中邮证券研报指出，徐工机械上半年实现归母净利润43.58亿元，同增16.63%；实现扣非归母净利润 44.67亿元，同增35.57%。公司经营业绩向好，经营质量持续提升，上调为"买入"评级。分产品来看， 起重机械、土方机械、桩工机械、高空作业机械、矿业机械、其他工程机械及备件及其他分别实现收入 104.74、170.19、26.15、45.72、47.33、153.95亿元，同比增速分别为3.74%、22.37%、-6.02%、 1.00%、6.32%、2.87%。从客户结构看，国内营销优质客户销售收入同比增长6%，跟踪重大商机项目 同比提升34%。此外，公司发布股权激励方案，绑定管理层与股东利益。 ...

机械设备行业 买入（维持） 2025Q2 净利率同环比提升，土方机械表现良好 徐工机械（000425）2025 半年报点评 2025 年 9 月 3 日 投资要点： 事件：徐工机械发布2025半年报。 点评： 本报告的风险等级为中风险。 本报告的信息均来自已公开信息，关于信息的准确性与完整性，建议投资者谨慎判断，据此入市，风险自担。 请务必阅读末页声明。 点 评 分析师：谢少威 SAC 执业证书编号： S0340523010003 电话：0769-23320059 邮箱： xieshaowei@dgzq.com.cn | 主要数据 2025 年 | 9 月 2 日 | | --- | --- | | 收盘价(元) | 9.66 | | 总市值（亿元） | 1135.34 | | 总股本(亿股) | 117.53 | | 流通股本(亿股) | 92.89 | | ROE（TTM） | 10.92% | | 12 月最高价(元) | 9.95 | | 12 月最低价(元) | 5.95 | 公 司 公 司 研 究 证 券 研 究 报 告 股价走势 资料来源：Wind，东莞证券研究所 ◼ 2025Q2 净利率同环比 ...

[Table_Stock] 徐工机械（000425） [Table_Rating] 买入（维持） [◼Table_Summary] 投资摘要 | [行业Table_Industry] : | 机械设备 | | --- | --- | | 日期: | 2025年09月01日 shzqdatemark | | [Table_Author] 分析师: | 刘阳东 | | --- | --- | | Tel: | 021-53686144 | | E-mail: | liuyangdong@shzq.com | | SAC 编号: S0870523070002 | | | 分析师: | 王亚琪 | | Tel: | 021- 53686472 | | E-mail: | wangyaqi@shzq.com | | SAC 编号: S0870523060007 | | [Table_BaseInfo] 基本数据 | 最新收盘价（元） | 9.89 | | --- | --- | | 12mth A 股价格区间（元） | 6.00-9.89 | | 总股本（百万股） | 11,752.97 | | 无限售 A 股/总股本 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [2] Core Insights - The company reported a revenue of 91.66 billion in 2024, a slight decline of 1.28% year-on-year, while the net profit attributable to shareholders was 5.976 billion, an increase of 12.20% year-on-year. In Q1 2025, revenue reached 26.815 billion, up 10.92% year-on-year, and net profit was 2.022 billion, up 26.37% year-on-year, indicating performance in line with market expectations [5][8] - The company is experiencing significant growth in overseas markets, with overseas revenue reaching 41.687 billion, a year-on-year increase of 12.00%, accounting for 45.48% of total revenue. Domestic revenue, however, declined by 10.17% [8] - The company has improved its profitability, with a gross margin of 22.55% in 2024, up 1.75 percentage points year-on-year, and a net margin of 6.53%, up 0.89 percentage points year-on-year [8] - The company is expanding its global presence, having established over 40 overseas subsidiaries and more than 300 overseas distributors, with products sold in over 190 countries [8] - The profit forecast for 2025-2027 has been raised, with expected net profits of 8.035 billion, 9.803 billion, and 11.630 billion respectively, reflecting an optimistic outlook for the engineering machinery industry [8] Financial Data and Profit Forecast - The total revenue for 2025 is projected to be 102.177 billion, with a year-on-year growth rate of 11.5%. The net profit for 2025 is expected to be 8.035 billion, representing a growth rate of 34.5% [7][10] - The earnings per share (EPS) for 2025 is estimated at 0.68, with a price-to-earnings (PE) ratio of 12 [7][10] - The company aims to maintain a gross margin of around 22.7% in 2025, with a return on equity (ROE) projected at 12.1% [7]

