证券研究报告 工程机械 行业深度报告 hyzqdatemark 2026 年 03 月 02 日 证券分析师 王彬鹏 SAC：S1350524090001 wangbinpeng@huayuanstock.com 戴铭余 SAC：S1350524060003 daimingyu@huayuanstock.com 郦悦轩 SAC：S1350524080001 liyuexuan@huayuanstock.com 唐志玮 tangzhiwei@huayuanstock.com 林高凡 lingaofan@huayuanstock.com 工程机械行业深度报告 投资评级： 看好（首次） ——七十年艰苦奋斗路，两周期寰宇立潮头 投资要点： 请务必仔细阅读正文之后的评级说明和重要声明 图表目录 工程机械的行业逻辑是怎样的？工程机械是国民经济建设的重要支柱产业，2024 年 全球工程机械行业规模达 2135 亿美元，其中中国市场规模为 234 亿美元，占比 11%。 挖掘机械、装载机、起重机械产品价值量分列前三，占行业整体超 60%份额。上游 成本中原材料占比最高，液压系统是价值核心。行业根本需求逻辑或来自国内下游 新增 ...

资料显示，三一重工股份有限公司位于北京市昌平区北清路8号,中国香港新界上水龙琛路39号华厦北18 楼1808-10室，成立日期1994年11月22日，上市日期2003年7月3日，公司主营业务涉及从事工程机械的 研发、制造、销售和服务。主营业务收入构成为：挖掘机械39.29%，起重机械17.52%，混凝土机械 16.71%，其他16.64%，路面机械4.85%，桩工机械3.01%，其他(补充)1.98%。 2月3日，三一重工涨5.05%，截至发稿，报22.46元/股，成交14.05亿元，换手率0.76%，总市值2065.20 亿元。 截至发稿，柳军累计任职时间16年249天，现任基金资产总规模5509.28亿元，任职期间最佳基金回报 225.42%， 任职期间最差基金回报-45.64%。 声明：市场有风险，投资需谨慎。 本文基于第三方数据库自动发布，不代表新浪财经观点，任何在本 文出现的信息均只作为参考，不构成个人投资建议。如有出入请以实际公告为准。如有疑问，请联系 biz@staff.sina.com.cn。 责任编辑：小浪快报 从三一重工十大流通股东角度 数据显示，华泰柏瑞基金旗下1只基金位居三一重工十大流 ...

Core Viewpoint - In 2025, Hunan's construction machinery exports are projected to reach 34.68 billion yuan, marking a year-on-year growth of 9.6%, with significant contributions from Changsha, which accounts for 91.6% of the total exports [3]. Group 1: Export Performance - Hunan's construction machinery exports are expected to reach 34.68 billion yuan in 2025, reflecting a 9.6% increase compared to the previous year [3]. - Changsha's export value is projected at 31.76 billion yuan, representing 91.6% of the province's total exports [3]. - The general trade export mode accounts for 75.5% of the total, with a value of 26.17 billion yuan, while bonded logistics exports surged by 141.5% to 3.79 billion yuan [3]. Group 2: Market Dynamics - Exports to Africa increased by 75.9%, while exports to West Asia and Southeast Asia grew by 23.7% and 25.9%, respectively, indicating strong demand in emerging markets [3]. - Private enterprises contributed 28.87 billion yuan to exports, making up 83.2% of the total, with a growth rate of 39.9%, while state-owned enterprises also saw a growth of 44.6% [3]. Group 3: Product Breakdown - Special purpose vehicles accounted for 33.1% of exports, totaling 11.46 billion yuan, while exports of bulldozers, excavators, and road rollers reached 8.19 billion yuan, reflecting a growth of 30.5% [3]. - Crane exports amounted to 4.86 billion yuan, with a growth rate of 7% [3]. Group 4: Strategic Initiatives - The Changsha International Construction Machinery Exhibition is a key driver for the acceleration of exports from Changsha [3]. - The establishment of international procurement and global maintenance centers in Hainan is expected to reduce costs significantly, with savings of over 30,000 yuan per unit in tariffs and freight [5]. - Companies are encouraged to increase R&D investment and enhance the industry chain capabilities to leverage the benefits of the free trade port policies [5].

