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山推股份(000680):2024年业绩表现亮眼 海外市场拓展顺利 成长空间广阔
Xin Lang Cai Jing· 2025-04-29 02:37
盈利预测、估值与评级:公司大马力推土机产品优势明显,海外营收表现突出,公司利润率稳步提升。 我们维持25-26 年归母净利润预测,新增27 年归母净利润预测,预计公司25-27 年归母净利润分别为 12.2/14.6/17.5 亿元。随着海外市场的持续开拓,我们认为公司作为大马力推土机龙头,主机业务未来 可期,成长空间广阔,维持"买入"评级。 风险提示:国际局势不稳定风险;海外市场拓展不及预期;汇率风险;原材料价格波动的风险,关税不 确定性风险。 分产品来看,2024 年公司工程机械主机产品收入97.63 亿元,同比增长26.6%,毛利率为23.1%,同比 +0.6pct;工程机械配件及其他收入31.45 亿元,同比增长30.2%,毛利率为11.5%,同比略有提升。公司 2024 年主机产品的量利齐增是核心亮点,随着高端产品线不断丰富,主机业务未来可期。 分地区来看,2024 年国外片区收入74.11 亿元,同比增长26.1%,占总收入的57.4%,毛利率为27.4%, 同比+0.5pct;国内片区收入54.97 亿元,同比增长29.4%,毛利率为10.8%,同比+0.5pct。 事件:4 月23 日山推股份 ...
山推股份(000680):2024年年报点评:2024年业绩表现亮眼,海外市场拓展顺利,成长空间广阔
EBSCN· 2025-04-27 08:43
Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook for future performance [6]. Core Insights - The company achieved significant growth in 2024, with revenue reaching 14.22 billion yuan, a year-on-year increase of 25.1%, and a net profit attributable to shareholders of 1.10 billion yuan, up 40.7% year-on-year [1][2]. - The company's overseas market expansion has been successful, with overseas revenue of 7.41 billion yuan, representing a 26.1% increase [2]. - The gross profit margin improved to 20.1%, an increase of 1.6 percentage points, driven by the introduction of high-end products and the successful development of new products [2][3]. Summary by Sections Financial Performance - In 2024, the company reported a revenue of 14.22 billion yuan, with a net profit of 1.10 billion yuan and a non-recurring net profit of 0.99 billion yuan [1]. - The fourth quarter of 2024 saw a revenue of 4.38 billion yuan, a year-on-year increase of 14.3% and a quarter-on-quarter increase of 31.7% [1]. - The gross profit margin for 2024 was 20.1%, reflecting a year-on-year increase of 1.6 percentage points [1]. Product Performance - Revenue from main engine products reached 9.76 billion yuan, a year-on-year increase of 26.6%, with a gross margin of 23.1% [3]. - Revenue from parts and other products was 3.15 billion yuan, up 30.2% year-on-year, with a gross margin of 11.5% [3]. Regional Performance - International revenue accounted for 57.4% of total revenue, with 7.41 billion yuan from overseas markets, a 26.1% increase year-on-year [3]. - Domestic revenue was 5.50 billion yuan, reflecting a year-on-year growth of 29.4% [3]. Profit Forecast and Valuation - The report forecasts net profits for 2025, 2026, and 2027 to be 1.22 billion yuan, 1.46 billion yuan, and 1.75 billion yuan, respectively [2][5]. - The company is positioned as a leader in the large horsepower bulldozer market, with significant growth potential in its main business [2].