乘科技之风，迎重要时刻 事件：近期公司与潜在购买方就其收购 BFPC 公司 100%股权事宜签署了 非约束性的《关于购买 Best Formulations PC LLC 股权的意向书》；且公司 公告于 2026 年 1 月 8 日审议通过拟发行 H 股股票并在香港联交所主板上 市的相关议案。 与潜在购买方签署 BFPC 出售意向书，利润弹性有望兑现。公司与潜在购 买方就出售 BFPC 签署意向书，BFPC 剥离有利于进一步优化公司的美国 业务结构，提升公司的整体盈利能力和市场竞争力。根据少数股东损益推 算，2025 年前三季度 BF 子公司亏损达 1.3 亿元，我们预计 BFPC 剥离后 亏损有望显著收窄，大幅提振公司利润表现。 拟 H 股上市，全球化加速。25H1 公司中国大陆/美洲/欧洲/其他区域营收 分别为 8.2/7.6/3.6/1.0 亿元，占比 40.1%/37.2%/17.6%/5.1%，海外业 务占据重要份额。公司拟发行 H 股并在港交所上市，利用国际资本市场优 势，打造多元化资本运作平台，有助于深化公司全球化战略布局，加速拓 展海外市场，打开公司增长天花板。未来美洲市场公司将继续加强团队建 ...

Group 1: Growth Strategy - The company aims to leverage its core industry chain advantages to enrich its product matrix and increase market share [2] - The AI strategy will guide the deepening of smart construction business layout, advancing into a new era of intelligence [2] - The company plans to strengthen its global presence while maintaining a leading position in international trends [2] - Continuous upgrades to the business model will focus on creating a closed-loop around the entire lifecycle of construction machinery [2] Group 2: New Product Development - The company adheres to a market-oriented approach, driven by quality and centered on intelligent technology [2] - On June 18, 2025, the company launched the world's first AI intelligent bulldozer [2] - On September 2, 2025, the company delivered the world's first AI pure electric unmanned bulldozer [2] - At the Shandong Heavy Industry Group exhibition, two hybrid mining equipment models were showcased: DEH100 hybrid bulldozer and LEH120 hybrid wheeled loader [3] Group 3: Major Projects Participation - In the first half of 2025, the company participated in various projects including open-pit coal mining in Xinjiang and Inner Mongolia, and smart transformation projects [3] - The company utilized its strong group synergy, product advantages, brand strength, and cultural advantages in these projects [3] - Notable projects included photovoltaic sand control in Inner Mongolia, water conservancy construction in Burkina Faso, and road integration projects in Kyrgyzstan [3]

Investment Rating - The report maintains a "Buy" rating for the company [3] Core Views - The company's AI strategy is driving sustained increases in vehicle deliveries, leading to an upward revision of revenue forecasts for 2025 and 2026 to 99 billion and 167.8 billion RMB respectively, with year-on-year growth of 142% and 70% [3] - The company is expected to achieve a turnaround in net profit in 2025, with a projected net profit of 1.07 billion RMB in 2026, reflecting a year-on-year increase of 608% [3] - The company plans to launch significant new models and upgrades in 2025, covering a price range of 100,000 to 500,000 RMB, which is expected to enhance long-term growth [9] Financial Performance - In Q4 2024, the company achieved revenue of 16.11 billion RMB, with a year-on-year increase of 23.4% and a quarter-on-quarter increase of 59.4% [9] - The gross margin for Q4 2024 was 14.4%, showing an improvement from the previous year [9] - The company delivered 92,000 new vehicles in Q4 2024, with an average revenue per vehicle of 160,000 RMB [9] Future Outlook - For Q1 2025, the company anticipates delivering between 91,000 and 93,000 new vehicles, representing a year-on-year growth of 317% to 326% [9] - The company aims to achieve L3 level autonomous driving experience in China by the second half of 2025, with plans for L4 low-speed autonomous vehicles in 2026 [9]