国内工程机械轮动复苏，海外市场大有可为 1)国内：房地产新开工面积已经下滑6年，见底信号可能出现。从庞源塔机顿米利用率来看，25年下半 年数据显著改善，显示出在建地产项目设备利用率在恢复，从时间维度和下行幅度来看，房地产新开工 面积距离底部已经不远;2026年作为"十五五"开局之年，在政策托底与"两重"项目集中落地带动下，基 建投资增速或将企稳回升。 2)海外：北美工程机械进入去库尾声，新订单同比明显改善。欧洲整体需求平稳，增量需求来自电动化 产品。非洲、拉美等地区采矿、基建和房地产需求强劲。产品销量端看，挖机数据改善一年后，起重机 也呈现复苏，26年或将出现挖机、非挖机共振，国内国外共振的局面。 申万宏源发布研报称，预计中联重科（000157）(01157)25-27年营业收入分别为532.64、616.67、707.77 亿元，同比增长17.12%、15.78%、14.77%。预计归母净利润分别为48.49、63.0078.41亿元，同比增长 37.72%、29.93%、24.46%。该行选取行业内从事同样业务的三一重工（600031）、徐工机械 （000425）、柳工（000528）作为可比公司，三家可 ...

智通财经APP获悉，申万宏源发布研报称，预计中联重科(01157)25-27年营业收入分别为532.64、 616.67、707.77亿元，同比增长17.12%、15.78%、14.77%。预计归母净利润分别为48.49、63.0078.41亿 元，同比增长37.72%、29.93%、24.46%。该行选取行业内从事同样业务的三一重工、徐工机械、柳工 作为可比公司，三家可比公司25-27年的平均PE分别为19、15、12倍，当前平均PB为2.1倍。公司25-27 年PE分别为12、9、7倍，当前PB为1.0倍。公司估值存在明显低估，该行给予公司26年15倍PE对应市值 921亿，相较目前588亿市值具备57%涨幅空间，因此首次覆盖，给予"买入"评级。 风险提示：宏观经济波动的风险、行业竞争加剧的风险、终端客户违约的风险、汇率波动的风险等。 2)市场：从出口到出海，构造"端对端、数字化、本土化"海外战略，公司全球已建设30余个一级业务航 空港，430多个二三级网点，本土化员工约5000人; 3)未来产业：依托通用人工智能趋势与自身工业技术积累，公司顺势推进具身智能在工程机械、农机和 特种装备中的应用，打造第三成 ...

Investment Rating - The report initiates coverage with a "Buy" rating for the company [5] Core Insights - The company is a leader in the engineering machinery sector, with a diversified business model that includes concrete machinery, lifting machinery, and agricultural machinery, among others. It has established a strong global presence through overseas manufacturing and strategic acquisitions [3][4] - The domestic engineering machinery market is showing signs of recovery, while international markets present significant growth opportunities. The company is well-positioned to benefit from both domestic and international demand [8][9] - The report forecasts revenue growth for the company, projecting revenues of 53.26 billion, 61.67 billion, and 70.77 billion RMB for 2025, 2026, and 2027, respectively, with corresponding net profits of 4.85 billion, 6.30 billion, and 7.84 billion RMB [4][9] Summary by Sections Company Overview - The company has evolved from the Changsha Construction Machinery Research Institute, officially established in 1992, and has become a successful mixed-ownership enterprise. It has a comprehensive product line covering 15 categories and 745 models, with 29 domestic industrial parks and 10 overseas R&D and manufacturing bases [3][18] - The company has successfully integrated various business segments, including engineering machinery, agricultural machinery, and financial services, creating a multi-faceted business ecosystem [3][24] Market Dynamics - The domestic engineering machinery market is recovering, with signs of stabilization in real estate and infrastructure investments. The report notes that new construction areas in real estate have been declining for six years but are nearing a bottom [8][54] - Infrastructure investment has shown consistent growth, with significant government projects underway, which are expected to drive demand for engineering machinery [59][60] Financial Projections - The company is expected to see revenue growth rates of 17.12%, 15.78%, and 14.77% for the years 2025 to 2027, with net profit growth rates of 37.72%, 29.93%, and 24.46% for the same period [4][9] - The report highlights that the company's valuation is significantly undervalued compared to peers, with projected P/E ratios of 12, 9, and 7 for 2025 to 2027, indicating a potential upside of 57% based on a target market capitalization of 921 billion RMB [9] Competitive Landscape - The company is compared with peers such as Sany Heavy Industry, XCMG, and LiuGong, which have higher average P/E ratios, indicating that the company is undervalued in the current market [9] - The report emphasizes the company's strong international presence, with overseas revenue accounting for over 51% of total revenue by 2024, showcasing its successful global expansion strategy [36][70]

