting for 36.83% of the industry total [42][43] Market Outlook - The construction machinery market is expected to enter a stable growth phase in 2026, with small excavators benefiting from special bond funding for rural infrastructure projects, while large excavators will be supported by major infrastructure projects [41][43] - The demand for construction machinery is anticipated to be driven by the replacement of aging equipment and the implementation of policies promoting equipment upgrades, which will release significant market potential [28][24]