Investment Rating - Buy (Maintained) [8] Core Views - The company is a global leader in bulldozers, with large horsepower bulldozer exports enhancing profitability, and the excavator business is expected to gain momentum [2] - The company plans to acquire 100% equity of Shandong Heavy Industry Construction Machinery for 1.8 billion yuan, which is expected to boost the excavator business and open up market space [3] - The excavator business is expected to leverage the sales channels of bulldozers and the platform advantages of Shandong Heavy Industry Group to rapidly grow [13] - The company's bulldozer sales rank third globally, and it is the domestic leader with a market share of over 70% in 2023 [6] Key Drivers - Large horsepower bulldozer exports are expected to enhance profitability, with exports of large horsepower bulldozers (above 320 horsepower) increasing by 37% in the first nine months of 2024 [6] - The company's excavator business is expected to benefit from the synergy of Shandong Heavy Industry Group's resources, including Weichai Power, Linde Hydraulics, and Shantui's transmission components, offering more fuel-efficient and reliable products [3] - The company has a well-established sales network, with products sold in over 160 countries and regions, and 160 overseas agents [3] Financial Projections - The company's net profit attributable to the parent company is expected to be 1.025 billion yuan, 1.329 billion yuan, and 1.656 billion yuan in 2024, 2025, and 2026, respectively, with year-on-year growth rates of 34%, 30%, and 25% [14] - The PE ratios for 2024, 2025, and 2026 are 14x, 11x, and 9x, respectively, which are below the industry average [14] Industry Comparison - The company's 2025 PE valuation is 11x, lower than the industry average of 13x [28] - The company's ROE is expected to be 19%, 23%, and 23% in 2024, 2025, and 2026, respectively, higher than the industry average [16] Acquisition Details - The company plans to acquire Shandong Heavy Industry Construction Machinery for 1.8 billion yuan, with the acquired company's market share in excavators being 4.03% in the first nine months of 2024 [20] - The acquired company's revenue in the first nine months of 2024 was 2.426 billion yuan, with a net profit of 75.06 million yuan [21] - Shandong Heavy Industry Group has committed to resolving the competition issue between Shantui, Lovol Heavy Industry, and Weichai Qingdao within five years [22]

Investment Rating - The investment rating for the company is "Buy-A" with a 12-month target price of 11.2 CNY, compared to the current stock price of 9.21 CNY [4]. Core Insights - The company plans to acquire 100% equity of Shandong Heavy Industry Group's subsidiary, Shandong Construction Machinery, for 1.841 billion CNY, which will enhance its excavator business segment [1][2]. - The acquisition is expected to create synergies between the company's existing product lines and Shandong Construction Machinery's excavators, improving overall competitiveness [2][6]. - Shandong Construction Machinery has shown strong financial performance, with revenues of 2.426 billion CNY and net profits of 0.75 billion CNY for the first three quarters of 2024, exceeding the entire revenue and profit of 2023 [3][7]. Financial Projections - Revenue projections for the company from 2024 to 2026 are 13.44 billion CNY, 15.81 billion CNY, and 18.2 billion CNY, with growth rates of 27.5%, 17.7%, and 15.1% respectively [7][8]. - Net profit estimates for the same period are 0.95 billion CNY, 1.21 billion CNY, and 1.43 billion CNY, with growth rates of 24.6%, 26.5%, and 18.7% respectively [7][8]. - The company is expected to maintain a price-to-earnings (PE) ratio of 14.5X, 11.5X, and 9.7X for the years 2024, 2025, and 2026 respectively [7][8]. Market Position and Strategy - Shandong Construction Machinery holds a market share of 4.03% in the excavator segment, with a competitive position in the industry [2]. - The acquisition is part of a broader strategy to resolve competition issues within the Shandong Heavy Industry Group and to potentially pursue further asset restructuring in the future [6][7]. - The company aims to leverage its leading position in the engineering machinery sector to enhance its value chain through this acquisition [2][6].

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - The acquisition of 100% equity in Shanzhong Construction Machinery Co., Ltd. for RMB 1.841 billion is expected to enhance the company's growth potential, particularly in the excavator segment, while maintaining a "Buy" rating [3] - The company is positioned as a leading manufacturer of bulldozers in China, with ongoing expansion into overseas markets and the integration of excavator operations expected to further drive growth [3] - The financial performance of Shanzhong Construction Machinery is anticipated to improve steadily, with a projected increase in revenue and net profit due to market demand recovery and strategic restructuring [3][9] Summary by Sections Company Overview - Shanzhong Construction Machinery, established in 1999, specializes in hydraulic excavator manufacturing with a production capacity of 20,000 units annually and a market share of approximately 4.03% in the domestic market as of September 2024 [3][6] - The company underwent a debt separation process in December 2023, significantly improving its asset quality by shedding historical liabilities [3][9] Financial Projections - Revenue projections for the company from 2024 to 2026 are estimated at RMB 137.12 billion, RMB 160.90 billion, and RMB 181.32 billion, respectively, with net profits expected to reach RMB 9.80 billion, RMB 12.88 billion, and RMB 14.68 billion [4] - The earnings per share (EPS) is projected to increase from RMB 0.65 in 2024 to RMB 0.98 in 2026, reflecting a positive outlook for profitability [4][18] Strategic Initiatives - The acquisition is structured as a cash transaction, which will not dilute existing shares and is expected to enhance the company's EPS from RMB 0.45 to RMB 0.48 for the first nine months of 2024 [3][18] - The company has set performance commitments for Shanzhong Construction Machinery, ensuring minimum net profits of RMB 0.86 billion, RMB 1.26 billion, and RMB 1.67 billion for the next three years [3][21] Market Dynamics - The domestic excavator market is expected to benefit from a large-scale equipment renewal policy, while international demand is projected to grow due to increased investments in infrastructure and mining sectors globally [9][12] - The company aims to improve its product mix by focusing on high-tech excavators and reducing reliance on smaller models, which are subject to intense competition [16]

