归母净利润两位数增长 徐工机械年报数据显示，公司归母净利润59.76亿元、同比增长12.2%，扣非归母净利润57.62亿元、同 比增长28.14%，经营性现金流57.20亿元、同比增长60.18%，收入和归母净利润继续保持国内行业领先 地位。 毛利率方面，继2023年公司整体毛利率提升后，2024年公司的毛利率整体提升1.75个百分点至22.55%， 这是公司归母净利润增长的基石。毛利率连续提升的同时，公司销售净利率也连续提高，2024年同比提 高0.89个百分点至6.53%。 日前，徐工机械（000425.SZ）披露了2024年年报。其中，公司归母净利润同比增长12.2%至59.76亿 元，毛利率、净利率连续提升，经营性现金大幅增长，境外收入占比持续跃升，研发投入强度超过 6%。 有观点认为，2024财年是徐工机械加快推进智改数转网联董事长"一号工程"施工图落地、支撑业绩增 长、能力提升的突破之年，也是平稳跨越新一轮周期、积聚高质量发展动能、势能之年。 2024年11月，徐工机械披露了《全球投资者未来三年（2025—2027）回报计划》，不断提高股东获得 感，引导投资者践行长期主义，实现长期的价值投资回报。 ...

证 券 研 究 报 告 三一重工（600031）2025 年一季报点评 强推（维持） 扣非归母同比增长 78.5%超预期，降本控费 盈利弹性凸显 事项： 公司发布 2025 年一季度报告，2025 年一季度营业总收入 211.8 亿元，同比增 长 18.77%，归母净利润 24.7 亿元，同比增长 56.40%，扣非归母净利润 24.0 亿 元，同比增长 78.54%。 评论： [ReportFinancialIndex] 主要财务指标 | | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | | 营业总收入(百万) | 78,383 | 90,362 | 108,053 | 129,646 | | 同比增速(%) | 5.9% | 15.3% | 19.6% | 20.0% | | 归母净利润(百万) | 5,976 | 8,682 | 10,813 | 13,593 | | 同比增速(%) | 32.0% | 45.3% | 24.5% | 25.7% | | 每股盈利(元) | 0.71 | 1.02 | 1.28 | 1.6 ...

最近的股市走势，简直像极了一场让人摸不着头脑的心理战。不少新入市的朋友开始有点慌了：前一阵子，大盘连续拉出几根小阳线，仿佛春天的脚步临 近，希望在心头悄悄萌芽；可还没高兴几天，画风突变，小阴线接连出现，像是突如其来的冷空气，把刚燃起的信心又浇灭了。 其实，当前的A股走势与5年前的一幕十分相像，就好像是剧本写的一样。当然了，向上收复A股那个跳空向下的缺口势必是大概率事件，毕竟，缺口必补的 理论在为数众多的技术派股民心中是非常正确的。对于经验丰富的老股民来说，真正值得关注的不是眼前的恐慌性下跌，而是那个被"打穿"的缺口何时补 上、补完之后的走势。大跌之下，散户往往选择"死守"，不到万不得已不愿割肉认赔。毕竟，"割肉"不只是账户上的亏损，更像是对自我判断的否定，心理 上很难接受。因此，真正的抛压其实并不在暴跌之时，而是在随后的反弹中悄然释放——当股价略有回升，一些心力交瘁的散户便迫不及待地选择离场，生 怕再次被套牢。 这时候，老股民就要看清一个关键节点：一旦补缺完成、市场情绪回暖，那些曾经的恐慌盘就可能变成推动行情的动力。毕竟，市场的每一次反转，都是由 这些情绪与行为的转换点所驱动。看懂这一点，才能在纷繁复杂的K线 ...

Investment Rating - The investment rating for the company is "Buy" with a 6-month outlook maintained [6][17]. Core Views - The company achieved a revenue of 9.39 billion yuan in 2024, marking a year-on-year increase of 4.51%, and a record high in revenue [1]. - The net profit attributable to the parent company for 2024 was 2.51 billion yuan, reflecting a slight increase of 0.4% year-on-year, driven by market share gains in hydraulic pump and valve products, as well as growth in non-engineering machinery products and overseas market expansion [1][2]. - The company is advancing its electrification strategy and has commenced mass production of linear actuators, which is expected to become a new growth driver [3]. - The company is actively expanding its international and diversified operations, with overseas revenue growing by 7.61% year-on-year in 2024 [4]. Financial Performance - In 2024, the company reported a gross margin of 42.83%, an increase of 0.93 percentage points year-on-year, while the net profit margin was 26.76%, a decrease of 1.11 percentage points [1]. - For Q1 2025, the company achieved a revenue of 2.42 billion yuan, up 2.56% year-on-year, and a net profit of 618 million yuan, reflecting a 2.61% increase [2]. - The company forecasts net profits of 2.77 billion yuan, 3.31 billion yuan, and 3.90 billion yuan for 2025, 2026, and 2027 respectively, with corresponding P/E ratios of 36, 30, and 26 [4][5]. Product Performance - The revenue breakdown for 2024 shows hydraulic cylinders at 4.76 billion yuan, hydraulic pumps and valves at 3.58 billion yuan, hydraulic systems at 296 million yuan, and parts and castings at 684 million yuan, with respective year-on-year growth rates of 1.44%, 9.63%, 1.64%, and 1.76% [2].

