Investment Rating - The report maintains a positive outlook on the engineering machinery sector, indicating stable growth in exports and suggesting continued investment opportunities in this area [2][3]. Core Insights - The engineering machinery sector saw a first-quarter export value of $12.92 billion, reflecting a year-on-year increase of 7.61% [2]. - In the photovoltaic sector, the prices of main materials have declined, but inverter exports in March reached $633 million, up 5.68% year-on-year, with strong demand from Europe and Asia [2]. - The humanoid robot industry is experiencing rapid development, highlighted by significant showcases at the Shanghai Auto Show, indicating a potential new growth phase for the sector [2]. Summary by Sections Engineering Machinery - The first quarter of 2025 saw stable growth in engineering machinery exports, with a total export value of $12.92 billion, a 7.61% increase year-on-year [2]. - Emerging markets such as Africa, Latin America, Southeast Asia, and the Middle East are experiencing faster growth compared to mature markets [2]. Photovoltaic Sector - The prices of photovoltaic materials have dropped significantly, while inverter exports in March totaled $633 million, marking a 5.68% increase year-on-year [2]. - European markets showed a recovery in demand, particularly in Germany, the UK, and Italy, contributing to the growth in inverter exports [2]. Humanoid Robots - The Shanghai Auto Show showcased advancements in humanoid robots, with significant improvements in functionality and design from domestic manufacturers [2]. - The report suggests focusing on high-value segments with strong technological barriers, such as components for humanoid robots [2].

据环球时报报道，中国商务部新闻发言人指出，中方坚决反对任何一方以牺牲中方利益为代价达成交易。如果出现这种 情况，中方绝不接受，将坚决对等地采取反制措施。中方有决心有能力维护自身权益。中方认为，各方在"对等关税"问 题上应站在公平正义的一边，应站在历史正确的一边，应捍卫国际经贸规则和多边贸易体制。面对单边主义和保护主义 冲击，谁都无法独善其身。国际贸易一旦回归弱肉强食的"丛林法则"，所有国家都会沦为受害者。 美国总统特朗普宣布对所有贸易伙伴征收10%的"基准关税"，该关税于美国东部时间4月5日凌晨0时01分生效。此外，特 朗普对与美国贸易逆差最大的国家和地区征收不同的、更高的"对等关税"，该关税于美国东部时间4月9日凌晨0时01分生 效。根据美国白宫在社交媒体上发布的税率表，新关税政策覆盖185个国家和地区。在主要贸易逆差国家和地区中，美国 对印度加征26%的关税。 苏杰生（资料图） "对等关税"将影响印度多个行业，特别是工程机械和电子产品等关键出口领域，包括珍珠、矿物燃料、机械、锅炉和电 气设备、汽车等在内的多个出口类别将会面临关税上调的冲击，这些产品占印度对美国出口额的近50%。有印度研究机 构估计，美实施 ...

Group 1 - Jiangsu's high-tech industry output accounted for 51.4% of the total industrial output in the first quarter, reflecting the effectiveness of the innovation-driven development strategy and industrial transformation [1] - The number of high-tech enterprises in Jiangsu exceeds 57,000, with 50 companies listed as unicorns, representing 13.3% of the national total [2] - Jiangsu has established 44 national key laboratories, the highest among provinces, enhancing the role of enterprises in innovation [3] Group 2 - In the first quarter, high-tech industries in provincial-level high-tech zones accounted for 65.4% of the total industrial output, an increase of 0.5 percentage points from the end of last year [4] - Schneider Electric's factory in Wuxi was recognized as Jiangsu's first "sustainable lighthouse factory," showcasing advancements in digitalization and green transformation [5] - A series of financial initiatives in Wuxi aim to support the new industrial cycle, with a focus on "specialized, refined, and new" enterprises [6] Group 3 - The "Science and Technology Innovation Index" evaluation system in Suzhou has facilitated loans of 5.76 billion yuan to 1,438 technology-based SMEs, marking a 30% year-on-year increase [7] - Financial institutions are encouraged to innovate financial products to support the rapid growth of technology enterprises, with a focus on high-tech and innovative companies [7]