Investment Rating - The investment rating for the company is "Buy-A" with a 12-month target price of 10.88 CNY, while the current stock price is 9.07 CNY [5]. Core Views - The company has demonstrated solid global competitiveness and significant results in high-quality development, with a slight decline in total revenue but an increase in net profit for 2024 [1]. - The company is benefiting from a recovery in domestic demand and expansion in overseas markets, leading to improved revenue performance [1][2]. - The company is focusing on cost control and value chain optimization, resulting in enhanced profitability [3]. Summary by Sections Financial Performance - In 2024, the company achieved total revenue of 91.66 billion CNY, a year-on-year decrease of 1.28%, while net profit reached 5.976 billion CNY, an increase of 12.2% [1]. - For Q1 2025, total revenue was 26.815 billion CNY, up 10.92% year-on-year, and net profit was 2.022 billion CNY, up 26.37% year-on-year [1]. Market Position - The company ranks sixth globally in excavators and maintains the first position in cranes and concrete machinery, indicating strong competitiveness in its traditional core business [2]. - In strategic new businesses, the company ranks third in aerial work machinery and fourth in mining machinery, showcasing effective expansion efforts [2]. International Business - Domestic revenue was 49.972 billion CNY, down 10.17%, while overseas revenue was 41.687 billion CNY, up 12%, with overseas revenue accounting for a historical high of 45.48% [2]. - The company is advancing towards high-quality development in its international business through a comprehensive global operation system [2]. Profitability and Cost Control - The company's gross margin and net margin for 2024 were 22.55% and 6.53%, respectively, showing improvements year-on-year [3]. - In Q1 2025, gross margin was 22.07% and net margin was 7.57%, indicating ongoing optimization [3]. - The company achieved a net cost reduction rate of 6.6% in procurement and 6.3% in logistics, reflecting effective cost management [3]. Future Outlook - The company expects total revenue growth of over 10% in 2025, with projected revenues of 102.61 billion CNY, 115.44 billion CNY, and 132.28 billion CNY for 2025, 2026, and 2027, respectively [11]. - Net profit is expected to grow significantly, with projections of 8.07 billion CNY, 10.63 billion CNY, and 13.34 billion CNY for the same years [11].

2025 年 5 月 3 日 公司研究 利润稳健增长，经营质量持续提升 ——徐工机械（000425.SZ）2024 年年报、2025 年一季报点评 要点 净利润稳健增长，净利率持续提升 徐工机械 24 年实现营业收入 916.6 亿元，同比下降 1.3%；归母净利润 59.8 亿元，同比增长 12.2%；经营性现金净流入 57.2 亿元，同比增长 60.2%。毛利 率为 22.5%，同比上升 0.2 个百分点；净利率为 6.5%，同比上升 0.9 个百分点。 公司 25Q1 实现营业收入 268.1 亿元，同比增长 10.9%；归母净利润 20.2 亿元，同比增长 26.4%；经营性现金净流入 8.3 亿元，同比增长 257.2%。毛利 率为 22.1%，同比下降 0.8 个百分点；净利率为 7.6%，同比上升 0.9 个百分点。 传统产业提质增效，新兴产业发展壮大 24 年公司起重机械收入 189.0 亿元，同比下降 10.8%；土方机械收入 240.1 亿元，同比增长 6.4%；混凝土机械收入 94.1 亿元，同比下降 9.8%；高空作业 机械收入 86.8 亿元，同比下降 2.3%；矿业机械收入 63. ...