公司报告 | 半年报点评 三一重工（600031） 证券研究报告 三化战略引领高质量发展，看好公司上行周期释放利润弹性 公司发布 2025 年半年报，报表扎实，业绩亮眼： 25H1 公司实现收入 447.8 亿元、同比+14.64%，归母净利润 52.16 亿元、同 比+46%，扣非归母净利润 54.09 亿元、同比+73.06%。毛利率 27.4%、同比 +0.7pct，净利率 11.9%、同比+2.4pct。经营性现金流净额 101.34 亿元、同 比+20.11%，净现比 1.92，现金流水平极佳。 25Q2 公司实现收入 236.03 亿元、同比+11.18%，归母净利润 27.45 亿元、 同比+37.76%，扣非归母净利润 30.06 亿元、同比+68.91%。毛利率 28.0%、 同比+1.4pct，净利率 11.8%、同比+2.2pct。 25H1 期间费用率 12.3%、同比-4.8pct，其中销售、管理、研发、财务费用 率分别变动+0.2、-0.5、-1.9、-2.6pct，其中财务费用率下降主要系汇兑收 益同比+9.5 亿元。25Q2 期间费用率 11.9%、同比-4.0pct。 25H ...

东莞证券研报指出，三一重工2025H1实现归母净利润为52.16亿元，同比增长46.00%；Q2盈利能力持续 提升，控费效果明显。2025H1工程机械行业复苏态势延续，超长期国债、设备更新政策深化落地等因 素助推国内需求增加，公司挖掘机械、混凝土机械、起重机械等核心产品国内收入实现增长。挖掘机械 营收为174.97亿元，同比增长15.00%，国内市场地位稳居第一，全球市占率稳步提升。公司积极推行国 际化策略，助力公司海外市场实现快速增长。受益于产品结构优化、部分产品价格调整以及降本增效等 措施驱动，2025H1公司海外市场毛利同比增长9.92%。此外，公司向电动化转型，聚焦三大技术路线。 维持"买入"评级。 ...

证券研究报告 三一重工 (600031 CH) 工程机械龙头盈利能力持续提升 2025 年 8 月 25 日│中国内地 工程机械 我们维持此前盈利预测，预计公司 2025-2027 年 归 母 净 利 润 为 89.44/119.78/156.00 亿元，对应 EPS 分别为 1.06/1.41/1.84 元。可比公司 25 年 iFind 一致预期 PE 均值为 22.07 倍（前值 19.70 倍），考虑到公司作 为龙头引领行业的海外市场拓展，且有望充分受益国内工程机械本轮上升周 期带来的盈利弹性，给予公司 25 年 25 倍 PE（前值 22 倍），对应目标价 26.5 元（前值 23.1 元）。 风险提示：行业竞争格局超预期恶化；海外业务拓展不及预期。 | 华泰研究 | | | 中报点评 | 投资评级(维持): | | 买入 | | --- | --- | --- | --- | --- | --- | --- | | 2025 年 8 月 25 日│中国内地 | | | 工程机械 | 目标价(人民币): | | 26.50 | | 三一重工发布半年报， 2025 年 H1 营 业 总 收 入 | 实 ...

机械设备行业 买入（维持） 2025H1 海内外收入双增，Q2 盈利能力持续提升 三一重工（600031）2025 半年报点评 2025 年 8 月 25 日 投资要点： 事件：三一重工发布2025半年报。 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 8 月 22 日 | | --- | | 收盘价(元) 21.30 | | 总市值（亿元） 1805.05 | | 总股本(亿股) 84.74 | | 流通股本(亿股) 84.74 | | ROE（TTM） 10.37% | | 12 月最高价(元) 21.47 | | 12 月最低价(元) 15.07 | 公 司 点 评 公 司 研 究 证 券 研 究 报 告 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。 股价走势 资料来源：Wind，东莞证券研究所 三一重工（600031）2025 半年报点评 技术路线，持续迭 ...

