山推股份 20260129 摘要 山推股份受益于全球化和大型化趋势，推土机业务稳健增长，国内市场 占有率已达 70%，并积极拓展挖掘机和矿卡业务，实现产业协同发展， 预计 2026 年矿卡业务收入达 5 亿元，增长 100%。 公司 2024 年营收达 142 亿元，归母净利润 11.02 亿元，同比增长 15.67%，毛利率稳步提升至 25.3%，净资产收益率达 21%，海外收入 占比超 50%，依托山东重工海外网络推进全球化。 通过收购山重建机，山推股份补齐挖掘机技术短板，实现全系列产品覆 盖，共享销售渠道，受益于国内固定资产投资和新兴国家需求，挖掘机 市场迎来新一轮增长周期，预计 2025 年山重建机贡献 2.5 亿至 3 亿元 净利润。 山东重工集团承诺将山推打造成唯一工程机械板块，计划将整个挖掘机 构并入，减少同业竞争，并通过潍柴动力与林德液压系统赋能，提升产 品竞争力。 推土机是公司核心业务，国内市场份额 65%，出口持续增长，大马力推 土机占比不断扩大，公司首创 AI 纯电无人驾驶推土机，引领行业标准， 预计 2026 年收入 35 至 40 亿元。 Q&A 山推股份在全球推土机市场的地位如何？ ...

行业研究丨深度报告丨机械 [Table_Title] 矿山机械系列二：周期景气与全球化共振，"设 备+后市场+资源品"布局打开成长空间 %% %% %% %% research.95579.com research.95579.com 1 丨证券研究报告丨 报告要点 [Table_Summary] 矿山机械设备空间广阔、利润可观，是装备制造中的优质赛道。从需求侧来看，资源品价格、 矿石品位、资本密集度影响行业需求总量，在宏观宽松、供给受限及需求扩张背景下，资源品 价格有望维持强势，当前矿山机械行业景气有望加速上行，叠加新能源、无人化渗透率提升有 望贡献增量。从供给侧来看，外资龙头格局集中，出海有望成为我国矿机企业成长机遇。近年 来我国矿山机械出海蓬勃发展，龙头企业全球竞争力日益提升，"设备+后市场+资源品"业务 并进，看好我国矿机企业的成长性。 分析师及联系人 [Table_Author] 赵智勇 臧雄 曹小敏 SAC：S0490517110001 SAC：S0490518070005 SAC：S0490521050001 SFC：BRP550 SFC：BVO790 王硕 请阅读最后评级说明和重要声明 2 / ...

龙净环保 20260127 摘要 龙基环保火电辅助设备订单稳定，占比 60%-70%，与三大电器相似， 已核准项目将在 2027 年投产完毕，确保未来几年业绩的确定性，公司 作为行业龙头，市占率稳定。 紫金矿业入主后，龙基环保新增绿电直连业务，为紫金矿山提供绿电解 决方案，成为市场唯一绿电智能标的。紫金双碳目标加速其对绿色能源 需求，推动龙基环保发展。 紫金矿业用能绿色化比例提升至 50%以上，硬件绿色化仅 30%，龙基 环保在手项目增长空间大，现有计划项目预计带来 10 亿以上利润和 150 亿以上市值，二期项目利润可达 15 亿以上，市值 200 亿以上。 矿卡业务尚处初期，紫金矿业每年有 500 台矿卡需求，龙基环保预计 2026 年出货 100 台，若达 500 台出货量，可稳定贡献 5 亿元利润，该 业务的研发进展及市场表现值得关注。 龙基环保早期引进 GE 设备并国产化，已完全自主研发，成为全国第一 品牌，在非电领域也取得显著成就，订单持续稳定增长，出口业务快速 发展，海外火电脱硫脱硝需求增加。 Q&A 龙基环保的主业和盈利情况如何？ 龙基环保的主业是大气治理，包括电力和非电领域。过去几年，公司的 ...

