浙商证券研报指出，山推股份为工程机械低估值标的，背靠山东重工集团，中国推土机龙头迈向全球， 海外矿山领域打开空间；拟发行港股推进全球化，雷沃重工同业竞争问题有望逐步解决。公司为推土机 位列全球第三、中国第一，全球市占率仅次于卡特彼勒、小松，2010年-2024年公司推土机国内市占率 始终稳居60%以上。2024年公司收购山东重工集团挖掘机资产山重建机，据中国工程机械工业协会数 据，2024年1-9月山重建机挖掘机市占率为4%。公司挖掘机业务有望打开空间。挖掘机有望打开空间， 依托推土机渠道及山东重工集团平台和供应链优势，有望快速崛起。此外，拟发行H股深入推进全球 化，雷沃工程机械与山推同业竞争有望逐步解决。维持"买入"评级。 ...

公司研究 证 券 研 究 报 告 柳工（000528）深度研究报告 强推（首次） 国企改革重塑经营活力，多元发展打造土方 龙头 [ReportFinancialIndex] 主要财务指标 | | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | | 营业总收入(百万) | 30,063 | 34,258 | 39,887 | 45,801 | | 同比增速(%) | 9.2% | 14.0% | 16.4% | 14.8% | | 归母净利润(百万) | 1,327 | 1,627 | 2,237 | 2,773 | | 同比增速(%) | 52.9% | 22.6% | 37.5% | 24.0% | | 每股盈利(元) | 0.65 | 0.80 | 1.10 | 1.36 | | 市盈率(倍) | 19 | 15 | 11 | 9 | | 市净率(倍) | 1.4 | 1.3 | 1.2 | 1.1 | 资料来源：公司公告，华创证券预测 注：股价为 2025 年 12 月 29 日收盘价 工程机械 2025 年 12 月 30 ...

Core Viewpoint - Caterpillar Inc. (CAT.US), once dubbed the "AI darling" of the U.S. stock market, has recently faced significant setbacks, highlighting investor skepticism regarding the sustainability of the AI investment frenzy and the potential returns from massive investments in AI data centers [1][4]. Group 1: Company Performance - Caterpillar's stock price has experienced a notable decline, dropping 9.6% over the worst five-day period since April, making it the weakest component of the S&P 500 Machinery Index [1][6]. - Despite the recent downturn, Caterpillar's stock had risen approximately 60% year-to-date, driven by its involvement in the AI power supply chain, particularly through its gas turbine business [6][8]. - The company remains a key player in the construction and mining equipment sector, often viewed as a barometer for global economic health [6]. Group 2: Market Trends and Investor Sentiment - The broader market has seen a rotation away from AI-related stocks, with significant declines in companies like GE Vernova and Vertiv, which are also tied to AI data center infrastructure [7]. - Analysts express concerns that the current AI investment narrative may be nearing its peak, with skepticism growing about the long-term viability of returns from AI investments [5][8]. - High-profile investment firms are increasingly questioning the sustainability of the AI boom, likening it to the internet bubble, and are focusing on identifying the true beneficiaries of AI advancements [5][6].

证券代码：000680 证券简称：山推股份 山推工程机械股份有限公司 投资者关系活动记录表 投资者关系活动 类别 【请在您选择的方式的"（ ）"中打"√"，下同】 （ √）特定对象调研 （ ）分析师会议 （ ）媒体采访 （ ）业绩说明会 （ ）新闻发布会 （ ）路演活动 （ √）现场参观 （ ）其他 （请文字说明其他活动内容） 参与单位名称及 人员姓名 光大证券：陈佳宁、夏天宇 时间 2025 年 12 月 10 日 地点 山推股份办公楼 201 会议室 上市公司接待 人员姓名 肖尧 投资者关系活动 主要内容介绍 一、互动交流 1、公司目前主要的产品及经营模式 公司主营业务收入以生产销售推土机、挖掘机、装载机、压 路机、平地机、摊铺机、铣刨机、混凝土机械等主机产品及履带底 盘总成、传动部件等核心零部件产品为主。主要生产模式为，根据 市场预测及合理库存，动态安排生产任务，由相关生产部门组织生 产。产品销售方面，采取主机产品以代理经销制为主、零部件销售 以向工程机械主机厂商配套和代理销售相结合的销售模式，同时拓 展多元化业务模式，开展经营性租赁业务，针对不同客户需求增加 驻矿服务、分级服务套餐（基础保养、延保增值 ...

