Investment Rating - The investment rating for the company is "Buy" and is maintained [1] Core Insights - The company is expected to achieve a net profit attributable to shareholders of 1.526 to 1.659 billion yuan in 2025, representing a year-on-year growth of 15% to 25% [4] - The company adheres to a new "Three Full Strategy" focusing on comprehensive solutions, digitalization, and globalization, which is expected to drive revenue and profit growth [5] - The company has increased its overseas investments, with international business accounting for approximately 47% of total revenue, and plans to establish over 10 new overseas subsidiaries in key markets by 2026 [6] Company Overview - The latest closing price is 11.39 yuan, with a total market capitalization of 23.2 billion yuan [3] - The company has a debt-to-asset ratio of 60.1% and a price-to-earnings ratio of 16.69 [3] Financial Forecast and Valuation - Revenue projections for 2025, 2026, and 2027 are 33.737 billion, 37.205 billion, and 40.599 billion yuan, respectively, with year-on-year growth rates of 12.22%, 10.28%, and 9.12% [8] - The net profit attributable to shareholders is forecasted to be 1.593 billion, 1.985 billion, and 2.426 billion yuan for the same years, with growth rates of 20.01%, 24.63%, and 22.22% [8] - The corresponding PE ratios for 2025, 2026, and 2027 are 14.56, 11.68, and 9.56, maintaining a "Buy" rating [8]

证券研究报告：机械设备|公司点评报告 股票投资评级 买入 |维持 个股表现 2025-02 2025-04 2025-06 2025-09 2025-11 2026-01 -12% -6% 0% 6% 12% 18% 24% 30% 36% 42% 48% 柳工 机械设备 资料来源：聚源，中邮证券研究所 公司基本情况 | 最新收盘价（元） | 11.39 | | --- | --- | | 总股本/流通股本（亿股）20.36 | / 20.33 | | 总市值/流通市值（亿元）232 | / 232 | | 52 周内最高/最低价 | 13.38 / 9.42 | | 资产负债率(%) | 60.1% | | 市盈率 | 16.69 | | 第一大股东 | 广西柳工集团有限公司 | 研究所 分析师:刘卓 SAC 登记编号:S1340522110001 Email:liuzhuo@cnpsec.com 分析师:陈基赟 SAC 登记编号:S1340524070003 Email:chenjiyun@cnpsec.com 柳工(000528) 业绩稳健增长，加码国际化、新产业 l 事件描述 公司发布 2025 年业 ...

证券代码：000528 证券简称：柳 工 债券代码：127084 债券简称：柳工转 2 广西柳工机械股份有限公司 投资者关系记录表 投资者关系 活动类别 特定对象调研 分析师会议 媒体采访 业绩说明会 新闻发布会 路演活动 现场参观 其他 参与单位名称 及人员姓名 机构投资者、证券分析师等 123 位参会人员： 易方达基金、富国基金、博时基金、银华基金、汇丰晋信基金、浦银安盛基金、 融通基金、金鹰基金、平安人寿、华夏人寿、北大方正人寿、中荷人寿、人保 养老、中信保诚资产、东方资管、长安信托、建信理财、中信资管、高毅资产、 贝莱德机构信托、清和泉、Polymer Capital、Pleiad Investment Advisors 等 中信证券、中信建投证券、中金公司、华泰证券、国泰海通证券、长江证券、 东吴证券、财通证券、诚通证券、光大证券、广发证券、美银证券、国海证券、 国金证券、国联民生证券、长城证券、华创证券、华福证券、华鑫证券、申万 宏源、信达证券、招商证券、中泰证券等 时间 2026 年 1 月 27 日 16:00-17:30 地点 柳工全球创新中心 上市公司接待 人员姓名 1．副总裁：李东春先生 ...

Core Viewpoint - SANY International (00631) has seen a significant stock price increase, attributed to the successful delivery of a hybrid mining water truck to Vale, marking a milestone in their partnership and expansion in the Brazilian market [1] Group 1: Company Developments - SANY Group has successfully delivered its first hybrid mining water truck, SET150S, to global iron ore giant Vale, indicating a new level of cooperation [1] - Since the partnership began in 2021, SANY has provided over 30 pieces of equipment, including excavators and mining trucks, to Vale [1] Group 2: Market Outlook - According to a report from Credit Lyonnais, SANY International is receiving a substantial number of mining equipment orders, with an expected growth in order scale from approximately 5 billion RMB last year to three times that by 2028 [1] - The growth in after-sales service revenue is anticipated to support this increase in orders [1] - The order delivery ratio for SANY's port equipment business has reached a historical high, with order visibility extended to 2027 [1] Group 3: Financial Projections - Credit Lyonnais forecasts that SANY International's adjusted net profit will quadruple from 2024 to 2027, with over 50% of this growth expected to come from international markets [1]

Core Viewpoint - SANY International (00631) has seen a significant stock price increase, rising over 5% and currently trading at HKD 10.97, with a trading volume of HKD 146 million. The company has successfully delivered its first hybrid mining water truck, SET150S, to Vale, a global iron ore giant, marking a key milestone in their collaboration and SANY's sustainable mining solutions in the Brazilian market [1][1][1] Group 1: Company Developments - The partnership between SANY and Vale has progressed since its inception in 2021, with SANY providing over 30 pieces of equipment, including excavators and mining trucks [1][1] - SANY International is receiving a substantial number of mining equipment orders, with an expected growth in order scale from approximately RMB 5 billion last year to three times that by 2028 [1][1][1] - The company's port equipment business has achieved a record high in order delivery rates, with order visibility extending to 2027 [1][1] Group 2: Financial Projections - According to a report from Credit Lyonnais, SANY International's adjusted net profit is projected to quadruple between 2024 and 2027, with over 50% of this growth anticipated to come from international markets [1][1][1]

