2025 年 04 月 21 日 徐工机械(000425.SZ) 拟注入重型车辆、增资徐工矿机，打造 矿山机械完整业务版图 事件一：徐工机械拟以 8.21 亿元收购南京徐工汽车制造有限公 司（简称"徐工南汽"）持有的徐州徐工重型车辆有限公司（简称 "重型车辆"）51%股权。交易完成后，重型车辆将成为公司控股 子公司，纳入合并报表范围；事件二：公司拟以 9.07 亿元收购徐 州徐工产业投资合伙企业持有的徐州徐工矿业机械有限公司（简 称"徐工矿机"）股权。交易完成后，公司由间接持股徐工矿机 100% 股权变为直接持有徐工矿机 100%股权，同时向徐工矿机增资 6.86 亿元。增资完成后，徐工矿机注册资本为 19 亿元。目前两大议案 均已被公司董事会审议通过。 补齐矿机业务版图，扩充相关设备产能。①重型车辆收购方面， 重型车辆成立于 2020 年，主营业务为非公路宽体自卸车（简称 "宽体车"）、洒水车等整车的研产销服，其中宽体车主要用于露 天矿料转运，系结合了公路重卡与工程机械技术系统设计而成， 属于中国特有的新兴产品，在成本、安全性、可靠性、售后服务 便捷及时性上具备综合优势。重型车辆此次收购并表，有利于公 司建 ...

2025 年 04 月 21 日 三一重工(600031.SH) 业绩弹性如期释放，挖机龙头再出发 事件：三一重工发布 2024 年年报，公司全年实现营业总收入 783.83 亿元，同比+5.9%，归母净利润 59.75 亿元，同比+31.98%； 单 Q4，公司实现营业总收入 200.23 亿元，同比+12.12%，归母净 利润 11.07 亿元，同比+141.15%。 β筑底复苏，挖机龙头再出发。根据工程机械工业协会，2024 年，挖机内销 10.05 万台，同比+11.74%；出口 10.06 万台，同比 -4.24%。周期复苏、挖机先行，公司作为行业龙头有望优先受益， 同时持续开拓国际化市场，收入表现企稳回升。 1）从产品结构上看：①挖掘机械：收入 303.74 亿元，同比+9.91%， 连续 14 年蝉联国内销量冠军；②混凝土机械：收入 143.68 亿元， 同比-6.18%，连续 14 年蝉联全球第一品牌；其中电动搅拌车连续 4 年国内市占率第一,收入首次超过燃油搅拌车。③起重机械：收 入 131.15 亿元，同比+0.89%，全球市占率大幅上升。④路面机械： 收入 30.01 亿元，同比+20. ...

投资建议：公司作为工程机械行业龙头企业，国际化、电动化等布局领先，产品、渠道、服务端优势明 显，拳头产品挖机地位稳固竞争力强，后续随国内行业需求筑底回升、行业更新周期逐渐来临，海外市 场继续保持结构化增长，公司收入端、业绩端表现有望加速上行。预计公司2025-2027 年分别实现归母 净利润85、103、118 亿元，对应pe 分别为19/16/14 倍，维持"推荐"评级。 风险提示：贸易摩擦加剧风险、汇率波动风险、海外市场需求不及预期风险、原材料价格波动等。 挖机龙头地位稳固，充分受益于土方机械的相对优势。报告期内，公司挖机市场份额持续提升。拆分收 入看，24 全年公司挖机、混凝土机械、起重机械、路面机械、桩工机械分别实现收入303.74、143.68、 131.15、30.01、20.76 亿元，分别同比+9.9%、-6.2%、+0.9%、+20.7%、-0.4%。挖机国内市场第14 年 蝉联国内销量冠军，混凝土机械连续 14 年蝉联全球第一品牌。公司挖机龙头地位稳固，有望充分受益 于本轮国内工程机械周期上行。 事件：公司发布2024 年年报，全年实现营收784 亿，同比+5.9%；归母净利润59.75 ...

当今全球正处于向低碳转型的重要历史时期，工程机械产业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。 2025二年、6月会中议国时·烟间台及地点 于经理三：、1会50议02联25系7680 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" 将于 2025年6月 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。 2025一新、能源会工议程名机称械大会 2025 New Energy Construction Machinery Conference（NECMC 2025） 王经理：18202553451 赵经理：15122933900 邮 箱：wnecmc@163.com 会议相四关、内会容议和说进程明，请关注"工程机械杂志"（chi ...

