Investment Rating - The investment rating for the company is "Buy" and is maintained [1] Core Insights - The company is expected to achieve a net profit attributable to shareholders of 1.526 to 1.659 billion yuan in 2025, representing a year-on-year growth of 15% to 25% [4] - The company adheres to a new "Three Full Strategy" focusing on comprehensive solutions, digitalization, and globalization, which is expected to drive revenue and profit growth [5] - The company has increased its overseas investments, with international business accounting for approximately 47% of total revenue, and plans to establish over 10 new overseas subsidiaries in key markets by 2026 [6] Company Overview - The latest closing price is 11.39 yuan, with a total market capitalization of 23.2 billion yuan [3] - The company has a debt-to-asset ratio of 60.1% and a price-to-earnings ratio of 16.69 [3] Financial Forecast and Valuation - Revenue projections for 2025, 2026, and 2027 are 33.737 billion, 37.205 billion, and 40.599 billion yuan, respectively, with year-on-year growth rates of 12.22%, 10.28%, and 9.12% [8] - The net profit attributable to shareholders is forecasted to be 1.593 billion, 1.985 billion, and 2.426 billion yuan for the same years, with growth rates of 20.01%, 24.63%, and 22.22% [8] - The corresponding PE ratios for 2025, 2026, and 2027 are 14.56, 11.68, and 9.56, maintaining a "Buy" rating [8]

Investment Rating - The investment rating for the company is "Buy" and is maintained [1] Core Insights - The company is expected to achieve a net profit attributable to shareholders of 1.526 to 1.659 billion yuan in 2025, representing a year-on-year growth of 15% to 25% [4] - The company adheres to a new "Three Full Strategy" focusing on comprehensive solutions, digitalization, and globalization, which is expected to drive revenue and profit growth [5] - The company has increased its overseas investments, with international business accounting for approximately 47% of total revenue, and plans to establish over 10 new overseas subsidiaries in key markets by 2026 [6] Company Overview - The latest closing price is 11.39 yuan, with a total market capitalization of 23.2 billion yuan [3] - The company has a debt-to-asset ratio of 60.1% and a price-to-earnings ratio of 16.69 [3] Financial Forecast and Valuation - Revenue projections for 2025, 2026, and 2027 are 33.737 billion, 37.205 billion, and 40.599 billion yuan, with year-on-year growth rates of 12.22%, 10.28%, and 9.12% respectively [8] - The net profit attributable to shareholders is forecasted to be 1.593 billion, 1.985 billion, and 2.426 billion yuan for the same years, with growth rates of 20.01%, 24.63%, and 22.22% respectively [8] - The corresponding PE valuations for 2025, 2026, and 2027 are 14.56, 11.68, and 9.56, maintaining a "Buy" rating [8]

2月2日，柳工盘中下跌2.02%，截至10:59，报11.16元/股，成交1.87亿元，换手率0.82%，总市值227.21 亿元。 资金流向方面，主力资金净流出2716.94万元，特大单买入397.64万元，占比2.12%，卖出1254.92万元， 占比6.70%；大单买入3496.99万元，占比18.66%，卖出5356.66万元，占比28.59%。 机构持仓方面，截止2025年9月30日，柳工十大流通股东中，香港中央结算有限公司位居第二大流通股 东，持股8028.94万股，相比上期增加1423.55万股。南方中证500ETF（510500）位居第五大流通股东， 持股2348.34万股，相比上期减少49.44万股。嘉实价值长青混合A（010273）位居第七大流通股东，持 股1949.48万股，相比上期减少151.05万股。嘉实港股优势混合A（010041）位居第八大流通股东，持股 1799.44万股，相比上期减少135.38万股。嘉实价值精选股票A（005267）位居第九大流通股东，持股 1725.96万股，相比上期减少667.94万股。 声明：市场有风险，投资需谨慎。本文基于第三方数据库自动发布，不代表 ...

