机械设备｜ 工程机械 Q3 国内外收入同步发力，布局多方位产业发展机遇 2025 年 11 月 11 日 评级 买入 评级变动 维持 交易数据 | 当前价格（元） | 8.44 | | --- | --- | | 52 周价格区间（元） | 6.61-8.63 | | 总市值（百万） | 70872.94 | | 流通市值（百万） | 59674.32 | | 总股本（万股） | 864853.52 | | 流通股（万股） | 862292.49 | 涨跌幅比较 公司点评（R3） 中联重科(000157.SZ) % 1M 3M 12M 中联重科 5.50 12.08 18.37 工程机械 -4.81 5.28 20.09 -13% -3% 7% 17% 27% 37% 2024-11 2025-02 2025-05 2025-08 中联重科 工程机械 陈郁双 分析师 执业证书编号:S0530524110001 chenyushuang@hnchasing.com 相关报告 1 中联重科（000157.SZ）2025 半年报点评：Q2 扣非归母净利润快速增长，全面拓展全球化布局 2025-09-04 2 中联重 ...

Core Viewpoint - Zhonglian Heavy Industry reported comprehensive growth in key financial metrics for Q3 2025, including revenue, net profit, and operating cash flow, while announcing plans to issue up to 6 billion HKD in convertible bonds to support R&D and global expansion strategies [1][6]. Financial Performance - For the first three quarters, Zhonglian Heavy Industry achieved revenue of 37.156 billion CNY, a year-on-year increase of 8.06%, and a net profit of 3.920 billion CNY, up 24.89%. The net cash flow from operating activities reached 2.866 billion CNY, growing by 137.31% [1]. - In Q3 alone, the company reported revenue of 12.301 billion CNY, a 24.88% increase year-on-year, with domestic revenue at 4.802 billion CNY (up 12.87%) and overseas revenue at 7.499 billion CNY (up 34.01%) [2]. Overseas Market Growth - The overseas revenue for the first three quarters reached 21.313 billion CNY, accounting for 57.36% of total revenue, marking a 20.80% year-on-year increase. The growth rate for Q3 was further enhanced to 34.01% [3]. - The company is expanding its overseas manufacturing bases and enhancing its supply chain in Europe, with ongoing construction of facilities in Germany and Hungary [3]. Domestic Market Recovery - The domestic market is showing signs of recovery, with increased demand in traditional sectors such as cranes and concrete machinery. The company maintains the leading market share in crawler cranes and is experiencing high demand for high-value products [3]. Emerging Industries Development - Emerging sectors like earthmoving, mining, and agricultural machinery are thriving, with significant market share gains in large-scale mining machinery. The company has developed a comprehensive product matrix and is focusing on green and intelligent solutions [4]. Future Growth Prospects - Zhonglian Heavy Industry is positioning itself in the humanoid robotics sector, leveraging its technological capabilities in industrial internet, AI, and IoT. The company has developed a full-stack self-research capability and is set to benefit from supportive government policies [5]. Convertible Bond Issuance - The planned issuance of up to 6 billion HKD in convertible bonds aims to strengthen R&D and overseas market development, facilitating the company's transition from a cyclical to a value growth model. The bonds are expected to enhance shareholder returns and improve the company's capital structure [6].