同力股份 20251120 摘要 同力股份作为新能源矿卡龙头，受益于北证 50 和专精特新指数成分股 地位，近期业绩增长超预期，2025 年前三季度营收 47.96 亿元，同比 增长 9.45%，归母净利润 5.35 亿元，同比增长 16.39%，高毛利率新 能源车型占比提升至 60%-70%是主要驱动力。 同力股份短期投资逻辑包括业绩超预期增长、管理层股权激励和回购， 以及作为指数成分股受益于 ETF 配置。中长期来看，新能源化和无人驾 驶技术提升盈利能力，海外市场拓展打开第二增长曲线，公司正积极与 国际矿业巨头接洽。 中国新能源宽体车市场以每年 43%的速度增长，预计到 2029 年将达到 近 150 亿元。同力股份凭借完整的新能源产品矩阵和智能化解决方案， 有望在这一市场中占据重要地位，并持续受益于行业扩张。 同力股份业务以整车销售为主，宽体自卸车占比 90%，新能源车型增速 和毛利率最高（20%-25%）。公司积极向新能源化和智能化方向发展， 是易控智驾最大的 OEM 厂商之一，2024 年采购额占比近 30%。 非公路自卸车行业正经历新能源化和无人化转型，预计到 2029 年中国 新能源宽体矿卡市场 ...

Core Viewpoint - Boleton (01333.HK) announced a discounted placement plan to raise approximately HKD 240 million, leading to a significant drop in its stock price following the announcement [2][4]. Fundraising Details - The company plans to issue up to 10 million new H-shares at a price of HKD 25.08 per share, representing a 14.98% discount from the closing price on the agreement date [4]. - The net proceeds from this placement are expected to be around HKD 240 million after expenses [4]. Utilization of Funds - Approximately 70% of the raised funds will be allocated to the investment and development of overseas photovoltaic and energy storage projects, which are central to the company's integrated strategy [6]. - About 15% will be used to repay interest-bearing loans to improve capital structure and cash flow stability [6]. - The remaining 15% will be invested in the research and commercialization of a multi-modal large model-driven autonomous mining truck scheduling system [6]. Company Performance and Challenges - Boleton, which went public on May 7, 2025, has shown a strong revenue growth trajectory, with revenues of RMB 360 million, RMB 464 million, and RMB 635 million projected from 2022 to 2024 [8]. - Despite revenue growth, the company has faced increasing losses, with losses of RMB 178 million, RMB 229 million, and RMB 275 million expected from 2022 to 2024, and a loss of RMB 174 million in the first half of 2025 [8]. Strategic Focus - The company aims to build an ecosystem around "photovoltaic storage microgrid power supply," "new energy excavation and transportation mining equipment," and "automated collaborative operations" to become a leading power producer and mining service provider [9]. - Boleton is implementing a network-type photovoltaic storage system in mining areas to operate independently in low or no public grid environments, enhancing energy efficiency [10]. Market Context - The electric engineering machinery industry is experiencing growth driven by dual carbon goals, increasing market attention on leading companies [12]. - Boleton's potential inclusion in the "Hong Kong 100 Strong" list, which recognizes outstanding companies, is anticipated due to its advancements in electric mining trucks and autonomous driving technology [12].

