柳工 20250625 摘要 柳工完成换届，但核心管理层及战略方向保持稳定，新任领导层权限调 整遵循证监会"五分开"原则，确保公司运营独立性，并继续推进 2027 年 500 亿目标及"三全战略"，同时制定 2030 年十四五规划。 国际市场方面，柳工在北方特区和北美市场下滑幅度小于行业平均水平， 欧洲市场实现 20%以上增长，整体海外市场保持两位数以上的销量和收 入增长。 国内市场，受益于专项债发行和工程机械换机潮，柳工预计未来几年国 家政策将继续支持固定资产投资，从而产生增量需求，目标是跑赢行业 10 个百分点以上，1-5 月国内市场收入增长接近 20%。 挖掘机市场需求结构分化，中型挖掘机受房地产影响下滑，小型和大型 挖掘机受益于水利、农业及矿山开工保持增长，柳工小型和超大型、大 型挖掘机销售实现两位数以上利润增长。 装载机市场，电装设备增长迅速，但毛利率较低，柳工计划适时涨价并 推出新一代电动化装载机和液压系统以提高盈利能力，海外电装设备销 量计划翻倍至 1,200 台，毛利率预计超过 50%。 Q&A 公司换届对柳工的发展是否会产生影响？ 柳工的换届不会对公司的发展产生负面影响。首先，柳工的混合所有 ...

Group 1: Strategic Planning and Governance - The new board and management will continue the established "14th Five-Year" strategy, focusing on stable governance and long-term development [3][4] - The company aims to deepen internal incentive systems and organizational changes to promote sustainable high-quality growth [3] Group 2: Incentive and Compensation Plans - The 2023 stock option incentive plan will proceed as originally planned, with preparations for future incentives already in place [4] - A new executive compensation scheme has been approved, designed to enhance market competitiveness and align management interests with long-term company value [4] Group 3: Internationalization Strategy - The "15th Five-Year" internationalization strategy emphasizes transitioning from comprehensive internationalization to globalization, focusing on localizing operations overseas [5] - The goal is to elevate the company from a high-end Chinese brand to a globally recognized high-value brand [5] Group 4: Research and Development Focus - The company maintains a leading position in R&D intensity and efficiency within the industry, with a focus on smart and electric products [6] - Future R&D will prioritize agricultural machinery, mining machinery, and key components, leveraging an advanced innovation design system [6] Group 5: Cost Reduction and Efficiency Improvement - The company employs a comprehensive approach to cost reduction, optimizing the entire value chain from R&D to manufacturing [6] - Future strategies include enhancing asset quality and reducing expense ratios, aiming for improved gross margins and net profit rates [6] Group 6: Electric Product Internationalization - The company is a pioneer in electric loader and excavator manufacturing, with higher profit margins for electric products overseas [7] - A dual model of "subsidiary + local agents" will be used to enhance global market coverage and customer support [7] Group 7: Competitive Response to Domestic Market Cycles - The company has made significant progress in R&D, manufacturing, and operational management since the mixed-ownership reform [8] - With a strong domestic market foundation, the company is well-positioned to capitalize on the upcoming market cycle [8]