格隆汇8月27日丨博雷顿(01333.HK)公告，截止2025年6月30日，公司的收入为人民币3.27亿元，同比增 长了22.2%；公司的亏损为人民币1.74亿元，同比扩大了12.9%，亏损同比扩大的主要原因是信用减值亏 损拨备。每股亏损0.48元。 公司早期的努力和丰富的行业知识使公司成为电动宽体自卸车及电动装载机的顶级制造商，在行业内获 得了广泛认可。根据灼识谘询的资料，自2022年至2024年连续三年，公司在电池容量超过650千瓦时的 电动宽体自卸车出货量方面排名第一。公司也在矿山作业无人化方面持续投入技术开发，根据灼识谘询 的资料，公司是中国首家将配备自动作业系统的电动宽体矿用自卸车及采用远程操作技术的电动装载机 投放市场的制造商。此外，基于海外矿山客户对绿色能源的需求，公司正在推进构网型光储电站能源服 务的商业化落地。 ...

投资要点 事件：2025 年8 月26 日，公司发布2025 年半年度报告。 2025H1 归母净利润同比+25%，业绩与预告一致符合市场预期2025 上半年公司营业总收入181.8 亿元， 同比+13.2%；归母净利润12.3亿元，同比+25.0%。单Q2 公司营业总收入90.3 亿元，同比+11.2%；归母 净利润5.7 亿元，同比+17.9%。业绩与预告一致，符合预期。分国内外看，2025H1国内收入96.6 亿元， 同比+15.7%；海外收入85.2 亿元，同比+10.5%。分产品来看，（1）装载机：2025H1 国内外收入均同 比+20%，其中电动装载机全球销量同比+193%；（2）挖机：2025H1 销售收入同比+25%，其中国内终 端销量同比+31%，占有率提高1.6pct，海外终端销量同比+22%，占有率提高0.5pct，净利润大幅增长 90%。 海外毛利率同比+1.5pct，出口贡献主要业绩增量2025 上半年公司销售毛利率22.3%，同比上升0.2pct， 销售净利率6.3%，同比持平，其中Q2 毛利率22.6%，同比+0.4pct，Q2 销售净利率5.73%，同 比-0.4pct。分国内 ...

证券研究报告·公司点评报告·工程机械 柳工（000528） 2025 年中报点评：归母净利润同比+25%符 合预期，目标 2030 年实现营业收入 600 亿元 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） | 27,519 | 30,063 | 34,831 | 39,065 | 44,952 | | 同比（%） | 3.93 | 9.24 | 15.86 | 12.16 | 15.07 | | 归母净利润（百万元） | 867.81 | 1,327.04 | 1,853.26 | 2,756.54 | 3,546.23 | | 同比（%） | 44.80 | 52.92 | 39.65 | 48.74 | 28.65 | | EPS-最新摊薄（元/股） | 0.43 | 0.65 | 0.91 | 1.36 | 1.75 | | P/E（现价&最新摊薄） | 26.42 | 17.28 | 12.37 | 8. ...

8月22日，格陵兰科技(GTEC)盘中上涨3.88%，截至22:47，报1.34美元/股，成交2.08万美元，总市值 2330.83万美元。 本文源自：金融界 财务数据显示，截至2025年06月30日，格陵兰科技收入总额4339.73万美元，同比减少5.12%；归母净利 润77.85万美元，同比减少89.12%。 作者：行情君 资料显示，格陵兰科技控股公司是一家生产和开发电动工业车辆以及用于物料搬运机械和车辆的传动系 统的公司。其产品包括电动叉车、电动装载机和电动挖掘机。该公司成立于2017年12月28日,总部设在 新泽西州东温莎。 ...

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 ...

Investment Rating - The industry investment rating is maintained at "Market Weight" [1][6]. Core Insights - In July 2025, excavator sales reached 17,138 units, a year-on-year increase of 25.19%, while month-on-month sales decreased by 8.86%. Domestic sales were 7,306 units, up 17.20% year-on-year, and exports were 9,832 units, up 31.87% year-on-year, accounting for 57.37% of total sales, marking a two-year high [3]. - For the first seven months of 2025, cumulative excavator sales totaled 137,658 units, a year-on-year increase of 17.75%, with domestic sales at 72,943 units (up 22.67%) and exports at 64,715 units (up 13.02%) [3]. - Loader sales in July 2025 were 9,000 units, a year-on-year increase of 7.41%, with domestic sales at 4,549 units (up 2.48%) and exports at 4,451 units (up 12.97%) [4]. - The cumulative loader sales for the first seven months of 2025 reached 73,769 units, a year-on-year increase of 12.80% [4]. - The report highlights that domestic demand is supported by multiple factors, including the acceleration of local government bond issuance, which totaled approximately 33,071 billion yuan, up 42.72% year-on-year [5]. - Major projects such as the Yarlung Tsangpo River hydropower project and future railway constructions in Tibet are expected to effectively support long-term domestic demand [5]. - In July 2025, the export trade value of construction machinery was 5.238 billion USD, a year-on-year increase of 19.19% [5]. - The report suggests a continued focus on industry leaders such as Sany Heavy Industry, XCMG, Zoomlion, LiuGong, and Hengli Hydraulic [6]. Summary by Sections Excavator Sales - July 2025 excavator sales: 17,138 units, +25.19% YoY, -8.86% MoM [3] - Domestic sales: 7,306 units, +17.20% YoY, -10.20% MoM [3] - Export sales: 9,832 units, +31.87% YoY, -7.84% MoM [3] - Cumulative sales (Jan-Jul 2025): 137,658 units, +17.75% YoY [3] Loader Sales - July 2025 loader sales: 9,000 units, +7.41% YoY, -25.09% MoM [4] - Domestic sales: 4,549 units, +2.48% YoY, -24.37% MoM [4] - Export sales: 4,451 units, +12.97% YoY, -25.08% MoM [4] - Cumulative sales (Jan-Jul 2025): 73,769 units, +12.80% YoY [4] Market Demand and Investment - Local government bond issuance: 33,071 billion yuan, +42.72% YoY [5] - Major projects supporting demand: Yarlung Tsangpo River hydropower project, Tibet railway construction [5] - July 2025 export trade value: 5.238 billion USD, +19.19% YoY [5] Investment Recommendations - Suggested focus on industry leaders: Sany Heavy Industry, XCMG, Zoomlion, LiuGong, Hengli Hydraulic [6]

