Investment Rating - The report assigns a "Buy" rating for the company, marking the first coverage [2][8]. Core Insights - The company reported a revenue of 14.219 billion yuan for 2024, representing a year-on-year increase of 25.12%. The net profit attributable to shareholders reached 1.102 billion yuan, up 40.72% year-on-year [5][6]. - The company's gross margin improved by 0.39 percentage points to 20.28%, with domestic and international segments showing increases in gross margin [6]. - The company is a leading player in the domestic bulldozer industry and has completed the integration of Shandong Heavy Industry's construction machinery, which is expected to enhance market share [6][7]. - The company has made significant advancements in new energy technologies and product development, launching several high-end products and achieving breakthroughs in key technologies [7]. - The overseas market expansion has strengthened the company's risk resilience, with overseas export revenue accounting for 57.41% of main business income in 2024 [7]. Financial Summary - The company forecasts revenues of 15.876 billion yuan, 17.559 billion yuan, and 19.252 billion yuan for 2025, 2026, and 2027, respectively, with year-on-year growth rates of 11.65%, 10.60%, and 9.64% [8][11]. - The projected net profit attributable to shareholders for the same period is 1.315 billion yuan, 1.554 billion yuan, and 1.814 billion yuan, with growth rates of 19.28%, 18.16%, and 16.76% [8][11]. - The company's price-to-earnings (P/E) ratio is expected to decrease from 12.77 in 2024 to 7.76 by 2027, indicating an attractive valuation [8][11].

盈利预测与投资评级:我们基本维持公司2025 年归母净利润预测为13.86亿元(原值为13.86 亿元),上调 2026 年归母净利润预测至15.96 亿元(原值为15.37 亿元),新增2027 年归母净利润预测为18.48 亿元,当前 市值对应PE 分别为10/9/8 倍,维持"买入"评级。 风险提示:国内行业需求不及预期,政策不及预期,出海不及预期 事件:2025 年4 月22 日,公司发布2024 年业绩报告,超市场预期。 归母净利润同比+41%超市场预期,国内外均有望保持快速增长2024 年公司实现营业收入142.2 亿元,同比 +25.1%,实现归母净利润11.0亿元,同比+40.7%,超市场预期。单Q4 来看,公司实现营业收入43.8 亿元,同比 +14.3%,归母净利润4.3 亿元,同比+52.5%。分区域来看,2024 年公司实现国内收入55.0 亿元,同比+29.4%, 表现大幅优于行业。公司是国内推土机龙头,市占率超过60%,推土机业务随着国内工程机械周期向上开 始筑底回升;此外公司新产品如挖掘机、装载机等产品"黄金内核"优势突出,市占率稳步提升。2024 年公 司海外收入74.1 亿元 ...

Investment Rating - The investment rating for the company is "Buy" and is maintained [9]. Core Views - The company reported a revenue of 78.383 billion yuan for 2024, representing a year-on-year increase of 5.90%, and a net profit attributable to shareholders of 5.975 billion yuan, up 31.98% year-on-year [2][6]. - The domestic excavator business is expected to benefit from industry recovery, while the performance of late-cycle products may still face some drag. The company's international main business revenue is projected to grow by 12.15% year-on-year, with international revenue accounting for 63.98% of total revenue, an increase of 3.49 percentage points [2][12]. - The company's gross margin has steadily improved, and net cash flow from operating activities has surged by nearly 160%, indicating enhanced operational quality [2][12]. Summary by Sections Financial Performance - In Q4 2024, the company achieved a revenue of 20.023 billion yuan, a year-on-year increase of 12.12%, and a net profit of 1.107 billion yuan, up 141.15% year-on-year [6]. - The company’s gross margin for its main business reached 26.63% in 2024, reflecting a year-on-year increase of 0.47 percentage points due to product mix optimization and a higher proportion of high-margin international revenue [12]. Market Position and Strategy - The company is a leading player in the domestic engineering machinery sector, with a robust global strategy that continues to deepen. The expectation for 2025 is that domestic industry sales will be revised upward, and the company is well-positioned to benefit from this trend [12]. - The company has established a comprehensive overseas market channel system with over 400 subsidiaries and joint ventures, enhancing its international competitiveness [12]. Future Outlook - The company is projected to achieve net profits of 8.633 billion yuan and 10.995 billion yuan in 2025 and 2026, respectively, with corresponding price-to-earnings ratios of 19 times and 15 times [12].

Investment Rating - The report maintains a "Buy" rating for the company [4] Core Views - The company reported a 2024 performance that exceeded market expectations, with a 40.7% year-on-year increase in net profit attributable to shareholders, driven by strong domestic and international growth [2] - The company achieved a total revenue of 14.22 billion yuan in 2024, representing a year-on-year growth of 25.1% [2] - The company is a leading player in the domestic bulldozer market, holding over 60% market share, and is expected to benefit from the recovery of the domestic construction machinery cycle [2] - The company has successfully enhanced its overseas brand presence, achieving 7.41 billion yuan in overseas revenue, a year-on-year increase of 26.1% [2] - The company’s gross profit margin improved to 20.1% in 2024, up 1.6 percentage points year-on-year, with significant cost control measures contributing to this improvement [3] - The company announced a share buyback plan of 150 to 300 million yuan to boost internal vitality and investor confidence [4] Financial Summary - The company forecasts a net profit of 1.39 billion yuan for 2025 and 1.60 billion yuan for 2026, with a new forecast of 1.85 billion yuan for 2027 [4] - The earnings per share (EPS) is projected to be 0.73 yuan for 2025, 0.92 yuan for 2026, and 1.06 yuan for 2027 [4] - The price-to-earnings (P/E) ratio is expected to be 10, 9, and 8 times for 2025, 2026, and 2027 respectively [4]

一季度工程机械出口继续增长 对等关税政策或影响有限 金十数据4月23日讯，2025年一季度，国内工程机械出口额同比增长7.61%至129.20亿美元。2023年和 2024年，国内工程机械出口额分别为485.52亿美元和528.59亿美元，同比增长9.57%和8.87%。工程机械 巨头三一重工和中联重科的海外营收占比持续扩大。2024年，这两家企业的海外营收占比分别为 63.98%和51.41%。"不光是行业巨头，去年我们的海外营收占比也过半了。"一名国内工程机械企业管 理人员对记者说。 （财新） ...

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山推股份（000680）公告，2024年营业收入为142.19亿元，同比增长25.12%。归属于上市公司股东的净 利润为11.02亿元，同比增长40.72%。公司经本次董事会审议通过的利润分配预案为：以15亿为基数， 向全体股东每10股派发现金红利0.6元(含税)，送红股0股(含税)，不以公积金转增股本。 ...

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拓山重工（001226）公告，2024年营业收入6.01亿元，同比增长22.54%。归属于上市公司股东的净利润 2025.65万元，同比增长261.83%。公司拟向全体股东每10股派发现金红利4元(含税)，送红股0股(含 税)，不以公积金转增股本。 ...