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 ...

2025新能源工程机械大会 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 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 ...

Core Insights - The company reported a revenue of 78.383 billion yuan for 2024, representing a year-on-year increase of 6.22% [1] - The net profit attributable to shareholders reached 5.975 billion yuan, up 31.98% year-on-year [1] - The net profit excluding non-recurring items was 5.334 billion yuan, reflecting a year-on-year growth of 21.55% [1] Revenue Breakdown - Revenue growth was driven by excavators and road machinery, with international revenue exceeding 60% of total revenue [2] - By product, revenue from concrete machinery, excavators, cranes, pile machinery, road machinery, and others was 14.368 billion, 30.374 billion, 13.115 billion, 2.076 billion, 3.001 billion, and 12.897 billion yuan respectively, with year-on-year growth rates of -6.18%, 9.91%, 0.89%, -0.44%, 20.75%, and 17.23% [2] - Domestic revenue was 27.318 billion yuan, down 3.35% year-on-year, while international revenue was 48.513 billion yuan, up 12.15% year-on-year [2] Profitability and Cost Management - The gross margin improved to 26.63%, an increase of 0.47 percentage points year-on-year, with domestic gross margin at 21.12% and international gross margin at 29.72% [2] - The total expense ratio increased by 0.14 percentage points to 17.92%, with sales expense ratio rising by 0.08 percentage points to 6.97%, management expense ratio increasing by 0.24 percentage points to 3.82%, R&D expense ratio decreasing by 1.06 percentage points to 6.86%, and financial expense ratio increasing by 0.88 percentage points to 0.26% [2] Strategic Initiatives - The company achieved positive results from its "globalization, digitalization, and low-carbon" strategy, with international market growth leading to overseas main business revenue of 48.513 billion yuan, up 12.15% [3] - The second phase of the Indonesian lighthouse factory was completed, enhancing smart manufacturing capabilities through digital twin and process simulation systems [3] - Revenue from new energy products reached 4.025 billion yuan in 2024, indicating a leading market position [3] Cash Flow and Quality - Operating cash flow significantly improved, with net cash flow from operating activities at 14.814 billion yuan, a year-on-year increase of 159.53%, reflecting high-quality development and strong risk control [3] Earnings Forecast and Valuation - Revenue projections for 2025-2027 are 89.159 billion, 101.175 billion, and 113.566 billion yuan, with year-on-year growth rates of 13.75%, 13.48%, and 12.25% respectively [4] - Net profit attributable to shareholders is forecasted to be 8.579 billion, 10.645 billion, and 13.037 billion yuan for the same period, with growth rates of 43.57%, 24.08%, and 22.47% respectively [4] - The corresponding PE valuations for 2025-2027 are 18.86, 15.20, and 12.41, maintaining a "buy" rating [4]

Core Insights - The company reported a slight revenue decline of 1.53% to 7.119 billion yuan, while net profit surged by 46.03% to 72.996 million yuan, indicating a complex market environment and challenges faced during operations [1] Revenue and Business Structure - The engineering machinery segment, the core business, generated revenue of 5.792 billion yuan, down 4.73%, accounting for 81.37% of total revenue, reflecting the overall downturn in the domestic engineering machinery industry [2] - The aviation segment performed well, achieving revenue of 1.014 billion yuan, up 11.18%, representing 14.24% of total revenue, driven by the recovery in global aviation market asset values [2] - Revenue from engineering construction and other businesses was 313 million yuan, up 31.50%, making up 4.39% of total revenue, likely due to market expansion or project advancements [2] Regional Performance - Domestic market revenue was 2.706 billion yuan, down 13.34%, highlighting intense competition and industry pressure [3] - International market revenue reached 4.413 billion yuan, up 7.45%, accounting for approximately 61.98% of total revenue, supported by the establishment of subsidiaries in Australia, Dubai, and Brazil [3] - Sales in the Asia-Pacific and African markets increased significantly, with growth rates of 159% and 97% respectively, while overseas revenue from high-end and piling products rose by 42% and 20% [3] Net Profit and Non-Recurring Gains - The significant net profit growth of 46.03% was largely attributed to non-recurring gains, with a net profit of -118 million yuan after excluding these items, showing improvement from -126 million yuan year-on-year [4] - Non-recurring gains totaled 191 million yuan, primarily from the disposal of non-current assets and government subsidies, indicating strong policy support for the company [4] Expenses and R&D Investment - Total sales expenses increased to 601 million yuan, up 8.80%, while management expenses rose by 10.96% to 616 million yuan, and financial expenses grew by 9.41% to 385 million yuan, reflecting pressures in market expansion and internal management [5] - R&D expenses decreased to 250 million yuan, down 10.75%, but the company maintained a strong focus on innovation with nearly 900 dedicated R&D personnel [6] Cash Flow Analysis - Operating cash flow turned positive at 642 million yuan, a significant improvement from -520 million yuan, primarily due to effective inventory procurement control [8] - Investment cash flow net outflow increased to -422 million yuan, indicating heightened investment in the aviation sector, which may pressure liquidity in the short term [9] - Financing cash flow net outflow was -371 million yuan, down 161.01%, as the company repaid bank loans, reflecting efforts to optimize debt structure [10] Industry Risks and Opportunities - The engineering machinery industry faces risks from cyclical fluctuations and intense competition, with potential impacts from macroeconomic policies and fixed asset investment trends [11] - Technological upgrades are crucial for the company to navigate challenges, with a need for accelerated innovation in response to growing demand for new energy and smart equipment [12]

