同力股份 20260129 摘要 同力股份通过技术创新，如新能源和无人驾驶技术，提升了产品竞争力， 尽管国内经济下行和煤炭行业管控严格，公司在国内市场仍实现增长， 优于未及时跟进技术的竞争对手。 海外市场是同力股份未来增长的关键，目标是海外销售占比达到 50%以 上。公司凭借中国制造成本优势和快速交付周期，积极拓展东南亚、中 亚、非洲和南美等市场，但面临市场分散和效率挑战。 同力股份采取稳健的海外市场拓展策略，集中资源，控制成本，避免盲 目扩张，注重销售服务体系建设和品牌影响力提升，以实现长期稳定发 展，预计 3-7 年内实现海外市场占比 50%以上的目标。 国内市场下游客户结构中，露天煤矿占比从 85%降至 75%，有色金属 矿及其他行业占比提升至 25%。新能源和无人驾驶技术逐步替代传统燃 油设备，长期来看，露天开采比例提升将带动设备需求增长。 同力股份自卸车产品具有先发优势和技术创新，针对特定应用场景进行 改进，提高装载能力。中国制造业的低成本和快速交付周期增强了公司 的核心竞争力，产品售价高于市场平均水平 3%-5%，但仍保持市场领 先地位。 Q&A 同力股份在 2025 年的产品发展情况如何？ 20 ...

Core Viewpoint - Tongli Co., Ltd. aims to not only sell equipment but also to promote high-end intelligent equipment from China to the world, simplifying global mining operations [5] Group 1: Market Position and Product Development - Tongli Co., Ltd. has maintained a domestic market share of approximately 40% in the non-road wide-body dump truck sector since it developed China's first model in 2004, establishing itself as an industry leader [5] - The company has significantly increased the production ratio of new energy products in recent years, with new energy vehicles surpassing fuel vehicles in market penetration [6] - The company has a comprehensive technology route in the new energy sector, offering a full range of products from 30 tons to 180 tons, including pure electric, hybrid, hydrogen fuel, and methanol-powered vehicles [6] Group 2: Financial Performance - Tongli Co., Ltd.'s revenue grew from 5.202 billion yuan in 2022 to 6.145 billion yuan in 2024, while net profit increased from 466 million yuan to 793 million yuan during the same period [7] - In the first three quarters of 2025, the company achieved a revenue of 4.796 billion yuan and a net profit of 535 million yuan, continuing its positive growth trend [7] Group 3: Customization and Service - The company emphasizes a high-value pricing strategy, focusing on product quality and after-sales service to maintain competitiveness [8] - Tongli Co., Ltd. offers deep customization of products based on extensive mining operation data, providing optimized transportation solutions tailored to various geological conditions [8][9] - The company ensures high customer loyalty through "zero-distance" service, with technical personnel stationed at mining sites to provide support and guarantee a vehicle uptime of no less than 80% [9] Group 4: International Expansion - The overseas market is identified as a key growth area, with plans to invest more resources in developing international sales and service systems [10] - The company has already expanded its products to several countries, including Pakistan, Indonesia, and Russia, and plans to gradually promote new energy and autonomous vehicles in international markets [10] - Tongli Co., Ltd. is accelerating its layout in three major business areas: new energy vehicles, autonomous vehicles, and international markets, to provide new momentum for its development [10]

Core Viewpoint - The company, Shaanxi Tongli Heavy Industry Co., Ltd. (Tongli Co., 920599.BJ), has reported significant growth in sales of its new energy and autonomous driving products, indicating a strong demand shift towards these sectors in the coming years [1] Group 1: Company Overview - Tongli Co. is an engineering machinery manufacturer that integrates product research and development, design, production, sales, and after-sales service, as well as general contracting services [1] - The main products include various types of off-road wide-body dump trucks, off-road mining dump trucks, and underground vehicles required for mining operations [1] Group 2: Product Performance - The sales of new energy products have seen rapid growth this year, with expectations that they will become the primary demand driver in the next two years [1] - The autonomous driving products are now fully capable of large-scale commercialization, with high customer interest and some clients already beginning to make purchases, which will also drive demand in the coming years [1]

Group 1: Company Overview - Tongli Co., Ltd. is a national-level manufacturing champion in the engineering machinery sector, integrating product research and development, design, production, sales, and after-sales service [2] - The main products include non-road wide-body dump trucks, non-road mining dump trucks, and underground mining vehicles, with a focus on both traditional fuel models and new energy models such as pure electric, hybrid, hydrogen fuel, and methanol fuel vehicles [2] - The company has expanded its market reach beyond domestic provinces to countries including Pakistan, Indonesia, Malaysia, Mongolia, Russia, Tajikistan, India, and the Democratic Republic of the Congo [2] Group 2: Market Position and Performance - Tongli Co., Ltd. holds an estimated market share of over 30% in the new energy and unmanned mining truck market, with an expected increase of 1-2 percentage points compared to last year [2] - The company’s products are priced slightly higher than competitors due to brand advantages, first-mover advantages, and recognized after-sales service capabilities, which customers accept despite the higher cost [2] - Customers prioritize long-term costs, including vehicle quality, failure rates, and after-sales service response times, rather than just purchase price [2] Group 3: Future Development and Strategy - The overseas promotion of unmanned and new energy mining trucks will be a gradual process, requiring a certain level of domestic implementation and operational data accumulation before entering foreign markets, which may be delayed by 1-3 years [3] - The company aims to enhance its brand image and reduce after-sales pressure by ensuring product maturity before international promotion [3] Group 4: Industry Insights and Investor Engagement - The "Investor Zero Distance" event aims to enhance communication between investors and companies listed on the Beijing Stock Exchange, improving investor understanding of company fundamentals and fostering a rational investment culture [4] - Participants expressed a deeper understanding of the innovative development achievements of companies listed on the Beijing Stock Exchange and the market investment value and opportunities available [3][4]

