| 上市公司： | 徐工集团工程机械股份有限公司 | | --- | --- | | 股票上市地点： | 深圳证券交易所 | | 股票简称： | 徐工机械 | | 股票代码： | 000425 | 江苏省国信集团有限公司 江苏省南京市长江路88号 江苏省南京市长江路88号 减少 徐工集团工程机械股份有限公司 简式权益变动报告书 一、信息披露义务人依据《中华人民共和国公司法》（以下简称《公司法》）、 《中华人民共和国证券法》（以下简称《证券法》）、《上市公司收购管理办法》 （以下简称《收购办法》）、《公开发行证券的公司信息披露内容与格式准则第 15号——权益变动报告书》（以下简称《准则第15号》）及相关的法律、法规和 规范性文件编写本报告书。 二、信息披露义务人签署本报告书已获得必要的授权和批准，其履行亦不违 反信息披露义务人持有权益公司章程或内部规则中的任何条款，或与之相冲突。 三、依据《公司法》《证券法》《收购办法》《准则第15号》等规定，本报告书 已全面披露信息披露义务人在徐工集团工程机械股份有限公司（以下简称上市公 司或徐工机械）中拥有权益的股份变动情况。截至本报告书签署之日，除本报告书 披露的信息外， ...

证券代码：000425 证券简称：徐工机械 徐工集团工程机械股份有限公司 投资者关系活动记录表 编号：2024-31 | --- | --- | --- | |--------------|-------------------------------------------------------------------|-----------------------------------------------------------------------------------------------------------------------------------------| | | | | | 投资者关系活 | √ 特定对象调研 | □ 分析师会议 | | 动类别 | □ 媒体采访 | □ 业绩说明会 | | | □ 新闻发布会 | □ 路演活动 | | | □ 现场参观 | | | | □ 其他 | （请文字说明其他活动内容） | | 活动参与人员 | 招商证券 吴洋，国海证券 俞文静 | 张钰莹，湘财证券 邱萍、轩鹏程、严瑞芳， | | 时间 | 2024 年 11 月 12 日 | ...

Investment Rating - The investment rating for the company is "Buy" and is maintained [10]. Core Views - The company has shown significant improvement in operational quality, with expectations for accelerated growth in exports and domestic excavator business [3][8]. - The company's profitability continues to enhance, with gross margin and net margin increasing by 2.54 percentage points and 1.95 percentage points year-on-year, respectively, benefiting from a higher proportion of overseas revenue, product structure optimization, and ongoing cost control [3][7]. - The company is positioned as a leading player in the domestic mining machinery sector, with substantial growth potential [3][8]. Summary by Relevant Sections Financial Performance - For the first three quarters of 2024, the company achieved revenue of 68.726 billion yuan, a year-on-year decrease of 4.11%, and a net profit attributable to shareholders of 5.309 billion yuan, an increase of 9.71% [3]. - In Q3 2024, the company reported revenue of 19.094 billion yuan, down 6.37% year-on-year, but net profit attributable to shareholders rose by 28.28% to 1.603 billion yuan [3][8]. Market Outlook - The domestic excavator market is expected to grow well, with industry sales increasing by 20% year-on-year in Q3 2024, and the company is anticipated to outperform this growth due to its strong position in the mid-to-large excavator segment [6][8]. - The overseas market is showing signs of recovery, with excavator exports turning positive for two consecutive months in August and September 2024, and significant increases in exports of other machinery [6][8]. Business Segments - The mining machinery segment is projected to grow rapidly, with a notable contract won from Rio Tinto for a mining project in Guinea, valued at nearly 800 million yuan, expected to contribute to growth in Q4 [5][8]. - The company’s gross margin for mining machinery reached 24.11% in the first half of 2024, an increase of 7.67 percentage points year-on-year, indicating strong profitability in this segment [5][8].

