本报讯 （记者肖艳青）8月26日，宇通重工股份有限公司（以下简称"宇通重工"）发布2025年半年报，今年上半年公司实 现营业收入16.6亿元，同比增长12.07%；归属于上市公司股东的净利润1.19亿元，同比增长42.54%。 新能源产品销量大增 据悉，宇通重工致力于成为新能源作业设备引领者，自2014年开始全面开展新能源环卫设备的研发生产，2018年在行业内 率先开发并推广新能源矿用车。公司在行业内率先研发制造电动旋挖钻机、电动强夯机、电动港口轮胎起重机、增程式电动压 裂车等工程机械产品。 聚焦制造业提高经营质量 今年上半年，宇通重工为进一步聚焦主业，专注新能源环卫设备、新能源矿用装备等业务，转让了其环卫服务业务子公司 傲蓝得环境科技有限公司（以下简称"傲蓝得"）的控股权，持股比例由85%变为12.75%。 此外，公司经营质量进一步提升，报告期末，公司资产负债率为40.03%，较2024年底下降4.34个百分点；持续保持有息负 债金额为零，应收账款和票据科目余额较年初下降38%，应收周转天数同比大幅下降。 同时，为支持新能源汽车产业健康发展，宇通重工压缩供应商账期，缓解供应商现金流压力，应付账款和票据科目余 ...

宇通重工 20250826 摘要 2025 年上半年公司营收 14.93 亿元，同比增长 29.69%；归母净利润 0.76 亿元，同比增长 27.16%；基本每股收益 0.22 元，加权平均净资 产收益率为 4.75%。经营活动现金流净流出 0.16 亿元，主要因压缩供 应商账期所致。 环卫设备业务营收 7.98 亿元，同比增长 18.5%，新能源销量 1,030 台， 同比增长 18.25%。矿用装备业务营收 6.41 亿元，同比增长超 100%，新能源矿用车占比达 80%。工程机械业务受行业底部影响需求 未见明显改善，但新产品研发投入加大。 环卫车收入约 8 亿，毛利率超 20%；矿卡收入 6.4 亿元，毛利率约 10%，下降主要因市场竞争和新产品投放；基础工程机械收入约 1.3 亿 元，毛利率 25-30%，略有改善；环卫服务贡献约 1.7 亿元收入，毛利 率 20 多。 上半年毛利率下降因停掉部分产品并打折促销，属一次性情况。矿车降 本周期滞后，下半年有望弥补部分毛利率下降。预计未来矿用装备毛利 率有望超过 20%，二三季度新能源矿车毛利率维持在 20%-25%之间。 Q&A 2025 年上半年公司 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company has shown significant revenue growth in the first half of 2025, with total revenue reaching 1.66 billion yuan, a year-on-year increase of 12.07%. The net profit attributable to shareholders was 119 million yuan, up 42.54% year-on-year. Excluding the impact of the sale of a subsidiary, the net profit increased by 27% [8] - The growth in revenue is primarily driven by the sanitation and mining equipment sectors, with sanitation equipment revenue increasing by 34% year-on-year to 798 million yuan, and mining equipment revenue from a subsidiary rising by 111% to 641 million yuan [8] - The company is benefiting from the increasing demand for new energy sanitation vehicles, with a 92% year-on-year increase in industry sales and an 18% increase in the company's own sales [8] - The company is also expanding its presence in the new energy mining vehicle market, achieving an 84% increase in sales in this segment [8] Financial Summary - Total revenue projections for 2023A, 2024A, 2025E, 2026E, and 2027E are 2,907 million yuan, 3,799 million yuan, 4,529 million yuan, 5,531 million yuan, and 6,760 million yuan respectively, with year-on-year growth rates of -18.92%, 30.67%, 19.23%, 22.12%, and 22.22% [1] - Net profit attributable to shareholders is projected to be 218.40 million yuan in 2023A, 227.08 million yuan in 2024A, 262.44 million yuan in 2025E, 330.24 million yuan in 2026E, and 412.84 million yuan in 2027E, with corresponding growth rates of -43.36%, 3.97%, 15.57%, 25.83%, and 25.01% [1] - The latest diluted EPS is expected to be 0.41 yuan in 2023A, 0.43 yuan in 2024A, 0.49 yuan in 2025E, 0.62 yuan in 2026E, and 0.77 yuan in 2027E [1]

Core Insights - The specialized vehicle industry is currently experiencing a strategic opportunity period characterized by policy benefits, accelerated technological changes, and global competition reshaping [1] - The industry is facing three major trends: technological transformation driven by new technologies, differentiated development driven by diverse markets, and multi-industry integration reconstructing the industrial ecosystem [1] Group 1: Industry Trends - The engineering machinery sector is undergoing comprehensive changes towards electrification, intelligence, and internationalization [3] - From 2020 to 2024, the global renewable energy generation share is expected to increase from 28% to 35%, driven by the growing demand for low-emission, high-efficiency equipment [3] - In the international market, small and medium-sized engineering machinery dominates, while the domestic market focuses on large and medium-sized product development [3] Group 2: Company Performance - LiuGong's electric wheel loader sales exceeded 10,000 units last year, capturing approximately 26% market share, with a remarkable increase to over 35% market share in the first quarter of this year [4] - LiuGong's unique advantages in the new energy mining vehicle sector are highlighted by lower operating costs compared to fuel vehicles due to energy recovery characteristics [4] - LiuGong's new energy mining vehicles have a penetration rate comparable to that of loaders, with significant performance in overseas markets, particularly in regions like Africa and Indonesia [4] Group 3: Future Outlook - LiuGong views mining vehicles as a crucial strategic development direction, with wheel-type vehicles already in a rapid development phase [5] - The exploration of oil-to-electric conversion in the aftermarket and the electrification of old machinery are seen as new pathways for industry development [6] - Zoomlion's electric mixer truck penetration rate has reached 71%, indicating strong market demand for vehicles suitable for short-distance, multi-task operations [8] - Over 55% of Zoomlion's business comes from international markets, showcasing the potential for internationalization in the engineering machinery sector [8] - The future of the engineering machinery industry is expected to focus on technological advancements and intelligent applications to achieve product high-endization [8]