Core Viewpoint - The company, Lingong Heavy Machinery, is set to go public on the Hong Kong Stock Exchange, positioning itself as a "dual leader" in both mining and aerial work equipment sectors, which may spark a listing frenzy in the Hong Kong market [1][4]. Company Overview - Lingong Heavy Machinery, established in 2012, specializes in the research, design, manufacturing, sales, and service of machinery for mining, aerial work, and material handling [1]. - The company ranks third among domestic enterprises in the global mining transportation equipment and excavator market, and first in the domestic market for new energy mining transportation equipment as of 2024 [1][2]. Financial Performance - Revenue figures for Lingong Heavy Machinery from 2022 to 2024 are as follows: 10.529 billion yuan, 9.897 billion yuan, and 12.028 billion yuan, with a slight decline in 2023 followed by a recovery in 2024 [3]. - The company achieved a net profit of 0.954 billion yuan, 0.974 billion yuan, 1 billion yuan, and 0.635 billion yuan from 2022 to the first half of 2025, indicating a steady growth trend [3]. - The gross profit margin improved from 17.7% in 2022 to 22.4% in the first half of 2025, driven by increased sales of high-margin products and a decrease in raw material prices [3]. Market Position and Strategy - Lingong Heavy Machinery has expanded its global footprint, reaching over 100 countries and increasing its overseas revenue share from 26.8% in 2022 to 44% in the first half of 2025 [2]. - The company has diversified its product lines, focusing on high-altitude work machinery, wide-body dump trucks, drilling rigs, and special machinery, while also leading in the electrification and automation of mining equipment [2]. Industry Growth Potential - The global engineering machinery market is projected to grow from 1.5372 trillion yuan in 2024 to 2.1319 trillion yuan by 2030, with a compound annual growth rate (CAGR) of approximately 5.6% [5]. - The aerial work equipment market is expected to grow from 62.6 billion yuan in 2020 to 136.6 billion yuan in 2024, with a CAGR of 21.5% [5]. - The mining equipment market is forecasted to expand from 736.7 billion yuan in 2024 to 1,025.6 billion yuan by 2030, with a CAGR of 5.7% [6]. Competitive Landscape - The engineering machinery industry is becoming increasingly competitive, with major players like XCMG and SANY accelerating their overseas expansion [7]. - Lingong Heavy Machinery faces significant competition in the aerial work equipment sector, where its revenue is projected to decline by 57% in 2024, highlighting the challenges posed by domestic competitors [7].

Investment Rating - The investment rating for the company is "Buy" (maintained) [3][5] Core Views - The company has a strong order backlog with contract liabilities of 171 million yuan as of the end of Q3 2025, reflecting robust demand for its products [7] - The company is actively expanding its product offerings in the new energy and autonomous mining truck sectors, which are expected to enhance profitability due to higher value and margins [6] - Revenue for the first three quarters of 2025 reached 4.796 billion yuan, a year-on-year increase of 9.45%, while net profit attributable to the parent company was 535 million yuan, up 16.39% year-on-year [5] Financial Performance Summary - For the first three quarters of 2025, the company achieved revenue of 4.796 billion yuan, with Q3 revenue at 1.627 billion yuan, showing a year-on-year growth of 3.64% [5] - The net profit for Q3 2025 was 214 million yuan, representing a significant year-on-year increase of 31.22% [5] - The company maintains its profit forecasts for 2025-2027, expecting net profits of 858 million, 980 million, and 1.077 billion yuan respectively, with corresponding EPS of 1.85, 2.12, and 2.33 yuan per share [5] Market Expansion and Product Development - The company has successfully delivered 7 units of pure electric non-road dump trucks to Rio Tinto, marking a significant step in its overseas market expansion [7] - The collaboration with multiple autonomous driving development companies is expected to facilitate the commercialization of autonomous products in mining areas [6] - The company sold over 2,700 vehicles in the first half of 2025, with approximately 55% being new energy vehicles, half of which are autonomous driving products [6] Valuation Metrics - The company's total market capitalization is approximately 10.592 billion yuan, with a circulating market value of 7.982 billion yuan [3] - The projected P/E ratios for 2025-2027 are 12.3, 10.8, and 9.8 times respectively, indicating a favorable valuation outlook [5][9]

Core Viewpoint - The electric mining truck sector is rapidly evolving, driven by the need for zero-carbon transformation and cost reduction in traditional mining operations [2][3]. Industry Overview - The 2025 High-Performance Lithium Battery Annual Conference will take place from November 18-20, 2025, in Shenzhen, focusing on the electric mining truck market [1][6]. - The electric mining truck segment is expected to see significant growth, with a projected sales increase of over 70% in 2024 and a penetration rate exceeding 13% [3]. Company Insights - Boleton, recognized as a leader in electric mining truck manufacturing and the first "zero-carbon mining robot" stock, offers products such as electric loaders and wide-body dump trucks [4]. - Boleton has partnered with leading battery companies like CATL and JuWan Technology to address the challenges of high-capacity battery technology, launching a 700kWh electric mining truck [9]. Technological Solutions - To tackle the challenges of energy supply in remote mining areas, Boleton has collaborated with Huawei to propose a "networked microgrid + electric mining truck + autonomous driving" solution [12]. - This solution aims to establish a stable energy output in weak or non-existent grid environments, facilitating efficient transportation operations through electric mining trucks [12]. Market Expansion - Boleton is expanding its market presence internationally, having implemented four solar-storage projects in Africa, resulting in a 30%-50% reduction in customer operation and maintenance costs [14].