Core Viewpoint - Sany Heavy Industry's stock has experienced fluctuations, with a recent decline of 2.02% and a total market capitalization of 200.45 billion yuan, while the company shows a year-to-date stock price increase of 3.17% [1] Financial Performance - For the period from January to September 2025, Sany Heavy Industry reported a revenue of 65.741 billion yuan, reflecting a year-on-year growth of 13.56%, and a net profit attributable to shareholders of 7.136 billion yuan, which is a 46.58% increase compared to the previous year [2] Shareholder Information - As of September 30, 2025, the number of shareholders for Sany Heavy Industry decreased by 15% to 452,900, while the average number of circulating shares per person increased by 17.65% to 18,709 shares [2] - The company has distributed a total of 31.876 billion yuan in dividends since its A-share listing, with 8.858 billion yuan distributed over the last three years [3] Major Shareholders - The second-largest circulating shareholder is Hong Kong Central Clearing Limited, holding 1.091 billion shares, an increase of 91.071 million shares from the previous period [3] - China Securities Finance Corporation remains the fourth-largest shareholder with 233 million shares, unchanged from the previous period [3]

Core Insights - In 2025, Hunan's construction machinery exports are projected to reach 34.68 billion yuan, representing a year-on-year growth of 9.6% [4] - The city of Changsha, known as the "capital of construction machinery," contributes significantly with exports of 31.76 billion yuan, accounting for 91.6% of the province's total [4] Export Structure - The export structure is continuously optimizing, with general trade exports amounting to 26.17 billion yuan, making up 75.5% of the total, while bonded logistics exports surged by 141.5% to 3.79 billion yuan [5] - Private enterprises lead the export market with 28.87 billion yuan, representing 83.2% of total exports and a growth of 39.9%, while state-owned enterprises also saw a growth of 44.6% [5] Market Performance - Exports to Africa increased by 75.9%, while exports to West Asia and Southeast Asia grew by 23.7% and 25.9% respectively, indicating significant contributions from emerging markets [6] - Special purpose vehicles accounted for 33.1% of exports, totaling 11.46 billion yuan, while exports of bulldozers, excavators, and road rollers reached 8.19 billion yuan, marking a growth of 30.5% [6] Industry Leadership - Changsha's construction machinery exports continue to break records, with a year-on-year growth of 9.3%, reaching 181 countries and regions, and adding 7 new markets compared to 2024 [7] - Leading companies like SANY Group maintain a strong market position with the highest global export volume of excavators and concrete machinery, while also innovating through projects like the SANY (Hainan) remanufacturing project [7] Policy Impact - The operational policies of Hainan Free Trade Port are providing new pathways for Hunan's construction machinery companies to expand internationally, including the establishment of international procurement and global maintenance centers [8] - The "zero tariff" policy allows companies to import high-end hydraulic components for processing, reducing costs by 20% to 30%, thereby enhancing international competitiveness [8] Recommendations - Companies are encouraged to increase R&D investment and enhance the industrial chain capabilities to leverage the free trade port policies and promote the construction machinery industry towards greener, digital, and high-end innovations [9]

Core Viewpoint - SANY Heavy Industry's stock price has shown fluctuations, with a recent decline of 2.01% and a total market capitalization of 205.69 billion yuan, while the company has experienced a year-to-date stock price increase of 5.87% [1] Group 1: Stock Performance - As of January 28, SANY Heavy Industry's stock price was 22.37 yuan per share, with a trading volume of 339 million yuan and a turnover rate of 0.18% [1] - The stock has increased by 5.87% year-to-date, decreased by 0.93% over the last five trading days, increased by 7.96% over the last 20 days, and increased by 2.24% over the last 60 days [1] Group 2: Financial Performance - For the period from January to September 2025, SANY Heavy Industry achieved operating revenue of 65.741 billion yuan, representing a year-on-year growth of 13.56%, and a net profit attributable to shareholders of 7.136 billion yuan, reflecting a year-on-year increase of 46.58% [2] Group 3: Shareholder Information - As of September 30, 2025, the number of SANY Heavy Industry's shareholders was 452,900, a decrease of 15.00% from the previous period, while the average circulating shares per person increased by 17.65% to 18,709 shares [2] - The company has distributed a total of 31.876 billion yuan in dividends since its A-share listing, with 8.858 billion yuan distributed in the last three years [3] - The second-largest circulating shareholder is Hong Kong Central Clearing Limited, holding 1.091 billion shares, an increase of 91.071 million shares from the previous period [3]

