智通财经APP获悉，花旗发布研报称，将中联重科(01157)2026年及2027年盈利预测上调6%及9%，目标 价大幅上调59%，由6.4港元升至10.2港元，并将H股评级由"中性"上调至"买入"，以反映对起重机械及 混凝土机械等"中后期周期"产品持更乐观态度。 该行预期公司2025年盈利将同比增长38%，2026年盈利增长可达27%，并认为公司可望将现金股息从 2024年的每股0.32元提升25%至2025年预估的每股0.4元人民币，此举源于营运现金流显著改善，2025年 首三季营运现金流同比扩张137%。该行认为有两项因素将对股价产生正面影响，包括拟发行可转换债 券，转换价9.75港元;与顺丰控股(06936)合作发展人形机器人业务。 ...

花旗发布研报称，将中联重科（000157）(01157)2026年及2027年盈利预测上调6%及9%，目标价大幅上 调59%，由6.4港元升至10.2港元，并将H股评级由"中性"上调至"买入"，以反映对起重机械及混凝土机 械等"中后期周期"产品持更乐观态度。 该行预期公司2025年盈利将同比增长38%，2026年盈利增长可达27%，并认为公司可望将现金股息从 2024年的每股0.32元提升25%至2025年预估的每股0.4元人民币，此举源于营运现金流显著改善，2025年 首三季营运现金流同比扩张137%。该行认为有两项因素将对股价产生正面影响，包括拟发行可转换债 券，转换价9.75港元;与顺丰控股(06936)合作发展人形机器人业务。 ...

(资料图片仅供参考) 大行评级｜花旗：上调中联重科H股目标价至10.2港元 评级升至"买入"中联重科(000157.SZ)：募投项目 结项并将节余募集资金永久补充流动资金大行评级｜花旗：上调中联重科H股目标价至10.2港元 评级升 至"买入"中联重科(000157.SZ)：募投项目结项并将节余募集资金永久补充流动资金 花旗发表报告，将中联重科H股目标价由6.4港元上调至10.2港元，评级由"中性"上调至"买入"，以 反映对起重机械及混凝土机械等中后期周期产品持更乐观态度。该行认为有两项因素将对股价产生正面 影响，包括拟发行可转换债券，转换价9.75港元；与顺丰控股合作发展人形机器人业务。该行预期公司 2025年盈利将按年增长38%，2026年盈利增长可达27%，并认为公司可望将现金股息从2024年的每股 0.32元提升25%至2025年预估的每股0.4元，此举源于营运现金流显著改善，2025年首三季营运现金流按 年扩张137%。该行将公司2026年及2027年盈利预测上调6%及9%。 标签： H股 H股 相关事件 ...

花旗发表报告，将中联重科H股目标价由6.4港元上调至10.2港元，评级由"中性"上调至"买入"，以反映 对起重机械及混凝土机械等中后期周期产品持更乐观态度。该行认为有两项因素将对股价产生正面影 响，包括拟发行可转换债券，转换价9.75港元；与顺丰控股合作发展人形机器人业务。该行预期公司 2025年盈利将按年增长38%，2026年盈利增长可达27%，并认为公司可望将现金股息从2024年的每股 0.32元提升25%至2025年预估的每股0.4元，此举源于营运现金流显著改善，2025年首三季营运现金流按 年扩张137%。该行将公司2026年及2027年盈利预测上调6%及9%。 ...

国内工程机械轮动复苏，海外市场大有可为 1)国内：房地产新开工面积已经下滑6年，见底信号可能出现。从庞源塔机顿米利用率来看，25年下半 年数据显著改善，显示出在建地产项目设备利用率在恢复，从时间维度和下行幅度来看，房地产新开工 面积距离底部已经不远;2026年作为"十五五"开局之年，在政策托底与"两重"项目集中落地带动下，基 建投资增速或将企稳回升。 2)海外：北美工程机械进入去库尾声，新订单同比明显改善。欧洲整体需求平稳，增量需求来自电动化 产品。非洲、拉美等地区采矿、基建和房地产需求强劲。产品销量端看，挖机数据改善一年后，起重机 也呈现复苏，26年或将出现挖机、非挖机共振，国内国外共振的局面。 申万宏源发布研报称，预计中联重科（000157）(01157)25-27年营业收入分别为532.64、616.67、707.77 亿元，同比增长17.12%、15.78%、14.77%。预计归母净利润分别为48.49、63.0078.41亿元，同比增长 37.72%、29.93%、24.46%。该行选取行业内从事同样业务的三一重工（600031）、徐工机械 （000425）、柳工（000528）作为可比公司，三家可 ...

