山推股份在业绩说明会上表示，就国内市场而言，公司2024年挖掘机产品销量增长约30%，推土机销量增长 约20%，装载机增长约20%，道路机械增长约15%—20%。 公司挖掘机、平地机等产品均在国内优先进行产品的开发以及市场导入验证。 【下游需求】 1.小松作业小时数 2025年 【1月】、 【2月】 2024年 2025年国内工程机械行业预计有15%增长。 ·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？ 4. 2月开工率改善 工程机械行业预期"暖洋洋" 5. 卡特彼勒正接近周期性转折点 下调评级至"中性" 【市场数据】 1.挖掘机销量数据 2025年 【1月】 、 【2月】 、 【3月】 2024年 【1月】 、 【2月】 、 【3月】 、 【4月】 、 【5月】 、 【6月】 、 【7月】、 【8月】 、 【9月】 、 【10 月】 、 【11月】、 【12月】 2023年 【1月】 、 【2月】 、 【3月】 、 【4月】 、 【5月】 、 【6月 ...

5月7日，博雷顿(01333.HK)在港交所挂牌上市，港交所迎来"电动版卡特彼勒"。公司本次上市发行1300 万股H股，每股定价18港元，欣旺达、长风基金为基石投资者。 新能源风口下 工程机械迎"电动版卡特彼勒" 碳中和浪潮下，工程机械行业正面临着前所未有的转型与升级。新能源工程机械行业也成为有待开发的 千亿级蓝海市场，以新能源推动新质发展力的竞速发展已拉开帷幕。 当然提到工程机械，首先会想到的就是卡特彼勒，全球工程机械巨头，高质量和高性能，百年老店、高 度国际化。这些标签用在卡特彼勒身上都不为过。卡特彼勒已经由单纯的工程机械生产企业转变为综合 性服务商，同时被视为全球经济的晴雨表，因为公司的业绩往往与世界经济形势密切相关。 随着博雷顿通过港交所聆讯，这家致力于工程机械电动化、机器人化，推动绿色智慧生产方式普及的企 业有望成为港股市场的"电动版卡特彼勒"。 成立于2016年的博雷顿，是国内最早从事纯电动工程机械（装载机、矿卡等）研发、生产和应用的高新 技术企业。2016年在某种意义上，是中国新能源汽车启航的一年，也是互联网造车最受关注的一年，与 互联网造车不同，博雷顿切入的赛道是新能源工程机械。 这家高速成长 ...

Group 1 - The coffee robot, located in Yinchuan, Ningxia, has become a popular attraction, capable of preparing a cup of coffee in under two minutes using a mechanical arm [1] - The robot integrates artificial intelligence, IoT, and precise mechanical control technology, ensuring accurate monitoring of drink parameters like flow and temperature [2] - The company has introduced a unique product, goji berry latte, which incorporates 12 to 15 milliliters of goji berry extract, appealing to health-conscious consumers [2] Group 2 - Currently, there are three coffee robots in Ningxia, with two additional ice cream robots deployed in tourist areas, enhancing the consumer experience [3] - The company plans to expand its robotic services to include food preparation robots for traditional dishes, aiming to inject technological innovation into the food industry [3] - The company intends to showcase its new robotic products at the upcoming China-Arab Expo in August, aiming to highlight the unique appeal of its technology on an international stage [3]

Core Viewpoint - The company's performance in 2024 and Q1 2025 met expectations, with significant revenue and profit growth, although gross margins were impacted by the introduction of low-margin new products [1][2]. Financial Performance - In 2024, the company reported revenue of 2.725 billion yuan, a year-on-year increase of 21.9%, and a net profit attributable to shareholders of 344 million yuan, up 23.5% year-on-year [1]. - For Q1 2025, revenue reached 770 million yuan, also reflecting a 21.9% year-on-year increase, while net profit was 102 million yuan, marking a 15.6% increase year-on-year [1]. - The company's net profit margin improved to 12.6% in 2024, although it decreased to 13.2% in Q1 2025 due to the rising proportion of new business [2]. Gross Margin and Expenses - The overall gross margin for 2024 and Q1 2025 decreased by 1.2 percentage points and 2.9 percentage points, respectively, to 29.5% and 26.3%, primarily due to the higher revenue share from low-margin new products [1]. - The gross margins for hydraulic breakers and hydraulic components were 34.96% and 30.36%, respectively, showing year-on-year increases of 1.2 percentage points and 0.71 percentage points [1]. - The company’s sales, management, and financial expense ratios changed by +0.3, -0.6, and -0.5 percentage points year-on-year, respectively, while R&D expense ratio remained stable [1]. Business Development - The domestic demand for construction machinery is expected to recover in 2025, with the company poised to benefit from this trend [3]. - In Q1 2025, excavator sales reached 61,000 units, a year-on-year increase of 22.8%, with domestic sales of 37,000 units, up 38.3% [3]. - The company is expanding its new business lines, including tools, industrial robot components, lithium battery PACK business, and transmission components, with other product revenue reaching 400 million yuan in 2024, a 103.04% increase year-on-year [3]. Production Capacity Expansion - The company is constructing a new factory in Thailand, expected to produce 16,000 hydraulic breakers, 36,000 diversified attachments, and 8,000 high-end hydraulic components annually [3]. - The company is also developing a high-end hydraulic component project under the brand Aisaki [3]. Profit Forecast and Valuation - The company maintains EPS forecasts of 0.49 yuan for 2025 and 0.57 yuan for 2026, with current stock prices corresponding to P/E ratios of 38.1 and 32.9 for 2025 and 2026, respectively [4]. - The target price has been raised by 17% to 24.40 yuan, reflecting a potential upside of 30% from the current stock price [4].