Group 1 - The article highlights the integration of party building into industrial upgrading and social governance in Kunshan, a city known for its outward-oriented economy and diverse social structure [1] - Kunshan has been a national leader for 20 consecutive years among the top 100 counties and cities in China, showcasing strong industrial innovation clusters [1] - The city is actively exploring how emerging sectors can become new strongholds for consolidating the ruling foundation through innovative party building practices [1] Group 2 - The "Three Quantities Integration" initiative in Kunshan focuses on identifying and nurturing outstanding backup talent from the industrial frontlines, with a significant emphasis on quality and quantity [2] - Over the past three years, Kunshan has developed 819 party members from the industrial frontline, accounting for 35.7% of the total development [2] - The city is enhancing the political absorption of young, high-quality industrial workers by implementing various support systems [2] Group 3 - Kunshan has initiated the "Return Home" action for migrant workers, successfully managing over 2,600 mobile party members, with many becoming governance backbones in large enterprises [3] - The city has established a city-level warm station for mobile party members, conducting regular training and activities to foster a sense of belonging [3] - A significant percentage of party organization leaders also hold positions in company management, promoting cross-functional leadership [3] Group 4 - The "AI Kunshan" night classroom initiative aims to enhance party member education through digital means, offering a variety of courses to improve digital literacy [4] - The city has developed a comprehensive learning system that includes party education, skills training, and theoretical lectures, reaching over 13,000 participants [4][5] - Innovative educational methods, such as immersive courses and multimedia programs, have significantly increased the reach and effectiveness of party education [5] Group 5 - Kunshan is integrating party member roles into urban governance, with initiatives that encourage members to take active roles in community service and social governance [6] - The city has established a mechanism that links party member development with industrial transformation and social governance [6] - The "段妈妈志愿服务队" has mobilized over 600 volunteers to enhance community service, reflecting the commitment of party members to social responsibility [6] Group 6 - The city has launched initiatives like the "Three Have Three No" campaign to promote safety and quality in non-public enterprises, gathering over 620 innovative suggestions [7] - Kunshan focuses on 15 key industrial chains, establishing a "red matrix" to drive innovation and efficiency in production [7] - Party members have played a crucial role in achieving significant advancements in various industries, including breakthroughs in battery technology and production efficiency [7] Group 7 - Kunshan has implemented various public welfare projects, such as "悦龄食堂" and "童乐空间," to enhance community services and engage party members in social initiatives [8] - The city encourages collaboration between individual businesses and social organizations to create new models of public service [8] - Nearly 500 delivery workers have been recruited as "海棠先锋" micro-grid members to address community governance issues [8]

2025 年 5 月 3 日 公司研究 利润稳健增长，经营质量持续提升 ——徐工机械（000425.SZ）2024 年年报、2025 年一季报点评 要点 净利润稳健增长，净利率持续提升 徐工机械 24 年实现营业收入 916.6 亿元，同比下降 1.3%；归母净利润 59.8 亿元，同比增长 12.2%；经营性现金净流入 57.2 亿元，同比增长 60.2%。毛利 率为 22.5%，同比上升 0.2 个百分点；净利率为 6.5%，同比上升 0.9 个百分点。 公司 25Q1 实现营业收入 268.1 亿元，同比增长 10.9%；归母净利润 20.2 亿元，同比增长 26.4%；经营性现金净流入 8.3 亿元，同比增长 257.2%。毛利 率为 22.1%，同比下降 0.8 个百分点；净利率为 7.6%，同比上升 0.9 个百分点。 传统产业提质增效，新兴产业发展壮大 24 年公司起重机械收入 189.0 亿元，同比下降 10.8%；土方机械收入 240.1 亿元，同比增长 6.4%；混凝土机械收入 94.1 亿元，同比下降 9.8%；高空作业 机械收入 86.8 亿元，同比下降 2.3%；矿业机械收入 63. ...

03 会议内容 国家有关主管部门和组织，全球工程机械领域的制造商、"三电"等核心零部件供应商、终端用 户、经销商以及绿色智慧施工整体解决方案提供商等，共同探讨全球绿色转型、智能升级的共性关 键技术及产业发展方向。 当今全球正处于向低碳转型的重要历史时期，工程机械迎来了百年未有之大变革， 呈现出绿色转型和智能升级新趋势。 随着"双碳"目标的持续推进以及人工智能、大模型等新技术广泛应用，传统工程机 械正向动力源变革、智能化升级、数字化转型、网络化联接的方向发展。新能源工程机 械将促进产业转型升级、重塑市场格局、推动可持续发展。 2025"新能源工程机械大会" 以 "绿色转型 智能升级" 为主题，将于 2025年6月17 —19日在烟台 召开。本届会议将汇聚全球工程机械产业领导者，探讨新能源、数智化的 产业政策和创新技术，解析市场需求与发展趋势，协同产供链，推动新能源工程机械产 业高质量发展。 诚邀行业精英共襄盛会，交流思想、分享经验、凝聚共识、开创未来。 01 会议名称 2025新能源工程机械大会 2025 New Energy Construction Machinery Conference（NECMC 20 ...

