行业研究 证 券 研 究 报 告 工程机械行业点评报告 4 月挖机出口表现亮眼，看好海外需求加速 推荐（维持） 复苏 风险提示：国内经济复苏趋缓；市场竞争加剧；原材料价格波动。 重点公司盈利预测、估值及投资评级 邮箱：chenhongyang@hcyjs.com 执业编号：S0360524100002 | | | | EPS（元） | | | PE（倍） | | PB（倍） | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 简称 | 股价（元） | 2025E | 2026E | 2027E | 2025E | 2026E | 2027E | 2025E | 评级 | | 三一重工 | 19.72 | 1.02 | 1.28 | 1.60 | 19.25 | 15.46 | 12.30 | 2.19 | 强推 | | 恒立液压 | 76.10 | 2.14 | 2.56 | 3.09 | 35.52 | 29.69 | 24.62 | 5.73 | 强推 | | 中联重科 | 7.63 | 0.58 | 0.70 | 0.8 ...

Core Insights - EVE Energy held its first Commercial Vehicle Battery Technology Day and launched eight new open-source battery products to meet the growing demand in the commercial vehicle sector [2][3][4][6] Industry Trends - The penetration rate of new energy commercial vehicles in China has reached 20%, entering a phase of rapid growth, with new energy VANs exceeding 40% penetration [2] - The electric engineering machinery market is expected to exceed 80 GWh by 2030, becoming the third growth driver after passenger and commercial vehicles [2] - The export of Chinese commercial vehicles is anticipated to experience a new growth curve [2] Product Launches - EVE Energy introduced the LF125P-41.86 kWh battery for the micro-van market, capable of charging from 20% to 80% SOC in just 18 minutes [2] - The LM254-160 kWh battery for light trucks supports a range of 400 kilometers and maintains 85% energy efficiency at -20°C [3] - Four heavy-duty truck batteries were launched, including the LF230P-453 kWh, which can charge from 10% to 80% SOC in 18 minutes and is expected to generate an annual operational revenue increase of 50,000 yuan for users [3] - The LF420-563 kWh battery features a height reduction of 600 mm while maintaining similar weight to the 423 kWh battery, catering to short-haul transport needs [4] - The LF324S-43.8 kWh battery for buses offers a 10-year warranty and a system energy density of 170 Wh/kg [6] - The LF628-350 kWh battery for engineering machinery supports high integration and quick assembly [6] Technological Advancements - EVE Energy upgraded its LMX chemical material system, achieving a 15% increase in range and reducing charging time in low temperatures from 60 minutes to 40 minutes [6] - The overall system design has reduced the number of components by 50% while increasing system energy by 25% [6] - A cloud platform has been established for remote monitoring and analysis of battery packs, enabling early fault warnings [6]

根据 集团轮值董事长制度，经董事会决定，2025年5月16日～2026年5月15日期间，由唐修国先生 担任集团董事长。 集团董事长是集团日常经营的最高负责人，全面主持集团日常经营。集团董事长要严格遵守三一 文化、特别是三一的五项基石价值观（爱党爱国、诚信守法、客户第一、员工优先、时时事事高标 准），严格遵守轮值董事长制度。 三一集团有限公司 【专家视点】 1. 苏子孟会长：工程机械行业发展形势与当前主要工作 2. 全国人大代表徐工机械总工程师、副总裁单增海：支持工程机械和商用车新能源化 END 原创文章为作者独立观点，不代表本公众号观点。 2025年5月12日 | ·往期回顾· | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | | 【行业热点】 | | | | | | | | | 1 业绩改观，工程机械行业复苏或已在路上？ | | | | | | | | | 2. 如期切换， 工程机械12月1日起开启"国四"时代 | | | | | | | | | 3. 内销连续下滑13个月，今年出口大涨超7成 周期中的挖掘机行业何日再逢春？ ...

