Group 1 - The engineering machinery sector increased by 1.69% on December 30, with Weiman Sealing leading the gains [1] - The Shanghai Composite Index closed at 3965.12, showing no change, while the Shenzhen Component Index rose by 0.49% to 13604.07 [1] - Weiman Sealing's stock price rose by 11.35% to 37.08, with a trading volume of 184,900 shares and a transaction value of 678 million yuan [1] Group 2 - Major stocks in the engineering machinery sector included Hengli Hydraulic, which increased by 4.40% to 112.96, with a transaction value of 1.918 billion yuan [1] - Other notable performers included Shaoyang Hydraulic (+4.08%), Shantui (+3.47%), and Zhejiang Dingli (+2.75%) [1] - The sector saw a net inflow of 610 million yuan from main funds, while retail investors experienced a net outflow of 404 million yuan [2][3] Group 3 - The main fund inflows were led by Yichong Heavy Industry with a net inflow of 257 million yuan, representing 16.30% of its trading volume [3] - Hengli Hydraulic also saw significant main fund inflows of 245 million yuan, but retail investors withdrew 221 million yuan [3] - The overall trend indicates a mixed sentiment among retail and institutional investors within the engineering machinery sector [2][3]

柳工挖掘机智慧工厂于2023年11月正式投产，作为柳工智能国际工业园的先行项目， 广泛融合机器人、人工智能、物联网等先进技术，实现生产流程的自动化、数字化与智 能化管理，显著提升生产效率和资源利用水平。展望未来，挖掘机业务将持续弘扬柳工 文化，以技术创新驱动产业升级，为实现规模与盈利双增长、在全球工程机械市场谱写 新篇章而全力奋进。 【行业热点】 1 业绩改观，工程机械行业复苏或已在路上？ 1 2月29日下午，柳工挖掘机智慧工厂迎来里程碑时刻—— 2 0 2 5年第1 0 0 0 0台挖掘机 正式下线 。股份公司党委副书记、副董事长、总裁罗国兵，股份公司副总裁、挖掘机 事业部党委书记、总经理袁世国，股份公司副总裁、首席质量官肖小磊等领导，与优 秀供应商代表及员工代表共同出席仪式，见证这一重要成就。 柳工柳州挖掘机业务已实现 13- 200吨全系列产品 的柔性智能化生产，年产突破一万 台，创下历史新高。这一成绩得益于公司领导的战略指引、供应商伙伴的协同支持以及 全体员工的辛勤付出。未来，挖掘机业务将继续秉持 "上下一致、内外对齐、靠前指 挥、同频共振、快人一步" 的工作理念，全力完成"十四五"收官任务，积极备战 ...

Investment Rating - The report assigns a "Strong Buy" rating for the company, marking its first coverage [1]. Core Insights - The company is positioned as a leader in the domestic engineering machinery sector, with a strategic goal to achieve revenue of 60 billion yuan by 2030, focusing on comprehensive solutions, full automation, and internationalization [7][29]. - The company has experienced a significant recovery in the domestic market, with a 21.5% year-on-year growth in excavator sales in the first three quarters of 2025, driven by infrastructure projects and equipment renewal policies [7][9]. - The mixed-ownership reform has revitalized the company's operational vitality, leading to a 52.9% year-on-year increase in net profit for 2024, indicating a shift towards high-quality growth [9][31]. Financial Summary - Total revenue projections for 2024A, 2025E, 2026E, and 2027E are 30,063 million, 34,258 million, 39,887 million, and 45,801 million yuan respectively, with year-on-year growth rates of 9.2%, 14.0%, 16.4%, and 14.8% [3]. - Net profit attributable to shareholders is forecasted to be 1,327 million, 1,627 million, 2,237 million, and 2,773 million yuan for the same years, with growth rates of 52.9%, 22.6%, 37.5%, and 24.0% [3]. - Earnings per share (EPS) are expected to be 0.65, 0.80, 1.10, and 1.36 yuan for 2024A, 2025E, 2026E, and 2027E respectively [3]. Business Overview - The company has established a comprehensive product system covering various machinery types, including excavators, loaders, and industrial vehicles, with a global presence in over 180 countries [14][16]. - The company has implemented a "three major growth curves" strategy, focusing on stabilizing its core earth-moving machinery business, accelerating growth in emerging sectors, and enhancing its international presence [7][29]. - The company is transitioning from a product-centric approach to a customer-centric model, providing integrated solutions that encompass the entire lifecycle of equipment [30]. Market Performance - The company has seen a significant increase in overseas revenue, which accounted for 46.9% of total revenue in the first half of 2025, serving as a stabilizing force against domestic market fluctuations [7][34]. - The company’s profitability has improved, with a gross margin stabilizing above 22% and a net margin increasing from 2.44% in 2022 to 4.93% in the first three quarters of 2025 [36]. Strategic Initiatives - The company has launched a convertible bond issuance to fund smart manufacturing and production upgrades, aiming to enhance operational efficiency and risk resilience [27]. - The mixed-ownership reform has led to a diversified shareholding structure, which is expected to facilitate further integration of resources and innovation [19][21]. Future Outlook - The company aims to achieve a revenue target of 60 billion yuan by 2030, with a focus on increasing the international revenue share to over 60% and improving net profit margins [29]. - The strategic emphasis on electric and high-margin products is expected to enhance competitiveness and profitability in the face of domestic price pressures [36].