Investment Rating - The report maintains a "Buy" rating for the company, expecting the stock price to outperform the market index by more than 15% in the next six months [7]. Core Views - The company has shown continuous improvement in performance, with a revenue of 3.169 billion yuan in the first half of 2025, representing a year-on-year increase of 12.69%. The net profit attributable to shareholders reached 321 million yuan, up 8.25% year-on-year [2][5]. - The company's gross profit margin for the first half of 2025 was 19.78%, an increase of 1.23 percentage points compared to the same period last year [5]. - The company is accelerating the development of autonomous driving models through partnerships with several development companies, aiming for large-scale commercial deployment in mining areas [5]. Summary by Sections Financial Performance - In the first half of 2025, the company achieved an operating income of 3.169 billion yuan, a year-on-year increase of 12.69%. The operating profit was 376 million yuan, up 8.19%, and the net profit attributable to shareholders was 321 million yuan, reflecting an 8.25% increase year-on-year [2][5]. - The second quarter of 2025 saw a single-quarter operating income of 1.633 billion yuan, a year-on-year growth of 1.10% and a quarter-on-quarter increase of 6.32%. However, the net profit attributable to shareholders decreased by 25.01% year-on-year and 28.34% quarter-on-quarter [5]. Business Segments - The revenue from wide-body dump trucks was 2.952 billion yuan, a year-on-year increase of 12.47%. Revenue from parts sales reached 138 million yuan, up 26.55% year-on-year [5]. - The company is focusing on the development of autonomous driving vehicles, collaborating with various companies to enhance the deployment of these products in mining operations [5]. Earnings Forecast - The expected earnings per share for 2025 and 2026 are 1.89 yuan and 2.14 yuan, respectively, with corresponding price-to-earnings ratios of 12 times and 10 times [5][6].

Investment Rating - The investment rating for the company is "Buy" (maintained) [3] Core Views - The company is positioned for high growth through dual drivers of new energy and unmanned mining trucks, supported by technological empowerment and an overseas expansion strategy [3] - In H1 2025, the company achieved revenue of 3.169 billion yuan, a year-on-year increase of 12.69%, and a net profit attributable to the parent company of 321 million yuan, up 8.25% year-on-year [3][4] - The company is actively investing in the unmanned mining truck sector, which is expected to enhance its profitability due to high-margin products [4] Financial Performance Summary - In H1 2025, the company's gross margin was 19.78%, an increase of 1.23 percentage points year-on-year [3] - The company’s revenue projections for 2025-2027 are 8.58 billion yuan, 9.80 billion yuan, and 10.77 billion yuan respectively, with corresponding EPS of 1.86 yuan, 2.12 yuan, and 2.33 yuan [3] - The projected P/E ratios for 2025-2027 are 12.3, 10.7, and 9.8 times respectively [3] Product Penetration and Profitability - The penetration rate of unmanned mining trucks is accelerating, with a projected compound annual growth rate of 106.78% from 2023 to 2026 [4] - The gross margin for the company's wide-body dump trucks increased by 1.42 percentage points year-on-year in H1 2025, with margins for electric and unmanned vehicles around 20%, higher than traditional fuel vehicles [4] Strategic Partnerships - The company has partnered with several unmanned driving technology firms, including Yikong Zhijia, to enhance its technology supply chain for unmanned mining trucks [5] - The company invested 30 million yuan in Yikong Zhijia, acquiring a 0.62% stake, which strengthens its competitive position in the unmanned mining truck market [5]

Investment Rating - The investment rating for the company is "Buy" (maintained) [5] Core Views - The company is focusing on the development of line control chassis technology for autonomous vehicles, which is expected to enhance the penetration rate of new energy vehicles and facilitate the promotion of autonomous vehicle markets [5][6] - The company has made significant progress in the autonomous driving sector, with 58 autonomous mining trucks operating efficiently in Xinjiang, marking a breakthrough in zero-carbon transportation in open-pit coal mining [6][8] - The company is expected to participate in future infrastructure projects, such as the Yajiang Hydropower Station, indicating potential for sustained growth in demand for its products [6] Financial Performance - In the first half of 2025, the company achieved revenue of 3.169 billion yuan (up 13% year-on-year) and a net profit of 321.23 million yuan (up 8% year-on-year) [8] - The company’s revenue for 2025 is projected to be 6.705 billion yuan, with a year-on-year growth rate of 9.13% [7] - The forecasted net profit for 2025 is 887 million yuan, reflecting a year-on-year growth rate of 11.88% [7] Market Position - The company ranked 39th in the global top 50 construction machinery manufacturers in 2025, improving its position by 4 places from 2024 [8] - The company has been expanding its overseas business, with significant contributions from its subsidiaries in Singapore [8] Profitability and Valuation - The projected PE ratios for 2025, 2026, and 2027 are 13.3, 11.8, and 10.6 respectively, indicating a favorable valuation outlook [5][9] - The company’s gross margin is expected to be around 21.03% in 2025, with a net profit margin of 13.24% [10]

