证券代码：000528 证券简称：柳工 | | 【请在您选择的方式的"（ ）"中打"√"，下同】 （ ）特定对象调研 （ ）分析师会议 | | | | | --- | --- | --- | --- | --- | | 投资者关系 | （ ）媒体采访 √ | （ | ）业绩说明会 | | | 活动类别 | （ ）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） 机构投资者、券商分析师、个人投资者等 166 位参会人员： | | | | | | 嘉实基金、华夏基金、博时基金、汇添富基金、广发基金、南方基金、富国基 金、鹏华基金、大成基金、中欧基金、华商基金、浦银安盛基金、西部利得基 | | | | | | 金、贝莱德基金、润晖投资、Barings 霸菱、S&P Global、GOLDMAN SACHS、 | | | | | 参与单位名称 | 摩根大通、美林亚太、中国人寿、国华兴益保险、高毅资产、深圳前海海雅、 | | | | | 及人员姓名 | 中信建投证券、中信证券、华泰证券、中金公司、长江证券、东吴证券、浙商 | | | | ...

风险提示：国内需求风险、海外市场风险、汇率波动风险。 公司发布2025 年第一季度报告。2025 年Q1 公司实现营业收入91.49 亿元，同比增加15.24%；归母净利 润6.57 亿元，同比增长32.00%；扣非归母净利润6.12 亿元，同比增长34.09%。2025 年Q1 公司净利率 7.03%，同比在高基数的背景下仍然提升0.54pct，接近上一轮周期高点2020Q2 的7.33%。从公司营运能 力看，2025Q1 存货周转天数是120 天，同比下降7 天。公司国企改革提升效率和净利率的逻辑持续验 证。此外，公司控股股东增持公司股份，计划6 个月内增持2.5~5.0 亿元，并且本次增持计划不设价格 区间，彰显公司对未来的发展信心。 公司装载机市场地位稳固，挖掘机业务增速大超行业增速。2024 年公司装载机业务国内市场份额稳居 第一，海外新兴市场增量显著，国际整机毛利率提升1.4 个百分点；电动装载机全球销量同比增幅 194%，市场占有率保持行业领先地位。公司2024 年挖掘机业务销量增速优于行业27 个百分点，出口销 量增速优于行业15 个百分点，海内外市场份额再创新高；整体盈利水平稳步提高，利润同 ...

事件描述 公司发布2025 年一季报，25Q1 公司实现营收91.49 亿元，同比+15.24%；实现归母净利润6.57 亿元，同 比+32.00%；实现扣非归母净利润6.12 亿元，同比+34.09%。 事件评论 控股股东拟增持公司股份，有望提振资本市场信心。近日公司发布公告，控股股东广西柳工集团有限公 司计划自公告披露之日起6 个月内，拟以集中竞价交易的方式增持公司股份2.5-5.0 亿元人民币，体现控 股股东对公司未来发展前景的看好，有望更好地支持公司高质量发展，同时有望提振资本市场信心。 预计2025-2026 年公司分别实现归母净利润20.15 亿、26.23 亿元，对应PE 分别为10倍、8 倍 ，维持"买 入"评级。 风险提示 1、基建、地产投资增速低于预期； 2、海外市场拓展不及预期。 Q1 国内土方机械行业增长态势较好，公司国内收入或显著增长。根据CCMA，25Q1 我国挖掘机行业内 销量36562 台，同比+38.3%，在去年基础上大幅提速，或受益于下游农田、水利、新农村建设、矿山等 需求较好，以及保有量更新、政策刺激、存量二手机出口等；25Q1 我国装载机行业内销量16379 台， 同比 ...

证券代码：000528 证券简称：柳 工 公告编号：2025-41 债券代码：127084 债券简称：柳工转2 广西柳工机械股份有限公司 关于控股股东取得银行贷款承诺函的公告 本公司及董事会全体成员保证信息披露内容的真实、准确、完整，没有虚假记载、误 导性陈述或重大遗漏。 近日，广西柳工机械股份有限公司(以下简称"公司")收到控股股东广西柳工集团有限公 司（以下简称"柳工集团"）通知，其已取得中国工商银行股份有限公司广西分行出具的《贷 款承诺函》。现将有关情况公告如下： 一、增持计划主要内容 基于对公司未来发展前景的信心和对公司长期价值的合理判断，为维护资本市场的健 康稳定，提振广大投资者的信心，同时确保国有控股地位，更好地支持公司未来高质量可 持续发展，柳工集团计划自 4 月 28 日起 6 个月内，通过深圳证券交易所（以下简称"深交 所"）交易系统以集中竞价交易的方式，合计增持金额为 2.5~5.0 亿元人民币，资金来源为 自有或自筹资金。详见公司于 2025 年 4 月 26 日在《中国证券报》及巨潮资讯网上披露的 《柳工关于控股股东增持公司股份计划的公告》（公告编号：2025-40）。 二、取得金融机 ...

