公司研究 证 券 研 究 报 告 海外业务提速，受益中高端渗透率提升 目标价：13.2 元 事项： ❖ 公司发布 2024 年报及 2025 年一季报：公司 2024 年营收为 21.3 亿元，同比 +6.9%；归母净利润为 1.67 亿元，同比+2.2%；扣非净利润为 1.58 亿元，同比 +10.0%。公司 2025 年一季度营收为 4.08 亿元，同比+18.4%；归母利润为 0.34 亿元，同比+38.4%。 评论： [ReportFinancialIndex] 主要财务指标 | | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | | 营业总收入(百万) | 2,129 | 2,595 | 3,115 | 3,686 | | 同比增速(%) | 6.9% | 21.9% | 20.1% | 18.3% | | 归母净利润(百万) | 167 | 239 | 305 | 376 | | 同比增速(%) | 2.2% | 43.0% | 27.5% | 23.8% | | 每股盈利(元) | 0.46 | 0.66 | 0.8 ...

Core Viewpoint - The company, Eurocrane, is positioned as a leader in the high-end material handling equipment market, focusing on European-style cranes and automation solutions, with a strong emphasis on international expansion and technological innovation [5][6][7]. Group 1: Company Overview - Eurocrane operates in the material handling industry, primarily manufacturing European-style cranes and electric hoists, serving various sectors including energy, transportation, and manufacturing [5][8]. - The company has a diversified client base across multiple industries, which mitigates cyclical risks associated with specific sectors [5]. Group 2: Business Performance - The company plans to distribute a cash dividend of 0.23 yuan per share, totaling approximately 82.82 million yuan, representing a payout ratio of 49.61% of the net profit [4][16]. - In the reporting period, the company achieved a revenue growth of 6.88% and a net profit growth of 10.04%, indicating strong operational performance [13]. Group 3: Market Position and Strategy - Eurocrane is recognized as a leading brand in the domestic European-style crane market, with a focus on high-end products and lifecycle services [10][11]. - The company is expanding its international presence, establishing subsidiaries in regions such as Saudi Arabia and Indonesia, and targeting markets in Europe, Southeast Asia, and Latin America [7][11]. Group 4: Industry Trends - The material handling industry is transitioning towards automation and robotics, driven by the demand for increased efficiency and smart manufacturing solutions [6][10]. - The company is developing automated material handling solutions, including various types of industrial robots, to meet the evolving needs of the manufacturing sector [6][10].