公 司 研 究 混改效果持续体现，收入和净利润维持增长 柳工(000528) 公司 2026 年年度财务预算议案点评 | [姓名table_Authors] | 电话 | 邮箱 | 登记编号 | | --- | --- | --- | --- | | 肖群稀(分析师) | 0755-23976830 | xiaoqunxi@gtht.com | S0880522120001 | | 赵靖博(分析师) | 021-23185625 | zhaojingbo@gtht.com | S0880525040056 | 本报告导读： 目前挖机内销温和复苏，海外销售结构性改善，公司智能化、电动化、全球化布局 完善，混改效果突出，业绩有望持续释放。 投资要点： | [Table_Finance] 财务摘要(百万元) | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业总收入 | 27,519 | 30,063 | 34,368 | 39,305 | 43,184 | | (+/-)% | 3.9% | 9.2 ...

柳工(000528)12月29日在分析师会议上表示，2025年公司矿山业务受煤炭价格下行的影响，国内矿山开 工不足，导致收入、毛利率增速不及预期。随着全球矿产品价格持续回暖，市场需求稳步恢复，以及公 司强化研发力度，超大型、智慧型矿山产品落地，升级后的全面解决方案推向市场，2026年起矿山业务 预计将迎来恢复性增长。矿山业务是公司"十五五"战略重点突破的关键业务，公司未来将加强与国内外 大型矿山企业建立长期战略合作，并投入更多资源推动市场开拓和战略落地，将矿山业务打造成为装载 机、挖掘机后的第三大核心业务。 ...

Core Viewpoint - LiuGong Machinery held an analyst meeting on December 29, 2025, discussing its 2026 operational plans, overseas market strategies, and key business developments with 122 participating institutions and analysts [1][2]. Group 1: 2026 Operational Plans - LiuGong Machinery plans to significantly increase R&D and marketing investments in 2026, focusing on long-term strategic implementation and enhancing global competitiveness [3]. - The company expects improved asset quality in 2026 due to asset disposals in 2025, leading to a substantial reduction in impairment provisions [3]. Group 2: Overseas Market Strategy - LiuGong Machinery aims for balanced development across nine overseas regions, with historical highs in revenue, sales, and profits in the first three quarters of 2025 [4]. - The company plans to increase resource investment in overseas markets in 2026, targeting high-quality growth and outperforming the industry [4]. Group 3: Mining Machinery Business - The mining machinery segment is a key focus for LiuGong's "14th Five-Year Plan," with expectations for recovery in 2026 due to rising global mineral prices and market demand [5]. - LiuGong aims to establish mining machinery as its third core business after loaders and excavators, enhancing partnerships with major mining companies [5]. Group 4: Agricultural Machinery Business - LiuGong positions its agricultural machinery segment as a strategic emerging business, which, despite its smaller size, has significant growth potential and can mitigate cyclical risks from the main business [6]. - The company is currently not assessing agricultural machinery performance but aims to enhance product technology and quality [6]. Group 5: Share Buyback and Global Manufacturing Capacity - LiuGong has implemented two phases of share buybacks totaling approximately 55.23 million shares for future employee incentive plans [7]. - The company is advancing its global manufacturing layout, with ongoing projects in South Asia and Indonesia expected to be operational in the coming years [8].

Group 1: Financial Goals and Performance - The company's net profit margin target for 2025 is set to increase by over 1 percentage point, while the target for 2026 is adjusted to over 0.5 percentage points, balancing practicality and ambition [2][3] - The company anticipates significant challenges in achieving the 2025 profit margin growth due to intense domestic competition and impairment provisions [3] Group 2: Overseas Market Strategy - The company has a balanced revenue distribution across nine overseas regions, with overall income, sales, and profits reaching new highs in the first three quarters [3][4] - The overseas construction machinery market is expected to see positive growth in 2026, with the company planning to increase resource investment in overseas markets [4] Group 3: Mining Machinery Outlook - The mining business is projected to recover starting in 2026, driven by rising global mineral prices and enhanced product offerings [4] - The company aims to establish long-term strategic partnerships with major mining enterprises to strengthen its market position [4] Group 4: Agricultural Machinery Development - The agricultural machinery sector is positioned as a strategic emerging business, with plans to enhance product technology and quality [5] - The company has initiated small-scale sales of high-power tractors and expects to launch them in larger volumes starting in 2026 [5] Group 5: Shareholder Incentives - The company has repurchased approximately 55.23 million shares for a new round of equity incentives or employee stock ownership plans [6] - A detailed incentive plan is being developed, pending approval from regulatory authorities [6] Group 6: Global Production Capacity - The company is enhancing its global production capacity, with ongoing projects in South Asia and Indonesia expected to be operational in the coming years [8] - Plans for low-cost manufacturing overseas are in place to mitigate risks from geopolitical tensions and trade disputes [8]