查看完整报告 点击注册小程序 特别申明： 本订阅号中所涉及的证券研究信息由光大证券研究所编写，仅面向光大证券专业投资者客户，用作新媒体形势下研究 信息和研究观点的沟通交流。非光大证券专业投资者客户，请勿订阅、接收或使用本订阅号中的任何信息。本订阅号 难以设置访问权限，若给您造成不便，敬请谅解。光大证券研究所不会因关注、收到或阅读本订阅号推送内容而视相 关人员为光大证券的客户。 报告摘要 25H1业绩稳健增长，盈利能力持续提升 三一重工25H1实现营业收入445.3亿元，同比增长15.0%（调整后）；归母净利润52.2亿元，同比增长 46.0%（调整后）。25H1公司毛利率为27.4%，同比上升0.7个百分点（调整后）；净利率为11.9%，同比 上升2.4个百分点（调整后）。25H1公司拟每股派息0.31元。 本订阅号是光大证券股份有限公司研究所（以下简称"光大证券研究所"）依法设立、独立运营的官方唯一订阅号。其他任 何以光大证券研究所名义注册的、或含有"光大证券研究"、与光大证券研究所品牌名称等相关信息的订阅号均不是光大证 券研究所的官方订阅号。 25H1公司挖掘机械收入175.0亿元，同比增长15.0%，国 ...

Core Viewpoint - Sany Heavy Industry reported strong revenue and profit growth in the first half of 2025, driven by both domestic and international markets, leading to a "buy" rating from analysts [1][2]. Financial Performance - In H1 2025, the company achieved operating revenue of 44.53 billion yuan, a year-on-year increase of 14.96%, and a net profit attributable to shareholders of 5.22 billion yuan, up 46% year-on-year [2]. - The gross margin for the engineering machinery industry was 27.57%, an increase of 0.81 percentage points year-on-year, benefiting from product price increases and cost reductions [2]. - The net profit margin for H1 2025 was 11.65%, up 2.5 percentage points year-on-year [2]. Domestic and International Revenue - Domestic revenue reached 17.35 billion yuan, a year-on-year increase of 21.4%, while international revenue was 26.30 billion yuan, up 11.7%, with international revenue accounting for approximately 60.3% of total revenue [2]. - The gross margins for domestic and international markets were 22.1% and 31.2%, respectively, with year-on-year increases of 0.90 and 1.04 percentage points [2]. Product Performance - Revenue from excavators was 17.5 billion yuan, a year-on-year increase of 15%, while concrete machinery, cranes, pile machinery, and road machinery reported revenues of 7.44 billion yuan, 7.80 billion yuan, 1.34 billion yuan, and 2.16 billion yuan, respectively [3]. - The company launched over 30 new energy products in H1 2025, achieving full coverage and continuing research and testing of unmanned products [3]. Cost Management and Cash Flow - The company demonstrated effective cost management with sales, management, R&D, and financial expense ratios of 6.54%, 2.81%, 4.83%, and -1.91%, respectively [3]. - Operating cash flow for H1 2025 was 10.134 billion yuan, a year-on-year increase of 20.11%, with a debt-to-asset ratio of 51.4%, down 3.72 percentage points year-on-year [3]. Future Outlook - The company is expected to benefit from a recovery in the domestic industry and strong overseas demand, with projected net profits of 8.745 billion yuan, 11.015 billion yuan, and 13.518 billion yuan for 2025, 2026, and 2027, respectively [4]. - The company maintains a strong market position in excavators and continues to deepen its strategies in globalization, digitalization, and low-carbon initiatives [4].

上 市 公 司 机械设备 2025 年 08 月 22 日 三一重工 (600031) 公 司 研 究 / 公 司 报告原因：有业绩公布需要点评 买入（维持） 事件： | 基础数据: | 2025 年 06 月 30 日 | | --- | --- | | 每股净资产（元） | 8.67 | | 资产负债率% | 51.44 | | 总股本/流通 A 股（百万） | 8,474/8,474 | | 流通 B 股/H 股（百万） | -/- | 一年内股价与大盘对比走势： 08-22 09-22 10-22 11-22 12-22 01-22 02-22 03-22 04-22 05-22 06-22 07-22 08-22 -10% 0% 10% 20% 30% 40% 三一重工 沪深300指数 (收益率) 相关研究 证券分析师 刘建伟 A0230521100003 liujw@swsresearch.com 王珂 A0230521120002 wangke@swsresearch.com 李蕾 A0230519080008 lilei@swsresearch.com 研究支持 刘建伟 A0230521100 ...

