徐工机械（000425）公告，公司拟以8.21亿元收购南京徐工汽车制造有限公司持有的徐州徐工重型车辆 有限公司51%股权。交易完成后，重型车辆将成为徐工机械的控股子公司。本次交易有助于公司建立矿 山机械的成套化、系列化产品竞争优势，支撑矿山机械板块规模增长，助力公司实现全球露天矿山机械 装备行业前三战略目标。交易对方徐工南汽承诺，标的公司在业绩承诺期内截至任一会计年度期末累计 实现的净利润未达到约定的承诺净利润，则徐工南汽应对业绩承诺期内对应会计年度期末累计承诺的净 利润与累计实现的净利润之间的差额按照约定进行现金补偿，公司控股股东徐州工程机械集团有限公司 对徐工南汽在本协议项下的业绩承诺补偿义务向公司承担连带保证责任。 ...

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected relative increase of over 15% compared to the CSI 300 index within the next six months [32]. Core Views - The company achieved a total operating revenue of 783.83 billion yuan in 2024, representing a year-on-year growth of 5.9%, and a net profit attributable to shareholders of 59.75 billion yuan, up 31.98% year-on-year [7][8]. - The company's strategic focus on "globalization, digitalization, and low-carbonization" has yielded significant results, with international business revenue reaching 485.13 billion yuan, a 12.15% increase, and accounting for 63.98% of total revenue [10][15]. - The report highlights a recovery in the excavator sales, with a 22.8% year-on-year increase in the first quarter of 2025, indicating a new cycle of equipment updates in the construction machinery industry [14]. Summary by Sections Financial Performance - In 2024, the company reported a gross profit margin of 26.43%, a slight decrease of 1.28 percentage points year-on-year, while the net profit margin improved to 7.83%, an increase of 1.54 percentage points [13]. - The operating cash flow for 2024 was 148.14 billion yuan, showing a substantial increase of 159.53% compared to the previous year [8]. Business Segments - Excavation machinery sales reached 303.74 billion yuan, up 9.91% year-on-year, maintaining the top position in the domestic market for 14 consecutive years [11]. - Concrete machinery sales were 143.68 billion yuan, down 6.18%, but the company remains the global leader in this segment [11]. - The road machinery segment saw sales of 30.01 billion yuan, with a growth of 20.75%, particularly strong in overseas markets [11]. Strategic Initiatives - The company has established a robust international market presence with over 400 overseas subsidiaries and partnerships, achieving significant revenue growth in various regions [15]. - The focus on low-carbon products has led to a 23% increase in revenue from new energy products, totaling 40.25 billion yuan in 2024 [10]. Future Outlook - Revenue projections for 2025 to 2027 are estimated at 908.25 billion yuan, 1,046.16 billion yuan, and 1,196.23 billion yuan, respectively, with corresponding net profits expected to be 81.97 billion yuan, 100.77 billion yuan, and 120.71 billion yuan [16].

重工2024年 年度业绩 SANY HEAVY INDUSTRY'S 2024 ANNUAL PERFORMANCE 国 营业收入 OPERATING REVENUE 2024年度778 花元 ナ6.22% 盟 | 挖掘机械 304亿元 ↑9.91% 器|混凝土机械 144亿元 ↓6.18% 粤国|起重机械 131亿元 ↑0.89% 偿】 | 桩工机械 21亿元 ↓0.44% 题 | 其他产品 器 路面机械 30亿元 ↑20.75% 129亿元 ↑17.23% | 2024年各产品营业收入分布 其他产品 混凝土机械 路面机械 199 桩工机械 17% 起重机械 40% 挖掘机械 | 2020年-2024年营业收入情况 (单位:亿元) 31.29% 6.82% 6.22% -8.51% -24.58% 1,061 993 800 778 732 2020年 2021年 2022年 2023年 2024年 营业收入 ■ 营业收入增速 l 27 申利润 NET PROFIT | 归母净利润(率)年度情况 (单位:亿元) 15.5% 11.2% 7.7% 154 6.2% 5.4% 120 60 45 43 2020 ...