据悉，EquipmentShare自称是美国规模最大、增长最快的设备租赁供应商之一。截至2025年9月30日， 该公司运营着一个数字原生设备租赁平台，拥有342个全方位服务租赁点、9个经销商网点和22家建材商 店，业务覆盖美国45个州。其设备库包含约23.5万台拥有、租赁或管理的设备，原始设备成本达81亿美 元。所有设备均通过其专有平台T3连接，该平台提供实时跟踪、预测性维护和远程访问控制功能，覆 盖各类设备以优化施工现场运营。公司主要收入来自租赁业务，设备销售也贡献显著营收。除通用工程 设备(如伸缩臂叉装车、挖掘机、紧凑型履带装载机、推土机、压缩机)外，公司还扩展至暖通空调、水 泵和发电设备等专业领域。数据显示，该公司截至2025年9月30日的12个月营收达44亿美元。 建筑设备租赁与销售平台EquipmentShare.com周二向美国证券交易委员会(SEC)提交了上市申请，预计 将通过首次公开募股(IPO)筹资约8亿美元。该公司预计最早将于2026年1月上市，上市地点为纳斯达 克，股票代码为"EQPT"。定价条款尚未披露。 ...

浙商证券研报指出，山推股份工程机械产品依托自身推土机渠道及山东重工集团黄金内核（潍柴发动机 +林德液压件+山推传动件）、渠道协同（中国重汽、潍柴动力渠道协同销售）有望快速增长。推土机 迈向全球，挖掘机打开空间，矿山机械发展潜力大。雅鲁藏布江下游水电工程项目有望拉动公司工程机 械产品需求。另外，公司拟发行H股深入推进全球化战略，未来雷沃工程机械与山推同业竞争有望逐步 解决。此外，王志坚同志任山东重工集团董事长；山推已回购股份1.1亿元。维持"买入"评级。 ...

相关研究 证券分析师 2025 年 12 月 01 日 扬帆出海，2026 关注哪些方向？ 2026 年出海展望 陆灏川 A0230520080001 luhc@swsresearch.com 王雪蓉 A0230523070003 wangxr@swsresearch.com 刘建伟 A0230521100003 liujw@swsresearch.com 马天一 A0230525040004 maty@swsresearch.com 戴文杰 A0230522100006 daiwj@swsresearch.com 刘正 A0230518100001 liuzheng@swsresearch.com 屠亦婷 A0230512080003 tuyt@swsresearch.com 邵靖宇 A0230524080001 shaojy@swsresearch.com 马焰明 A0230523090003 maym@swsresearch.com 任杰 A0230522070003 renjie@swsresearch.com 王立平 A0230511040052 wanglp@swsresearch.com 周文远 ...

Summary of the Engineering Machinery Industry Conference Call Industry Overview - The engineering machinery industry experienced accelerated growth in Q3 2025, with both main engine manufacturers and component suppliers showing increases in revenue and profit, indicating a turning point in industry performance [1][2] - Non-excavator machinery has returned to positive growth, outpacing excavators, primarily due to a low base from the previous year and the spillover effect from medium and large excavators [1][2] Key Company Performances - SANY Heavy Industry reported steady revenue growth of approximately 10% in Q3 2025, while XCMG and Zoomlion achieved growth rates of over 20% and around 15%, respectively, driven by non-excavator product contributions [4] - SANY demonstrated the fastest profit growth in the industry, with significant improvements in expense control, accounts receivable, and inventory turnover rates [4] - XCMG's net cash flow from operating activities doubled in the first three quarters, while Zoomlion's increased by more than 100% [4] Overseas Market Growth - All major companies maintained strong growth in overseas markets in Q3 2025, with SANY's overseas business growing by about 10%, XCMG close to 20%, and Zoomlion reaching 30% [5] - The high-end markets in Europe and North America showed significant recovery, with SANY's growth in Africa exceeding 50% and over 30% in South America [5] Globalization Strategies - Main engine manufacturers are actively pursuing globalization, with SANY raising over 12 billion RMB through Hong Kong stock offerings for overseas production base construction and channel development [6] - XCMG and Zoomlion are also focusing on international expansion, with overseas revenue proportions reaching approximately 60% for SANY and Zoomlion, and around 50% for XCMG, with these regions generally offering higher profitability than domestic markets [7] Domestic Market Trends - The domestic excavator market has shown early signs of recovery, with significant increases in sales of non-excavator machinery such as truck cranes and concrete machinery, with truck crane sales in September up over 40% year-on-year [9] - The industry is entering a phase of resonance between domestic demand and supply, driven by large infrastructure projects and special local government bonds, which are expected to boost engineering machinery demand [12][13] Future Outlook - The engineering machinery industry is anticipated to experience a dual resonance phase, with domestic and international markets expected to grow, particularly with ongoing large-scale infrastructure projects and a projected 15%-20% compound growth rate in overseas exports [12][13] - The sector is currently at a relatively low valuation compared to other machinery sectors, suggesting potential for rapid growth and valuation recovery in the coming years [15] Product Structure Differences - SANY focuses on excavators, concrete equipment, and cranes, with excavators being the largest segment; XCMG specializes in cranes, holding over 30% market share, while Zoomlion emphasizes lifting machinery and concrete equipment [11] - These structural differences impact revenue performance, but all leading companies exhibit strong competitive capabilities [11] Recommendations for Investors - Investors are advised to focus on the opportunities presented by different stages of the market cycle, as companies may experience varying degrees of performance and stock price increases [19]