Core Viewpoint - Positive feedback on Zoomlion following the 2026 capital goods sector outlook and investor call, indicating a meaningful recovery in domestic demand for crane and concrete machinery and solid growth in earth-moving machinery [1] Domestic Market Performance - Domestic machinery sales growth for Zoomlion in October-November estimated at 20-30% YoY, an acceleration from 13% YoY in Q3 2025 [1] - Continued recovery in demand for crane and concrete machinery noted, with earth-moving machinery also showing solid growth [1] International Market Performance - Strong sales growth for Zoomlion in overseas markets during October-November [1] Earnings Forecast and Valuation - Earnings forecast for Zoomlion remains unchanged, with a target price (TP) for A-shares maintained at RMB12.0 and H-shares at HK$9.2 [1] - Target price for A-shares based on a 2026E target P/E multiple of 18.6x, reflecting an emerging market expansion story [1] - H-share target price reflects a 30% discount based on historical averages [1] Growth Drivers - Mining equipment identified as a structural growth driver, with current revenue contribution from mining equipment (including excavators and trucks) at 6-7%, expected to increase to 15% in the coming years [1]

Group 1 - The core viewpoint of the report is that the crane machinery sector in China is in the early stages of recovery, while the earth moving machinery sector is in a continuous upward cycle [1] - The investment bank believes that Zoomlion Heavy Industry Science and Technology Co., Ltd. (01157.HK) will benefit significantly from these trends due to its comprehensive product range, focus on emerging markets, and global capacity expansion [1] - The target price for Zoomlion's A-shares has been raised from 9.9 RMB to 12 RMB, and the target price for its H-shares has been increased from 7.4 HKD to 9.2 HKD, with a reiterated "buy" rating [1] Group 2 - The report indicates that there has been low attention from investment banks towards Zoomlion, with no ratings given in the past 90 days [1] - Zoomlion's market capitalization in the Hong Kong stock market is 11.256 billion HKD, ranking 5th in the specialized equipment industry [1] - Key performance indicators for Zoomlion compared to the industry average are as follows: ROE at 6.95% (industry average -49.28%), revenue at 457.98 billion (industry average 54.22 billion), net profit margin at 11.62% (industry average -6.39%), gross profit margin at 28.15% (industry average 24.0%), and debt ratio at 54.07% (industry average 50.59%) [1]

招银国际发布研报称，在中国市场，起重机械正处于复苏初期，而土方机械（Earth moving machinery） 则持续处于上升周期。该行认为中联重科（01157）凭借其全系列产品布局、新兴市场聚焦策略及全球 产能扩张，将充分受益于上述趋势。该行将中联重科A股目标价由9.9元人民币升至12元人民币，将中联 重科H股目标价由7.4港元升至9.2港元，重申"买入"评级。 此外，该公司已推出三类人形机器人，目前于工厂执行任务，并正按计划推进量产进程。该行将2025- 2027财年盈利预测上调12-15%，以反映新的行业销售假设，但人形机器人尚未纳入模型。 MACD金叉信号形成，这些股涨势不错！ 招银国际发布研报称，在中国市场，起重机械正处于复苏初期，而土方机械（Earth moving machinery） 则持续处于上升周期。该行认为中联重科（01157）凭借其全系列产品布局、新兴市场聚焦策略及全球 产能扩张，将充分受益于上述趋势。该行将中联重科A股目标价由9.9元人民币升至12元人民币，将中联 重科H股目标价由7.4港元升至9.2港元，重申"买入"评级。 MACD金叉信号形成，这些股涨势不错！ 此外，该公司已 ...

