Performance Review - Company reported 1Q25 financial data: revenue of 5.876 billion yuan, a year-on-year increase of 14.6%, gross profit of 1.428 billion yuan, a year-on-year increase of 11.8%, and net profit attributable to shareholders of 635 million yuan, a year-on-year increase of 23.2%, meeting expectations [1]. Development Trends Mining Equipment - Domestic demand remains resilient, with positive outlook for overseas expansion of mining trucks. Domestic coal prices are in a downward trend due to weak demand. Current demand for tunneling machines and wide-body trucks is strong, while hydraulic support prices are under intense competition. The company expects good growth for overseas wide-body trucks and large mining trucks, driven by product upgrades and reduced overall user costs, indicating significant long-term growth potential in large mining trucks and related aftermarket [1]. Logistics Equipment - Demand for port machinery is on the rise, with expansion of new products overseas. Starting in 2023, global demand for port equipment is recovering, with full orders for large port machinery and gradually strengthening order profitability. Exports of small port machinery products remain robust in Asia, Africa, and Latin America. Over the past three years, the company has aggressively expanded new products like telescopic forklifts in the European and American markets, currently producing in India to address tariff issues. The company is optimistic about the trend towards electrification of small port machinery and the continued expansion of new products overseas [1]. Oil and Gas Equipment - Demand and profitability are expected to recover. In 2024, revenue and profitability declined due to major clients' cost-cutting measures. The company anticipates marginal recovery in industry demand in 2025, with strengthened internal management to restore market share [2]. New Industries - Focus on cost reduction and efficiency improvement, expanding overseas application scenarios. In 2024, the company will enhance management reforms for new industries, readjusting businesses with intense competition and limited profitability. It is expected that operating losses in new industries will significantly narrow in 2025, optimizing the efficiency and return rate of existing assets [2]. Profit Forecast and Valuation - The company maintains the 2025 EPS forecast at 0.70 yuan and introduces the 2026 EPS forecast at 0.81 yuan. The current stock price corresponds to 7.9x/6.7x P/E for 2025/2026. Considering the improvement prospects in new industry profitability, the target price is raised by 25% to 7.10 HKD, corresponding to 9.5x/8.1x P/E for 2025/2026, indicating a 21% upside potential, maintaining an outperform rating [2].

物流装备：港机需求上行，海外新产品拓展 2023年开始全球港口设备需求修复，公司大港机在手订单饱满，订单盈利能力逐渐强化，小港机产品在 亚非拉地区的出口保持景气。过去3年公司面向欧美市场大力拓展了伸缩臂叉车等新产品，当前以印度 生产来应对关税问题。该行看好小港机电动化发展趋势，以及公司新产品在海外的持续拓展。 智通财经APP获悉，中金发布研报称，维持三一国际(00631)2025年EPS预测0.70元，引入2026年EPS预 测0.81元。公司当前股价对应2025/2026年7.9/6.7x P/E，考虑新产业盈利改善前景，该行上调目标价25% 至7.10港币，对应2025/2026年9.5x/8.1x P/E，对应21%上行空间，维持跑赢行业评级。 中金主要观点如下： 1Q25业绩符合该行预期 公司公布1Q25财务数据：收入58.76亿元，同比增长14.6%，综合毛利14.28亿元，同比增长11.8%，归母 净利润6.35亿元，同比增长23.2%，业绩符合该行预期。 矿山装备：国内需求保持韧性，看好矿车海外拓展空间 受需求偏弱影响，国内煤价处于下行通道。当前国内掘进机、宽体车需求韧性较强，液压支架价格竞争 ...

2. 石药集团(01093.HK)：正与潜在交易方进行磋商，涉及有关药品开发、生产及商业化方面的授权及合 作。 3. 三一国际(00631.HK)：一季度溢利净额同比增长30.6%达6.36亿元 大港机、油气装备、硅能产品收入 及矿车海外收入大幅增加。 4. 闽信集团(00222.HK)：联合成立合伙企业，参投国家级专精特新科技企业。 金十数据整理：每日港股市场要闻速递（5月30日 周五） 个股新闻 1. 理想汽车(02015.HK) ：2025年Q1收入总额为259亿元，同比增长1.1%；经调整净利润为10亿元，同比 下滑20.5%。 5. 中国东方集团(00581.HK)：一季度扣除财务成本净额后的经营溢利约1.99亿元。 8. 嘉和生物(06998.HK)：中国药监局批准来罗西利(GB491)新药上市申请。 6. 复星医药(02196.HK)：芦沃美替尼片的上市注册申请获国家药监局批准。 7. 百胜中国(09987.HK)：订立下半年总回购金额约5.1亿美元的股份回购协议。 ...

润邦股份 20250429 摘要 • 润邦股份 2024 年营收增长 14.5%，主要由物料搬运装备板块驱动，该板 块收入同比增长 57%至 58.94 亿元，而海工板块因业务调整收入同比下 降 52.75%。 • 公司现金流稳健，全年经营现金流达 8 亿元，并计划每 10 股分红 3 元， 总额 2.65 亿元，占净利润比例超 50%，显示出对股东的回报力度。 • 2025 年一季度营收同比小幅下降 3.15%至 13.67 亿元，但归母净利润同 比增长 12.28%至 7,000 万元，物料搬运装备板块收入增长 25%，是主 要增长动力。 • 四季度毛利率显著提升主要得益于交付量增加，全年平均毛利率维持在 20%左右，物料搬运装备板块毛利率提升约 4-5 个百分点，受益于规模效 应带来的成本优势。 • 物料搬运装备板块增长受益于阿里云项目，预计今年物料搬运系统订单总 额约 80 亿元，收入可达 15 亿元，同比增长显著，但阿里云项目逐步交付。 • 港机业务高速增长，预计今年收入达 15 亿元，明年预计为 20-25 亿元， 得益于新增订单和收购卡尔玛相关业务，港机业务制造端毛利预期约为 20%。 • 海工 ...