智通财经APP获悉，申万宏源发布研报称，预计中联重科(01157)25-27年营业收入分别为532.64、 616.67、707.77亿元，同比增长17.12%、15.78%、14.77%。预计归母净利润分别为48.49、63.0078.41亿 元，同比增长37.72%、29.93%、24.46%。该行选取行业内从事同样业务的三一重工、徐工机械、柳工 作为可比公司，三家可比公司25-27年的平均PE分别为19、15、12倍，当前平均PB为2.1倍。公司25-27 年PE分别为12、9、7倍，当前PB为1.0倍。公司估值存在明显低估，该行给予公司26年15倍PE对应市值 921亿，相较目前588亿市值具备57%涨幅空间，因此首次覆盖，给予"买入"评级。 风险提示：宏观经济波动的风险、行业竞争加剧的风险、终端客户违约的风险、汇率波动的风险等。 2)市场：从出口到出海，构造"端对端、数字化、本土化"海外战略，公司全球已建设30余个一级业务航 空港，430多个二三级网点，本土化员工约5000人; 3)未来产业：依托通用人工智能趋势与自身工业技术积累，公司顺势推进具身智能在工程机械、农机和 特种装备中的应用，打造第三成 ...

Investment Rating - The report initiates coverage with a "Buy" rating for the company [5] Core Insights - The company is a leader in the engineering machinery sector, with a diversified business model that includes concrete machinery, lifting machinery, and agricultural machinery, among others. It has established a strong global presence through overseas manufacturing and strategic acquisitions [3][4] - The domestic engineering machinery market is showing signs of recovery, while international markets present significant growth opportunities. The company is well-positioned to benefit from both domestic and international demand [8][9] - The report forecasts revenue growth for the company, projecting revenues of 53.26 billion, 61.67 billion, and 70.77 billion RMB for 2025, 2026, and 2027, respectively, with corresponding net profits of 4.85 billion, 6.30 billion, and 7.84 billion RMB [4][9] Summary by Sections Company Overview - The company has evolved from the Changsha Construction Machinery Research Institute, officially established in 1992, and has become a successful mixed-ownership enterprise. It has a comprehensive product line covering 15 categories and 745 models, with 29 domestic industrial parks and 10 overseas R&D and manufacturing bases [3][18] - The company has successfully integrated various business segments, including engineering machinery, agricultural machinery, and financial services, creating a multi-faceted business ecosystem [3][24] Market Dynamics - The domestic engineering machinery market is recovering, with signs of stabilization in real estate and infrastructure investments. The report notes that new construction areas in real estate have been declining for six years but are nearing a bottom [8][54] - Infrastructure investment has shown consistent growth, with significant government projects underway, which are expected to drive demand for engineering machinery [59][60] Financial Projections - The company is expected to see revenue growth rates of 17.12%, 15.78%, and 14.77% for the years 2025 to 2027, with net profit growth rates of 37.72%, 29.93%, and 24.46% for the same period [4][9] - The report highlights that the company's valuation is significantly undervalued compared to peers, with projected P/E ratios of 12, 9, and 7 for 2025 to 2027, indicating a potential upside of 57% based on a target market capitalization of 921 billion RMB [9] Competitive Landscape - The company is compared with peers such as Sany Heavy Industry, XCMG, and LiuGong, which have higher average P/E ratios, indicating that the company is undervalued in the current market [9] - The report emphasizes the company's strong international presence, with overseas revenue accounting for over 51% of total revenue by 2024, showcasing its successful global expansion strategy [36][70]

Core Viewpoint - Sany Heavy Industry's stock price has shown a year-to-date increase of 31.15%, but has recently experienced fluctuations, including a 2.03% drop on December 29, 2023, with a market capitalization of 190.7 billion yuan [1]. Financial Performance - For the period from January to September 2025, Sany Heavy Industry reported a revenue of 65.741 billion yuan, reflecting a year-on-year growth of 13.56% [2]. - The net profit attributable to shareholders for the same period was 7.136 billion yuan, marking a significant year-on-year increase of 46.58% [2]. Shareholder Information - As of September 30, 2025, the number of shareholders for Sany Heavy Industry was 452,900, a decrease of 15% from the previous period [2]. - The average number of circulating shares per shareholder increased by 17.65% to 18,709 shares [2]. Dividend Distribution - Since its A-share listing, Sany Heavy Industry has distributed a total of 31.876 billion yuan in dividends, with 8.858 billion yuan distributed over the last three years [3]. Major Shareholders - As of September 30, 2025, Hong Kong Central Clearing Limited was the second-largest circulating shareholder, holding 1.091 billion shares, an increase of 91.071 million shares from the previous period [3]. - China Securities Finance Corporation remained the fourth-largest shareholder with 233 million shares, unchanged from the previous period [3].