Group 1: Popular Industry Research - The most researched industries from January 26 to January 30, 2026, are electronics, machinery, basic chemicals, and pharmaceutical biology, with electronics and machinery receiving the highest attention in the past five days [10][12] - Over the past 30 days (December 31, 2025, to January 30, 2026), the most researched industries are machinery, electronics, pharmaceutical biology, and basic chemicals, with machinery and computers having the most research institutions [13][14] Group 2: Popular Company Research - In the past five days, the companies with the most research occurrences and more than 10 institutional ratings are Jiemai Technology, Ice Wheel Environment, and Zhou Dazheng [17][19] - Over the past 30 days, the companies with the most research occurrences and more than 10 institutional ratings include Daikin Heavy Industry, Jiangsu Bank, and Naipu Mining Machinery [22][23] Group 3: Key Company Research Summary 1. **Shanghai Bank** - The focus of the research is on strategic planning and shareholder returns, with a new five-year development plan approved, emphasizing technology finance with a loan balance exceeding 187.05 billion [26] - The asset quality remains stable, with credit focus on key regions and retail ecosystems, and a commitment to maintain cash dividends of no less than 30% annually from 2025 to 2027 [26][27] 2. **Liugong** - The research highlights significant growth in core business, with domestic demand for earth-moving machinery rebounding and overseas sales of electric loaders doubling [29] - The company expects a profit increase of 15% to 25% for the year, despite short-term impairment impacts, and is advancing its overseas manufacturing layout [29][30] 3. **Jiemai Technology** - The focus is on the domestic substitution of electronic film materials and capacity expansion, with high-end release films achieving stable supply and certification from major domestic and international clients [31] - The Tianjin base is expected to start trial production in the first quarter of 2026, enhancing supply chain resilience [31][32]

Market Overview - The engineering machinery sector experienced a decline of 0.78% on January 30, with Anhui Heli leading the drop [1] - The Shanghai Composite Index closed at 4117.95, down 0.96%, while the Shenzhen Component Index closed at 14205.89, down 0.66% [1] Stock Performance - Notable gainers in the engineering machinery sector included: - Changling Hydraulic (688389) with a closing price of 81.84, up 6.29% on a trading volume of 22,300 shares and a turnover of 178 million [1] - Tuoshan Machinery (001226) closed at 51.83, up 6.25% with a trading volume of 25,300 shares and a turnover of 129 million [1] - Major decliners included: - Anhui Heli (600761) closed at 21.82, down 6.19% with a trading volume of 535,100 shares and a turnover of 1.161 billion [2] - Fushite (301446) closed at 46.81, down 5.43% with a trading volume of 30,800 shares and a turnover of 14.5 million [2] Capital Flow - The engineering machinery sector saw a net outflow of 212 million from institutional investors, while retail investors contributed a net inflow of 160 million [2] - The capital flow for specific stocks showed: - LiuGong (000528) had a net inflow of 49.67 million from institutional investors, while retail investors had a net outflow of 24.11 million [3] - XCMG Machinery (000425) recorded a net inflow of 34.38 million from institutional investors, with retail investors also experiencing a net outflow of 15.04 million [3]