内需跟踪及展望：从挖机到非挖 20250427 摘要 • 工程机械行业显现见底信号，向上修复趋势明确。设备租赁价格和混凝土 机械价格已触底，设备利用率逐步修复，供应商投资回报率见底回升，前 期高杠杆客户还款接近尾声，预示行业周期反转。 • 中国挖掘机保有量约 180 万台，临近淘汰设备占比约 15%。二手机出口 加速清理存量设备，提升老旧设备占比，增加更新换代需求。挖掘机终端 需求结构去地产化，小型和大型挖掘机销量占比超 80%，需求转向高标准 农田、水利和新农村建设。 • 2025 年 1-4 月挖掘机市场表现良好，销量增速保持增长，延续行业见底 修复态势。预计全年国内挖掘机销量有望实现至少 20%的增长，更高增速 取决于后续政策推进情况。 • 非挖掘设备市场中，混凝土机械一季度已转正，汽车起重机降幅收窄，预 计二季度末接近转正。后周期设备复苏通常比挖掘机晚半年到一年，关注 混凝土机械和起重机械转正后的变化，或将增加主机企业利润弹性。 • 国内工程机械板块业绩边际改善显著，收入和利润增速均提升，弹性修复 使其成为 2025 年表现突出的部分。出口贡献板块收入占比超 50%，利润 贡献接近 70%，新兴市场需 ...

2025 年 4 月 27 日 公司研究 2024 年业绩表现亮眼，海外市场拓展顺利，成长空间广阔 ——山推股份（000680.SZ）2024 年年报点评 资料来源：Wind，光大证券研究所预测，股价时间为 2025-04-25 要点 事件： 4 月 23 日山推股份发布 2024 年年报。2024 年公司实现营收 142.19 亿 元，同比+25.1%（调整后）；实现归母净利润 11.02 亿元，同比+40.7%（调整 后）；实现扣非归母净利润 9.87 亿元，同比+40.5%。2024 年销售毛利率为 20.1%， 同比+1.6pct。单季度来看，2024Q4 公司实现营收 43.82 亿元，同比+14.3%， 环比+31.7%；实现归母净利润 4.28 亿元，同比+52.5%，环比+67.4%；实现扣 非归母净利润 3.25 亿元，同比+36.7%，环比+28.9%。 点评：2024 年业绩实现高增长，产品毛利率均有提升。 2024 年，工程机械行业整体稳中有进，国内市场筑底企稳，行业出口额仍保持 高水平。公司业绩持续高增长主要受益于：1）海外市场拓展成效显著，重点拓 展非洲、欧洲、美洲、东南亚等区域海 ...

Core Viewpoint - Guangxi Liugong Machinery Co., Ltd. plans to increase its shareholding through its controlling shareholder, Guangxi Liugong Group Co., Ltd., with a total investment of 250 to 500 million RMB within six months, reflecting confidence in the company's future development and long-term value [2][6][10] Group 1: Shareholding Increase Plan - The controlling shareholder, Guangxi Liugong Group, holds 505,753,552 shares, accounting for 25.05% of the total share capital as of the announcement date [3][4] - The increase in shareholding will be executed through centralized bidding on the Shenzhen Stock Exchange without a specified price range [7][8] - The purpose of the shareholding increase is to maintain market stability and boost investor confidence while ensuring the state-owned controlling position [6][10] Group 2: Implementation Details - The planned increase will occur within six months from the announcement date, subject to legal and regulatory restrictions [8][10] - The funding for the share purchase will come from self-owned or self-raised funds [10] - The controlling shareholder commits to comply with relevant regulations and will not engage in insider trading or short-term trading during the implementation period [9][10]

Group 1: Strategic Planning and Governance - The new board and management will continue the established "14th Five-Year" strategy, focusing on stable governance and long-term development [3][4] - The company aims to deepen internal incentive systems and organizational changes to promote sustainable high-quality growth [3] Group 2: Incentive and Compensation Plans - The 2023 stock option incentive plan will proceed as originally planned, with preparations for future incentives already in place [4] - A new executive compensation scheme has been approved, designed to enhance market competitiveness and align management interests with long-term company value [4] Group 3: Internationalization Strategy - The "15th Five-Year" internationalization strategy emphasizes transitioning from comprehensive internationalization to globalization, focusing on localizing operations overseas [5] - The goal is to elevate the company from a high-end Chinese brand to a globally recognized high-value brand [5] Group 4: Research and Development Focus - The company maintains a leading position in R&D intensity and efficiency within the industry, with a focus on smart and electric products [6] - Future R&D will prioritize agricultural machinery, mining machinery, and key components, leveraging an advanced innovation design system [6] Group 5: Cost Reduction and Efficiency Improvement - The company employs a comprehensive approach to cost reduction, optimizing the entire value chain from R&D to manufacturing [6] - Future strategies include enhancing asset quality and reducing expense ratios, aiming for improved gross margins and net profit rates [6] Group 6: Electric Product Internationalization - The company is a pioneer in electric loader and excavator manufacturing, with higher profit margins for electric products overseas [7] - A dual model of "subsidiary + local agents" will be used to enhance global market coverage and customer support [7] Group 7: Competitive Response to Domestic Market Cycles - The company has made significant progress in R&D, manufacturing, and operational management since the mixed-ownership reform [8] - With a strong domestic market foundation, the company is well-positioned to capitalize on the upcoming market cycle [8]