Group 1 - The Hillhead Mining Exhibition will take place from June 23 to 25, 2026, at the Hillhead Quarry in Buxton, UK, and is organized by QMJ Publishing Ltd, focusing on live demonstrations as its main attraction [1] - The exhibition provides a unique opportunity for attendees to witness and evaluate the performance of the latest crushing machines, screening equipment, loading machinery, and mining trucks in a real operational environment, which is invaluable for decision-makers in the quarrying, mining, and construction aggregate industries [2] Group 2 - Beijing Shengruida International Exhibition Co., Ltd., represented by Pan Ming, is responsible for organizing the exhibition in the Chinese market [2] - Other upcoming exhibitions in 2026 include the MBAM ONEBUILD in Malaysia focusing on zero tariffs and smart drilling equipment, Philconstruct in the Philippines featuring small and medium-sized equipment and post-disaster reconstruction materials, and CONSTRUCTO in Mexico highlighting USMCA tax exemptions and green electric equipment exports [6]

Core Points - The Eurasian Economic Union (EAEU) and Indonesia signed a free trade agreement in St. Petersburg, Russia, on the 21st of the month, which is expected to enhance multi-faceted interactions between the EAEU and Indonesia [1] - Russian President Putin stated that the free trade agreement opens up broad prospects for EAEU products to enter the Asia-Pacific market [1] - EAEU Trade Minister Andrei Slepnev highlighted that the agreement will diversify the supply range for the EAEU [1] Summary by Category - **Trade Benefits** - EAEU member countries will enjoy preferential access to the Indonesian market for key products, including fertilizers, energy products, mining trucks, non-ferrous metal products, and various electrical and mechanical equipment [1] - Additionally, halal meat, wheat, and flour will also benefit from preferential treatment under the agreement [1]

Core Viewpoint - The Eurasian Economic Union (EAEU) and Indonesia have signed a free trade agreement, which is expected to enhance trade relations and open new market opportunities for EAEU products in the Asia-Pacific region [1]. Group 1: Agreement Details - The free trade agreement was signed during the EAEU Supreme Council meeting held in St. Petersburg, Russia [1]. - Russian President Putin emphasized that the agreement will deepen multi-faceted interactions between the EAEU and Indonesia, providing a broad prospect for cooperation [1]. - EAEU Trade Minister Andrei Slepnev noted that the agreement will diversify the supply range for the EAEU [1]. Group 2: Benefits and Products - Following the signing of the free trade agreement, EAEU member countries will enjoy preferential access to the Indonesian market [1]. - Key products benefiting from this agreement include fertilizers, energy products, mining trucks, non-ferrous metal products, various electrical and mechanical equipment, as well as halal meat, wheat, and flour [1].

Core Viewpoint - The mining excavator market is expected to be a key growth area, particularly in overseas and emerging markets, with SANY's earnings forecast revised upwards due to increased sales volume and finance income following its recent Hong Kong IPO [1][3]. Group 1: Market Outlook - Large-size mining excavators are identified as a significant growth area for 2026, driven by a replacement-driven upcycle and early-stage recovery in crane demand in China [1]. - SANY aims to increase annual mining excavator sales from RMB2 billion in 2025E to RMB6 billion in 2028E [2]. Group 2: Financial Performance - Following the Hong Kong IPO, SANY raised approximately HK$15 billion (around RMB13.7 billion), with a forecasted net cash of RMB25 billion by the end of 2025E [3]. - The target price for SANY-A has been revised to RMB27 from RMB24, reflecting an earnings upcycle with a target P/E of 24x [1]. Group 3: Strategic Initiatives - SANY plans to separate its mining excavator operations to enhance collaboration with its mining truck unit, aiming to expand its overseas mining equipment segment [2]. - More than half of the IPO proceeds will be allocated to global sales network and overseas capacity expansion [3].

Group 1 - UBS has a more optimistic view on the Chinese construction machinery industry compared to market expectations, believing the current upward cycle will last until 2029, rather than the commonly predicted 2028 to 2029 [1] - The growth potential and strong profitability resilience of companies' mining-related businesses have not been fully reflected in stock performance [1] - It is estimated that the global market share of Chinese equipment manufacturers in mining trucks and excavators will exceed 20% by 2030, with mining-related businesses potentially becoming another growth driver for companies [1] Group 2 - UBS maintains a "Neutral" rating on Zoomlion Heavy Industry (01157) and Lonking Holdings (03339), with earnings per share growth forecasts for 2025-2026 raised to 49%, 27% and 21%, 17% respectively [1] - XCMG (000425.SZ) is identified as the industry favorite with a "Buy" rating, due to its high proportion of mining-related business, strong growth, and attractive valuation [1] - Target prices for Zoomlion Heavy Industry and Lonking Holdings have been raised to HKD 7.8 and HKD 3.2, respectively, from HKD 6.4 and HKD 2.2 [1]