Group 1: Industry Overview - Yihe New District is the core area for the construction of "China's Engineering Machinery City" in Linyi, focusing on high-end engineering equipment through an industrial chain approach [1] - The high-end engineering equipment industry chain is developing towards high-end, green, intelligent, and clustered growth [1] Group 2: Leading Enterprises - Shandong Liugong Forklift Co., Ltd. has achieved 50% of its annual target of 850 million yuan in the first half of the year, with a projected sales increase to 670 million yuan in 2024 [2] - The company aims to increase the proportion of electric forklifts from 35% to over 50% within two years, driven by strong market demand and policy support [2] - Shanzhong Construction Machinery Co., Ltd. plans to increase its production capacity from 18,000 to 25,000 units after the introduction of welding robots and intelligent assembly lines [2] Group 3: Component Manufacturers - Shandong Jinli Hydraulic Technology Co., Ltd. has improved its electroplating production line, increasing the salt spray test level from 200 hours to over 400 hours, significantly extending product lifespan [3] - The company has successfully entered the supply chains of international giants like Volvo and Caterpillar, with a transaction volume of 30 million yuan with Shanzhong Construction Machinery last year [3] - Jinli Group produces 1 million hydraulic cylinders and has a 30% market share in domestic hydraulic cylinders for loaders [3] Group 4: Innovation and Cluster Development - The Yihe New District is focusing on attracting projects that enhance the entire industrial chain, emphasizing innovation and collaboration among upstream and downstream enterprises [4] - The district has formed an engineering machinery industry cluster led by major manufacturers like Shandong Lingong, Shanzhong Construction Machinery, and Liugong Forklift, supported by component manufacturers and logistics services [4] - The high-end engineering equipment cluster has been approved as a provincial advanced manufacturing cluster for 2024 [4]

Group 1: Investor Relations Activities - The company conducted an online investor communication meeting on June 13, 2025, with participation from various investment firms including 华夏基金, 泰康资产, and 红杉中国 [3] - The meeting was attended by the company's board members, including the Vice General Manager and Board Secretary, Ms. Wang Mengjun [3] Group 2: Product Applications in Autonomous Driving - The company has developed oil-gas suspension products for application in the autonomous and intelligent driving sectors, showcasing their potential [4] - In May 2025, the company participated in the global launch of the first 100 unmanned electric mining trucks, providing a full oil-gas suspension system and an integrated intelligent weighing system [4] Group 3: Competitive Advantages of Oil-Gas Spring Products - The company has a strong design matching capability, covering various vehicle types, including non-road wide-body mining vehicles and multi-axle heavy transport vehicles [5] - The company emphasizes quality control, cost management, and timely service, enhancing its market competitiveness [5] Group 4: Wind Power Applications - The company signed a strategic cooperation agreement with 盘古智能 in March 2025 to develop hydraulic systems for wind power [6] - Hydraulic cylinders are crucial in wind turbine systems, with a typical wind turbine requiring 14-18 hydraulic cylinders, which account for approximately 35%-45% of the system's value [7] Group 5: Electric Cylinder and Screw Products - The company's electric cylinders are primarily used in the military sector, with ongoing R&D efforts in advanced electric cylinder technologies [8] - The company is exploring new markets in industrial automation and humanoid robotics, focusing on the development of precision components like planetary roller screws [8]

Core Viewpoint - Sichuan Youji Industrial Co., Ltd. plans to issue convertible bonds to raise funds for the transformation of its intelligent valve production line, with a total investment of approximately 121.34 million yuan, of which 120 million yuan will be raised through this bond issuance [3][8]. Company Overview - The company specializes in the research, design, manufacturing, and sales of customized machinery and components, primarily providing fluid control equipment and components for the oil and gas chemical industry, as well as engineering and mining machinery components [8][9]. - As of December 31, 2024, the total share capital of the company is 101,521,378 shares, with a shareholding structure that includes both unrestricted and restricted shares [8][9]. Industry Characteristics - The customized machinery and components industry is a foundational sector for high-end equipment, receiving strong support from national policies aimed at promoting advanced manufacturing and intelligent production [9][10]. - The industry is characterized by a diverse range of applications across various sectors, including oil and gas, mining, and general machinery, which helps mitigate the impact of fluctuations in individual sectors [18][20]. Market Dynamics - The mechanical equipment and components industry is closely tied to the overall macroeconomic cycle, with demand influenced by national investment in infrastructure and industrial projects [18][20]. - The industry has seen a steady increase in exports, with the total import and export volume of mechanical goods exceeding 1.17 trillion USD in 2024, marking a 7.5% year-on-year growth [16][17]. Competitive Landscape - The company has established a strong reputation and customer base, recognized by international firms such as Emerson and Honeywell, and has become a key supplier for major state-owned enterprises in China [21]. - The industry faces significant barriers to entry, including supply chain management, brand loyalty, and technological expertise, which favor established players [20][21].