证券研究报告 2024 年 11 月 08 日 湘财证券研究所 相关研究： 1.《20241008-徐工机械 000425.SZ-国内工程机械龙头，国际化主战略 持续推进》 相对收益 5.3 4.2 38.2 绝对收益 8.5 28.3 52.7 注：相对收益与沪深 300 相比 公司研究 徐工机械（000425）事件点评 盈利能力持续增强，推动利润保持快速增长 核心要点： ❑ 公司发布 2024 年三季报，业绩保持快速增长 2024 年 10 月 30 日，公司发布 2024 年第三季度报告。2024 年前三季 度，公司营业总收入约 687.3 亿元，同比下降 4.1%；归母净利润约 53.1 亿 元，同比增长 9.7%；扣非后归母净利润约 48.9 亿元，同比增长 11.8%；经 营活动现金净流量约 20.4 亿元，同比增长 24.4%；基本每股收益 0.45 元， 同比增长 9.8%；加权平均 ROE 约 9.1%，同比上升 0.3 个百分点。2024 年 第三季度，公司营业收入 190.9 亿元，同比下降 6.4%；归母净利润 16.0 亿 元，同比增长 28.3%；扣非后归母净利润 15.9 亿元， ...

[Table_StockNameRptType] 徐工机械(000425) 公司点评 徐工机械：国际化+高端化持续推进，盈利能力增强 | --- | --- | |---------------------------------------|-----------| | | | | [Table_Rank] 投资评级：买入（维持） | | | 报告日期： 2024-11-07 | | | 570 收盘价（元） | 8.43 | | 近 12 个月最高/最低（元） | 8.54/4.78 | | 总股本（百万股） | 11816.17 | | 流通股本（百万股） | 8120.09 | | 流通股比例（%） | 68.72 | | 总市值（亿元） | 996.10 | | 流通市值（亿元） | 684.52 | [公司价格与沪深 Table_Chart] 300 走势比较 -20% -10% 0% 10% 20% 30% 40% 50% 60% 徐工机械 沪深300 [分析师：张帆 Table_Author] 执业证书号：S0010522070003 邮箱：zhangfan@hazq.com [Table_R ...

证 券 2024 年 11 月 04 日 研 究 报 告 公 司 研 究 | --- | --- | --- | |---------------------------------------------------------------------|-------------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- ...

Investment Rating - The report maintains a "Recommended" rating for the company [4][6]. Core Views - The company's performance is strong, with continuous improvement in profitability. For the first three quarters of 2024, the company achieved revenue of 68.726 billion yuan, a year-on-year decrease of 4.11%. However, the net profit attributable to shareholders reached 5.309 billion yuan, an increase of 9.71% year-on-year, with a net profit margin of 7.72%, up 0.97 percentage points [2][3]. - The domestic demand for earth-moving machinery is recovering, while overseas expansion in emerging markets shows positive trends. The internal sales of excavators increased by 2.5% year-on-year in September, and the cumulative growth rate for the first nine months was 8.6%. However, sales of construction cranes and tower cranes remain weak, reflecting ongoing pressure in the real estate sector [3][4]. - The company has improved its cost control efficiency, with a stable cash flow. The operating cash flow for the first three quarters reached 2.044 billion yuan, an increase of 400 million yuan compared to the same period last year [3][4]. Financial Summary - The company is projected to achieve net profits of 6.398 billion yuan, 7.906 billion yuan, and 9.480 billion yuan for 2024, 2025, and 2026 respectively, with corresponding PE ratios of 15, 12, and 10 times [4][5]. - Key financial indicators for 2024 include a revenue of 98.382 billion yuan, a profit margin of 23.74%, and an EPS of 0.54 yuan [5][11].