此外，该公司已推出三类人形机器人，目前于工厂执行任务，并正按计划推进量产进程。该行将2025- 2027财年盈利预测上调12-15%，以反映新的行业销售假设，但人形机器人尚未纳入模型。 智通财经APP获悉，招银国际发布研报称，在中国市场，起重机械正处于复苏初期，而土方机械(Earth moving machinery)则持续处于上升周期。该行认为中联重科(01157)凭借其全系列产品布局、新兴市场聚 焦策略及全球产能扩张，将充分受益于上述趋势。该行将中联重科A股目标价由9.9元人民币升至12元人 民币，将中联重科H股目标价由7.4港元升至9.2港元，重申"买入"评级。 ...

招银国际发表报告指，起重机械正处于复苏初期，而土方机械则持续处于上升周期。该行认为，中联重 科凭借其全系列产品布局、新兴市场聚焦策略及全球产能扩张，将充分受益于上述趋势。该公司已推出 三类人形机器人，目前于工厂执行任务，并正按计划推进量产进程。该行将2025-2027财年盈利预测上 调12-15%，以反映新的行业销售假设，但人形机器人尚未纳入模型。 该行将中联重科A股目标价由9.9元升至12元，H股目标价由7.4港元升至9.2港元，重申"买入"评级。 ...

Core Viewpoint - Zhonglian Heavy Industry's stock price has shown fluctuations, with a recent decline of 2.09%, while the company has experienced a year-to-date increase of 15.15% in stock price [1][2]. Financial Performance - For the period from January to September 2025, Zhonglian Heavy Industry achieved a revenue of 37.156 billion yuan, representing a year-on-year growth of 8.06%. The net profit attributable to shareholders was 3.920 billion yuan, reflecting a year-on-year increase of 24.89% [2]. - Cumulative cash dividends since the company's A-share listing amount to 28.880 billion yuan, with 8.013 billion yuan distributed over the past three years [3]. Shareholder Information - As of September 30, 2025, the number of shareholders for Zhonglian Heavy Industry was 236,400, a decrease of 9.85% from the previous period. The average circulating shares per person remained at 0 [2]. - The top ten circulating shareholders include China Securities Finance Corporation, holding 233 million shares, and Hong Kong Central Clearing Limited, which increased its holdings by 19.734 million shares to 202 million shares [3]. Market Activity - On November 27, Zhonglian Heavy Industry's stock traded at 7.98 yuan per share, with a total market capitalization of 69.015 billion yuan. The trading volume was 270 million yuan, with a turnover rate of 0.47% [1]. - The net outflow of main funds was 13.3642 million yuan, with large orders showing a buy of 59.7987 million yuan and a sell of 57.0504 million yuan [1].

Core Viewpoint - Zhonglian Heavy Industry's stock price has experienced fluctuations, with a recent decline of 2.01%, while the company has shown a year-to-date increase of 19.34% in stock price [1][2]. Financial Performance - For the period from January to September 2025, Zhonglian Heavy Industry achieved a revenue of 37.156 billion yuan, representing a year-on-year growth of 8.06%, and a net profit attributable to shareholders of 3.920 billion yuan, reflecting a year-on-year increase of 24.89% [2]. - Cumulatively, the company has distributed dividends amounting to 28.880 billion yuan since its A-share listing, with 8.013 billion yuan distributed over the past three years [3]. Shareholder Information - As of September 30, 2025, the number of shareholders for Zhonglian Heavy Industry was 236,400, a decrease of 9.85% from the previous period [2]. - The top ten circulating shareholders include China Securities Finance Corporation, holding 233 million shares, and Hong Kong Central Clearing Limited, which increased its holdings by 19.734 million shares to 202 million shares [3]. Market Activity - The stock's trading volume on the recent date was 371 million yuan, with a turnover rate of 0.63%, and a total market capitalization of 71.523 billion yuan [1]. - The net outflow of main funds was 50.934 million yuan, with significant selling pressure observed [1]. Business Overview - Zhonglian Heavy Industry, established on August 31, 1999, and listed on October 12, 2000, specializes in the research, manufacturing, sales, and service of engineering and agricultural machinery [1]. - The company's main business revenue composition includes: lifting machinery (33.69%), concrete machinery (19.59%), earth-moving machinery (17.27%), aerial work machinery (10.43%), and agricultural machinery (8.00%) [1]. - The company operates within the mechanical equipment industry, specifically in engineering machinery [1].