Key Recommendations - Three-Dimensional Chemical (002469.SZ) benefits from accelerated coal chemical construction in Xinjiang, with a unique competitive advantage through "engineering + industry" collaboration [10][11] - Kangguan Technology (001308.SZ) shows high growth in innovative display products, with improved gross margin in Q1 2025 [12][13] Industry and Company Analysis - Three-Dimensional Chemical is a leader in sulfur recovery, leveraging proprietary technology to break foreign monopolies, with projected engineering revenue of 570 million yuan and chemical product revenue of 1.81 billion yuan in 2024 [10][11] - The company has a strong order backlog of 1.67 billion yuan, ensuring sustained revenue growth from coal chemical projects, with expected engineering revenue of 360 million, 550 million, and 760 million yuan from 2025 to 2027 [11] - The domestic market for n-propanol remains tight, with a projected supply gap of 41,000 tons in 2025, maintaining prices between 8,000-9,000 yuan/ton [11] - Kangguan Technology's Q1 2025 revenue reached 3.142 billion yuan, a year-on-year increase of 10.8%, with a net profit of 215 million yuan, reflecting a 15.8% increase [12][13] - The company’s innovative display products saw a 50.4% revenue increase in Q1 2025, driven by strong demand in emerging markets [13][14] Macroeconomic and Strategic Insights - The high-tech manufacturing sector shows signs of recovery, with a narrowing decline in the macroeconomic diffusion index, indicating improved economic conditions [15][17] - The macroeconomic environment is expected to support growth in sectors like coal chemical engineering and innovative display technologies, with favorable government policies promoting urban renewal and infrastructure investment [26][27]

Key Insights - The report highlights the significant growth in the renewable energy sector, particularly in wind and solar power, with cumulative installed capacity surpassing thermal power for the first time [5][6] - The performance of various companies in the renewable energy and materials sectors shows strong revenue growth and improved profitability, indicating a positive trend in these industries [7][11][14][20][23] Industry Commentary - The new materials sector has seen a weekly increase, with the new materials index rising by 3.51%, while specific segments like industrial gases and battery chemicals have also shown strong performance [5] - Wind and solar power installations reached a total of 1.482 billion kilowatts, with wind power at 536 million kilowatts and solar power at 946 million kilowatts, marking a significant milestone in the energy transition [5] - The report predicts that annual new installations of wind power will exceed 100 million kilowatts starting in 2025, entering a new era of renewable energy growth in China [5] Company Analysis - **Sungrow Power Supply Co., Ltd. (300274.SZ)**: The company reported a revenue of 77.86 billion yuan for 2024, a year-on-year increase of 7.8%, and a net profit of 11.04 billion yuan, up 16.9%. In Q1 2025, revenue reached 19.04 billion yuan, a 50.9% increase year-on-year [7][9] - **Sailun Tire (601058.SH)**: The company achieved a total revenue of 31.802 billion yuan in 2024, a 22.42% increase, with a net profit of 4.063 billion yuan, up 31.42%. In Q1 2025, revenue was 8.411 billion yuan, reflecting a 15.29% increase [11][12] - **Hengli Hydraulic (601100.SH)**: The company reported a revenue of 9.39 billion yuan in 2024, a 4.51% increase, with a net profit of 2.509 billion yuan, up 0.4%. The Q1 2025 revenue was 2.422 billion yuan, a 2.56% increase year-on-year [14][16] - **Zhaowei Electromechanical (003021.SZ)**: The company reported a revenue of 1.525 billion yuan in 2024, a 26.42% increase, with a net profit of 225 million yuan, up 25.11%. In Q1 2025, revenue was 368 million yuan, a 17.66% increase [20] - **Tianwei Technology (688116.SH)**: The company achieved a revenue of 1.45 billion yuan in 2024, a 3.1% increase, with a net profit of 250 million yuan, down 15.8%. In Q1 2025, revenue was 330 million yuan, a 9% increase [23][24] Investment Recommendations - The report suggests a focus on companies within the wind and solar energy sectors, as they are expected to benefit from the ongoing transition to renewable energy and the increasing demand for sustainable solutions [5][7] - Companies like Sungrow and Sailun Tire are highlighted for their strong growth trajectories and market positions, making them attractive investment opportunities [7][11]