证券研究报告·公司点评报告·工程机械 三一重工（600031） | [Table_EPS] 盈利预测与估值 | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业总收入（百万元） | 74,019 | 78,383 | 89,601 | 102,089 | 113,623 | | 同比（%） | (8.44) | 5.90 | 14.31 | 13.94 | 11.30 | | 归母净利润（百万元） | 4,527 | 5,975 | 8,499 | 11,136 | 12,709 | | 同比（%） | 5.53 | 31.98 | 42.23 | 31.03 | 14.13 | | EPS-最新摊薄（元/股） | 0.53 | 0.71 | 1.00 | 1.31 | 1.50 | | P/E（现价&最新摊薄） | 39.87 | 30.21 | 21.24 | 16.21 | 14.20 | [Table_Tag] [投资要点 Table_Summary] ◼ 事件：2025 年 8 月 2 ...

2025年上半年受 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%。 | | | | 主营业务分行业情况 | | | | | --- | --- | --- | --- | --- | --- | --- | | 分行业 | 营业收入 | 营业成本 | 毛利率(%) | 营业收入比 上年增减 | 营业成本 比上年增 | 毛利率比上年 | | | | | | (%) | 减(%) | 增减(%) | | 工程机械行业 | 43, 650, 473 | 31,616, 439 | 27.57 | 15. 39 | 14. 12 | 0. 81 | | | | | 主营业务分产品情况 | | | | | 分产品 | 营业收入 | 营业成本 | 毛利率(%) | 营业收入比 上年增减 | 营业成本 比上年增 | 毛利率比上年 | | | | | | (%) | 减(%) | 增减(%) | | 混凝土机械 | 7. 440. 916 | 5,738,52 ...

Investment Rating - The report maintains a "Strong Buy" rating for SANY Heavy Industry (600031) [1] Core Views - The company benefits from a synchronized recovery in domestic and international demand, showcasing profit elasticity through cost reduction and efficiency improvements [1] - The company's revenue for the first half of 2025 reached 447.8 billion yuan, a year-on-year increase of 14.6%, with net profit attributable to shareholders at 52.2 billion yuan, up 46.0% year-on-year [6] - The report highlights the company's strong performance in core product segments, particularly in excavators and cranes, with significant growth in both domestic and overseas markets [6] Financial Performance Summary - Total revenue projections for 2024A, 2025E, 2026E, and 2027E are 78,383 million yuan, 90,362 million yuan, 108,053 million yuan, and 129,646 million yuan respectively, with year-on-year growth rates of 5.9%, 15.3%, 19.6%, and 20.0% [2] - Net profit attributable to shareholders is projected to be 5,976 million yuan, 8,682 million yuan, 10,813 million yuan, and 13,593 million yuan for the same years, reflecting growth rates of 32.0%, 45.3%, 24.5%, and 25.7% respectively [2] - Earnings per share (EPS) are expected to be 0.71 yuan, 1.02 yuan, 1.28 yuan, and 1.60 yuan for 2024A, 2025E, 2026E, and 2027E [2] Market and Product Performance Summary - The company achieved a domestic revenue of 173.5 billion yuan in the first half of 2025, a year-on-year increase of 21.4%, while overseas revenue was 263.0 billion yuan, up 11.7% [6] - The gross margin and net margin for the first half of 2025 were 27.4% and 11.9%, respectively, with a notable decrease in various expense ratios [6] - The company launched over 30 new energy products in the first half of 2025, including electric excavators and cranes, enhancing its competitive edge in traditional construction machinery [6] Global Strategy and Market Expansion - The company's overseas revenue accounted for 60.3% of its main business income, with a gross margin of 31.2% in international markets, which is 9.1 percentage points higher than domestic margins [6] - The report indicates strong performance in Africa and Asia-Pacific regions, driven by demand in mining and infrastructure sectors [6] - The company has established a comprehensive global market channel system with over 400 overseas subsidiaries and nearly 1000 parts warehouses, positioning itself for long-term growth [6]