Group 1 - XCMG Machinery has repurchased 223 million shares, accounting for 1.89% of the total share capital, with a total transaction amount of 1.946 billion yuan [1][2] - The repurchase plan aims to enhance investor confidence and improve the company's image in the capital market, with shares to be canceled within ten days after completion [2] - The company has a history of share repurchases, having previously announced a plan to repurchase shares at a price not exceeding 8.5 yuan per share [2] Group 2 - In 2024, XCMG Machinery reported a revenue of 91.66 billion yuan, a year-on-year decrease of 1.28%, while net profit increased by 12.2% to 5.976 billion yuan [3] - The company has maintained a strong competitive position in the engineering machinery industry, with several product categories ranking first in China and globally [3] - In Q1 2025, XCMG Machinery achieved a revenue of 26.815 billion yuan, a year-on-year increase of 10.92%, with net profit growing by 26.37% [4]

Investment Rating - The report maintains a "Buy" rating for the company, both for A-shares and H-shares [5][6]. Core Insights - The company achieved significant growth in net profit, with a 54.0% year-on-year increase, reaching 1.41 billion CNY in Q1 2025. Operating cash flow also saw a substantial rise of 141.0% [1]. - The traditional business segments showed better-than-expected recovery, particularly in concrete machinery and engineering hoisting machinery, with domestic sales turning positive and export targets being exceeded [2]. - Emerging business segments are accelerating, with notable advancements in earthmoving, mining, and agricultural machinery, contributing to a second growth curve for the company [3]. - The overseas market continues to expand, with foreign revenue increasing by 15.2% year-on-year, accounting for 54.2% of total revenue [4]. Summary by Sections Financial Performance - In Q1 2025, the company reported operating revenue of 12.12 billion CNY, a 2.9% increase year-on-year, and a gross margin of 28.7%, up by 0.2 percentage points [1]. - The net profit margin improved to 11.6%, reflecting a 3.9 percentage point increase year-on-year [1]. Traditional Business Recovery - The concrete machinery and engineering hoisting machinery segments showed strong recovery, with the company maintaining the largest market share in several categories, including concrete mixing stations and pump trucks [2]. Emerging Business Growth - The company is expanding its product range in earthmoving, mining, and agricultural machinery, with significant growth in the domestic and international markets [3]. International Expansion - The company has established over 30 new operational sites and 12 service parts warehouses in various countries, enhancing its international presence and capacity [4].

Investment Rating - The report maintains a "Buy" rating for the company, with a current price of 7.64 CNY for A-shares and 5.82 HKD for H-shares [5][6]. Core Insights - The company achieved significant growth in net profit, with a 54.0% year-on-year increase, reaching 1.41 billion CNY in Q1 2025. Operating cash flow also saw a substantial rise of 141.0% [1]. - The traditional business segments showed better-than-expected recovery, particularly in concrete machinery and engineering hoisting machinery, with domestic sales turning positive and export targets being exceeded [2]. - Emerging business segments are accelerating, with notable advancements in earthmoving, mining, and agricultural machinery, contributing to a second growth curve for the company [3]. - The overseas market continues to expand, with foreign revenue increasing by 15.2% year-on-year, accounting for 54.2% of total revenue, supported by new operational sites and factories in Europe [4]. Summary by Sections Financial Performance - In Q1 2025, the company reported total revenue of 12.12 billion CNY, a 2.9% increase year-on-year, with a gross margin of 28.7% and a net margin of 11.6% [1]. - The forecast for net profit from 2025 to 2027 is 5.0 billion CNY, 6.2 billion CNY, and 7.4 billion CNY, respectively, indicating a strong growth trajectory [5]. Business Segments - The traditional advantage sectors, including concrete machinery and construction hoisting machinery, have shown robust growth, with the company maintaining the largest market share in several categories [2]. - The emerging sectors, particularly in high-altitude machinery and agricultural equipment, are rapidly expanding, with significant increases in market share and product offerings [3]. International Expansion - The company has established over 30 new operational sites and 12 service parts warehouses in various countries, enhancing its international footprint and competitive advantage [4].

