Core Viewpoint - Tongli Co., Ltd. aims to not only sell equipment but also to promote high-end intelligent equipment from China to the world, simplifying global mining operations [5] Group 1: Market Position and Product Development - Tongli Co., Ltd. has maintained a domestic market share of approximately 40% in the non-road wide-body dump truck sector since it developed China's first model in 2004, establishing itself as an industry leader [5] - The company has significantly increased the production ratio of new energy products in recent years, with new energy vehicles surpassing fuel vehicles in market penetration [6] - The company has a comprehensive technology route in the new energy sector, offering a full range of products from 30 tons to 180 tons, including pure electric, hybrid, hydrogen fuel, and methanol-powered vehicles [6] Group 2: Financial Performance - Tongli Co., Ltd.'s revenue grew from 5.202 billion yuan in 2022 to 6.145 billion yuan in 2024, while net profit increased from 466 million yuan to 793 million yuan during the same period [7] - In the first three quarters of 2025, the company achieved a revenue of 4.796 billion yuan and a net profit of 535 million yuan, continuing its positive growth trend [7] Group 3: Customization and Service - The company emphasizes a high-value pricing strategy, focusing on product quality and after-sales service to maintain competitiveness [8] - Tongli Co., Ltd. offers deep customization of products based on extensive mining operation data, providing optimized transportation solutions tailored to various geological conditions [8][9] - The company ensures high customer loyalty through "zero-distance" service, with technical personnel stationed at mining sites to provide support and guarantee a vehicle uptime of no less than 80% [9] Group 4: International Expansion - The overseas market is identified as a key growth area, with plans to invest more resources in developing international sales and service systems [10] - The company has already expanded its products to several countries, including Pakistan, Indonesia, and Russia, and plans to gradually promote new energy and autonomous vehicles in international markets [10] - Tongli Co., Ltd. is accelerating its layout in three major business areas: new energy vehicles, autonomous vehicles, and international markets, to provide new momentum for its development [10]

Group 1 - The core viewpoint of the report is that Tongli Co., Ltd. is positioned for long-term growth in the autonomous mining truck sector, with a dual focus on growth and dividends [1] - In 2024, the global shipment of autonomous mining trucks is expected to reach approximately 2,100 units, with significant demand growth anticipated from regions like the Middle East and Australia [1] - The Chinese market for autonomous mining truck solutions is rapidly expanding, projected to reach a market size of 1.9 billion yuan in 2024, accounting for about 75.6% of the closed-scene autonomous driving market [1] Group 2 - Tongli Co., Ltd. has achieved large-scale production of autonomous vehicles, with an estimated delivery of over 700 units by 2024, capturing more than half of the domestic market share for controlled chassis [2] - The company has developed a comprehensive autonomous driving control platform that integrates various control systems, which has been recognized as a top intelligent solution in the engineering machinery sector [2] - The new Mineral Resources Law, effective from July 2025, aligns with the company's product solutions, emphasizing safety, resource conservation, and green development [2] Group 3 - The company has provided substantial cash dividends to investors, with a dividend yield of 5.49% in 2024, making it the only company listed on the Beijing Stock Exchange to be included in the CSI Dividend Index [3] - The projected net profits for the company from 2025 to 2027 are estimated at 8.87 billion yuan, 9.94 billion yuan, and 11.14 billion yuan, with corresponding EPS of 1.94, 2.17, and 2.43 yuan per share [3] - The company is expected to accelerate product innovation and expand its overseas market presence, leading to a positive outlook for sustainable growth [3]

Investment Rating - The investment rating for the company is upgraded to "Buy" due to the long-term growth potential opened by autonomous mining trucks, showcasing both growth and dividend attributes [5][7]. Core Views - The global market for autonomous mining trucks is expected to see significant growth, with an estimated total shipment of approximately 2,100 units in 2024, and a projected increase to about 8,700 units by 2026. The average price for autonomous mining trucks is expected to be around 2.5 million yuan per unit in China and over 5.0 million yuan internationally [6][5]. - The company has achieved significant milestones in the autonomous vehicle sector, delivering over 700 autonomous vehicles and capturing more than half of the domestic market share for controlled chassis. The company is focused on R&D and production of controlled chassis technology to enhance compatibility with autonomous systems [5][6]. - The company has a strong dividend policy, with a projected dividend yield of 5.49% in 2024, and has consistently provided substantial cash dividends to investors over the years [5][7]. Financial Summary - The company’s revenue is projected to grow from 6,145 million yuan in 2024 to 8,174 million yuan by 2027, with a compound annual growth rate (CAGR) of approximately 9.98% [8]. - The net profit attributable to the parent company is expected to increase from 887 million yuan in 2025 to 1,114 million yuan in 2027, reflecting a steady growth trajectory [8]. - The earnings per share (EPS) is forecasted to rise from 1.94 yuan in 2025 to 2.43 yuan in 2027, indicating a positive outlook for shareholder returns [8].

2024年，同力股份持续增强新能源产品的研发力度，净承载110吨的产品已经投入矿区验证；更大吨位的产品也在加紧研 发中。据了解，公司将在大型化、新能源、智能化方面不断推出满足市场需求的产品。 本报记者 殷高峰 5月8日下午，陕西同力重工股份有限公司（以下简称"同力股份"）2024年年度股东大会召开。作为国内非公路宽体自卸车 行业的开创者和引领者，同力股份如何保持技术上的领先和市场竞争力、公司未来的发展规划等问题是与会投资者主要关注的 问题。 "公司将紧抓矿山智能化、绿色化转型的机遇，将'大型化、绿色化、智能化'作为技术攻关的关键，采取'前瞻、在研、应 用'研发路线，多点布局，将清洁能源、无人驾驶应用到公司矿车，不断实现产品创新和突破。"同力股份董事长叶磊表示，同 时，公司将进一步推动公司的出海战略，加速海外市场的布局。 增强产品研发力度 "公司未来的发展将由技术引领上升为战略引领。"许亚楠透露，公司未来的战略发展方向主要是海外市场。 "公司在海外市场方面，起步较晚，目前海外市场规模尚小，但空间很大。"叶磊表示，与公司在国内的市场占比相比，公 司海外市场占比还需要大幅度的提升。 目前，同力股份通过设立的新加坡子 ...