证券研究报告 | 公司点评 | 工程机械 山推股份(000680) 报告日期：2025 年 10 月 12 日 已回购股份近 1 亿元，公司季度业绩有望开始提速 ——山推股份点评报告 事件：2025 年 10 月 10 日晚，公司发布关于回购股份方案实施进展的公告。 投资要点 ❑ 已回购股份近 1 亿元，未来股权激励或员工持股计划可期 截至 2025 年 9 月 30 日，公司通过股份回购专用证券账户以集中竞价方式回购公司股 份 1076 万股，占公司目前总股本的 0.72%，最高成交价 9.74 元/股，最低成交价 8.64 元/股，成交总金额 9999 万元（不含交易费用）。2025 年 4 月 22 日晚，公司公告拟 1.5 亿~3 亿元回购股份，在未来适宜时机将全部用于股权激励计划或实施员工持 股计划。据公司公告，自 2025 年 9 月 26 日起，因公司实施 2025 年中期权益分 派，本次回购价格将由不超过 13.82 元/股调整为不超过 13.79 元/股。 ❑ 推土机迈向全球，挖掘机打开空间，矿山机械发展潜力大 1）2025 年经营目标：营业收入 157 亿元，预计同比增长 10%，其中海外 ...

Core Viewpoint - The excavator serves as a standard for infrastructure construction and reflects changes in fixed asset investment, with the latest data from the "CCTV Finance Excavator Index" indicating stable progress in infrastructure projects across China, particularly in the western regions showing strong growth momentum [1][3]. Group 1: National Construction Rates - In July, the national construction rate for engineering machinery was 44.43%, with a month-on-month increase of 4.44% in total workload, indicating a gradual recovery in infrastructure projects [3]. - The top ten provinces by construction rate included Zhejiang (66.25%), Hainan, Anhui, Qinghai, Jiangxi, Beijing, Liaoning, Fujian, Hebei, and Gansu, with 20 provinces exceeding a 50% construction rate, showcasing balanced development across the country [2][3]. Group 2: Regional Performance - In July, 12 provinces experienced a month-on-month increase in workload, with the top five provinces being Guizhou, Qinghai, and Guangxi from the western region [6]. - The northeastern region had the highest comprehensive construction rate at 49.81%, with port and road equipment rates leading in their categories [12]. - The central region's comprehensive construction rate was 49.28%, with excavator and pile driver rates ranking first nationally [14]. - The western region's comprehensive construction rate was 49.10%, with lifting equipment leading at 78.11% [16]. Group 3: Equipment Performance - In July, the road equipment construction rate was 32.15%, with a month-on-month increase of 2.6% and a year-on-year increase of 20.09%, indicating strong activity in major road and bridge projects [8]. - Among 13 categories of equipment, five categories saw a month-on-month workload increase exceeding 10%, including rollers (18.35%), rotary drilling rigs (14.37%), and crawler cranes (13.16%) [10]. - The eastern region led in concrete equipment construction rates at 46.6%, with specific equipment like trailer pumps and concrete mixers also ranking first nationally [18]. Group 4: Significant Projects - In Tibet, the construction workload increased by 33.4% year-on-year in July, with continuous growth in various equipment categories since March 2025 [20].

Investment Rating - The report maintains a "Buy" rating for the company [2][8] Core Views - The company's Q1 2025 performance exceeded expectations, with revenue of 12.12 billion yuan, a year-on-year increase of 2.92%, and a net profit attributable to shareholders of 1.41 billion yuan, up 53.98% year-on-year [5][8] - The domestic engineering machinery market is showing signs of recovery, with significant growth in excavator and loader sales, while overseas sales continue to grow, with a 15.17% increase in Q1 [8] - The company's profitability and cash flow are improving, with a gross margin of 28.67% and a net cash flow from operating activities of 740 million yuan, up 140.96% year-on-year [8] - The company maintains a leading market share in traditional products and is expanding its presence in emerging markets, particularly in agricultural machinery [8] - The company is aggressively expanding its global footprint, with over 430 overseas service points and new manufacturing plants in Hungary and Germany [8] - Profit forecasts for 2025-2027 are maintained, with net profits expected to be 4.85 billion, 6.30 billion, and 7.84 billion yuan respectively, corresponding to PE ratios of 14X, 11X, and 9X [8] Financial Data and Earnings Forecast - Total revenue for Q1 2025 is reported at 12.12 billion yuan, with an expected total revenue of 53.26 billion yuan for the full year [7] - The net profit attributable to shareholders for Q1 2025 is 1.41 billion yuan, with an expected net profit of 4.85 billion yuan for the full year [7] - The company’s gross margin is projected to be 27.9% for 2025, with a return on equity (ROE) of 8.2% [7]