Investment Rating - The report maintains a "Buy" rating for the company [4][6]. Core Views - The company achieved total operating revenue of 9.39 billion yuan in 2024, a year-on-year increase of 4.51%, and a net profit attributable to shareholders of 2.51 billion yuan, up 0.4% [1]. - In Q1 2025, the company reported total operating revenue of 2.42 billion yuan, a year-on-year increase of 2.56%, and a net profit attributable to shareholders of 618 million yuan, up 2.61% [1]. - The company's non-recurring net profit margin reached over 28% in Q1 2025, reflecting significant improvements in cost control and management capabilities [1]. Summary by Sections Excavator Sector - The excavator market in China saw a total sales volume of 201,131 units in 2024, marking a year-on-year growth of 3.13%, with domestic sales increasing by 11.7% [2]. - The domestic market shows strong growth momentum, particularly in sectors such as water conservancy projects and rural revitalization, which are driving demand for small excavators [2]. - The traditional peak season for the engineering machinery industry occurs from March to May, with revenue recognition expected in Q2 [2]. Screw Rod Business - The screw rod business is currently in a phase of temporary scale disadvantage due to ongoing investments in electric drive strategies and linear actuator projects [3]. - The company has invested 1.4 billion yuan in the linear actuator project, which is now entering the mass production phase [3]. - Early investment periods may exert pressure on the company's performance, as significant expenditures are required without immediate revenue generation [3]. Financial Projections - The company is projected to achieve net profits of 2.8 billion yuan, 3.1 billion yuan, and 3.5 billion yuan for the years 2025, 2026, and 2027, respectively, with growth rates of 12%, 11%, and 12% [4]. - The current stock price corresponds to a price-to-earnings (P/E) ratio of 34, 31, and 27 for the years 2025, 2026, and 2027 [4].

本文约 4 0 0 0 字，推荐阅读时长 2 0 分钟，欢迎关注新财富公众号。 当土方工程机械在周期浪潮中起伏沉浮时，2 0 1 3年到2 0 2 3年十年里，高空作业平台顶着"工 程机械最后一片蓝海"的光环，走出了黄金十年的表现。我们也习惯认为高空作业平台下游应 用范围广，地产关联度低，所以周期波动相对较小，但波动小并不意味着没有下行周期，是 如果我们观察高空作业平台的全球状态，会发现高空作业平台似乎正陷入被动。 1 高空作业平台黄金十年之后 如果我们复盘十年来高空作业平台的增长，2 0 1 3 - 2 0 1 7年，主要增量来自欧美成熟市场， 2 0 1 8 - 2 0 2 1年主要增量来自中国，2 0 2 1年- 2 0 2 4年主要增量来自美国。 2 0 1 3 - 2 0 1 7年，主要增长来自欧洲，2 0 1 4年欧盟St a g e IV排放法规发布，2 0 1 6年起新生产的 柴油动力非道路机械需要满足最新的排放标准，这导致3 0%以上St a g e IIIA柴油机型（约7 . 8 万台）被强制淘汰，直接催生年需求超3 . 9万台的换机窗口。 2 0 1 3 - 2 0 1 7年，欧美厂商凭 ...