2025 年 5 月 9 日 请务必阅读正文之后的免责声明部分 工程机械产业链梳理 证券研究报告 上游 原材料与核心零部件 中游 主机制造商 下游 应用领域 钢铁 液压件 ◼ 恒立液压：油缸、泵阀 ◼ 艾迪精密：液压破碎锤、泵阀、马达 ◼ 长龄液压：中央回转接头、张紧装置 发动机 基建 采矿业 房地产 2023年销量份额 （剔除叉车） 高空作业平台 34% 挖掘机 32% 装载机 17% 起重机 12% 压路机 2% 平地机 1% 主要机种 ◼ 三一重工：挖掘机、混凝土机械、起重机 ◼ 中联重科：起重机、混凝土机械、挖掘机、 高空作业平台 ◼ 徐工机械：起重机、挖掘机、高空作业平 台、混凝土机械 ◼ 柳工：装载机、挖掘机 ◼ … 采矿业 数据来源：中国工程机械工业协会，东吴证券研究所 2 工程机械板块相关公司 工程机械行业2024年报&2025年一季报总结 内需复苏超预期，工程机械行业有望迎来国内外共振 首席证券分析师：周尔双 执业证书编号：S0600515110002 联系邮箱：zhouersh@dwzq.com.cn • 我们选取了A股13家主营业务为工程机械的上市公司进行分析，选取公司及细分产品领域如下 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [2] Core Views - The company reported a steady performance with a revenue of 9.39 billion yuan in 2024, reflecting a year-on-year increase of 4.51%. The net profit attributable to shareholders was 2.51 billion yuan, up by 0.40%, while the net profit after deducting non-recurring gains and losses decreased by 6.61% to 2.29 billion yuan. The cash flow from operating activities was 2.48 billion yuan, down by 7.40% [5][6] - The hydraulic cylinder product structure has improved, with revenue from hydraulic cylinders reaching 4.76 billion yuan, a 1.44% increase year-on-year. The gross margin for this segment increased by 1.41 percentage points. Revenue from hydraulic pumps and valves grew by 9.63% to 3.58 billion yuan, benefiting from increased market share in excavator pump and valve products [6] - The company's internationalization strategy is showing initial results, with overseas business revenue totaling 2.07 billion yuan, a year-on-year increase of 7.61%, accounting for 22% of total revenue. The linear drive project has entered mass production, with a complete processing capability achieved in September 2024 [7] Financial Summary - For 2025-2027, the company forecasts revenue of 10.32 billion yuan, 11.92 billion yuan, and 13.80 billion yuan, respectively. The net profit attributable to shareholders is projected to be 2.79 billion yuan, 3.32 billion yuan, and 3.90 billion yuan, respectively. The diluted EPS is expected to be 2.08 yuan, 2.48 yuan, and 2.91 yuan for the same period [8][10] - The company’s gross margin is expected to improve from 42.8% in 2024 to 45.1% in 2027, while the return on equity (ROE) is projected to increase from 15.9% to 17.5% over the same period [10][13]