Core Insights - In September, Sinotruk exported 15,000 heavy trucks, setting a new record for monthly exports in the domestic heavy truck industry [2] - For the first nine months of the year, Sinotruk reported total revenue of $22.89 billion, a year-on-year increase of 14.9%, and vehicle sales of 335,000 units, up 22.8% [2] Group 1: Export Performance - Sinotruk has maintained its position as the leading exporter in the domestic heavy truck industry since its overseas expansion began in 2004 [2] - The company plans to export 250,000 heavy trucks, 100,000 light trucks, 50,000 light vehicles, and 3,000 mining trucks by 2030, with a target of $1 billion in overseas aftermarket revenue [13] Group 2: Market Expansion Strategies - Sinotruk has established 35 service stations in Vietnam and plans to expand its overseas dealership network to 400 by 2030 [3] - The company has successfully implemented localized solutions, including training for local maintenance and driving personnel, to ensure stable vehicle operation [3] Group 3: Aftermarket Development - Sinotruk's aftermarket parts sales revenue increased by 59% year-on-year in the first nine months of the year [4] - The company plans to establish 63 parts distribution centers overseas and invest $5 million in parts to offer more precise and flexible service policies [4] Group 4: Production Capacity and Efficiency - Sinotruk has 10 major vehicle production bases in China, with a maximum monthly production capacity of 30,000 heavy trucks [5] - The company aims to enhance its production capabilities by building more intelligent and green "lighthouse factories," targeting a 60% automation rate in key processes [5] Group 5: Innovation and R&D - In the first nine months, Sinotruk's sales in the African and Southeast Asian markets grew by 37.4% and 41.5%, respectively [6] - The company plans to invest over $4 billion in R&D over the next five years and establish a specialized R&D team of over 8,000 members [6] Group 6: Global Partnerships and Collaboration - Sinotruk is leveraging its position within the Shandong Heavy Industry Group to collaborate with sister companies for international market expansion [11] - The company is actively forming partnerships with global strategic suppliers to enhance resource sharing and collaborative innovation [11] Group 7: Community Engagement and Local Development - Sinotruk opened its first official authorized showroom in Libya to provide one-stop solutions for local customers [12] - The company is committed to localizing talent and has initiated training programs for foreign trainers to contribute to their home countries' development [12]

Group 1 - The Shandong Heavy Industry China National Heavy Duty Truck Group will hold a public open day for the 2026 Partner Conference on December 21 at the Jinan International Convention Center, showcasing a brand experience that is interactive and immersive [1] - The event emphasizes the company's "people-oriented" philosophy, extending care to employees and their families, and actively fulfilling social responsibilities [1] - The cultural warmth rooted in Qilu culture is reflected in every product, shaping the truck culture and embodying the company's industrial mission [1] Group 2 - The public day will feature over 100 models, including mining trucks, recreational vehicles, fire trucks, sanitation vehicles, engineering vehicles, and refrigerated trucks, along with an F1 racing car [2] - Attendees, especially children, will have the opportunity to closely observe the intricate components of trucks and learn about commercial vehicle research and manufacturing through professional explanations [2] - The event aims to combine fun and education, allowing families to enjoy a memorable experience while exploring the mysteries of trucks [5] Group 3 - The public day is described as a warm invitation to the public, providing a rare opportunity to engage directly with high-end manufacturing in China [7]

Overall Trends - The growth of overseas revenue for A-share listed companies (excluding financials and "three barrels of oil") is expected to continue, with a projected increase of 10.1% in 2024, significantly outpacing the overall revenue growth of -0.8% [2][6] - The contribution of overseas revenue to overall profits is increasing, with the gross profit margin from overseas operations rising from 23.6% in 2021 to 29.5% in 2024, indicating a shift from scale expansion to optimizing profit structures [2][6] Engineering Machinery - Global demand is showing structural differentiation, with high demand for infrastructure and mining in Africa and Latin America, while the demand in Europe and the US remains stable. Companies with competitive products in overseas mining scenarios are recommended [2][17] Power Equipment - Focus on three high-growth segments: offshore wind components benefiting from European recovery, SST solutions for global AI computing upgrades, and energy storage systems addressing North American grid bottlenecks [2][20] Automotive - The automotive industry is shifting from vehicle exports to localized production overseas, with Southeast Asia becoming a key hub. Companies like BYD and Geely are accelerating their global presence through local manufacturing [2][21][22] Home Appliances - Leading companies are leveraging their global brand matrix and localized supply chains to establish strong barriers. In segments like robotic vacuums, domestic brands are competing directly with international brands through continuous innovation [2][23] Light Industry Manufacturing - The industry is transitioning from manufacturing efficiency to localized operations overseas. Leading companies are relocating production to avoid trade risks and are moving from OEM models to higher-margin proprietary brands [2][25] Basic Chemicals - Companies are engaging in both passive and active overseas expansion. Those with overseas production bases can ensure export channels, while active expansion aims to secure resources and broaden customer bases [2][26] Non-ferrous Metals - Domestic leading mining companies have been acquiring and operating key metal resources globally, which will contribute significantly to production and profit during industry upturns [2][29] Building Materials - Rapid urbanization and industrialization in emerging markets like Central Asia and Southeast Asia are creating substantial local demand for building materials, with local supply gaps presenting opportunities for Chinese companies [2][31] Textiles and Apparel - Chinese manufacturers are forming deep supply chain partnerships with global brands, and leading textile companies are expanding overseas to meet local procurement demands [2][33] Pharmaceuticals - The overseas commercialization of innovative drugs is entering a realization phase, with several products gaining approval in the US and significant sales growth reported [2][35] Computers - China's embedded software has a global comparative advantage, and companies successfully entering overseas markets can benefit from higher software pricing and a more favorable position in the global value chain [2][37]