Core Viewpoint - The engineering machinery industry is a critical pillar of equipment manufacturing, playing a significant role in national infrastructure construction and facing challenges related to energy consumption, carbon emissions control, and safety production. The industry is at a new starting point for green, intelligent, and international development, with ESG management capabilities becoming a core competitive advantage [1]. Industry Performance - Among 34 engineering machinery companies rated by Green Development Credit Rating Co., Ltd., XCMG and Anhui Heli lead with AAApi ratings, establishing themselves as benchmarks for ESG management. Other notable companies include LiuGong, Zhejiang Dingli, and SANY Heavy Industry with AA+pi ratings. However, 50% of the companies received BB-pi or lower ratings, indicating significant disparities in ESG management across the industry [3][4][5]. Key Issues Focus - The industry is focusing on the "dual carbon" goals, smart manufacturing, and responsible operations. Key environmental management areas include greenhouse gas emission control, clean energy application, and the development of new energy products. Companies are encouraged to establish carbon emission monitoring systems and optimize production processes to achieve low-carbon transitions [6]. Social Dimension - Safety production, employee rights protection, and product responsibility are core concerns. Companies need to establish comprehensive safety management systems, enhance employee welfare, and ensure product quality and customer service responsiveness [7]. Governance Dimension - Effective corporate governance, risk management, and ESG management framework construction are crucial. Companies should establish governance structures, strengthen internal controls, and integrate ESG principles into strategic planning and daily operations [7][11]. Industry Practice Benchmarks - Anhui Heli is actively reducing energy consumption through green factory initiatives and optimizing production processes. Zhejiang Dingli is enhancing its climate change management system and promoting energy-efficient transportation methods. LiuGong is improving product development processes and focusing on innovative technologies [9][10]. Future Directions - The engineering machinery industry should focus on three main areas: deepening green transformation, enhancing social responsibility, and optimizing governance systems. Companies need to establish carbon management frameworks, improve employee welfare, and enhance ESG reporting and compliance [13][14].

Core Viewpoint - The domestic market is recovering, and Liugong (000528.SZ), a well-known company in the construction machinery industry, continues to show growth in its operating performance, with expected net profit exceeding 1.5 billion yuan in 2025, representing a year-on-year increase of over 15% [1] Financial Performance - For the fiscal year 2025, Liugong anticipates a net profit attributable to shareholders of approximately 1.526 billion to 1.659 billion yuan, an increase of 199 million to 332 million yuan compared to the previous year, translating to a growth rate of 15% to 25% [4] - The company expects a non-net profit of about 1.323 billion to 1.455 billion yuan, with a year-on-year increase of 185 million to 317 million yuan, reflecting a growth of 16% to 28% [4] - In the first three quarters of 2025, Liugong reported operating revenue and net profit attributable to shareholders of 25.760 billion yuan and 1.458 billion yuan, respectively, marking year-on-year growth of 12.71% and 14.58% [4] - The company has achieved continuous growth in revenue and net profit for three consecutive years, with 2023 and 2024 revenues of 27.519 billion yuan and 30.069 billion yuan, respectively, showing growth rates of 3.93% and 9.24% [6][5] Market Position and Strategy - Liugong ranks as the 18th largest construction machinery manufacturer globally, supported by its strong market position and technological advancements [1] - The company focuses on five key technological areas: internationalization, large-scale production, electrification, intelligence, and digitalization [1] - Liugong's strategic new businesses have become a second growth curve, emphasizing green, intelligent, and international solutions, including large-scale and electric mining solutions [9] Research and Development - Liugong's R&D investments for 2023 and 2024 are projected to be 1.047 billion yuan and 1.141 billion yuan, respectively, with a 2025 investment of 936 million yuan in the first three quarters, reflecting a year-on-year increase of 22.35% [2][10] - The company has established a balanced development in domestic and international markets, with overseas revenue accounting for 46.88% in the first half of 2025 [3][10] Product and Business Diversification - Liugong has evolved from a traditional equipment manufacturer to a provider of smart and green equipment and technology solutions, with a diverse product line that includes over 30 complete machine product lines and various key components [8][9] - The company has a significant historical background, having developed China's first wheel loader and achieved notable sales milestones in the industry [8]