2024年，柳工营收净利双增。数据显示，柳工当期实现营收300.63亿元，同比增长9.24%；归母净利润为 13.27亿元，同比增长52.92%。 2024年，柳工海内外营收均实现不同程度增长，其中 海外业绩表现尤为突出 。 数据显示，2024年，柳工境内营收约为163.02亿元，同比增长1.53%；海外营收137.60亿元，同比增长 20.05%。柳工表示，当期公司国内销量增速整体跑赢行业，土方机械产品销量增速优于行业水平13个百分 点；海外销量增速跑赢行业22个百分点。 国内房地产市场持续调整背景下， 广西柳工机械股份有限公司（000528.SZ，以下简称"柳工"）正加速出 海 。 日前，柳工发布2024年年报。年报显示， 2024年度，柳工营收净利双增，海外营收增超20%。同时，该 公司应收账款规模已连续8年增长，2024年年末已超百亿 。 " 根据目前规划，公司到2027年国内外营收会各占50%左右。 "柳工方面近日接受《中国经营报》记者采 访时表示，公司自2002年前后就开始注重全球市场开拓，近年来海外业绩持续增长，对海外不同地区市场，公 司已制定和执行针对性的策略，以保障未来海外收入的稳健增长。 ...

长江商报消息 ●长江商报记者 黄聪 三一重工业绩迎来上涨，特别是国际业务持续大幅增长。 4月18日，三一重工（600031.SH）发布的年报显示，公司2024年实现营业收入783.83亿元，同比增长5.90%；净利 润59.75亿元，同比增长31.98%。 其中，三一重工2024年混凝土机械销售收入143.68亿元，14年蝉联全球第一品牌。 三一重工还介绍，公司2024年实现新能源产品收入40.25亿元，同比增长23%。 需要关注的是，三一重工业绩增长，得益于公司持续开拓海外市场。2024年，公司实现国际主营业务收入485.13 亿元，同比增长12.15%；国际主营业务收入占比63.98%，同比上升3.49个百分点。 受益于海外销售规模增大、产品结构改善，三一重工海外主营业务毛利率稳步提升。2024年，公司国际业务毛利 率29.72%，上升0.26个百分点。 2024年净利增31.98% 三一重工是装备制造业龙头企业，公司产品包括混凝土机械、挖掘机械、起重机械、桩工机械、路面机械。其 中，三一重工混凝土设备为全球第一品牌，挖掘机、大吨位起重机、旋挖钻机、路面成套设备等主导产品已成为 中国第一品牌。 4月18日 ...

Investment Rating - The investment rating for SANY Heavy Industry is "Buy" [7] Core Views - The company reported a 32% year-on-year increase in net profit attributable to shareholders for 2024, indicating improved profitability [1] - Total revenue for 2024 reached 78.4 billion, a 6% increase year-on-year, with operating cash flow net amounting to 14.8 billion, up 160% [1] - The company has a strong overseas revenue contribution, accounting for 64% of total revenue, with significant growth in various regions [4] Summary by Sections Financial Performance - In 2024, SANY Heavy Industry achieved total revenue of 78.4 billion, a 6% increase year-on-year, and a net profit of 5.98 billion, up 32% [1] - The operating cash flow for 2024 was 14.8 billion, reflecting a 160% increase [1] - The gross margin for 2024 was 26.4%, a decrease of 1.3 percentage points, while the net profit margin improved to 7.8%, an increase of 1.5 percentage points [1] Revenue Breakdown - Excavation machinery revenue grew by 10% year-on-year, reaching 30.4 billion, maintaining the top sales position in the domestic market for 14 consecutive years [2] - Concrete machinery revenue decreased by 6% to 14.4 billion, but it remains the global leader in the sector [2] - The company’s overseas revenue for 2024 was 48.5 billion, a 12% increase, with a gross margin of 30% [4] Market Outlook - The engineering machinery industry is showing signs of recovery, with domestic market acceleration expected to benefit leading companies like SANY [5] - The company’s excavator revenue constitutes 39% of total revenue, positioning it well to capitalize on the industry's upward cycle [6] - SANY Heavy Industry participated in the Bauma exhibition, receiving nearly 3 billion in intended orders on the first day [6] Earnings Forecast - Revenue projections for 2025-2027 are 90.2 billion, 108.2 billion, and 128.5 billion, representing year-on-year growth rates of 15%, 20%, and 19% respectively [7] - Net profit forecasts for the same period are 8.5 billion, 11 billion, and 13.7 billion, with growth rates of 42%, 30%, and 24% respectively [7] - The projected P/E ratios for 2025-2027 are 19, 15, and 12 [7]

