公司报告 | 首次覆盖报告 非公路宽体自卸车是在重型卡车和工程机械技术基础上，通过系统设计制 造而成的自卸车，其优点是安全性高、稳定性高、可靠性高，属于中国工 程机械行业的新兴产品。从行业发展趋势来看：在增量市场中，国内矿山 开采、基建工程等多元场景的稳定需求，为宽体自卸车行业注入持续增长 动能；存量市场里，大型矿山的降本增效需求与中小型项目的运输装备升 级趋势，正推动宽体自卸车加速替代传统设备，叠加环保政策驱动设备更 新迭代，进一步激活存量替换空间；而在海外市场，亚太地区煤矿产能扩 张与"一带一路"沿线矿产资源开发，正为行业打开全新增长版图。三大 市场协同发力下，宽体自卸车行业有望呈现持续增长态势。 同力股份（834599） 证券研究报告 宽体自卸车行业标杆，行业扩容驱动长期价值释放 1、非公路宽体自卸车领导者，以卓越性能引领技术标准 公司首创非公路宽体自卸车，经过二十余年行业深耕，成功跻身全球工程 机械制造商 50 强；现已形成非公路宽体自卸车、矿用自卸车、地下运输 设备、非公路特种用途设备四大业务板块，产品系列从燃油到新能源全动 力覆盖；管理层深耕自卸车行业多年，具备丰富的工程机械研发、制造及 管理经验 ...

Core Viewpoint - As of July 30, 2025, the stock price of Beifang Co. is reported at 23.09 yuan, reflecting a decline of 1.49% from the previous trading day [1] Group 1: Stock Performance - The opening price on the same day was 23.44 yuan, with a highest point of 23.96 yuan and a lowest point of 22.93 yuan [1] - The trading volume reached 1.20 billion yuan, with a turnover rate of 3.01% [1] - On July 30, the net outflow of main funds was 13.12 million yuan, accounting for 0.33% of the circulating market value [1] Group 2: Company Financials - In Q1 2025, Beifang Co. achieved an operating income of 880 million yuan and a net profit attributable to shareholders of 63.46 million yuan [1] Group 3: Shareholder Actions - The shareholder, Tewo (Shanghai) Enterprise Management Consulting Co., plans to reduce its holdings by up to 5.10 million shares, representing 3% of the total share capital, starting from August 22, 2025, over a period of three months due to personal funding needs [1]

Core Viewpoint - The commencement of the Yarlung Tsangpo River downstream hydropower construction project, with a total investment of approximately 1.2 trillion yuan, is expected to significantly impact the engineering machinery industry, creating substantial demand for various types of equipment [1]. Group 1: Equipment Demand - The Yarlung hydropower project, with a total investment of about 1.2 trillion yuan and a construction volume close to 500 million cubic meters, will create a market space of over 200 billion yuan for equipment, as equipment costs may account for nearly 20% of the total investment [2]. - Different stages of the project will require various types of machinery: large excavators, loaders, and bulldozers will be essential during the initial earthwork phase, while concrete machinery like mixers and pumps will be crucial during the main construction phase. Additionally, tunnel boring machines will be needed for water diversion [3]. Group 2: Industry Impact - The engineering machinery industry is currently on an upward cycle, with excavator sales showing positive year-on-year growth since March of last year. The opening of the Yarlung project is seen as a "bonus" that will further enhance domestic demand for engineering machinery [4]. - The core driver of the industry's upward cycle is the replacement of old equipment, which has been ongoing since the sales of excavators turned positive. The Yarlung project will reinforce this upward trend, but the primary factor remains the demand for equipment replacement [4]. Group 3: Export and Domestic Demand - The engineering machinery industry's revenue is significantly supported by exports, which contributed approximately 52% of total revenue last year. The export momentum is improving, with a year-on-year increase of about 11% in June for excavator exports [5][6]. - Emerging markets, particularly in Latin America, Africa, and Southeast Asia, are showing strong demand and growth. The European market is also recovering, with a notable year-on-year increase of about 29% in excavator exports to Western Europe [5][6]. Group 4: Investment Opportunities - The combination of a domestic upward cycle, favorable export conditions, and the additional demand from the Yarlung project positions the engineering machinery sector as a high-value investment opportunity. Following a valuation correction in May, the sector is currently at the lower end of its historical valuation range, making it an attractive time for investment [6].