2025年4月30日，湖南省新闻办公室召开新闻发布会，宣布第四届长沙国际工程机械展览会定于5月15日 至18日在长沙国际会展中心、长沙国际会议中心举办。 长沙市人民政府副市长康镇麟出席发布会并介绍展会筹备情况：本届展览会以"高端化、智能化、绿色化 ——新一代工程机械、应急装备、矿山装备、农业机械"为主题，预计吸引全球1650家参展企业、35家全球工 程机械50强品牌齐聚长沙，共同呈现一场国际化、市场化、 专业化、绿色化 的行业顶级盛会。 CICEE 亮点一：规模位居年度亚洲第一 全球顶尖企业云集 通过"展科融合"，首次设立"新技术新产品发布专区"，展会期间将举办系列高端产学研、 产业链对接大会，助力培育发展新质生产力。 而"展城融合"则通过全城联动的"机主嘉年华"，串联文旅消费、智能制造考察与科技体 验，策划文旅消费主题活动及考察线路，打造"全城办展"氛围，推动"展商变游客、展商变投资 商"，预计带动文旅消费突破2亿元，实现"硬核科技"与"烟火人间"的深度交融。 亮点三："四化升级"重塑行业标杆 CICEE 展会以"国际化、市场化、专业化、绿色化"为核心战略，引领全球工程机械产业变革。国 际化维度上，吸引60 ...

财华社讯，4月25日，国内纯电动工程机械制造商博雷顿(01333.HK)启动招股，计划全球发售 13,000,000 股股份，其中11,700,000股股份为国际发售股份，1,300,000股股份为香港公开发售股份。 博雷顿此次每股发售股份价格为18港元，经扣除公司就全球发售应付的估计包销佣金、费用及开支 后，估计自全球发售将收取的所得款项净额约为1.478亿港元。公司拟将所得款项净额的约40%用于投 资技术进步以及开发新产品及服务；约40%用于建立制造工厂及采购必要机器等等。 香港公开发售于 2025 年4月25日（星期五）上午九时正开始，并将于2025年4月30日（星期三）中 午十二时正结束。最终发售价及分配结果将不迟于2025年5月6日（星期二）公布。 博雷顿预计将于2025年5月7日（星期三）上午九时正开始在香港联交所主板交易，股份代号为 1333，每手买卖单位为200股股份。 此前央广网北京4月19日消息（记者 齐智颖）博雷顿科技股份公司通过港交所主板上市聆讯，中金 公司及招银国际担任联席保荐人。 博雷顿是一家总部位于中国的电动工程机械提供商，设计、开发具有自动作业能力的电动工程机械 并使其商业化， ...

Investment Rating - The report maintains a "Buy" rating for the company, expecting a relative return of over 20% within the next six months [8][18]. Core Views - The company reported steady performance in Q1 2025, with revenue of 3.301 billion yuan, a year-on-year increase of 2.86%, and a net profit attributable to shareholders of 273 million yuan, up 13.63% year-on-year [1]. - The company is accelerating its transformation towards high-tech, high-quality, and high-value-added products, with a significant increase in the number of new products developed [2]. - The integration of high-quality resources within the group has led to a complete and efficient production system, leveraging economies of scale and competitive advantages [3]. - The chairman proposed a share buyback plan, demonstrating confidence in the company's long-term development and aiming to stabilize and enhance company value [4]. - Profit forecasts for 2025-2027 indicate net profits of 1.37 billion, 1.57 billion, and 1.83 billion yuan, respectively, with corresponding PE ratios of 9.6, 8.3, and 7.1 times [5]. Financial Performance - In Q1 2025, the company achieved a gross margin of 19.2%, a slight decrease of 0.3 percentage points year-on-year, while the net profit margin increased by 0.8 percentage points to 8.3% [1]. - The company’s revenue is projected to grow from 10.54 billion yuan in 2023 to 19.97 billion yuan in 2027, with a compound annual growth rate of approximately 10.28% [6]. - The net profit attributable to shareholders is expected to grow from 765 million yuan in 2023 to 1.83 billion yuan in 2027, reflecting a robust growth trajectory [6]. Strategic Developments - The company has successfully launched new products such as skid steer loaders and excavator loaders, enhancing its high-end product line [2]. - The acquisition of Shanzhong Construction Machinery has been completed, with performance commitments for 2024-2026 expected to be exceeded, contributing positively to the company's earnings [2].