Investment Rating - The investment rating for the company is "Buy-A" with a 12-month target price of 10.88 CNY, while the current stock price is 9.07 CNY [5]. Core Views - The company has demonstrated solid global competitiveness and significant results in high-quality development, with a slight decline in total revenue but an increase in net profit for 2024 [1]. - The company is benefiting from a recovery in domestic demand and expansion in overseas markets, leading to improved revenue performance [1][2]. - The company is focusing on cost control and value chain optimization, resulting in enhanced profitability [3]. Summary by Sections Financial Performance - In 2024, the company achieved total revenue of 91.66 billion CNY, a year-on-year decrease of 1.28%, while net profit reached 5.976 billion CNY, an increase of 12.2% [1]. - For Q1 2025, total revenue was 26.815 billion CNY, up 10.92% year-on-year, and net profit was 2.022 billion CNY, up 26.37% year-on-year [1]. Market Position - The company ranks sixth globally in excavators and maintains the first position in cranes and concrete machinery, indicating strong competitiveness in its traditional core business [2]. - In strategic new businesses, the company ranks third in aerial work machinery and fourth in mining machinery, showcasing effective expansion efforts [2]. International Business - Domestic revenue was 49.972 billion CNY, down 10.17%, while overseas revenue was 41.687 billion CNY, up 12%, with overseas revenue accounting for a historical high of 45.48% [2]. - The company is advancing towards high-quality development in its international business through a comprehensive global operation system [2]. Profitability and Cost Control - The company's gross margin and net margin for 2024 were 22.55% and 6.53%, respectively, showing improvements year-on-year [3]. - In Q1 2025, gross margin was 22.07% and net margin was 7.57%, indicating ongoing optimization [3]. - The company achieved a net cost reduction rate of 6.6% in procurement and 6.3% in logistics, reflecting effective cost management [3]. Future Outlook - The company expects total revenue growth of over 10% in 2025, with projected revenues of 102.61 billion CNY, 115.44 billion CNY, and 132.28 billion CNY for 2025, 2026, and 2027, respectively [11]. - Net profit is expected to grow significantly, with projections of 8.07 billion CNY, 10.63 billion CNY, and 13.34 billion CNY for the same years [11].

丨证券研究报告丨 公司研究丨点评报告丨徐工机械（000425.SZ） [Table_Title] 徐工机械 24A&25Q1 点评：内销有望从挖机向 非挖修复，盈利能力持续提升 报告要点 [Table_Summary] 国内来看，受益挖机内销超预期及非挖修复，25Q1 公司境内业务收入或有所回暖。海外方面， 公司国际化运营体系成效显著，24 年境外收入同比增长 12%，收入占比达 45.5%，同比提升 5.4pct，25Q1 境外收入预计持续增长。公司盈利能力持续提升，2024 全年、25Q1 公司毛利 率、净利率均实现同比提升；24 全年、25Q1 公司经营活动现金净流量同比分别+60%、+257%， 经营质量显著改善。展望后续，公司内销收入有望受益行业从挖机向非挖回暖，海外份额提升 趋势不变，同时矿山机械等新兴板块有望持续贡献新增长极。 分析师及联系人 [Table_Author] 请阅读最后评级说明和重要声明 %% %% %% %% research.95579.com 1 赵智勇 臧雄 曹小敏 王硕 SAC：S0490517110001 SAC：S0490518070005 SAC：S04905210 ...