Core Viewpoint - Sany Heavy Industry has shown a significant increase in stock performance and financial metrics, indicating strong operational growth and investor interest [1][2]. Group 1: Stock Performance - On December 26, Sany Heavy Industry's stock rose by 2.42%, with a trading volume of 1.511 billion yuan [1]. - The financing buy-in amount for Sany Heavy Industry on the same day was 116 million yuan, while the financing repayment was 141 million yuan, resulting in a net financing outflow of 24.75 million yuan [1]. - As of December 26, the total financing and securities lending balance for Sany Heavy Industry was 1.771 billion yuan [1]. Group 2: Financial Metrics - For the period from January to September 2025, Sany Heavy Industry achieved an operating revenue of 65.741 billion yuan, representing a year-on-year growth of 13.56% [2]. - The net profit attributable to shareholders for the same period was 7.136 billion yuan, reflecting a year-on-year increase of 46.58% [2]. Group 3: Shareholder Information - As of September 30, 2025, the number of shareholders for Sany Heavy Industry was 452,900, a decrease of 15% compared to the previous period [2]. - The average number of circulating shares per shareholder increased by 17.65% to 18,709 shares [2]. - The company has distributed a total of 31.876 billion yuan in dividends since its A-share listing, with 8.858 billion yuan distributed in the last three years [3].

Core Viewpoint - The "15th Five-Year Plan" period is crucial for Changsha to achieve basic socialist modernization, emphasizing high-quality development and the integration of various strategic initiatives to enhance economic and social growth. Group 1: Achievements During the "14th Five-Year Plan" - Significant achievements were made during the "14th Five-Year Plan" period, including the elevation of Changsha to a megacity status and the establishment of the Chang-Zhu-Tan urban agglomeration as the first national-level urban agglomeration in Central China [2][3] - The city has accelerated the construction of a modern industrial system, improved advanced manufacturing quality, and enhanced innovation capabilities, ranking among the top in the nation [2][3] - Changsha has been recognized as one of the happiest cities in China for 18 consecutive years, reflecting the continuous improvement in residents' well-being [2] Group 2: Development Environment and Challenges - The "15th Five-Year Plan" period is characterized by both strategic opportunities and risks, with increasing uncertainties in the international and domestic landscape [4] - The city is positioned to strengthen its role as a core city in the province, with the upcoming 16th National Games providing a significant opportunity for long-term development [4] - Challenges include the need for faster development of emerging industries, strengthening technological innovation, and addressing resource constraints [4] Group 3: Guiding Principles and Goals - The guiding principles for the "15th Five-Year Plan" include upholding the leadership of the Communist Party, prioritizing people-centered development, and promoting high-quality growth [6][7][8] - The main goals include achieving better high-quality development outcomes, enhancing the construction of the "three high grounds," and promoting the integration of Chang-Zhu-Tan [11][12] Group 4: Economic and Industrial Development - The focus will be on building a modern industrial system centered on advanced manufacturing, with an emphasis on enhancing the value-added of manufacturing and fostering new industries [15][16] - The city aims to strengthen its competitive edge in key industries such as engineering machinery, automotive, and new materials, while also promoting the development of new energy vehicles [15][16] - Efforts will be made to upgrade traditional industries and enhance the quality of modern service industries, including logistics and creative services [17][30] Group 5: Technological Innovation and Talent Development - The plan emphasizes the establishment of a high-level innovation platform and the enhancement of independent innovation capabilities, aiming to build Changsha into a global research and development center [18][19] - There will be a focus on integrating education, technology, and talent development to foster a conducive environment for innovation [20] Group 6: Urban Development and Infrastructure - The strategy includes optimizing urban spatial layout and enhancing urban infrastructure to support comprehensive urban development [31][33] - The city will implement major infrastructure projects to improve connectivity and enhance the overall urban environment [33] Group 7: Rural Development and Agricultural Modernization - The plan prioritizes agricultural modernization and rural development, aiming to improve living conditions in rural areas and ensure food security [37][38] - Efforts will be made to promote sustainable agricultural practices and enhance the quality of rural life [37][38] Group 8: Cultural Development and Social Welfare - The cultural strategy focuses on promoting socialist core values and enhancing cultural heritage, aiming to create a vibrant cultural environment [40][41] - The plan aims to improve the quality of life for residents through better employment opportunities, education, and social services [44][45]