Core Viewpoint - The company plans to invest 51 million RMB in a joint venture with Panex WD International Limited to establish a supply chain management company, aiming to enhance international market development and sustainable growth [1] Group 1 - The joint venture, named 泛鼎米奥（宁波）供应链管理有限公司, will have a registered capital of 100 million RMB, with the company holding a 51% stake [1] - The investment will be funded through the company's own resources, ensuring no significant adverse impact on its financial and operational status [1] - The initiative is designed to leverage resource integration and complementary advantages to enhance synergy [1]

Core Viewpoint - The article discusses the release of the "Power Equipment Industry Stabilization Growth Work Plan (2025-2026)" by three government departments, which aims to ensure steady growth in the power equipment sector, focusing on both traditional and renewable energy equipment [1][7]. Summary by Sections Overall Requirements - The plan emphasizes the need to adhere to the principles of high-quality development and the dual carbon goals of peak carbon emissions and carbon neutrality, while balancing supply and demand in the power equipment industry [8]. Main Goals - The primary objectives for 2025-2026 include maintaining an average revenue growth rate of around 6% for traditional power equipment, ensuring stable revenue growth for renewable energy equipment, and achieving a 10% average revenue growth rate for leading enterprises in the sector [9]. Work Measures - **Improving Equipment Supply Quality**: Focus on enhancing the quality of power equipment through technological breakthroughs and innovation in key components [10]. - **Expanding Domestic Effective Demand**: Leverage major energy projects to stabilize demand for power equipment and promote the development of wind and solar energy projects [11]. - **Exploring International Markets**: Strengthen cooperation with emerging market countries in the wind, solar, and energy storage sectors, encouraging companies to expand overseas [12]. - **Accelerating Equipment Promotion and Application**: Implement policies to support the promotion of innovative power equipment and enhance collaboration between research and industry [13]. - **Optimizing Industry Development Environment**: Foster a competitive environment and establish industry standards to guide the development of the power equipment sector [13]. - **Strengthening Standard Support and Guidance**: Improve the standard system for power equipment to enhance quality and facilitate large-scale equipment updates [14]. - **Promoting Green and Intelligent Transformation**: Encourage the integration of new information technologies with power equipment to drive green upgrades and digital transformation [14]. - **Enhancing Industry Chain Collaboration**: Support advanced manufacturing clusters in the power equipment sector to stabilize industry growth and promote collaboration among enterprises [15]. Guarantee Measures - **Strengthening Organizational Support**: Enhance coordination among departments and encourage local governments to implement supportive measures for the power equipment industry [15]. - **Strengthening Financial Support**: Implement tax incentives and utilize special government bonds to support large-scale equipment updates in the energy sector [16].

Core Insights - Shenzhen is accelerating the development of a support policy system for overseas exhibitions, aligning with new market demands and trends [1] - The city has assisted nearly 4,000 companies in participating in 65 international exhibitions in the first four months of the year, showcasing Shenzhen's innovative capabilities globally [1] - It is projected that over 10,000 companies will be supported to attend more than 300 overseas exhibitions throughout the year, enhancing the global market presence of Shenzhen [1] Summary by Categories - **Policy Development** - Shenzhen is constructing a collaborative and categorized support policy for overseas exhibitions to meet new market demands [1] - **Exhibition Participation** - In the first four months, Shenzhen helped nearly 4,000 companies participate in 65 international exhibitions, including notable events like the Mobile World Congress in Spain and the Arab Health Exhibition in Dubai [1] - **Future Projections** - The city anticipates supporting over 10,000 companies in attending more than 300 overseas exhibitions by the end of the year, aiming to enhance the depth of Shenzhen's global market engagement [1]

Investment Rating - The report maintains a "Buy" rating for the company [4] Core Views - The company achieved steady growth in net profit, with a 12.2% year-on-year increase to 5.98 billion yuan in 2024, despite a slight decline in revenue [1] - The operating cash flow significantly improved, with a 60.2% increase to 5.72 billion yuan in 2024 [1] - The company is focusing on enhancing quality and efficiency in traditional industries while expanding its emerging industries [2] - The overseas market revenue grew by 12.0% year-on-year, accounting for 45.5% of total revenue in 2024 [3] - The company has adjusted its profit forecasts slightly downward for 2025 and 2026 due to weaker-than-expected demand in concrete and lifting machinery [4] Summary by Sections Financial Performance - In 2024, the company reported operating revenue of 91.66 billion yuan, a decrease of 1.3% year-on-year, while net profit reached 5.98 billion yuan, up 12.2% [1] - For Q1 2025, the company achieved operating revenue of 26.81 billion yuan, a 10.9% increase year-on-year, and net profit of 2.02 billion yuan, a 26.4% increase [1] Industry Focus - The company is enhancing quality and efficiency in traditional sectors, with notable performance in excavators and cash flow improvements [2] - In emerging industries, the company is solidifying its market position in fire-fighting machinery and expanding its capabilities in mining machinery and environmental management [2] International Expansion - The company is actively expanding its international market presence, with overseas revenue reaching 41.69 billion yuan in 2024, marking a 12.0% increase [3] - The establishment of trade subsidiaries in countries like Japan and Malaysia is part of the strategy to enhance global industrial layout [3] Profit Forecasts - The profit forecasts for 2025 and 2026 have been slightly adjusted downwards to 8.10 billion yuan and 10.05 billion yuan, respectively, due to ongoing challenges in the domestic real estate market [4] - The report introduces a profit forecast for 2027 at 12.15 billion yuan, with corresponding EPS estimates of 0.69, 0.85, and 1.03 yuan for 2025, 2026, and 2027 respectively [4]