Core Viewpoint - The event in Liuzhou emphasizes the integration of AI in manufacturing and the importance of talent development to drive industrial transformation and innovation [3][4]. Group 1: Event Overview - The "Liuzhou Enterprise Day" and "Liuzhou Craftsman Day" were officially launched on April 26, 2025, alongside the seventh "Dragon City Talent Week" [1][4]. - The theme of the event is "AI Empowering Intelligent Manufacturing, Gathering Talents to Create the Future" [3]. Group 2: Government and Corporate Initiatives - Liuzhou's mayor, Zhang Zhuang, encouraged the promotion of entrepreneurial and craftsmanship spirit among talents, focusing on AI development and industrial advancement [3]. - Guangxi Liugong Group, a leader in the engineering machinery industry, prioritizes technological innovation and has integrated AI into its corporate strategy through a "Three Intelligence Integration" development path [3]. Group 3: Talent Development and Support - The Liuzhou Federation of Trade Unions is enhancing the overall quality of industrial workers and creating platforms for skill development [3]. - The event introduced a list of talent facilitation services and AI application scenario development to support the integration of AI across various industries [3]. Group 4: Achievements and Future Goals - Liuzhou has made significant progress in cultivating technical talents and integrating various development chains since 2022, establishing itself as a hub for advanced manufacturing talent [4].

Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook for future performance [1][9]. Core Views - In Q1 2025, the company's net profit attributable to shareholders increased by 32% year-on-year, driven by strong performance in domestic and international markets, particularly in earthmoving and non-earthmoving machinery [2]. - The company's gross profit margin for Q1 2025 was 22.0%, a slight decrease of 0.8 percentage points year-on-year, while the net profit margin improved by 0.5 percentage points, reflecting ongoing enhancements in profitability [3]. - The completion of the mixed-ownership reform in 2022 has significantly boosted the company's growth potential, with share buybacks and increased holdings by major shareholders demonstrating confidence in long-term development [4]. Financial Performance Summary - For 2023A, total revenue is projected at 27,519 million yuan, with a year-on-year growth of 3.93%. By 2025E, revenue is expected to reach 35,012 million yuan, reflecting a growth rate of 16.46% [1]. - The net profit attributable to shareholders is forecasted to be 867.81 million yuan in 2023A, increasing to 2,071.69 million yuan by 2025E, representing a growth of 56.11% [1]. - The latest diluted EPS is expected to rise from 0.43 yuan in 2023A to 1.03 yuan in 2025E, indicating a strong upward trend in earnings per share [1].

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - In Q1 2025, the company's net profit attributable to shareholders increased by 32% year-on-year, with total revenue reaching 9.15 billion yuan, a 15.2% increase compared to the previous year [2] - The company is positioned to benefit from an upward cycle in domestic earthmoving machinery, with an expected revenue share of approximately 50% from this segment in 2024 [2] - The company's profitability continues to improve, with a net profit margin of 7.0%, up 0.5 percentage points year-on-year, despite a slight decline in gross margin due to accounting adjustments [3] - The mixed-ownership reform has enhanced the company's growth potential, and share buybacks reflect long-term confidence in its development [4] Financial Performance Summary - The company achieved total revenue of 27.519 billion yuan in 2023, with projected revenues of 30.063 billion yuan in 2024 and 35.012 billion yuan in 2025, reflecting a year-on-year growth rate of 9.24% and 16.46% respectively [1][10] - The net profit attributable to shareholders is forecasted to grow from 1.328 billion yuan in 2024 to 2.072 billion yuan in 2025, indicating a growth rate of 56.11% [1][10] - The latest diluted EPS is expected to rise from 0.66 yuan in 2024 to 1.03 yuan in 2025, with a corresponding P/E ratio decreasing from 16.56 to 10.60 [1][10]

Core Viewpoint - Boreton Technology Co., Ltd. is planning to issue 13 million H-shares globally, with a proposed price of HKD 18.0 per share, aiming to raise approximately HKD 234 million, and is set to list on the Hong Kong Stock Exchange on May 7, 2025 [3][4]. Company Overview - Boreton was established in November 2016, originally known as Shanghai Boxi Intelligent Technology Co., Ltd. The company focuses on clean energy solutions, specifically designing and commercializing engineering machinery powered by new energy [3][4]. - The company has entered into cornerstone investment agreements with Hong Kong Xinwei Electronics Co., Ltd. and Changfeng Growth Fund, raising about HKD 63.11 million from these investors [3]. Market Position - According to Zhaoshang Consulting, Boreton ranks third and seventh among all new energy wide-body dump truck and loader manufacturers in China by shipment volume, with market shares of 18.3% and 3.8% respectively in 2024 [4]. - From 2022 to 2024, Boreton's shipment volume of electric wide-body dump trucks increased from 59 units to 307 units, representing a compound annual growth rate (CAGR) of 128.1%. The shipment volume of electric loaders grew from 326 units to 450 units, with a CAGR of 17.5% [4]. Financial Performance - Boreton's revenue for the years 2022, 2023, and 2024 was approximately RMB 360 million, RMB 464 million, and RMB 635 million respectively. The net losses for the same years were approximately RMB 178 million, RMB 229 million, and RMB 275 million [4][5]. - The adjusted net losses, according to non-International Financial Reporting Standards, were RMB 143 million, RMB 190 million, and RMB 218 million for 2022, 2023, and 2024 respectively [5].