Group 1 - Boreton (01333.HK) listed on the Hong Kong Stock Exchange on May 7, issuing 13 million H-shares at a price of HKD 18 per share, with key investors including Xinwangda and Changfeng Fund [1] - The engineering machinery industry is undergoing a significant transformation towards electrification and automation, creating a potential trillion-dollar market driven by new energy [2][3] - Boreton, established in 2016, is one of the earliest companies in China focused on the research, production, and application of pure electric engineering machinery, positioning itself as the "electric version of Caterpillar" [2][3] Group 2 - Boreton's electric wide-body dump truck shipments increased from 59 units in 2022 to 307 units in 2024, while electric loader shipments rose from 326 units to 450 units, reflecting compound annual growth rates of 128.1% and 17.5% respectively [3] - The company's total revenue for 2022, 2023, and 2024 is projected to be RMB 360 million, RMB 464 million, and RMB 635 million respectively [3] - Boreton has developed a complete business chain in the electric loader and wide-body dump truck manufacturing sector, covering design, development, manufacturing, and sales [4] Group 3 - The company focuses on new energy strategies, leveraging its core technologies in powertrains, battery packs, and temperature management systems, and has achieved mass production of pure electric engineering machinery [5] - Boreton is pioneering innovations in autonomous driving technologies for mining trucks and remote-controlled loaders, aiming to enhance operational efficiency and reduce labor [5] - The company plans to prioritize electric excavators, mining trucks, and loaders as strategic business lines over the next 3-5 years, contributing to environmental and social benefits [6]

Group 1 - Major stock indices opened significantly higher on May 7, with financial and real estate sectors leading the gains [1] - The A500 Index ETF (159351) rose by 0.84%, with trading volume quickly surpassing 320 million yuan, and several constituent stocks, including Xingyuan Material and Maiwei Co., saw gains exceeding 6% [1] - The A500 Index ETF closely tracks the CSI A500 Index, which selects 500 stocks representing strong market capitalization across various industries, balancing large-cap stocks while covering core leading assets in A-shares [1] Group 2 - The People's Bank of China announced a 0.5 percentage point reduction in the reserve requirement ratio, expected to provide approximately 1 trillion yuan in long-term liquidity, along with a 0.1 percentage point cut in policy interest rates [1] - Huatai Securities expressed optimism for the Chinese stock market, anticipating a systematic decline in risk premiums and highlighting the importance of decreasing risk-free rates and capital market reforms as key drivers for new market entrants [1] Group 3 - Minsheng Securities noted that macroeconomic volatility in 2025 will lead to frequent market style shifts, urging investors to focus on the establishment of long-term mechanisms, including the cultivation of new external and internal demand [2] - The consumption sector, including tourism, dairy, food, and beer, is expected to benefit from the development of domestic demand, while resource products and capital goods will gain from the restructuring of global economic order [2] - Low-valuation financial sectors (banks, insurance) and the coal industry are seen as defensive, with ongoing support for intermediate and capital goods demand from the replenishment of manufacturing in Europe and the U.S. [2]

Group 1 - The core viewpoint of the news is the release of ten measures by the Changsha Municipal Bureau of Commerce aimed at stabilizing foreign trade and boosting the confidence of foreign trade enterprises through financial support and targeted policies [1][3] - The measures include financial support of up to 3 million yuan for individual enterprises, focusing on expanding international markets, increasing exports of specialty products, and supporting key product imports [1][3] - Changsha will implement a "dual coverage" strategy for domestic and international exhibitions, providing subsidies of up to 1 million yuan for enterprises participating in major trade fairs [1][2] Group 2 - In the area of cross-border e-commerce and new foreign trade formats, Changsha plans to create demonstration clusters and hold cross-border e-commerce trade fairs, offering support of up to 800,000 yuan for brand promotion and independent site construction [1][2] - The city aims to promote the integration of domestic and foreign trade by cultivating integrated enterprises and facilitating market channel connections [2] - To enhance the quality and efficiency of the industrial chain, Changsha will establish an import industry alliance, providing financing interest subsidies of up to 200,000 yuan for companies dealing with encouraged imported goods [2]

分析师：张刚 登记编码：S0730511010001 zhanggang@ccnew.com 021-50586990 晨会聚焦 资料来源：Wind,中原证券 -18% -13% -8% -3% 2% 7% 12% 18% 2024.05 2024.09 2025.01 2025.05 上证指数 深证成指 | 国内市场表现 | | | | | | --- | --- | --- | --- | --- | | 指数名称 | | 昨日收盘价 | 涨跌幅(%) | | | 上证指数 | | 3,316.11 | 1.13 | | | 深证成指 | | 10,082.34 | 1.84 | | | 创业板指 | | 2,022.77 | -0.47 | | | 沪深 | 300 | 3,808.54 | 1.01 | | | 上证 | 50 | 2,443.97 | -0.52 | | | 科创 | 50 | 891.46 | | 0.14 | | 创业板 | 50 | 1,924.26 | -0.67 | | | 中证 | 100 | 3,653.14 | 0.99 | | | 中证 | 500 | 5,740. ...