长城汽车（601633）股份有限公司董事长魏建军曾表示，隐藏式门把手所谓的"降低风阻"优势被严重夸 大。实测数据显示，传统门把手在120km/h时速下仅增加0.001Cd至0.003Cd的风阻系数，相当于百公里 电耗差异不足0.1度。 更值得警惕的是，部分车企将"隐藏式设计"异化为营销噱头。比如，某新势力品牌曾推出触控感应式门 把手，用户必须用特定手势滑动才能开启；另有品牌为追求"无把手"效果，将应急开关藏在车标背后。 新能源车企在追求创新的同时，如何保留最基本的人性化操作逻辑？笔者认为，应从以下三方面进行优 化：一是强化安全冗余设计，确保断电或碰撞时车门仍可开启；二是增设防误触机制，避免翻滚事故中 门把手意外开启；三是规范易识别安全标识，并提升门把手结构强度，防止事故后功能失效，从而降低 救援难度。 ■刘钊 在乘坐新能源网约车时，笔者时常出现找不到隐藏式门把手的尴尬局面，而网约车司机对此早已见怪不 怪，下车帮助乘客开门"被迫"成为其职业习惯。有司机对笔者吐槽，因为找不到门把手，很多乘客难以 正确开启车门，车门把手的隐藏式设计沦为鸡肋。 针对隐藏式车门把手在实际应用过程中暴露出来的一些问题，近日，工业和信息化 ...

2025 年 5 月 9 日 请务必阅读正文之后的免责声明部分 工程机械产业链梳理 证券研究报告 上游 原材料与核心零部件 中游 主机制造商 下游 应用领域 钢铁 液压件 ◼ 恒立液压：油缸、泵阀 ◼ 艾迪精密：液压破碎锤、泵阀、马达 ◼ 长龄液压：中央回转接头、张紧装置 发动机 基建 采矿业 房地产 2023年销量份额 （剔除叉车） 高空作业平台 34% 挖掘机 32% 装载机 17% 起重机 12% 压路机 2% 平地机 1% 主要机种 ◼ 三一重工：挖掘机、混凝土机械、起重机 ◼ 中联重科：起重机、混凝土机械、挖掘机、 高空作业平台 ◼ 徐工机械：起重机、挖掘机、高空作业平 台、混凝土机械 ◼ 柳工：装载机、挖掘机 ◼ … 采矿业 数据来源：中国工程机械工业协会，东吴证券研究所 2 工程机械板块相关公司 工程机械行业2024年报&2025年一季报总结 内需复苏超预期，工程机械行业有望迎来国内外共振 首席证券分析师：周尔双 执业证书编号：S0600515110002 联系邮箱：zhouersh@dwzq.com.cn • 我们选取了A股13家主营业务为工程机械的上市公司进行分析，选取公司及细分产品领域如下 ...

据中国工程机械工业协会对挖掘机主要制造企业统计，2025年4月销售各类挖掘机22142台，同比增长17.6%。其中国内销量12547台，同比增长16.4%；出口量9595 台，同比增长19.3%。 | | | 2025年4月 中国挖掘机市场概况 | | | --- | --- | --- | --- | | | 国内 | 대 그 | 合计 | | 当期销量 | 12 547 | ର ୧୨୮ | 22 142 | | 去年同期 | 10 782 | 8 040 | 18 822 | | 同比涨幅 | 16.4% | 19.3% | 17.6% | | 累计销量 | 49 109 | 34 405 | 83 514 | | 去年同期 | 37 228 | 31 558 | 68 786 | | 同比涨幅 | 31.9% | | 9.02%◎ 公众号·工程机械杂志 | 2025年1—4月，共销售挖掘机83514台，同比增长21.4%；其中国内销量49109台，同比增长31.9%；出口34405台，同比增长9.02%。 2025年4月销售电动挖掘机25台（6吨以下1台，10至18.5吨级2台，18.5至28.5吨级1 ...

