利润持续高增长、业务结构显著优化 公司年报数据显示，2024全年实现营业收入916.60亿元，基本保持稳定，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。 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%， 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%。 近日，徐工机械（000425）(000425.SZ)披露了2024年报，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%。同 时，除了维持现金分红约21.27亿元外(拟现金分红0.18元/股)，公司还将持续开展股份回购，其中回购用 于股权激励或员工持股计划的回购金额不低于18亿元，回购用于注销的回购金额不低于3亿元。 从研发投入看，2024年投入近56亿元(接近归母净利润)，同比增长11.10%，研发投入占营业收入 6.1 ...

Group 1 - The company will hold an earnings presentation for the fiscal year 2024 and the first quarter of 2025 on May 8, 2025, from 15:00 to 17:00 [2][6] - The presentation will be conducted via the Shanghai Stock Exchange Roadshow Center, featuring video recording and online interaction [3][6] - Investors can submit questions for the presentation from April 28 to May 7, 2025, through the Roadshow Center website or via the company's email [5][6] Group 2 - Key executives participating in the presentation include Chairman Xiang Wenbo, Vice Chairman and President Yu Hongfu, Senior Vice President and CFO Liu Hua, and Board Secretary Qin Zhiyu [4] - After the presentation, investors can access the main content and details of the event through the Shanghai Stock Exchange Roadshow Center [7]

Group 1 - The celebration of the 100th anniversary of the All-China Federation of Trade Unions took place on April 28, highlighting the recognition of labor models and advanced workers across various sectors in Guangxi [1] - A total of 58 individuals from Guangxi were honored, including 39 national labor models and 19 advanced workers, showcasing a diverse representation from government, enterprises, and various professional fields [1] - The selection process for the awards emphasized transparency, fairness, and public participation, reflecting the importance of recognizing contributions to economic and social development in Guangxi over the past five years [1] Group 2 - The list of national labor models includes professionals from different industries, such as engineering, healthcare, and agriculture, indicating a broad spectrum of expertise and contributions [2][3][4] - Notable awardees include managers and engineers from prominent companies like Guangxi Nannan Aluminum Processing Co., Ltd. and SAIC-GM Wuling Automobile Co., Ltd., highlighting the role of industry leaders in driving innovation and productivity [2][3] - The recognition of advanced workers also features individuals from various sectors, including education, law enforcement, and healthcare, emphasizing the critical roles these professionals play in their communities [4][5]

盈利预测、估值与评级：公司大马力推土机产品优势明显，海外营收表现突出，公司利润率稳步提升。 我们维持25-26 年归母净利润预测，新增27 年归母净利润预测，预计公司25-27 年归母净利润分别为 12.2/14.6/17.5 亿元。随着海外市场的持续开拓，我们认为公司作为大马力推土机龙头，主机业务未来 可期，成长空间广阔，维持"买入"评级。 风险提示：国际局势不稳定风险；海外市场拓展不及预期；汇率风险；原材料价格波动的风险，关税不 确定性风险。 分产品来看，2024 年公司工程机械主机产品收入97.63 亿元，同比增长26.6%，毛利率为23.1%，同比 +0.6pct；工程机械配件及其他收入31.45 亿元，同比增长30.2%，毛利率为11.5%，同比略有提升。公司 2024 年主机产品的量利齐增是核心亮点，随着高端产品线不断丰富，主机业务未来可期。 分地区来看，2024 年国外片区收入74.11 亿元，同比增长26.1%，占总收入的57.4%，毛利率为27.4%， 同比+0.5pct；国内片区收入54.97 亿元，同比增长29.4%，毛利率为10.8%，同比+0.5pct。 事件：4 月23 日山推股份 ...

风险提示：国内需求风险、海外市场风险、汇率波动风险。 公司发布2025 年第一季度报告。2025 年Q1 公司实现营业收入91.49 亿元，同比增加15.24%；归母净利 润6.57 亿元，同比增长32.00%；扣非归母净利润6.12 亿元，同比增长34.09%。2025 年Q1 公司净利率 7.03%，同比在高基数的背景下仍然提升0.54pct，接近上一轮周期高点2020Q2 的7.33%。从公司营运能 力看，2025Q1 存货周转天数是120 天，同比下降7 天。公司国企改革提升效率和净利率的逻辑持续验 证。此外，公司控股股东增持公司股份，计划6 个月内增持2.5~5.0 亿元，并且本次增持计划不设价格 区间，彰显公司对未来的发展信心。 公司装载机市场地位稳固，挖掘机业务增速大超行业增速。2024 年公司装载机业务国内市场份额稳居 第一，海外新兴市场增量显著，国际整机毛利率提升1.4 个百分点；电动装载机全球销量同比增幅 194%，市场占有率保持行业领先地位。公司2024 年挖掘机业务销量增速优于行业27 个百分点，出口销 量增速优于行业15 个百分点，海内外市场份额再创新高；整体盈利水平稳步提高，利润同 ...