Investment Rating - The investment rating for the company is "Buy" [3] Core Views - The company plans to acquire 51% of Xuzhou Xugong Heavy Vehicles for 820 million RMB, aiming to become a global leader in open-pit mining machinery [1] - The acquisition will enhance the company's competitive advantage in mining machinery by integrating a complete range of products, providing a one-stop service for global mining customers [1] - The company has been ranked among the top five global manufacturers of open-pit mining equipment for six consecutive years, achieving a revenue of 5.9 billion RMB in 2023 with a CAGR of 44% from 2019 to 2023 [2] - The company has secured significant international contracts, including a nearly 800 million RMB contract for core mining equipment for the Simfer project in Guinea [2] - The company expects revenue growth from 2024 to 2026, with projected revenues of 909 billion, 1,047 billion, and 1,279 billion RMB, respectively [3] Summary by Sections Acquisition Details - The company announced an acquisition of 51% of Xuzhou Xugong Heavy Vehicles for 820 million RMB, which will be consolidated into its financial statements [1][10] - The seller, Xugong Nanjing, is a wholly-owned subsidiary of Xugong Group, focusing on vehicle design, production, and sales [1] Performance Commitments - Xugong Nanjing has committed to a net profit of no less than 1.44 billion, 1.61 billion, and 1.81 billion RMB for the years 2025 to 2027, totaling at least 4.86 billion RMB [2][10] Market Position and Growth - The company ranked fourth among global open-pit mining equipment manufacturers in 2024, being the only Chinese company in the top five [2] - The mining machinery revenue accounted for 7.1% of total revenue in the first half of 2024, with a gross margin of 24% [2] Revenue and Profit Forecast - The company forecasts revenues of 909 billion, 1,047 billion, and 1,279 billion RMB for 2024, 2025, and 2026, respectively, with year-on-year growth rates of -2%, 15%, and 22% [3] - The projected net profit for the same years is 62 billion, 78 billion, and 97 billion RMB, with growth rates of 16%, 26%, and 25% [3]

Investment Rating - The report maintains a "Buy" rating for SANY Heavy Industry [4][7] Core Views - SANY Heavy Industry's 2024 performance exceeded expectations, with a revenue of 78.383 billion yuan, a year-on-year increase of 5.9%, and a net profit of 5.975 billion yuan, up 31.98% year-on-year [1][2][4] - The company is positioned as a leading player in the construction machinery industry, benefiting from both domestic recovery and strong international market performance [4] Financial Performance Summary - **Revenue**: In 2024, the company achieved a revenue of 78.383 billion yuan, with Q4 revenue reaching 20.023 billion yuan, a 12.0% increase year-on-year. International market revenue was particularly strong, contributing 48.513 billion yuan, a 12.15% increase, accounting for 63.98% of total revenue [1] - **Profit**: The net profit attributable to shareholders for 2024 was 5.975 billion yuan, reflecting a 31.98% increase year-on-year, with a net profit margin of 7.8%, up 1.54 percentage points [2] - **Gross Margin**: The overall gross margin improved to 26.63%, with significant improvements in excavators and cranes. The gross margin for excavators was 31.82%, up 0.96 percentage points, and for cranes, it was 27.23%, up 4.23 percentage points [2] - **Cash Flow**: The net operating cash flow reached a historical high of 14.814 billion yuan, a substantial increase of 159.53% year-on-year, surpassing the previous peak in 2020 [3] Cost Management Summary - **Expense Ratios**: The company effectively controlled its expense ratios, with a sales expense ratio of 6.97%, down 1.43 percentage points, and a research and development expense ratio of 6.86%, down 1.06 percentage points [3] - **Inventory and Receivables Management**: The company demonstrated excellent operational capability, with inventory turnover days reduced to 125 days, down 9.3 days year-on-year, and accounts receivable turnover days reduced to 115 days, down 5.9 days [3] Future Outlook - The report projects net profits for 2025, 2026, and 2027 to be 9.485 billion yuan, 13.651 billion yuan, and 18.497 billion yuan, respectively, with growth rates of 58.7%, 43.9%, and 35.5% [4] - The current stock price corresponds to a price-to-earnings ratio (P/E) of 17, 12, and 9 times for the years 2025, 2026, and 2027, indicating potential for further appreciation [4]

证券研究报告 | 年报点评报告 gszqdatemark 2025 04 20 年 月 日 三一重工（600031.SH） 2024 年业绩超预期，净经营性现金流达历史新高 公司发布 2024 年年度报告。 收入：公司 2024 年收入 783.83 亿元，同比增长 5.9%，单 Q4 收入 200.23 亿元，同比增长 12.0%。其中，国际市场表现突出，2024 年实现 海外主营业务收入 485.13 亿元，同比增长 12.15%，占主营业务收入比重 提升至 63.98%。分区域看，亚澳区域收入 205.7 亿元（同比+15.47%）， 非洲区域收入 53.5 亿元（同比+44.02%），增长尤为显著。分产品看，挖 掘机械收入 303.74 亿元，同比增长 9.91%，国内市场连续 14 年蝉联销量 冠军；起重机械收入 131.15 亿元，同比+0.89%；路面机械收入 30.01 亿 元，同比+20.75%，海外增速超 35%；混凝土机械收入 143.68 亿元（同 比-6.18%），桩工机械收入 20.76 亿元（同比-0.44%）。 利润：公司 2024 年归母净利润 59.75 亿元，同比增长 3 ...