据中国工程机械工业协会对装载机主要制造企业统计，2025年4月销售各类装载机11653台，同比增长19.2%。其中国内销量7191台，同比增长35.4%；出口量4462 台，同比下降0.18%。 2025年1—4月，共销售各类装载机42220台，同比增长16%。其中国内销量23570台，同比增长27.8%；出口量18650台，同比增长3.87%。 2025年4月销售电动装载机2924台（ 3吨以下28台，3吨121台，5吨1849台，6吨847台，7吨66台，8吨以上4台，滑移装载机9台）。 | | | | | 2025年中国电动装载机市场情况 | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 月份 | 3吨以下 | 3 吨 | 5吨 | 61中 | 7吨 | 8吨 | 滑移装载机 | 总计 | | 2025-04 | 28 | 121 | 1849 | 847 | 66 | 4 | 9 | 2924 | | 2025-03 | 23 | 56 | 1876 | 772 | 129 | 4 | 2 | 2802 | | 20 ...

Group 1 - Boleton is set to become the first electric engineering machinery company listed on the Hong Kong Stock Exchange, with an estimated valuation of 18 billion RMB after a successful C round financing of 2 billion RMB [1] - The company has achieved significant market penetration, with market shares of 11.2% for electric loaders and 8.3% for wide-body dump trucks, ranking among the top three in the industry [13] - Boleton's revenue structure is primarily driven by electric loaders, wide-body dump trucks, and new energy tractors, with the latter becoming a marginal business [15][17] Group 2 - The company has invested 2 billion RMB in R&D over three years, representing 14% of its revenue, significantly higher than the average of 5% for traditional machinery companies [15][18] - Boleton's innovative technologies include a dual-motor drive system that operates in extreme conditions and a fast-charging battery that can charge in 70 minutes and provide 10 hours of operation [15][18] - Despite its technological advancements, Boleton has faced challenges with low gross margins, maintaining single-digit percentages compared to traditional fuel machinery companies [15][18] Group 3 - The competitive landscape includes traditional giants like Sany Heavy Industry and XCMG, which have begun to increase their focus on electric machinery, with XCMG's new energy product revenue growing by 26.76% year-on-year [27] - Boleton's strategy of lowering prices to gain market share has resulted in a significant increase in market share for wide-body dump trucks, from 4.3% to 18.3% over two years, despite incurring cumulative losses of 680 million RMB [19][20] - The company plans to use the funds raised from its IPO for R&D, capacity expansion, sales network development, and working capital, with 40% allocated to technology development [22]