证券代码：000425 证券简称：徐工机械 徐工集团工程机械股份有限公司 投资者关系活动记录表 编号：2024-30 | --- | --- | --- | --- | |----------------|-----------------------------------------------|----------------------------------------------------------|------------------------------------------------------------------| | | | | | | 投资者关系活动 | □ 特定对象调研 | □ 分析师会议 | | | 类别 | □ 媒体采访 | √ 业绩说明会 | | | | □ 新闻发布会 | □ 路演活动 | | | | □ 现场参观 | | | | | □ 其他 | （请文字说明其他活动内容） | | | 活动参与人员 | 线上参与交流会的 225 | 位投资者 | | | 时间 | 2024 年 11 月 1 日 | 15:00-16:00 | | | 地点 | 线上交流 | ...

[Table_Stock] 徐工机械（000425） 证 券 研 究 报 告 [行业Table_Industry] : 机械设备 日期: shzqdatemark 2024年11月02日 [Table_Author] 分析师: 刘阳东 Tel: 021-53686144 E-mail: liuyangdong@shzq.com SAC 编号: S0870523070002 分析师: 王亚琪 Tel: 021- 53686472 E-mail: wangyaqi@shzq.com SAC 编号: S0870523060007 [Table_BaseInfo] 基本数据 最新收盘价（元） 8.16 12mth A 股价格区间（元） 4.96-8.16 总股本（百万股） 11,816.17 无限售 A 股/总股本 68.72% 流通市值（亿元） 662.60 公 司 点 评 -12% -4% 4% 11% 19% 27% 34% 42% 49% 11/23 01/24 03/24 06/24 08/24 10/24 徐工机械 沪深300 [Table_QuotePic] 最近一年股票与沪深 300 比较 ◼ 投资建 ...

Key Takeaways Industry and Company * **Company**: Xugong Group Corporation Limited (XCMG) * **Industry**: Construction machinery industry Core Points and Arguments 1. **Q3 Financial Performance**: * **Revenue**: 68.726 billion yuan, down 4.11% year-on-year; International revenue accounted for 46.6% of total revenue, up 9% year-on-year. * **Profitability**: Net profit of 5.309 billion yuan, up 9.71% year-on-year; Net profit for the third quarter was 1.603 billion yuan, up 28.28% year-on-year. * **ROE**: 9.13%, up 0.29 percentage points year-on-year. * **Margin**: Gross margin of 23.63%, up 0.73 percentage points year-on-year; Net profit margin of 7.74%, up 1.03 percentage points year-on-year. * **Cash Flow**: Cash collection rate exceeded 115% in the third quarter, and receivables collection improved significantly. 2. **Sales Structure**: * Domestic sales were approximately 36.7 billion yuan, and overseas sales were approximately 32.1 billion yuan. * By product line, excavator sales were about 14 billion yuan, earthmoving machinery about 20 billion yuan, road machinery about 3.6 billion yuan, construction machinery about 8 billion yuan, mining machinery about 5.6 billion yuan, and other construction machinery about 7.3 billion yuan. * Overseas sales were mainly concentrated in Southeast Asia. 3. **Market Outlook**: * **Domestic Market**: Expected to achieve stable growth in the fourth quarter and next year, with a conservative estimate of 15% revenue growth next year. * **International Market**: Expected to achieve high growth next year, with a conservative estimate of 15-20% revenue growth. * **Electric Construction Machinery**: Expected to achieve rapid growth in overseas markets, with sales reaching 2 billion yuan in the first three quarters, doubling year-on-year. 4. **Risk Management**: * **Risk Exposure**: Targeted risk exposure of 100 billion yuan for the year, with the first three quarters already meeting the annual target. * **Risk Control Measures**: Established a blacklist mechanism, strengthened risk control of lease assets, and established a risk control center. 5. **Investor Returns**: * The company will continue to focus on improving profitability and will consider increasing dividends and share buybacks in the future. Other Important Points * **Product Structure**: The company has actively adjusted its product structure, focusing on high-margin products and reducing low-margin products. * **Cost Control**: The company has implemented various cost control measures, including centralized procurement and process optimization. * **Innovation**: The company is committed to innovation and has launched a number of new products, including electric construction machinery and intelligent construction machinery. * **Brand**: The company has a strong brand reputation and is recognized as a leader in the construction machinery industry.