Core Viewpoint - The engineering machinery industry is experiencing a recovery, driven by long-term government bond issuance, deepening equipment renewal policies, and accelerated energy transition, leading to growth in domestic sales of core products such as excavators, concrete machinery, and cranes [1] Group 1: Domestic Market Performance - Domestic demand for core products has fully achieved growth due to supportive policies and market conditions [1] - The company reported that excavators, concrete machinery, and cranes are seeing increased sales in the domestic market [1] Group 2: International Market Performance - The overseas market remains robust, particularly in mineral development and energy infrastructure, with strong demand for the company's products [1] - The company maintains a competitive edge in international markets, resulting in continued growth in overseas sales [1] Group 3: Future Plans - The company plans to leverage its advantages in products, technology, and services to further expand into international markets, especially in sectors with high demand such as mineral development and energy infrastructure [1] - The company will closely monitor changes in international markets and adjust its strategies flexibly to respond to potential market fluctuations [1]

Core Viewpoint - The company focuses on the research, manufacturing, sales, and service of construction machinery, emphasizing its commitment to the engineering machinery industry and digital transformation [1] Group 1: Company Focus and Strategy - The company primarily engages in the development, manufacturing, sales, and service of construction machinery, including concrete machinery, excavators, cranes, pile drivers, and road machinery [1] - The company aims to integrate digital transformation into various aspects of its operations, including manufacturing, products, services, and operations, as part of its strategic focus [1] - The company will continue to enhance its core competencies and seek technological advancements and product innovations within the engineering machinery sector [1] Group 2: Research and Development - The company's research and innovation efforts are concentrated on the engineering machinery field, particularly in the development of intelligent products and smart manufacturing systems [1] - The company has no involvement in areas such as brain interfaces, reusable rockets, AI semiconductors, or humanoid robots, maintaining a clear focus on its core industry [1]

Core Viewpoint - Sany Heavy Industry Co., Ltd. has won a procurement project from Hudong Zhonghua Shipbuilding (Group) Co., Ltd. with a bid amount of 3.04 million yuan, as announced on January 19, 2026 [1][2] Financial Performance - In 2024, Sany Heavy Industry's operating revenue is projected to be 78.383 billion yuan, with a revenue growth rate of 5.90% and a net profit attributable to the parent company of 5.975 billion yuan, reflecting a net profit growth rate of 31.98% and a return on equity of 8.54% [1][2] - For the first half of 2025, the company reported an operating revenue of 44.780 billion yuan, with a revenue growth rate of 14.64% and a net profit attributable to the parent company of 5.216 billion yuan, indicating a net profit growth rate of 46.00% [1][2] Industry and Product Composition - The company operates in the industrial sector, primarily focusing on heavy construction machinery [1][2] - The main product composition for 2024 includes: excavators (38.75%), others (18.93%), concrete machinery (18.33%), cranes (16.73%), road machinery (3.83%), pile machinery (2.65%), and other businesses (0.78%) [1][2]

Core Viewpoint - SANY Heavy Industry's stock price has shown fluctuations, with a recent decline of 2.03%, while the company has experienced a year-to-date increase of 4.87% in stock price [1] Financial Performance - For the period from January to September 2025, SANY Heavy Industry achieved a revenue of 65.741 billion yuan, representing a year-on-year growth of 13.56% [2] - The net profit attributable to shareholders for the same period was 7.136 billion yuan, reflecting a significant year-on-year increase of 46.58% [2] Shareholder Information - As of September 30, 2025, the number of shareholders for SANY Heavy Industry was 452,900, a decrease of 15% from the previous period [2] - The average number of circulating shares per shareholder increased by 17.65% to 18,709 shares [2] Dividend Distribution - Since its A-share listing, SANY Heavy Industry has distributed a total of 31.876 billion yuan in dividends, with 8.858 billion yuan distributed over the last three years [3] Institutional Holdings - As of September 30, 2025, the second-largest circulating shareholder was Hong Kong Central Clearing Limited, holding 1.091 billion shares, an increase of 91.071 million shares from the previous period [3] - China Securities Finance Corporation remained the fourth-largest shareholder with 233 million shares, unchanged from the previous period [3] - Various ETFs, including Huaxia SSE 50 ETF and Huatai-PineBridge CSI 300 ETF, have seen reductions in their holdings [3]