Core Viewpoint - The Chinese construction machinery industry is experiencing a strong recovery, driven by both domestic and international market demands, with significant growth in import and export trade figures [2][3]. Group 1: Industry Performance - In September 2025, China's construction machinery import and export trade reached $5.505 billion, a year-on-year increase of 29.1%, with exports accounting for $5.271 billion, up 29.6% [2]. - For the first three quarters of the year, the cumulative trade amount was $45.873 billion, reflecting a 12.8% year-on-year growth, with exports at $43.855 billion, up 13.3% [2]. - Excavator sales in September reached 19,858 units, a 25.4% increase year-on-year, with domestic sales at 9,249 units (up 21.5%) and exports at 10,609 units (up 29%) [2]. Group 2: Market Drivers - The recovery in the construction machinery sector is attributed to the synchronization of domestic and international market demands, with equipment renewal cycles and large project initiations driving domestic demand [3]. - The "Belt and Road" initiative continues to boost infrastructure construction needs in partner countries, enhancing China's machinery exports [3]. - The demand for small excavators is growing due to urbanization and industrialization in "Belt and Road" countries, alongside domestic needs driven by agriculture and municipal projects [3]. Group 3: Stock Market Performance - On October 21, the A-share construction machinery sector saw a 2% increase in the industry index, with a net inflow of 1.394 billion yuan into the sector [3]. - Notable stock performances included Xugong Machinery and Tieshan Heavy Industry, with the latter rising by 7.14% [3]. Group 4: Company Valuations - Among 35 listed companies in the construction machinery sector, the median rolling price-to-earnings (P/E) ratio is 41.2 times, with 12 companies having P/E ratios below 20 times [4]. - Tongli Co. has the lowest rolling P/E ratio at 11.22 times, focusing on non-road dump trucks and mining vehicles [5]. Group 5: International Business Growth - In the first half of the year, 24 listed companies reported overseas business revenues totaling 84.685 billion yuan, a year-on-year increase of over 10% [5]. - Companies like Tuoshan Heavy Industry and Weibow Hydraulic reported significant growth in overseas revenues, with increases of 54.61% and 53.23%, respectively [5].

Core Viewpoint - Tongli Co., Ltd. is a leading high-tech enterprise specializing in the production of off-road transportation equipment, focusing on professional development and technological innovation to drive industry growth [2][3]. Group 1: Business Overview - The company has established four main business segments: off-road wide-body dump trucks, mining dump trucks, underground transportation equipment, and special off-road transportation equipment [3]. - The company has a market share of approximately 40% in the off-road wide-body dump truck sector, indicating strong brand recognition and customer loyalty [2]. Group 2: Financial Performance - In 2024, the company achieved a total revenue of 6.145 billion yuan, representing a year-on-year growth of 4.85% [3]. - The net profit attributable to shareholders reached 793 million yuan, up 29.03% year-on-year, while the net profit after deducting non-recurring gains and losses was 776 million yuan, reflecting a growth of 31.59% [3]. - The basic earnings per share were reported at 1.79 yuan, with a slight increase in profitability as the gross margin improved by 2.37 percentage points compared to the previous year [3]. Group 3: Shareholder Returns - The company maintains a high dividend payout ratio, proposing a cash dividend of 7 yuan per 10 shares for 2024, amounting to a total distribution of 317 million yuan [3]. - Since its listing in 2020, the cumulative cash dividends have reached 1.087 billion yuan, accounting for 57.98% of the net profit attributable to shareholders over the past three years [3]. Group 4: Future Development Strategy - The company plans to focus on the large-scale development of mining dump trucks to meet the demands of high-end users both domestically and internationally [5]. - There is a strong emphasis on developing new energy mining dump trucks and exploring autonomous driving technology for mining vehicles [5][6]. - The company has initiated long-term research on all-terrain rigid dump trucks and has successfully sold various models, including those with a load capacity of 90 tons and plans for a 136-ton electric model by the second half of 2025 [5][6]. Group 5: Technological Advancements - The company has integrated various technologies, including hybrid, extended-range, and pure electric drive technologies into its off-road dump trucks to meet the needs of green mining [6]. - Tongli Co., Ltd. has developed a comprehensive design capability for autonomous off-road vehicles, collaborating with leading companies in the autonomous driving sector to advance the deployment of unmanned mining vehicles [6][7]. - The company has launched a series of underground transportation equipment, covering a range of 15 to 40 tons, to address specific underground application scenarios [7].