上半年受国内外销售双增带动，这家工程机械龙头净利同比增近五成。 8月21日，三一重工（600031）披露了最新中报，报告显示，2025年上半年，公司实现营收445.34亿 元，同比增长14.96%；净利润52.16亿元，同比增长46%。 海外市场成为三一重工近年来业绩增长的主要驱动力。上半年，三一重工海外收入同比增长11.72%至 263.02亿元，占总营收比重达60.26%；海外业务毛利率为31.18%，较去年同期提升了1.04个百分点，较 国内市场22.1%的毛利率高出9.08个百分点。 分红方面，三一重工称，2025年中期，公司拟向全体股东每股派发0.31元（含税），合计派发金额为 26.14亿元，占归母净利润50.11%。 值得注意的是，今年7月19日，总投资约1.2万亿元的雅鲁藏布江水电工程正式开工。业内预计，重大基 建项目的启动将支撑工程机械行业国内需求。 在上述项目开工仪式上，三一电动挖掘机、电动自卸车、电动宽体车、电动装载机、电动搅拌车、泵车 等成套电动设备齐上阵。三一重工表示，期待并将积极主动推进相关合作，为墨脱水电站建设提供更好 的产品和更优质的服务。 截至8月22日午间收盘，三一重工报2 ...

Core Viewpoint - The Yarlung Tsangpo River Hydropower Station project, with a total investment of 1.2 trillion yuan, is not only a massive infrastructure initiative but also holds significant economic, energy, and geopolitical implications for China [1]. Investment and Economic Impact - The project is expected to generate over 20 billion yuan in annual fiscal revenue for Tibet, highlighting its potential economic benefits [1]. - Despite the slowdown in traditional large-scale infrastructure projects, strategic projects like the Yarlung Tsangpo Hydropower Station continue to receive investment due to their long-term significance for energy security and ecological protection [1]. Project Specifications - The total investment for the project is 1.2 trillion yuan, which includes the construction of five large dams and aims for a total installed capacity of 60 to 81 million kilowatts, equivalent to three Three Gorges dams [1]. - If fully operational, the hydropower station could generate 300 billion kilowatt-hours of electricity annually, potentially earning 75 billion yuan from electricity sales alone [1]. Engineering Machinery Demand - It is estimated that at least 15% of the total investment (approximately 180 billion yuan) will be allocated to construction equipment, indicating a significant demand for engineering machinery [5]. - The major players in the engineering machinery sector, including SANY Heavy Industry, XCMG, Zoomlion, and LiuGong, are expected to benefit from this demand, although their combined domestic revenue in 2024 is projected to be less than 120 billion yuan [5][6]. Profitability and Market Dynamics - The profitability of medium and large-tonnage equipment is expected to be higher than that of smaller equipment, with a potential net profit margin of 10% for the machinery used in the Yarlung Tsangpo project, translating to over 18 billion yuan in profits for the engineering machinery sector [6]. - The commencement of the Yarlung Tsangpo project is anticipated to significantly boost the profitability of the engineering machinery industry, which has been facing challenges in recent years [6].