Core Viewpoint - Guangxi Liugong Machinery Co., Ltd. has launched Smart Butler 2.0, leveraging AI for equipment lifecycle management, driving the industry's intelligent transformation [1] Group 1: Industry Transformation - The construction machinery industry is accelerating its transition towards high-end, intelligent, and green solutions, with increasing customer demands for precision and efficiency in equipment operation [1] - Liugong is evolving from a traditional equipment manufacturer to a provider of smart green equipment and technical solutions, enhancing its production capabilities and order intake [1] Group 2: Smart Manufacturing Enhancements - Liugong's intelligent factory features advanced automation, including robotic arms and automated guided vehicles (AGVs), significantly improving safety, product quality, work environment, and production efficiency [2] - The factory has achieved a production efficiency increase of 27% and a capacity increase of 18% due to the implementation of smart manufacturing solutions [3] Group 3: Market Performance - In the first half of the year, Liugong's domestic sales of new energy equipment grew by over 260%, with the company holding the top market share in electric loaders [3] - International sales in the first half of the year nearly matched the total sales of the previous year, with a growth of over 200%, particularly in high-end markets like Europe [3] Group 4: Customer-Centric Innovations - Liugong developed a dual-function electric loader for an Indian client, showcasing its commitment to customer needs and problem-solving capabilities [4] - The company emphasizes a principle of addressing challenges directly and efficiently, leading to improved product performance and customer satisfaction [6] Group 5: Commitment to Electrification and Automation - Liugong has delivered over 40 electric devices to a major client, enhancing production support and green logistics [6] - The company is focused on integrating electrification, intelligence, and automation technologies, establishing a comprehensive electric product line to meet diverse operational needs [6][7] Group 6: Global Competitive Strategy - Liugong aims to strengthen its position in high-end markets by offering a series of intelligent, digital, and lifecycle cost-optimized products, enhancing after-sales support for improved customer service [7] - The company is committed to building a sustainable ecosystem for electrification through global collaboration and innovative marketing strategies [7]

Core Viewpoint - LiuGong's stock price has shown fluctuations, with a recent decline of 3.09% and a year-to-date increase of 3.61%, indicating mixed investor sentiment and market performance [1][2]. Group 1: Stock Performance - LiuGong's stock price as of December 29 is 12.22 CNY per share, with a market capitalization of 24.863 billion CNY [1]. - Year-to-date, LiuGong's stock has increased by 3.61%, with a recent 5-day decline of 0.33%, a 20-day increase of 1.50%, and a 60-day increase of 14.42% [2]. - The company has appeared on the trading leaderboard once this year, with a net buy of -608.31 million CNY on July 22 [2]. Group 2: Financial Performance - For the period from January to September 2025, LiuGong reported a revenue of 25.760 billion CNY, reflecting a year-on-year growth of 12.71%, and a net profit attributable to shareholders of 1.458 billion CNY, up 10.37% year-on-year [2]. - Since its A-share listing, LiuGong has distributed a total of 5.102 billion CNY in dividends, with 1.122 billion CNY distributed over the last three years [3]. Group 3: Shareholder Information - As of September 30, 2025, LiuGong had 100,800 shareholders, an increase of 26.20% from the previous period, with an average of 20,140 circulating shares per shareholder, down 20.29% [2]. - The second-largest circulating shareholder is Hong Kong Central Clearing Limited, holding 80.2894 million shares, an increase of 14.2355 million shares from the previous period [3].

叶振海表示，中国新能源汽车在印尼市场很受欢迎，上汽通用五菱已在印尼开设工厂，学成归国后就业 前景广阔。 12月28 同样看好中国新能源汽车发展的，还有老挝留学生王艺。"中国新能源汽车的质量和性能特别适合老挝 复杂的道路环境。"王艺表示，老挝急需新能源汽车人才，通过比赛可了解如何加深双方在新能源领域 的合作。 上汽通用五菱汽车股份有限公司人力资源经理冉光伟认为，在新能源汽车产业快速迭代的当下，企业需 要既懂技术又具国际视野的复合型人才。他期待通过大赛发现更多青年人才，为全球新能源产业培育新 生力量。(完) 中新网柳州12月28日电 (林馨)广西高校国际学生第二届新能源大赛28日在柳州铁道职业技术学院(下 称"柳铁职院")举行。本届赛事吸引了12所学校的留学生参与，来自越南、老挝、泰国等11个国家的选 手，共同聚焦中国新能源汽车与工程机械设备电动化发展。 本次比赛由广西高等教育学会外国留学生教育管理专业委员会主办，柳铁职院与上汽通用五菱汽车股份 有限公司(下称"上汽通用五菱")、东风柳州汽车有限公司、广西柳工机械股份有限公司联动举办三大赛 项，以此提升学生实践创新能力，为企业搭建赋能人才培养、拓展国际市场的重要平 ...