央视网消息：5月5日迎来立夏时节。立夏之后，气温升高，雨水明显增多，春天里播下的作物种子在此时节也相继出苗。农业农村部农情 调度显示，眼下全国春播进入高峰，目前东北地区已春播粮食近1亿亩，完成超两成。而夏季粮油的主要作物冬小麦目前进入灌浆期，夏粮进 入产量形成关键期。长江上中游冬油菜现在已经大面积收获。今年，全国冬油菜面积稳中有增，达1.1亿亩，丰收在望。 江西新余：早稻田管忙 无人机追肥保稳产 近日，江西新余市的53万多亩早稻栽插任务已结束，种植户和各基地正展开首轮田管作业，包括追肥、虫情监测等，确保5月上旬完成首 轮田间管理。 在新余市渝水区南安乡，种粮大户龚凌保通过农机服务平台调度了3台无人机，为自家的1300多亩水稻追肥。 接单的无人机操作员龚鑫是"00后"的新农人，今年7月他即将大学毕业。在校期间，龚鑫学的是计算机应用技术专业，课余时间他自学了 农业知识，参加了无人机操作员培训。大学最后一个学期，他来到南安乡的农机合作社实习，并决定扎根农村。南安乡是新余市的粮食主产区 之一，土地肥沃、灌溉便利。当地整合无人机等农机资源，形成联动机制，为水稻田间管理提供高效的机械化作业条件。 今年，新余市的早稻种植面 ...

Core Viewpoint - The Chinese government is implementing policies to support the renewal of agricultural machinery, which is crucial for improving the quality and efficiency of spring farming. Financial institutions are playing a key role in facilitating these policies and providing necessary funding to agricultural entities [1][4]. Group 1: Policy Implementation - The National Development and Reform Commission and the Ministry of Finance have issued notifications to expand support for the scrapping and updating of agricultural machinery as part of the "Two New" policy [1]. - The Ministry of Agriculture and Rural Affairs has emphasized the importance of continuing the agricultural machinery scrapping and updating subsidy policy to accelerate structural adjustments in agricultural machinery [1]. Group 2: Financial Solutions for Agricultural Entities - Zhejiang Rural Commercial Bank has introduced the "Common Prosperity·Agricultural Security Loan" to address the urgent funding needs of agricultural enterprises like Daofu Agriculture, which is seeking to modernize its operations [2]. - The bank provided a quick credit approval of 6 million yuan to Daofu Agriculture, enabling the purchase of advanced agricultural machinery such as drones and dryers, which significantly enhance productivity and reduce pesticide usage [2]. Group 3: Financial Support Mechanisms - Jiangshan Rural Commercial Bank is offering low-interest loans to help farmers update their agricultural machinery, with no fees and third-party guarantee for the deposit, thus reducing the financial burden on farmers [3]. - The bank has established a seamless connection between loan applications and policy subsidies, allowing farmers to apply for loans at the point of purchase [3]. Group 4: Challenges and Solutions - Many agricultural producers face financial constraints, and while government subsidies cover direct costs, bank financing offers more flexibility and comprehensiveness [4]. - Banks are providing personalized repayment plans based on the seasonal income of farmers, along with services like account management and financial consulting to enhance financial efficiency [5]. Group 5: Risk Management and Financial Inclusion - Financial institutions are focusing on risk control while promoting inclusive finance by lowering entry barriers and expanding support for farmers needing machinery updates [6][7]. - The introduction of third-party guarantees and direct payments to machinery suppliers helps mitigate risks associated with loan defaults and ensures proper use of funds [7]. Group 6: Innovative Financial Products - Jiangshan Rural Commercial Bank has launched specialized products like grain purchase order financing and ecological loans to support the renewal of old agricultural machinery [8]. - Future plans include creating a collaborative network involving financial services, industry, and technology to enhance agricultural asset credit assessments [8].

工程机械行业24A&25Q1综述 长江证券研究所机械研究小组 2025-05-05 %% %% %% %% research.95579.com 1 证券研究报告 • 证券研究报告 • 评级 看好 维持 分析师及联系人 分析师 赵智勇 分析师 臧雄 分析师 曹小敏 联系人 王硕 SAC执业证书编号：S0490517110001 SAC执业证书编号：S0490518070005 SAC执业证书编号：S0490521050001 SFC执业证书编号：BRP550 SFC执业证书编号：BVO790 %% %% %% %% research.95579.com 2 25Q1板块整体营收提速，利润增速高于收入增速 图：25Q1工程机械板块营收同比+11% 图：25Q1工程机械板块归母净利润同比+36% -20% -10% 0% 10% 20% 30% 40% 0 500 1,000 1,500 2,000 2,500 3,000 3,500 2019 2020 2021 2022 2023 2024 25Q1 工程机械行业营收合计（亿元） 同比 -60% -40% -20% 0% 20% 40% 60% 0 50 10 ...