业绩简评 公司2025 年4 月17 日发布24 年年报，24 年公司实现总营业收入783.83 亿元，yoy+5.9%；实现归母净利 润59.75 亿元，yoy+31.98%；单Q4 实现收入200.13 亿元，yoy+12.12%、归母净利11.07 亿元， yoy+141.15%，超出我们预期。 经营分析 内外共振，收入持续保持增长。根据公告，24Q1-Q4 公司实现收入分别为178.3/212.3/193.0/200.2 亿 元，同比-0.95%/-3.16%/+18.87%/+12.12%。国内工程机械复苏趋势明确，25Q1 挖机继续保持增长，随 着海外持续复苏，内外共振之下，公司收入端有望保持增长。 国际化驱动业绩增长，海外收入市场多点开花。公司实现国际业务收入485.13 亿元，同比增长 12.15%，占总收入比重达到61.89%，同比提升3.03pcts。分地区来看，亚澳、欧洲、美洲、非洲区域分 别实现主营业务收入205.7 亿元（同比+15.47%）、123.2 亿元（同比+1.86%）、102.8 亿元（同比 +6.64%）、53.5 亿元（同比+44.02%）。 其中非洲区域实现大幅增长 ...

Investment Rating - The report maintains a "Buy" rating for the company, expecting significant growth in the upcoming years [5]. Core Views - The company achieved a total revenue of 78.383 billion RMB in 2024, representing a year-over-year increase of 5.9%, and a net profit attributable to shareholders of 5.975 billion RMB, up 31.98% year-over-year [2]. - The company's international business revenue reached 48.513 billion RMB, growing by 12.15% year-over-year, accounting for 61.89% of total revenue, indicating a successful global strategy [3]. - The operating cash flow for the year reached a historical high of 14.814 billion RMB, reflecting improved asset quality and operational efficiency [4]. Summary by Sections Performance Review - In Q4 2024, the company reported revenue of 20.013 billion RMB, a year-over-year increase of 12.12%, and a net profit of 1.107 billion RMB, up 141.15% year-over-year, exceeding expectations [2]. Operational Analysis - The company experienced a clear recovery in domestic engineering machinery, with Q1 to Q4 revenues showing fluctuations but an overall positive trend, particularly in Q4 with an 18.87% increase [3]. - The company’s international revenue growth was driven by multiple regions, with Africa showing a remarkable increase of 44.02% year-over-year [3]. Financial Metrics - The company’s cash flow from operations increased by 159.53% year-over-year, and inventory turnover days and accounts receivable turnover days improved, indicating enhanced operational efficiency [4]. - The report forecasts revenue growth for 2025-2027, estimating revenues of 89.673 billion RMB, 105.349 billion RMB, and 124.072 billion RMB, respectively, with net profits projected at 8.612 billion RMB, 12.023 billion RMB, and 15.304 billion RMB [5].

挖掘机 据中国工程机械工业协会对挖掘机主要制造企业统计，2025年3月销售各类挖掘机 29590台，同比增长18.5%。其中国内销量19517台，同比增长28.5%；出口量10073 台，同比增长2.87%。 2025年1—3月，共销售挖掘机61372台，同比增长22.8%；其中国内销量36562台， 同比增长38.3%；出口24810台，同比增长5.49%。 2025年3月销售电动装载机2802台（ 3吨以下23台，3吨56台，5吨1816台，6吨772 台，7吨129台，8吨4台，滑移装载机2台）。 | | | | | 2025年中国电动装载机市场情况 | | | | | --- | --- | --- | --- | --- | --- | --- | --- | | 月份 | 3吨以下 | 3吨 | 5吨 | 614年 | 7吨 | 8吨 | 滑移浆 | | 2025-03 | 23 | 56 | 1876 | 772 | 129 | 4 | | | 2025-02 | 11 | ਧਰੇ | 829 | 379 | 28 | 1 | C | | 2025-01 | 16 | 20 | 720 | 25 ...