Report Industry Investment Rating No information provided in the report. Core Viewpoints of the Report - This week, the main contract of Shanghai Nickel fluctuated and adjusted, with a weekly decline of 0.22% and an amplitude of 1.65%, closing at 123,450 yuan/ton. The main contract of stainless steel fluctuated, with a weekly increase of 0.39% and an amplitude of 1.74%, closing at 12,720 yuan/ton [7]. - Macroscopically, the bilateral trade agreement between the US and the UK eased market tensions, the US dollar index rose, and China plans to launch high - quality projects worth about 3 trillion yuan. Fundamentally, Indonesia's PNBP policy increased the cost of nickel resource supply, domestic smelters' costs rose, and some faced losses. The production capacity of Indonesian nickel - iron accelerated its release, and production recovered significantly. On the demand side, stainless steel prices weakened, and there was an expectation of production cuts. The demand for new energy vehicles continued to climb but had a limited impact. Recently, domestic inventories fluctuated and decreased, while overseas inventories continued to accumulate. Technically, it is expected to adjust weakly [7]. - For both Shanghai Nickel and stainless steel, it is recommended to wait and see or take short positions with a light position [7]. Summary by Relevant Catalogs 1. Week - to - Week Summary Shanghai Nickel - **Weekly Review**: The main contract of Shanghai Nickel fluctuated and adjusted, with a weekly decline of 0.22% and an amplitude of 1.65%, closing at 123,450 yuan/ton [7]. - **Market Outlook**: Macro factors, policy in Indonesia, cost changes, supply and demand situations, and inventory trends all affect the market. Technically, it is expected to adjust weakly [7]. - **Strategy Recommendation**: Wait and see or take short positions with a light position [7]. Stainless Steel - **Weekly Review**: The main contract of stainless steel fluctuated, with a weekly increase of 0.39% and an amplitude of 1.74%, closing at 12,720 yuan/ton [7]. - **Market Outlook**: Raw material costs, supply, demand, and inventory changes affect the market. Technically, there is a divergence between long and short positions [7]. - **Strategy Recommendation**: Wait and see or take short positions with a light position [7]. 2. Futures and Spot Market - **Price Changes**: As of May 9, the average price of nickel pig iron (1.5 - 1.7%) was 3,500 yuan/ton, unchanged from last week; the average price of nickel - iron (7 - 10%) nationwide was 950 yuan/nickel, down 25 yuan/nickel from last week. The closing price of Shanghai Nickel was 123,450 yuan/ton, down 730 yuan/ton from last week; the closing price of stainless steel was 12,720 yuan/ton, unchanged from last week [13]. - **Basis Changes**: As of May 9, the basis of electrolytic nickel was 1,375 yuan/ton, and the basis of stainless steel was 980 yuan/ton. The basis of Shanghai Nickel decreased, and that of stainless steel increased [16]. - **Ratio Changes**: As of May 9, the price ratio of Shanghai Nickel to stainless steel was 9.71, down 0.06 from last week; the price ratio of Shanghai Tin to Shanghai Nickel was 2.1 yuan/ton, unchanged from last week [20]. - **Net Long Position Changes**: As of May 9, the net long position of the top 20 in Shanghai Nickel increased, and that of stainless steel also increased [26]. 3. Industrial Chain Situation Supply Side - **Nickel Ore and Electrolytic Nickel**: As of May 2, the nickel ore inventory in major ports was 685.43 yuan/ton, up 0.21% from last week. As of May 9, the production profit of electrowon nickel was 675 yuan/ton, down 825 yuan/ton from last week. China's electrolytic nickel production and imports decreased significantly [34][33][36]. - **Nickel Inventory**: As of May 9, the LME nickel inventory was 23,426 tons, down 3,740 tons from last week; the Shanghai Futures Exchange nickel inventory was 27,808 tons, down 2,786 tons from last week [42][43]. Demand Side - **Stainless Steel Production and Trade**: In April 2025, the total output of stainless crude steel was 350.25 tons, a month - on - month decrease of 0.27%. In March 2025, the import volume of stainless steel was 124,800 tons, a month - on - month decrease of 30,900 tons; the export volume was 412,000 tons, a month - on - month increase of 178,100 tons [48]. - **Stainless Steel Inventory**: As of May 9, the stainless steel inventory in Foshan was 339,134 tons, an increase of 10,240 tons from last week; the inventory in Wuxi was 612,232 tons, an increase of 14,674 tons from last week [53]. - **Stainless Steel Production Profit**: As of May 9, the production profit of stainless steel was - 257 yuan/ton, an increase of 192 yuan/ton from last week [57]. - **Downstream Industries**: The real estate industry recovered slowly, while the home appliance industry showed signs of recovery in the peak season. In March 2025, the production and sales of new energy vehicles increased significantly, and the production of construction machinery also increased [60][64].

Group 1: Company Performance - The company reported growth in both the 2024 annual report and the Q1 2025 report compared to the same periods last year [2] - The company aims for high-quality development in the rubber machinery business to maintain its leading market position and increase investment in emerging businesses [2] Group 2: Industry Overview - The global rubber machinery industry is experiencing a moderate recovery, with companies increasing R&D investments to drive automation and intelligence [3] - Companies with advanced technology and innovation capabilities are better positioned to meet customer needs and enhance product value, leading to competitive advantages [3] Group 3: Market Position - The company holds a significant market share in the domestic rubber machinery market and has established long-term partnerships with well-known tire manufacturers [3] - The company is actively expanding into overseas markets, exporting products to multiple countries and regions, thus gaining international recognition [3] Group 4: Future Outlook - The rubber machinery industry has a positive outlook, driven by increasing demand for rubber products from sectors like automotive and aerospace [3] - Challenges such as costs, R&D, quality, and market competition require companies to enhance technological development and optimize management to seize opportunities for long-term growth [3]