Core Viewpoint - The collaboration between Boleton and Huawei Digital Energy aims to advance the green and intelligent transformation of the mining industry through a zero-carbon smart mining partnership [1][2][3] Group 1: Partnership Details - Boleton and Huawei Digital Energy have signed a cooperation agreement focusing on zero-carbon smart mining and supercharging for new energy mining vehicles [1] - The partnership is built on a long-term foundation of trust and aims to integrate Boleton's expertise in new energy engineering machinery with Huawei's global advantages in digital energy [1][2] - The collaboration is expected to enhance Boleton's technology in new energy mining vehicle supercharging and energy interconnection systems [2] Group 2: Market Potential - The global transition towards green mining is accelerating, with significant growth potential in the zero-carbon smart mining market [2] - According to the "2025 Smart Mining Blue Book," the market size for smart mining is projected to reach 67 billion yuan by 2025 and exceed 120 billion yuan by 2035 [2] Group 3: Technological Advancements - Boleton has developed a comprehensive technology system in electric and intelligent mining, including electric mining trucks and autonomous driving systems [2][4] - The company has successfully implemented its autonomous mining solutions, significantly improving operational safety and efficiency [4] - Boleton's integrated solution of "photovoltaics + energy storage + charging + electric power" has been successfully deployed in various regions, helping clients reduce energy costs and enhance environmental compliance [5] Group 4: Strategic Goals - The strategic partnership is expected to establish technical standards and market advantages in the emerging field of zero-carbon smart mining [3][6] - Both companies aim to leverage their strengths to create benchmark solutions for the global mining industry's transition to zero-carbon and intelligent operations [6]

Core Viewpoint - The domestic excavator sales in July 2025 showed strong performance, indicating a positive trend in the engineering machinery sector driven by equipment replacement and government support for infrastructure projects [4][5][6]. Group 1: Domestic Excavator Sales - In July 2025, total excavator sales (including exports) reached 17,138 units, a year-on-year increase of 25.2%, with domestic sales at 7,306 units, up 17.2% [4]. - From January to July 2025, total excavator sales amounted to 137,658 units, reflecting a 17.8% year-on-year growth, while domestic sales were 72,943 units, increasing by 22.3% [4]. - The ongoing replacement cycle of engineering machinery, with a typical lifespan of 8-10 years, is expected to drive a compound growth rate of around 30% in replacement demand for excavators in the coming years [4]. Group 2: Government Policy Support - The 2025 government work report proposed issuing 1.3 trillion yuan in long-term special bonds, an increase of 300 billion yuan from the previous year, to support key projects and infrastructure investments [5][6]. - The report emphasized the continuation of urban infrastructure investments, particularly in areas such as urban renewal, flood control systems, and digital infrastructure, which will sustain demand for engineering machinery [6]. Group 3: Export Performance - In July 2025, excavator exports reached 9,832 units, marking a 31.9% year-on-year increase, with total exports from January to July at 64,715 units, up 13.0% [7]. - The engineering machinery export sector is expected to benefit from increased demand in Southeast Asia, Africa, and the Middle East, despite facing challenges such as U.S.-China tariff uncertainties [7]. Group 4: Electric Machinery Trends - In July 2025, electric loader sales surged to 2,391 units, a remarkable year-on-year increase of 81.5%, with an electricization rate of 26.6%, up 10.8 percentage points [8]. - From January to July 2025, electric loader sales totaled 16,344 units, reflecting a 154.1% year-on-year growth, with an electricization rate of 22.2%, an increase of 13.4 percentage points [8]. - The government’s push for green transformation and energy efficiency is expected to accelerate the electrification of engineering machinery, enhancing revenue and profit for manufacturers [8]. Group 5: Major Projects Impact - The commencement of the Yarlung Tsangpo River downstream hydropower project, with a total investment of approximately 1.2 trillion yuan, is anticipated to significantly boost demand for engineering machinery [9]. - The project is expected to require around 120 to 180 billion yuan worth of machinery, with a focus on large excavators, tunnel boring machines, and concrete machinery due to its scale and environmental considerations [9].

