证券研究报告·北交所公司点评报告·工程机械 同力股份（920599） 2025 业绩快报点评：受益矿山装备绿色智能 转型结构性增量，全年业绩同比稳增 8% 执业证书：S0600520090004 zhujieyu@dwzq.com.cn 证券分析师 易申申 执业证书：S0600522100003 yishsh@dwzq.com.cn 证券分析师 余慧勇 执业证书：S0600524080003 yuhy@dwzq.com.cn 研究助理 武阿兰 执业证书：S0600124070018 买入（维持） | [Table_EPS] 盈利预测与估值 | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业总收入（百万元） | 5,860 | 6,145 | 6,597 | 7,145 | 7,944 | | 同比 | 12.67 | 4.85 | 7.37 | 8.30 | 11.17 | | 归母净利润（百万元） | 614.67 | 793.08 | 857.99 | 968.77 | 1,116.20 ...

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - The company achieved steady growth in H1 2025, with total revenue reaching 3.169 billion yuan, a year-on-year increase of 12.69% [7] - The growth in revenue is primarily driven by accelerated product updates and the scaling production of new energy and autonomous driving vehicles [7] - The company is focusing on promoting products in the new energy and autonomous driving sectors, with significant advancements in the non-road wide-body dump truck segment [7] - The company has a leading position in key segments of the supply chain, which supports long-term growth potential in new energy vehicles [7] Financial Performance Summary - Total revenue projections for 2023A to 2027E are as follows: 5,860 million yuan (2023A), 6,145 million yuan (2024A), 6,905 million yuan (2025E), 7,845 million yuan (2026E), and 8,544 million yuan (2027E) [1] - The projected net profit attributable to the parent company for the same period is: 614.67 million yuan (2023A), 793.08 million yuan (2024A), 954.71 million yuan (2025E), 1,097.72 million yuan (2026E), and 1,226.81 million yuan (2027E) [1] - The earnings per share (EPS) forecast is: 1.33 yuan (2023A), 1.72 yuan (2024A), 2.07 yuan (2025E), 2.38 yuan (2026E), and 2.66 yuan (2027E) [1] - The company’s price-to-earnings (P/E) ratio is projected to decrease from 17.25 in 2023A to 8.65 in 2027E, indicating improving valuation [1]