Core Insights - The report highlights a selection of stocks for November, including China Eastern Airlines, COSCO Shipping, and CATL, indicating potential investment opportunities in these companies [1] - The report emphasizes the performance of Shantui Construction Machinery, which reported a revenue of 10.488 billion yuan for the first three quarters of 2025, a year-on-year increase of 2.36%, and a net profit of 838 million yuan, up 15.67% [9][10] - Longi Green Energy's third-quarter report shows a significant reduction in losses, with a net profit of -3.403 billion yuan for the first three quarters of 2025, compared to -6.505 billion yuan in the same period last year, indicating operational stability [13][14] Fixed Income - The report discusses the outlook for bond market yields, suggesting that in the context of a "slow bull" market for A-shares and stagnant housing prices, long-term yields may remain in a volatile range [6][7] - It notes that low interest rates are often linked to low financing demand and asset values, with a historical comparison to Japan's low-rate era [6][7] Mechanical Equipment - Shantui Construction Machinery is identified as a leading manufacturer of bulldozers, with ongoing expansion in excavator and mining machinery businesses, and growth in overseas markets expected to enhance its growth potential [9][10][11] - The company achieved a gross margin of 20.53% and a net margin of 8.01% in the first three quarters of 2025, reflecting effective cost control [11] Power Equipment - Longi Green Energy's performance shows a recovery trend, with a focus on optimizing gross margins and cash flow, and a strategic push against "involution" in the industry [13][15] - The company reported stable sales volumes for silicon wafers and components, with a notable increase in the sales of high-value BC components, indicating a competitive advantage [14][15]

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expectation that the stock price will exceed the benchmark index by more than 20% over the next 6-12 months [2][4][6]. Core Views - The company has shown steady overall performance with a significant rebound in profit growth in Q3 2025. For the first three quarters of 2025, the company achieved revenue of 10.488 billion RMB, a year-on-year increase of 2.36%, and a net profit attributable to shareholders of 838 million RMB, up 15.67% year-on-year. In Q3 alone, revenue was 3.484 billion RMB, growing 1.04%, while net profit surged 33.44% to 270 million RMB [4][9][10]. - The company is positioned as a leading manufacturer of bulldozers in China, with ongoing expansion in excavator and mining machinery businesses, as well as growth in overseas markets, which is expected to further enhance growth potential [4][6][9]. Financial Performance Summary - For the first three quarters of 2025, the company reported a gross margin of 20.53%, an increase of 1.59 percentage points year-on-year, and a net margin of 8.01%, up 0.91 percentage points year-on-year. The total expense ratio was well-controlled at 10.52%, slightly down by 0.11 percentage points [9][10]. - The company has adjusted its revenue forecasts for 2025-2027 to 15.775 billion RMB, 18.072 billion RMB, and 21.150 billion RMB, respectively, with net profits projected at 1.282 billion RMB, 1.609 billion RMB, and 1.922 billion RMB, respectively. The expected EPS for these years is 0.85 RMB, 1.07 RMB, and 1.28 RMB, corresponding to P/E ratios of 13.0, 10.3, and 8.7 times [6][8][9]. Growth Drivers - The company has completed the integration of Shandong Heavy Industry's construction machinery segment, which is expected to enhance its operational scale in the engineering machinery sector. The excavator business is anticipated to become a second growth curve, leveraging sales channels and supply chain advantages [9][10]. - The launch of the TEH260 rigid mining truck represents a significant step in enhancing the company's strategic positioning and brand influence in the mining sector [9][10].