Core Viewpoint - The mechanical industry experienced significant fluctuations in April due to factors such as reciprocal tariffs, with traditional engineering machinery and high-speed rail equipment performing well [1][3]. Investment Highlights - In April, the CITIC mechanical sector declined by 6.33%, underperforming the CSI 300 index, which fell by 2.58%, resulting in a 3.75 percentage point lag, ranking 28th among 30 CITIC primary industries [2]. - Only two sub-industries, semiconductor equipment and engineering machinery, recorded positive returns, with respective increases of 2.68% and 0.23%, while sectors like aerial work vehicles and service robots saw significant declines [2]. Industry Insights and Recommendations - The market's significant fluctuations in April were influenced by reciprocal tariffs, leading to a notable pullback in technology growth sectors, while engineering machinery, mining metallurgy machinery, oil and gas equipment, and high-speed rail equipment showed strong performance [3]. - The company recommends focusing on traditional engineering machinery with stable earnings and high dividend yields, specifically highlighting SANY Heavy Industry and XCMG, as well as high-speed rail equipment leaders like Siveco [3]. - The report also suggests attention to the wind and photovoltaic industries due to the 136 document's impact, recommending wind turbine bearing leader Xinqianglian [3].

Company Performance - Several companies reported significant profit increases in Q1 2025, with Luntou Co. and Aotuo Electronics showing net profit growth of 3542.85% and 2139.84% year-on-year respectively [2] - WuXi AppTec reported a net profit of 3.672 billion yuan, marking an increase of 89.06% year-on-year [14] - China International Capital Corporation (CICC) reported a net profit of 2.042 billion yuan, up 64.85% year-on-year [14] - Xingqi Eye Medicine reported a net profit of 146 million yuan, reflecting a year-on-year increase of 319.86% [14] Industry Trends - The semiconductor, gold, and engineering machinery sectors have shown strong performance, contributing to the positive earnings reports from various companies [2] - The rapid growth in new energy vehicle sales is expected to benefit the charging infrastructure sector, with policies being developed for high-power charging facilities [10] - The internet giants' active engagement in AI applications is anticipated to accelerate industry development, with a focus on product upgrades and commercial breakthroughs by 2025 [9]

Regulatory Developments - The China Securities Association is seeking opinions on guidelines aimed at preventing securities practitioners from engaging in illegal trading activities, including insider trading and market manipulation [1] - The guidelines are intended to strengthen the management of industry personnel and promote a culture of compliance within the financial sector [1] Macro News - The Chinese Foreign Ministry confirmed that there have been no recent communications between the leaders of China and the United States, contradicting claims made by former President Trump [2] Industry Dynamics - The Ministry of Industry and Information Technology released key points for automotive standardization work for 2025, focusing on advanced technology standards and new areas such as artificial intelligence and solid-state batteries [3] - The National Medical Products Administration issued quality management regulations for online sales of medical devices, effective from October 1, 2025, to enhance industry accountability [5] Company News - Zhengzhou Coal Machine Company plans to change its name to "Zhongchuang Zhiling (Zhengzhou) Industrial Technology Group Co., Ltd." to better reflect its strategic direction [6] - Seres plans to go public in Hong Kong with a projected revenue of 145.1 billion yuan for 2024, a year-on-year increase of 305.5%, and aims to become a leading luxury electric vehicle brand [6] - Unigroup plans to issue H-shares and list on the Hong Kong Stock Exchange, considering the interests of existing shareholders [6] - Saitex New Materials announced that its chairman will voluntarily forgo salary, and several executives will reduce their salaries by 20% for the remainder of 2025 [7] - Jiayuan Technology's chairman is under investigation, and the company has arranged for the vice chairman to assume responsibilities during this period [7] - Lifan Technology is under investigation by the China Securities Regulatory Commission for suspected information disclosure violations [8] - Baidu's stock will be suspended for one day and will be renamed "*ST Baidu" due to negative net profit for 2024 [9] - Nanchuan Co. will also change its stock name to "ST Nanchuan" following a negative audit report [10] - Weitai will change its stock name to "*ST Weitai" and suspend trading for one day due to risk warnings [11] - ST Xinchao expects to miss the deadline for its annual report, which may lead to trading suspension [12] - XCMG plans to repurchase shares worth between 300 million and 600 million yuan [14] - SF Holding intends to repurchase shares worth between 500 million and 1 billion yuan [15] - Midea Group received a commitment from China Bank for a stock repurchase loan of up to 1 billion yuan [15] - Yitu Co. plans to repurchase up to 10% of its H-shares [16] - Beiqi Blue Valley reported a net loss of 953 million yuan in Q1 2025, despite a 150.75% increase in revenue [17] - Zhonggang Luoyang reported a 117% increase in net profit in Q1 2025, driven by revenue growth [18] - Yanghe Distillery's Q1 2025 net profit decreased by 39.93% due to market conditions [19] - CICC reported a 65% increase in net profit in Q1 2025, attributed to increased investment income [20] - WuXi AppTec's Q1 2025 net profit increased by 89.06% [21] - Lao Fengxiang's Q1 2025 net profit decreased by 24% due to declining sales [22]

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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 2025） 02 会议时间及地点 2025年6月17—19日 烟台金沙滩喜来登酒店 地址：山东省烟台市经济技术开发区海滨路88号 电话：0535-6119999 03 会议内容 国家有关主管部门和组织，全球工程机械领域 ...