集团计划增持 2.5~5 亿元，彰显长远发展信心： 公司控股股东广西柳工集团有限公司基于对上市公司未来发展前景的信心 和对公司长期价值的合理判断，同时确保国有控股地位，更好地支持上市 公司未来高质量可持续发展，计划增持 2.5~5.0 亿元人民币，此次增持计划 不设价格区间。 公司报告 | 季报点评 柳工（000528） 证券研究报告 一季报业绩表现优异，集团增持彰显长远发展信心 公司发布 2025 年一季度报告，业绩表现优异： 2025Q1 公司实现收入 91.49 亿元，同比+15.24%；实现归母净利润 6.57 亿 元，同比+32%，扣非归母净利润 6.12 亿元，同比+34.09%，处于业绩预告 区间上限。同时一季度累计计提减值准备净额 1.4 亿元。 净利率继续提升，2025Q1 公司销售毛利率为 22.01%，同比-0.78pct；销售 净利率达到 7.03%，同比+0.54pct。期间费用率 12.0%，同比-1.1pct，其中 销售/管理/研发/财务费用率分别变动-0.8pct/+0.2pct/+0.4pct/-0.9pct。 加速布局产业集群，全面解决方案优势明显： ①挖机实现快速增长，2 ...

2025 年 04 月 28 日 柳工(000528.SZ) 国改降本增效延续，盈利能力持续改善。2025 年 Q1，公司实现 毛利率、净利率 22.01%、7.03%，同比+0.09pct、+0.54pct，高基 数下盈利能力进一步提升，主要得益于降本控费。公司期间费用 率合计 11.98%，同比-1.04pct，其中销售、财务费用率改善显著， 同比-0.82pct、-0.89pct；资产减值损失 0.27 亿元，较去年同期 减少 0.14 亿元，主要系计提存货跌价准备减少。公司通过研发、 采购、零部件、制造效率、产品结构等全价值链优化调整，持续 挖掘降本空间；延续节流创新举措，根据滚动预测弹性管控费用， 固定费用摊薄后费用率有望进一步降低；同时资产周转和运营效 率保持行业领先，公司未来盈利能力仍有较大提升空间。 治理结构保持稳定，大股东增持增强信心。①董事会及管理层 换届：近年混改变革已为公司打下长期发展的稳定根基，换届后 公司治理结构基本保持稳定，董事长曾光安卸任后将在公司担任 高级顾问指导制定"十五五"战略和新一届领导班子管理；新一 届管理层将按照既定战略规划、经营方向和预算目标进行经营， 持续推动" ...

Core Viewpoint - Guangxi Liugong Machinery Co., Ltd. plans to increase its shareholding through its controlling shareholder, Guangxi Liugong Group Co., Ltd., with a total investment of 250 to 500 million RMB within six months, reflecting confidence in the company's future development and long-term value [2][6][10] Group 1: Shareholding Increase Plan - The controlling shareholder, Guangxi Liugong Group, holds 505,753,552 shares, accounting for 25.05% of the total share capital as of the announcement date [3][4] - The increase in shareholding will be executed through centralized bidding on the Shenzhen Stock Exchange without a specified price range [7][8] - The purpose of the shareholding increase is to maintain market stability and boost investor confidence while ensuring the state-owned controlling position [6][10] Group 2: Implementation Details - The planned increase will occur within six months from the announcement date, subject to legal and regulatory restrictions [8][10] - The funding for the share purchase will come from self-owned or self-raised funds [10] - The controlling shareholder commits to comply with relevant regulations and will not engage in insider trading or short-term trading during the implementation period [9][10]