Core Insights - The Xinjiang Avenue Special Equipment Co., Ltd. has officially launched its medium-thick plate container carrier project in Urumqi, marking a significant development in the automotive equipment sector in Xinjiang [1] - This project is the first "shared factory" in Xinjiang, aimed at bridging key gaps in the equipment manufacturing industry [1] Group 1 - The "shared factory" features advanced automation with over 85% automation rate, including fully automated equipment for cutting, welding, and logistics [1] - The project occupies 287 acres with a building area of approximately 110,000 square meters, focusing on critical components for dump trucks, mining trucks, and municipal sanitation vehicles [1] - The factory supports flexible customization for small batches and various products, facilitating rapid prototype development and innovation [1] Group 2 - Shaanxi Automobile Xinjiang Co., Ltd. anticipates that local sourcing rates will increase from 3% to 30% due to the shared factory, which will lower production costs for both manufacturers and heavy truck customers [2] - The Urumqi Economic and Technological Development Zone aims to leverage the shared factory to enhance local industries, targeting the introduction of 50 external cooperation enterprises within three years [2] - The initiative is part of a broader strategy to reshape the industrial system in Xinjiang, focusing on shared resources in research, technology, talent, and market access [2]

Group 1: Chemical Sector Insights - The chemical sector reported a slight increase in profitability in the first three quarters of 2025, with overall revenue up by 2.6% year-on-year and net profit up by 9.4% [6][7] - Notable profit growth was observed in sub-sectors such as pesticides (201%), fluorochemicals (124.6%), adhesives and tapes (91.7%), and potassium fertilizers (62.2%), while significant declines were seen in organic silicon (-73.0%), soda ash (-68.7%), nylon (-52.3%), and titanium dioxide (-46.3%) [6][7] - The report suggests a long-term optimistic outlook for the chemical sector due to supply-side improvements and low inventory levels, while short-term caution is advised due to falling oil prices and potential price declines in chemical products [6] Group 2: Qingdao Beer Company Analysis - Qingdao Beer Company reported a revenue of 29.367 billion yuan for the first three quarters of 2025, reflecting a year-on-year increase of 1.41%, with a net profit of 5.274 billion yuan, up by 5.70% [11][12] - The company experienced a slight decline in Q3 revenue, attributed to a generally weak market demand, with a total sales volume of 6.894 million kiloliters, up by 1.61% year-on-year [12][13] - The company is expected to achieve stable growth for the full year, supported by product structure upgrades and cost reductions, with a projected net profit of 4.653 billion yuan for 2025 [14] Group 3: Zhejiang Dingli Company Overview - Zhejiang Dingli reported a revenue of 6.675 billion yuan for the first three quarters of 2025, an increase of 8.82% year-on-year, with a net profit of 1.595 billion yuan, up by 9.18% [16][17] - The company faced challenges in export sales, with a 13.7% decline in high-altitude work platform exports, which accounted for 61.21% of total sales [19] - The company is focusing on R&D and innovation to maintain its competitive edge, launching new products and exploring electric and digital technologies [18] Group 4: Kaili Medical Company Insights - Kaili Medical achieved a revenue of 1.459 billion yuan in the first three quarters of 2025, a year-on-year increase of 4.37%, but reported a net profit decline of 69.25% [21][22] - The company’s Q3 revenue was 495 million yuan, reflecting a significant year-on-year increase of 28.41%, driven by a recovery in hospital procurement [22][23] - Despite the revenue growth, the company faced pressure on profit margins due to increased costs and competitive pricing in the medical device sector [23] Group 5: Zhuosheng Microelectronics Performance - Zhuosheng Microelectronics reported a revenue of 2.769 billion yuan for the first three quarters of 2025, a decrease of 17.77% year-on-year, with a net loss of 171 million yuan [26][27] - The company’s Q3 revenue showed a slight year-on-year decline of 1.62%, but a quarter-on-quarter increase of 12.36%, indicating a potential recovery trend [28] - The company is focusing on improving production capacity and product mix, particularly in high-end RF modules, to enhance profitability in the upcoming quarters [28][29] Group 6: Non-Bank Financial Sector Performance - The non-bank financial sector saw a 0.5% decline in the index, with significant growth in net profits for listed brokerages, which increased by 62% year-on-year in the first three quarters of 2025 [32][33] - The financial market is expected to remain active, driven by improved brokerage revenues from trading and margin financing activities [33] - Regulatory developments are anticipated to enhance investor protection and market stability, which could positively impact the sector's performance [33] Group 7: North American Cloud Providers and AI Chip Market - North American cloud providers reported a 75% year-on-year increase in capital expenditures in Q3 2025, focusing heavily on AI infrastructure [36][37] - Qualcomm announced its entry into the AI chip market with the launch of AI200 and AI250 chips, aiming to compete with Nvidia in the high-end AI data center segment [38] - The overall electronic industry is experiencing a recovery in demand, with rising prices for storage chips and increased domestic production efforts [36][39] Group 8: Rongchang Bio's Financial Performance - Rongchang Bio achieved a revenue of 1.720 billion yuan in the first three quarters of 2025, a year-on-year increase of 42.27%, while net losses narrowed by 48.60% [41] - The company reported a Q3 revenue of 622 million yuan, reflecting a 33.13% increase year-on-year, indicating strong commercial performance [41] - The improvement in financial performance is attributed to the successful commercialization of core products and effective cost management strategies [41]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1][5] Core Insights - The company's net profit growth rate outpaced revenue growth, with the excavator business becoming a new growth engine [1][5] - The company achieved a revenue of 10.488 billion yuan in the first three quarters of 2025, a year-on-year increase of 2.36%, and a net profit of 838 million yuan, up 15.67% year-on-year [5] - The gross margin and net margin for the first three quarters of 2025 were 20.53% and 8.01%, respectively, an increase of 3.83 percentage points and 1.12 percentage points compared to the same period last year [5] - The excavator business is expected to benefit from the recovery in the industry, with a total of 174,000 excavators sold in China from January to September 2025, representing an 18.1% year-on-year increase [5] - The company is expanding its mining truck business, with revenue from this segment reaching 275 million yuan in 2024, a year-on-year increase of 79.35% [5] Summary by Relevant Sections Financial Forecast and Valuation - Total revenue is projected to reach 14.22 billion yuan in 2024, with a year-on-year growth rate of 25.12%, and expected to grow to 19.76 billion yuan by 2027 [2][6] - The net profit attributable to the parent company is forecasted to be 1.10 billion yuan in 2024, increasing to 1.92 billion yuan by 2027, with a compound annual growth rate of 19.14% [2][6] - The diluted EPS is expected to rise from 0.73 yuan in 2024 to 1.28 yuan in 2027, with corresponding P/E ratios decreasing from 15.75 to 9.02 [2][6] Company Overview - The company is a global leader in bulldozers and is backed by Shandong Heavy Industry Group, which enhances its competitive advantages in R&D, scale, brand effect, and operational costs [5] - The company has made strategic acquisitions to strengthen its excavator business and is leveraging synergies with its existing product lines [5] - The company is actively pursuing globalization, electrification, and intelligent manufacturing strategies to drive future growth [5]