Core Viewpoint - The report from Everbright Securities highlights the strong performance of domestic sales and exports in the construction machinery sector, driven by ongoing upgrades and replacements, supportive government policies, and increasing internationalization and electrification of the industry [1][2][3]. Group 1: Domestic Sales Performance - In July 2025, domestic excavator sales reached 7,306 units, a year-on-year increase of 17.2%, while total excavator sales (including exports) were 17,138 units, up 25.2% [1]. - From January to July 2025, total excavator sales amounted to 137,658 units, reflecting a year-on-year growth of 17.8%, with domestic sales at 72,943 units, increasing by 22.3% [1]. Group 2: Growth Drivers - The continuous upgrade and replacement cycle in construction machinery is expected to support sales, with a projected compound growth rate of around 30% for replacement demand in the coming years [2]. - The export of used construction machinery to developing countries has reduced the domestic inventory, further supporting new machine sales [2]. Group 3: Government Policy Support - The government plans to issue 1.3 trillion yuan in long-term special bonds in 2025, an increase of 300 billion yuan from the previous year, to boost infrastructure investment [3]. - The focus on new urbanization and infrastructure projects, including urban renewal and flood control systems, is expected to sustain demand for construction machinery [3]. Group 4: Export Performance - In July 2025, excavator exports reached 9,832 units, a year-on-year increase of 31.9%, with total exports from January to July at 64,715 units, up 13.0% [4]. - The construction machinery sector faces both opportunities and challenges in international markets, particularly in Southeast Asia, Africa, and the Middle East, while also dealing with uncertainties related to US-China tariffs [4]. Group 5: Electrification Trends - In July 2025, electric loader sales surged to 2,391 units, marking an 81.5% year-on-year increase, with an electrification rate of 26.6%, up 10.8 percentage points [5]. - The government emphasizes green transformation and energy-saving initiatives, positioning electrification as a key development direction for the construction machinery industry [5]. Group 6: Major Projects Impact - The commencement of the Yarlung Tsangpo River downstream hydropower project, with an estimated investment of 1.2 trillion yuan, is expected to significantly boost demand for construction machinery [6][7]. - The project is anticipated to require substantial machinery investments, potentially reaching 120 to 180 billion yuan, with a focus on large excavators and other specialized equipment [7].

Investment Rating - The report maintains a "Buy" rating for the machinery industry, indicating a positive outlook for investment returns over the next 6-12 months [1]. Core Insights - The domestic excavator sales in July 2025 showed strong performance, with total sales (including exports) reaching 17,138 units, a year-on-year increase of 25.2%. Domestic sales accounted for 7,306 units, up 17.2% [3][11]. - The report highlights the ongoing demand for machinery driven by the replacement cycle, estimating a compound growth of around 30% in replacement demand for the coming years [3]. - Government policies from the Two Sessions are expected to support sustained recovery in machinery demand, with significant investments planned in infrastructure projects [4]. - The launch of the Yarlung Tsangpo River hydropower project is anticipated to further boost machinery demand, with equipment needs estimated between 120 billion to 180 billion RMB [7]. - The report notes a significant increase in electric loader sales, with July 2025 sales reaching 2,391 units, a year-on-year growth of 81.5%, indicating a shift towards electrification in the industry [6]. Summary by Sections Sales Performance - In July 2025, excavator sales reached 17,138 units, with domestic sales at 7,306 units, reflecting a year-on-year growth of 25.2% and 17.2% respectively [3][11]. - The first seven months of 2025 saw total excavator sales of 137,658 units, up 17.8%, with domestic sales at 72,943 units, increasing by 22.3% [3][11]. Government Support - The government plans to issue 1.3 trillion RMB in long-term special bonds, increasing infrastructure investment and supporting machinery demand [4]. - The focus on new urbanization and infrastructure development is expected to sustain machinery demand, particularly in underground and municipal construction [4]. Export Trends - Excavator exports in July 2025 reached 9,832 units, a year-on-year increase of 31.9%, with total exports for the first seven months at 64,715 units, up 13.0% [5][11]. - The report identifies opportunities in Southeast Asia, Africa, and the Middle East for machinery exports, despite challenges such as U.S.-China tariff uncertainties [5]. Electrification and Innovation - The electric loader sales in July 2025 reached 2,391 units, marking an 81.5% increase, with an electrification rate of 26.6%, up 10.8 percentage points year-on-year [6]. - The report emphasizes that the shift towards green and electric machinery is a key development direction for the industry [6]. Investment Recommendations - The report recommends several leading machinery manufacturers, including SANY Heavy Industry, Zoomlion, and XCMG, as well as component manufacturers like Hengli Hydraulic, indicating a favorable long-term outlook for these companies [8].