Group 1: Strategic Planning and Governance - The new board and management will continue the established "14th Five-Year" strategy, focusing on stable governance and long-term development [3][4] - The company aims to deepen internal incentive systems and organizational changes to promote sustainable high-quality growth [3] Group 2: Incentive and Compensation Plans - The 2023 stock option incentive plan will proceed as originally planned, with preparations for future incentives already in place [4] - A new executive compensation scheme has been approved, designed to enhance market competitiveness and align management interests with long-term company value [4] Group 3: Internationalization Strategy - The "15th Five-Year" internationalization strategy emphasizes transitioning from comprehensive internationalization to globalization, focusing on localizing operations overseas [5] - The goal is to elevate the company from a high-end Chinese brand to a globally recognized high-value brand [5] Group 4: Research and Development Focus - The company maintains a leading position in R&D intensity and efficiency within the industry, with a focus on smart and electric products [6] - Future R&D will prioritize agricultural machinery, mining machinery, and key components, leveraging an advanced innovation design system [6] Group 5: Cost Reduction and Efficiency Improvement - The company employs a comprehensive approach to cost reduction, optimizing the entire value chain from R&D to manufacturing [6] - Future strategies include enhancing asset quality and reducing expense ratios, aiming for improved gross margins and net profit rates [6] Group 6: Electric Product Internationalization - The company is a pioneer in electric loader and excavator manufacturing, with higher profit margins for electric products overseas [7] - A dual model of "subsidiary + local agents" will be used to enhance global market coverage and customer support [7] Group 7: Competitive Response to Domestic Market Cycles - The company has made significant progress in R&D, manufacturing, and operational management since the mixed-ownership reform [8] - With a strong domestic market foundation, the company is well-positioned to capitalize on the upcoming market cycle [8]

Investment Rating - The report maintains a "Buy" rating for the company [5] Core Insights - The company reported Q1 2025 results that exceeded expectations, with a revenue of 9.149 billion yuan, a year-on-year increase of 15.24%, and a net profit of 657 million yuan, up 32.00% year-on-year. The net profit margin reached 7.03%, close to the previous cycle's high point [1][3] - The company has a strong market position in the loader segment and significantly outperformed the industry growth rate in the excavator business, with a sales growth rate exceeding the industry by 27 percentage points [2][3] - The company is actively expanding its overseas market presence, with notable growth in emerging markets and a diversified regional market structure [2][3] Summary by Sections Financial Performance - In Q1 2025, the company achieved a net profit margin of 7.03%, an increase of 0.54 percentage points year-on-year, nearing the previous cycle's high of 7.33% in Q2 2020 [1] - The company plans to increase its shareholding by 250 to 500 million yuan within six months, reflecting confidence in future growth [1] Market Position - The company maintained the largest domestic market share in loaders in 2024, with a significant increase in global sales of electric loaders by 194% [2] - The excavator business saw a sales growth rate that outpaced the industry by 27 percentage points, with export sales growth exceeding the industry by 15 percentage points [2] Future Projections - The company is expected to achieve net profits of 2.1 billion yuan, 2.8 billion yuan, and 3.7 billion yuan for 2025, 2026, and 2027 respectively, with corresponding P/E ratios of 9.7, 7.3, and 5.5 [3] - The report suggests that the company can command a higher profit reversal premium and overseas growth premium due to anticipated domestic market recovery and strong overseas performance [3]

Investment Rating - The investment rating for the company is "Buy" [5] Core Views - The company reported Q1 2025 results that exceeded expectations, with a revenue of 9.149 billion yuan, a year-on-year increase of 15.24%, and a net profit of 657 million yuan, up 32.00% year-on-year. The net profit margin reached 7.03%, close to the previous cycle's high point [1] - The company maintains a strong market position in the loader segment and has significantly outpaced industry growth in the excavator business, with a sales growth rate 27 percentage points higher than the industry average [2] - The company is actively expanding its overseas market presence, with notable growth in regions such as Africa, South Asia, and the Middle East, contributing to a diversified market structure [2] Financial Performance Summary - The company is expected to achieve net profits of 2.1 billion, 2.8 billion, and 3.7 billion yuan for the years 2025, 2026, and 2027, respectively, with corresponding P/E ratios of 9.7, 7.3, and 5.5 [3] - The projected revenue growth rates for the years 2025 to 2027 are 17.1%, 14.7%, and 12.2%, respectively, indicating a robust growth trajectory [10] - The company's return on equity (ROE) is expected to improve from 10.8% in 2025 to 14.7% in 2027, reflecting enhanced profitability [10]