Investment Rating - The report maintains a "Buy" rating for the company [5] Core Insights - The company reported Q1 2025 results that exceeded expectations, with a revenue of 9.149 billion yuan, a year-on-year increase of 15.24%, and a net profit of 657 million yuan, up 32.00% year-on-year. The net profit margin reached 7.03%, close to the previous cycle's high point [1][3] - The company has a strong market position in the loader segment and significantly outperformed the industry growth rate in the excavator business, with a sales growth rate exceeding the industry by 27 percentage points [2][3] - The company is actively expanding its overseas market presence, with notable growth in emerging markets and a diversified regional market structure [2][3] Summary by Sections Financial Performance - In Q1 2025, the company achieved a net profit margin of 7.03%, an increase of 0.54 percentage points year-on-year, nearing the previous cycle's high of 7.33% in Q2 2020 [1] - The company plans to increase its shareholding by 250 to 500 million yuan within six months, reflecting confidence in future growth [1] Market Position - The company maintained the largest domestic market share in loaders in 2024, with a significant increase in global sales of electric loaders by 194% [2] - The excavator business saw a sales growth rate that outpaced the industry by 27 percentage points, with export sales growth exceeding the industry by 15 percentage points [2] Future Projections - The company is expected to achieve net profits of 2.1 billion yuan, 2.8 billion yuan, and 3.7 billion yuan for 2025, 2026, and 2027 respectively, with corresponding P/E ratios of 9.7, 7.3, and 5.5 [3] - The report suggests that the company can command a higher profit reversal premium and overseas growth premium due to anticipated domestic market recovery and strong overseas performance [3]

Investment Rating - The investment rating for the company is "Buy" [5] Core Views - The company reported Q1 2025 results that exceeded expectations, with a revenue of 9.149 billion yuan, a year-on-year increase of 15.24%, and a net profit of 657 million yuan, up 32.00% year-on-year. The net profit margin reached 7.03%, close to the previous cycle's high point [1] - The company maintains a strong market position in the loader segment and has significantly outpaced industry growth in the excavator business, with a sales growth rate 27 percentage points higher than the industry average [2] - The company is actively expanding its overseas market presence, with notable growth in regions such as Africa, South Asia, and the Middle East, contributing to a diversified market structure [2] Financial Performance Summary - The company is expected to achieve net profits of 2.1 billion, 2.8 billion, and 3.7 billion yuan for the years 2025, 2026, and 2027, respectively, with corresponding P/E ratios of 9.7, 7.3, and 5.5 [3] - The projected revenue growth rates for the years 2025 to 2027 are 17.1%, 14.7%, and 12.2%, respectively, indicating a robust growth trajectory [10] - The company's return on equity (ROE) is expected to improve from 10.8% in 2025 to 14.7% in 2027, reflecting enhanced profitability [10]

证券代码：000528 证券简称：柳 工 公告编号：2025-36 债券代码：127084 债券简称:柳工转2 广西柳工机械股份有限公司 关于董事会换届选举的公告 本公司及董事会全体成员保证信息披露内容的真实、准确、完整，没有虚假记载、 误导性陈述或重大遗漏。 广西柳工机械股份有限公司(以下简称"公司")第九届董事会任期已满,根据《中 华人民共和国公司法》《深圳证券交易所上市公司规范运作指引》及《公司章程》等有关 规定,公司于 2025年 4 月 24 日召开了第九届董事会第二十九次会议,审议通过了《关 于公司董事会换届暨选举第十届董事会非独立董事的议案》和《关于公司董事会换届暨 选举第十届董事会独立董事的议案》。现将本次董事会换届选举的相关事项公告如下： 公司第十届董事会由11名董事组成，其中非独立董事7名，独立董事4名。经公司 股东单位及董事会推荐,第九届董事会提名委员会资格审查,提名郑津先生、黄海波 先生、文武先生、罗国兵先生、黄旭先生、苏子孟先生（外部董事）、吕仁志先生 （外部董事）为公司第十届董事会非独立董事候选人；提名李嘉明先生、陈雪萍女 士、邓腾江先生、黄志敏女士为公司第十届董事会独立董事候选人 ...