2025 年 11 月 28 日 赵旭东 H70556@capital.com.tw 目标价(元) 99 公司基本信息 | 产业别 | | 电气设备 | | --- | --- | --- | | A 股价(2025/11/27) | | 86.40 | | 上证指数(2025/11/27) | | 3875.26 | | 股价 12 个月高/低 | | 98.35/31.67 | | 总发行股数(百万) | | 213.79 | | A 股数(百万) | | 213.79 | | A 市值(亿元) | | 184.72 | | 主要股东 | 南通市伟创电 | | | | | 气科技有限公 | | | | 司(54.12%) | | 每股净值(元) | | 10.83 | | 股价/账面净值 | | 7.98 | | | 一个月 三个月 | 一年 | | 股价涨跌(%) | -1.4 | 58.3 167.8 | 近期评等 | 出刊日期 | 前日收盘 | 评等 | | --- | --- | --- | | 2025-04-17 | 45.8 | 买进 | | 2025-06-12 | 45.5 | 买进 | ...

Core Viewpoint - Zhonglian Heavy Industry reported comprehensive growth in key financial metrics for Q3 2025, including revenue, net profit, and operating cash flow, while announcing plans to issue up to 6 billion HKD in convertible bonds to support R&D and global expansion strategies [1][6]. Financial Performance - For the first three quarters, Zhonglian Heavy Industry achieved revenue of 37.156 billion CNY, a year-on-year increase of 8.06%, and a net profit of 3.920 billion CNY, up 24.89%. The net cash flow from operating activities reached 2.866 billion CNY, growing by 137.31% [1]. - In Q3 alone, the company reported revenue of 12.301 billion CNY, a 24.88% increase year-on-year, with domestic revenue at 4.802 billion CNY (up 12.87%) and overseas revenue at 7.499 billion CNY (up 34.01%) [2]. Overseas Market Growth - The overseas revenue for the first three quarters reached 21.313 billion CNY, accounting for 57.36% of total revenue, marking a 20.80% year-on-year increase. The growth rate for Q3 was further enhanced to 34.01% [3]. - The company is expanding its overseas manufacturing bases and enhancing its supply chain in Europe, with ongoing construction of facilities in Germany and Hungary [3]. Domestic Market Recovery - The domestic market is showing signs of recovery, with increased demand in traditional sectors such as cranes and concrete machinery. The company maintains the leading market share in crawler cranes and is experiencing high demand for high-value products [3]. Emerging Industries Development - Emerging sectors like earthmoving, mining, and agricultural machinery are thriving, with significant market share gains in large-scale mining machinery. The company has developed a comprehensive product matrix and is focusing on green and intelligent solutions [4]. Future Growth Prospects - Zhonglian Heavy Industry is positioning itself in the humanoid robotics sector, leveraging its technological capabilities in industrial internet, AI, and IoT. The company has developed a full-stack self-research capability and is set to benefit from supportive government policies [5]. Convertible Bond Issuance - The planned issuance of up to 6 billion HKD in convertible bonds aims to strengthen R&D and overseas market development, facilitating the company's transition from a cyclical to a value growth model. The bonds are expected to enhance shareholder returns and improve the company's capital structure [6].