证券代码：000528 证券简称：柳 工 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 投资者关系记录表 投资者关系 活动类别 特定对象调研 分析师会议 媒体采访 业绩说明会 新闻发布会 路演活动 现场参观 其他 参与单位名称 及人员姓名 机构投资者、证券分析师等 123 位参会人员： 易方达基金、富国基金、博时基金、银华基金、汇丰晋信基金、浦银安盛基金、 融通基金、金鹰基金、平安人寿、华夏人寿、北大方正人寿、中荷人寿、人保 养老、中信保诚资产、东方资管、长安信托、建信理财、中信资管、高毅资产、 贝莱德机构信托、清和泉、Polymer Capital、Pleiad Investment Advisors 等 中信证券、中信建投证券、中金公司、华泰证券、国泰海通证券、长江证券、 东吴证券、财通证券、诚通证券、光大证券、广发证券、美银证券、国海证券、 国金证券、国联民生证券、长城证券、华创证券、华福证券、华鑫证券、申万 宏源、信达证券、招商证券、中泰证券等 时间 2026 年 1 月 27 日 16:00-17:30 地点 柳工全球创新中心 上市公司接待 人员姓名 1．副总裁：李东春先生 ...

Market Overview - The engineering machinery sector experienced a decline of 1.11% on January 28, with Huadong Heavy Machinery leading the drop [1] - The Shanghai Composite Index closed at 4151.24, up 0.27%, while the Shenzhen Component Index closed at 14342.9, up 0.09% [1] Stock Performance - Notable gainers in the engineering machinery sector included: - Fushite (301446) with a closing price of 49.89, up 8.22% on a trading volume of 50,300 shares and a turnover of 249 million yuan [1] - Zhigao Machinery (920101) closed at 47.50, up 5.30% with a trading volume of 78,000 shares and a turnover of 367 million yuan [1] - Anhui Heli (600761) closed at 23.60, up 2.97% with a trading volume of 471,100 shares and a turnover of 1.101 billion yuan [1] - Major decliners included: - Huadong Heavy Machinery (002685) closed at 6.92, down 4.16% with a trading volume of 595,600 shares and a turnover of 416 million yuan [2] - Southern Road Machinery (603280) closed at 65.66, down 3.16% with a trading volume of 27,400 shares and a turnover of 109 million yuan [2] - Sany Heavy Industry (600031) closed at 22.25, down 2.54% with a trading volume of 1,092,600 shares and a turnover of 2.447 billion yuan [2] Capital Flow - The engineering machinery sector saw a net outflow of 321 million yuan from institutional investors and 224 million yuan from retail investors, while retail investors had a net inflow of 545 million yuan [2] - Key stocks with significant capital flow included: - Anhui Heli (600761) had a net inflow of 97.05 million yuan from institutional investors, while retail investors saw a net outflow of 38.57 million yuan [3] - Zhigao Machinery (920101) had a net inflow of 40.73 million yuan from institutional investors, with a minor net inflow from retail investors [3] - Sany Heavy Industry (600031) experienced a net outflow of 148.70 million yuan from institutional investors [3]

Core Viewpoint - Dongwu Securities report indicates that Liugong's net profit attributable to shareholders is expected to increase by 20% year-on-year in 2025, although impairment and exchange rate fluctuations will negatively impact performance [1] Company Summary - Liugong's mining machinery business is a key focus for the company's "14th Five-Year Plan," with plans to strengthen long-term strategic partnerships with large domestic and international mining enterprises [1] - The company aims to accelerate the deployment of ultra-large and intelligent mining products and comprehensive solutions, positioning mining machinery as the third core business alongside excavators and loaders [1] Industry Summary - Prices of core metals such as gold, silver, and copper are currently high, coupled with a continuous decline in global mining grades, leading to a substantial increase in demand for mining machinery equipment [1] - Due to tower crane impairments and investments in mining machinery, the short-term profit forecast for Liugong has been revised down to 1.6 billion, 1.98 billion, and 2.6 billion yuan for 2025-2027, respectively, from previous estimates of 1.62 billion, 2.34 billion, and 2.79 billion yuan [1] - The current market capitalization corresponds to price-to-earnings ratios of 15, 12, and 9 times for the years 2025, 2026, and 2027, respectively, while maintaining a "buy" rating [1]