Core Viewpoint - The recent stock price surge of Boreton (01333) is attributed to strategic positioning around the H-share full circulation policy, which has injected strong momentum into the company's stock price [1][3][14]. Company Performance - Boreton's stock price increased by approximately 8.55% to HKD 29.96, with a trading volume of about 686,000 shares and a turnover of approximately HKD 20.07 million as of August 11 [1]. - The company has experienced a compound annual growth rate (CAGR) of 32.8% in revenue from 2022 to 2024, with revenues of RMB 360.1 million, RMB 464.7 million, and RMB 635.5 million for the respective years [11][13]. - The electric wide-body dump truck has become the primary revenue source, contributing 57.4% of total revenue in 2024, with revenues of RMB 3.65 million [12]. Market Position - Boreton ranks third among all new energy wide-body dump truck manufacturers and seventh among electric loader manufacturers in China, with market shares of 18.3% and 3.8% respectively [11][14]. - The company is the only pure new energy engineering machinery manufacturer among the leading players in these categories [11]. Financial Metrics - The gross profit margin for electric wide-body dump trucks has shown stability, with rates of 13.8%, 12.4%, and 13.5% over the past three years [12]. - However, Boreton's cost control is less effective compared to industry leaders, with an expense ratio of 39.5% projected for 2024, significantly higher than the industry benchmark of around 15% [14]. Trading Strategy - The trading pattern observed for Boreton follows a "buying - raising - distributing" strategy, with a significant increase in trading volume and price movement indicating strategic accumulation by institutional investors [4][8][10]. - The stock's trading volume on August 11 reached 686,000 shares, nearly 13 times the average volume from August 4 to August 8, confirming the effectiveness of the "volume-price" strategy [8][10].

Core Viewpoint - The recent stock price surge of Boreton (01333) is attributed to strategic positioning around the H-share full circulation policy, which has injected strong momentum into the company's stock price [1][3][14] Group 1: Stock Performance - As of August 11, Boreton's stock price increased by approximately 8.55%, closing at HKD 29.96, with a trading volume of about 686,000 shares and a turnover of approximately HKD 20.07 million [1] - From August 4 to August 8, the stock experienced a price increase of 2.22%, with a significant volume ratio of 8.2:1 between buying and selling, indicating strong accumulation before the price rise [4][5] - On August 11, the trading volume surged to 686,000 shares, nearly 13 times the average daily volume from the previous week, confirming the strategy of "low volume accumulation followed by high volume increase" [8][10] Group 2: Market Strategy - The trading strategy observed for Boreton follows a "concealment-raise-distribution" pattern, with a notable concentration of buying activity and a low turnover rate of 0.15%, indicating high control over the stock [4][10] - The top five buying institutions during this period included Citibank, BNP Paribas, and others, with slight increases in their shareholding percentages, reflecting institutional interest [6][7] Group 3: Company Overview - Boreton, established in November 2016, specializes in electric engineering machinery, focusing on electric loaders and dump trucks, and has achieved significant market rankings in China [11] - The company reported a compound annual growth rate of 32.8% in revenue from 2022 to 2024, with revenues of RMB 360.1 million, RMB 464.7 million, and RMB 635.5 million for the respective years [11][13] - Electric dump trucks have become the primary revenue source, contributing 57.4% of total revenue by 2024, showcasing the company's strong market position [12] Group 4: Financial Performance - Boreton's gross profit margin has shown improvement, with the electric dump truck segment maintaining a gross margin of around 13.5% in 2024 [12] - However, the company faces challenges in cost control, with an overall expense ratio reaching 39.5% in 2024, significantly higher than industry benchmarks [13]