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].

Core Insights - The company reported Q1 2025 revenue of 21.177 billion yuan, a year-on-year increase of 18.77%, and a net profit attributable to shareholders of 2.471 billion yuan, up 56.40% year-on-year [1] - The company's domestic product lines are showing signs of recovery, with significant growth in the excavator sector, which saw a 38% year-on-year increase in sales volume [2] - The company is focusing on cost control, resulting in a notable increase in net profit margin to 11.89%, up 2.7 percentage points year-on-year [3] Financial Performance - Q1 2025 revenue reached 21.177 billion yuan, reflecting an 18.77% increase compared to the same period last year [1] - The net profit attributable to shareholders was 2.471 billion yuan, representing a 56.40% year-on-year growth [1] - The gross profit margin for Q1 2025 was 26.84%, with the net profit margin improving to 11.89%, an increase of 2.7 percentage points year-on-year [3] Product Line Recovery - The domestic excavator market experienced a significant recovery, with a 38% year-on-year increase in sales volume, indicating strong demand [2] - Other segments, such as crawler cranes and truck-mounted cranes, also showed signs of recovery, with expectations for positive growth in Q1 2025 [2] - The company is well-positioned as a leader in the domestic excavator industry, benefiting from the overall recovery in the engineering machinery sector [2] International Business Growth - The company's international business is expected to continue its growth trajectory, with Q1 2025 overseas revenue growth anticipated to exceed the overall industry growth of 7.5% [2] - Emerging markets such as Africa, Latin America, and Asia-Pacific are expected to show faster growth rates [2] - The company has established a strong competitive advantage in international markets through early overseas expansion and a well-developed local production, research, and sales network [2] Cost Control and Efficiency - The company has successfully reduced research and management expenses, leading to improved profit margins [3] - The research expense ratio decreased by 2.26 percentage points, while management expenses fell by 0.74 percentage points, contributing to overall profitability [3] - Financial expenses also decreased by 2.62 percentage points, with positive foreign exchange impacts contributing to profit growth [3] Future Outlook - The company is expected to achieve net profits of 8.633 billion yuan and 11.008 billion yuan in 2025 and 2026, respectively, with corresponding price-to-earnings ratios of 19 times and 15 times [3] - The overall sales outlook for the year is optimistic, with potential upward revisions based on the recovery in the domestic market [3]

陶春燕 通讯员 吕颖 聊城报道 为精准破解装备制造产业链企业发展难题,4月29日下午,聊城市装备制造产业链"问需于企"暨"双月协 商"座谈会在阳谷县召开。会议聚焦阳谷县电线电缆和工程机械产业的转型升级与高质量发展,通过政企 互动、专家把脉、多方会诊的方式,把优质服务送上门,共谋发展良策,共商破题之方。 会议现场,政银校企多方联动,精准施策。日辉电缆、齐鲁电缆、恒昌电缆等十家企业负责人围绕企业转 型发展、招商引资、项目谋划推进等方面讲述了当下所遇到的切实困难,并对产业链发展、政策支持等 方面提出了意见建议。济南大学、聊城市技师学院、中国银行聊城分行、德州银行聊城分行、聊城金投 控股及市科技局、市工信局、市人社局、市行政审批局等高校、金融机构、要素保障部门等针对企业提 出的问题,逐一分析研判,现场给出解决方案,并对企业关注的产学研合作、技改项目、人才补贴政策、金 融服务等问题介绍了最新政策。 "问需于企"暨"双月协商"座谈活动旨在畅通政企沟通渠道、深化互动交流、精准纾困解难,搭建起政府 与企业常态化对接的高效服务平台。通过"面对面"问需、"实打实"解难,深入企业一线开展上门服务,了 解企业生产经营中的痛点、堵点、 ...