Core Viewpoint - Shantui Co., Ltd. is a leading manufacturer in the construction machinery sector, with a strong market position and a focus on innovation and efficiency in its product offerings [1][2]. Group 1: Company Overview - Shantui was established on December 14, 1993, and listed on the Shenzhen Stock Exchange on January 22, 1997, with its headquarters in Jining, Shandong Province [1]. - The company is ranked among the top 50 global construction machinery manufacturers and the top 500 Chinese manufacturing enterprises, specializing in bulldozers and other construction equipment [1]. Group 2: Financial Performance - For Q3 2025, Shantui reported revenue of 10.488 billion yuan, ranking 7th in the industry, below the top competitors XCMG and SANY, but above the industry median [2]. - The net profit for the same period was 841 million yuan, placing the company 9th in the industry, again below the top two competitors but above the industry median [2]. Group 3: Financial Ratios - As of Q3 2025, Shantui's debt-to-asset ratio was 67.37%, higher than the industry average of 44.93% [3]. - The gross profit margin was reported at 20.53%, which, while improved from the previous year, remains below the industry average of 25.31% [3]. Group 4: Shareholder Information - As of September 30, 2025, the number of A-share shareholders increased by 19.80% to 70,800, while the average number of shares held per shareholder decreased by 16.52% [5]. - The top three shareholders include Hong Kong Central Clearing Limited, which holds 41.4627 million shares, having decreased its holdings by 12.0523 million shares [5]. Group 5: Business Highlights and Future Outlook - Shantui is positioned as a global leader in bulldozer manufacturing, with expectations for significant export growth starting in 2025 [5]. - The company aims for a revenue target of 15.7 billion yuan in 2025, with a projected 10% year-on-year growth, and anticipates a 21% increase in overseas revenue [6]. - The company plans to implement cost reduction measures totaling 520 million yuan in 2025 and is considering issuing H-shares to enhance its global strategy [6].