Core Viewpoint - The excavator industry is a key indicator of infrastructure construction and fixed asset investment trends in the economy, with significant growth observed in sales and operational rates in the first quarter of the year [1][2]. Group 1: Sales and Operational Data - In Q1, a total of 61,372 excavators were sold, representing a year-on-year increase of 22.8%, with domestic sales at 36,562 units (up 38.3%) and exports at 24,810 units (up 5.49%) [1]. - The average operational rate of engineering machinery nationwide was 44.67%, an increase of 1.62% year-on-year, with 12 provinces exceeding a 50% operational rate [2]. - The lifting equipment category showed the highest performance with an average operational rate of 66.28% in Q1, indicating concentrated activity in infrastructure projects [3]. Group 2: Regional Performance - The central region led with an average operational rate of 48.24%, driven by policy incentives and major project investments, with lifting equipment operational rates at 70.49% [5]. - The eastern region's average operational rate was 44.70%, with significant growth in concrete equipment and notable increases in specific equipment types like stackers and pile drivers [7]. - The western region reported an operational rate of 43.39%, with several equipment types achieving the highest year-on-year growth rates, such as pump trucks and pavers [8]. Group 3: Equipment Performance - In Q1, port equipment like stackers and front lifts saw substantial growth, with stackers increasing by 28.65% and front lifts by 9.92% year-on-year, indicating a positive trend in foreign trade [4]. - Specific equipment in the central region, such as crawler cranes and excavators, showed remarkable growth rates of 111.02% and 15.23% respectively, leading their categories nationally [5]. - The eastern region's stackers and pile drivers also exhibited impressive growth, with increases of 176.35% and 114.47% respectively in March [7].

央视财经与三一重工、树根互联联合打造的 "央视财经挖掘机指数" 今天发布了最新相关数据。今年一 季度，工程机械行业迎来传统开工及销售旺季。数据显示，1至3月，销售挖掘机61372台，同比增长 22.8%；其中国内销量36562台，同比增长38.3%，出口24810台，同比增长5.49%。正面吊、堆高 机总工作时长同比大涨，港口设备繁忙，我国各项基础设施建设加速推进，展现出向新、向好的开局态 势。 挖掘机是基础设施建设的"标配"，是反映基础设施建设、观察固定资产投资等经济变化的风向标。 基建"春耕图"出炉：一季度12省份开工率超50%！ 一季度，港口设备中堆高机季度同比增长28.65%，正面吊同比增长9.92%，超过其他细分设备。其 中，重庆堆高机一季度总工作时长同比增长22.83%，位居同类设备同比增幅全国第一；广西正面吊总 工作时长同比增长36.72%、青海正面吊总工作时长同比增长31.81%，均位居正面吊同比排名Top5。 堆高机和正面吊主要用于集装箱的物流搬运，西部地区这两项设备总工作时长同比大幅度提升，说明地 区一季度外贸发展势头良好。 一季度全国工程机械平均开工率为44.67%，同比上涨1.62%。 ...

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 王经理：18202553451 赵经理：15122933900 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） 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 ...

重工2024年 年度业绩 SANY HEAVY INDUSTRY'S 2024 ANNUAL PERFORMANCE 国 营业收入 OPERATING REVENUE 2024年度778 花元 ナ6.22% 盟 | 挖掘机械 304亿元 ↑9.91% 级鸟|混凝土机械 144亿元 ↓6.18% 嚎୍ତ୍ର | 起重机械 131亿元 ↑0.89% es | 桩工机械 21亿元 ↓0.44% 器 | 路面机械 ૂર | 其他产品 30亿元 ↑20.75% 129亿元 ↑17.23% | 2024年各产品营业收入分布 其他产品 混凝土机械 路面机械 199 桩工机械 17% 起重机械 40% 挖掘机械 | 2020年-2024年营业收入情况 (单位:亿元) 31.29% 6.82% 6.22% -8.51% -24.58% 1,061 993 800 778 732 2020年 2023年 2024年 2021年 2022年 营业收入 营业收入增速 47 十六| 江 NET PROFIT 2024年度 59.75 花元 ナ31.98％ | 归母净利润(率)年度情况 (单位:亿元) 60 45 43 2020年 20 ...