Investment Rating - The investment rating for the company is "Buy" (maintained) [2] Core Views - The company reported a steady performance with a revenue of 9.39 billion yuan in 2024, reflecting a year-on-year increase of 4.51%. The net profit attributable to shareholders was 2.51 billion yuan, up by 0.40%, while the net profit after deducting non-recurring gains and losses was 2.29 billion yuan, down by 6.61% [5][10] - The hydraulic cylinder product structure has improved, with revenue from hydraulic cylinders reaching 4.76 billion yuan, a 1.44% increase year-on-year, and a gross margin increase of 1.41 percentage points. Revenue from hydraulic pumps and valves grew by 9.63% to 3.58 billion yuan, benefiting from increased market share in excavator pump and valve products [6] - The company has accelerated its internationalization strategy, achieving overseas revenue of 2.07 billion yuan, a year-on-year increase of 7.61%, accounting for 22% of total revenue. The linear drive project has entered mass production, with a complete processing capability established [7] Financial Summary - For 2025-2027, the revenue forecast is 10.32 billion yuan, 11.92 billion yuan, and 13.80 billion yuan, respectively. The net profit attributable to shareholders is projected to be 2.79 billion yuan, 3.32 billion yuan, and 3.90 billion yuan, respectively. The diluted EPS is expected to be 2.08 yuan, 2.48 yuan, and 2.91 yuan [8][10] - The company’s gross margin is expected to improve from 42.8% in 2024 to 45.1% in 2027, while the return on equity (ROE) is projected to increase from 15.9% to 17.5% over the same period [10][13]

Investment Rating - The investment rating for the company is "Buy" with a 6-month outlook maintained [6][17]. Core Views - The company achieved a revenue of 9.39 billion yuan in 2024, marking a year-on-year increase of 4.51%, and a record high in revenue [1]. - The net profit attributable to the parent company for 2024 was 2.51 billion yuan, reflecting a slight increase of 0.4% year-on-year, driven by market share gains in hydraulic pump and valve products, as well as growth in non-engineering machinery products and overseas market expansion [1][2]. - The company is advancing its electrification strategy and has commenced mass production of linear actuators, which is expected to become a new growth driver [3]. - The company is actively expanding its international and diversified operations, with overseas revenue growing by 7.61% year-on-year in 2024 [4]. Financial Performance - In 2024, the company reported a gross margin of 42.83%, an increase of 0.93 percentage points year-on-year, while the net profit margin was 26.76%, a decrease of 1.11 percentage points [1]. - For Q1 2025, the company achieved a revenue of 2.42 billion yuan, up 2.56% year-on-year, and a net profit of 618 million yuan, reflecting a 2.61% increase [2]. - The company forecasts net profits of 2.77 billion yuan, 3.31 billion yuan, and 3.90 billion yuan for 2025, 2026, and 2027 respectively, with corresponding P/E ratios of 36, 30, and 26 [4][5]. Product Performance - The revenue breakdown for 2024 shows hydraulic cylinders at 4.76 billion yuan, hydraulic pumps and valves at 3.58 billion yuan, hydraulic systems at 296 million yuan, and parts and castings at 684 million yuan, with respective year-on-year growth rates of 1.44%, 9.63%, 1.64%, and 1.76% [2].

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company achieved a revenue of 1.67 billion yuan in Q1 2025, representing a year-on-year increase of 17.57%, and a net profit attributable to shareholders of 33.82 million yuan, up 60.72% year-on-year [1][43] - The company plans to enter the wind power sector through a partnership with Pangu Intelligent, which is expected to enhance its growth prospects [1][3] - The company has a strong focus on hydraulic cylinders, lead screws, and gas springs, with significant development potential in these areas [2][3] Financial Summary and Valuation Indicators - For the fiscal year 2024, the company reported a total revenue of 629 million yuan, a decrease of 5.99% year-on-year, while the net profit attributable to shareholders was 108.72 million yuan, an increase of 37.02% [1][43] - The projected net profits for 2025, 2026, and 2027 are 127 million yuan, 167 million yuan, and 188 million yuan, respectively, with corresponding EPS of 1.07 yuan, 1.40 yuan, and 1.58 yuan [1][12] - The current P/E ratios for 2025, 2026, and 2027 are 30.3, 23.0, and 20.5, respectively [1][5] Product Development and Market Position - The company has upgraded its military product development capabilities and is involved in several military research projects, enhancing its competitive edge in the market [2][31] - The revenue contribution from hydraulic cylinders remains significant, accounting for 62% of total revenue in 2024, while gas springs have seen a notable increase in revenue contribution, rising to 16% [3][45] - The company has developed several key technologies for hydraulic cylinders and gas springs, positioning itself as a professional supplier in the domestic mid-to-high pressure hydraulic cylinder market [38][39]