阜信大华评报字(2024)第 9213 号 (共一册,第一册) 北京卓 限公司 本资产评估报告依据中国资产评估准则编制 山推工程机械股份有限公司拟股权收购 所涉及的山重建机有限公司 股东全部权益价值 平估报告 C O O O 中国资产评估协会 资产评估业务报告备案回执 | 报告编码: | 1111030005202400550 | | --- | --- | | 合同编号: | 2024-HT0110. | | 报告类型: | 法定评估业务资产评估报告 | | 报告文号: | 卓信大华评报字(2024)第9213号 | | 报告名称: | 山推工程机械股份有限公司拟股权收购所涉及的山 重建机有限公司股东全部权益价值资产评估报告 | | 评估结论: | 1,841,132,700.00元 | | 评估报告日: | 2024年05月08日 | | 评估机构名称: | 北京卓信大华资产评估有限公司 | | 签名人员: | 会员编号:37001119 刘继斌 (资产评估师) | | | 杜鹃 (资产评估师) 会员编号:37170091 | (可扫描二维码查询备案业务信息) 说明：报告备案回执仅证明此报告已在业务报备管 ...

山重建机有限公司 审计报告 和信专字（2024）第 000409 号 | 目 录 | 页 码 | | --- | --- | | 一、审计报告 | 1-3 | | 二、已审财务报表及附注 | | | 1、合并及公司资产负债表 | 4-7 | | 2、合并及公司利润表 | 8-9 | | 3、合并及公司现金流量表 | 10-11 | | 4、合并及公司所有者权益变动表 | 12-15 | | 5、财务报表附注 | 16-89 | 腿 和信会计师事务所 (特殊普通合伙) 二〇二四年十一月六日 山重建机有限公司 报告正文 临沂山重工程机械有限公司、山推工程机械股份有限公司: 一、审计意见 我们审计了山重建机有限公司(以下简称"山重建机公司")财务报表,包 括 2023 年 12 月 31 日和 2024 年 9 月 30 日的合并及公司资产负债表,2023 年度 和 2024年 1-9 月的合并及公司利润表、合并及公司现金流量表、合并及公司股东 权益变动表以及相关财务报表附注。 我们认为,后附的财务报表在所有重大方面按照企业会计准则的规定编制, 公允反映了山重建机公司 2023 年 12 月 31 日和 2024 ...

山东重工集团财务有限公司 审计报告 和信专字(2024)第 050107 号 | 目 录 | 页 码 | | --- | --- | | 一、审计报告 | 1-3 | | 二、已审财务报表及附注 | | | 1、资产负债表 | 4-5 | | 2、利润表 | 6 | | 3、现金流量表 | 7 | | 4、所有者权益变动表 | 8-9 | | 5、财务报表附注 | 10-37 | 和信会计师事务所(特殊普通合伙)潍坊分所 二 0 二四年九月二十日 山东重工集团财务有限公司 报告正文 审计报告 和信专字(2024)第 050107 号 山东重工集团财务有限公司: 一、审计意见 我们审计了山东重工集团财务有限公司(以下简称重工财务公司)一年一期 的财务报表,包括 2023年 12月 31 日、2024年7月 31 日的资产负债表,2023年 度、2024年1至7月的利润表、现金流量表、所有者权益变动表以及相关财务报 表附注。 我们认为,后附的财务报表在所有重大方面按照企业会计准则的规定编制, 公允反映了重工财务公司 2023年 12 月 31 日、2024 年 7 月 31 日的财务状况以及 2023年度、202 ...

证券代码：000680 证券简称：山推股份 公告编号：2024-054 山推工程机械股份有限公司 关于拟收购山重建机有限公司 100%股权暨关联交易的公告 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。 特别提示： 1、山推工程机械股份有限公司（以下简称"山推股份"、"上市公司"、"本公司" 或"公司"）拟支付现金购买临沂山重工程机械有限公司（以下简称"山重工程"或"交 易对方"）持有的山重建机有限公司（以下简称"山重建机"或"标的公司"）100%股 权（以下简称"本次交易"），交易价格为 184,113.27 万元。本次交易完成后，山重建机 将成为本公司的全资子公司。 2、本次交易构成关联交易。 3、本次交易不构成重大资产重组。 4、公司于 2024 年 11 月 10 日召开了第十一届董事会第十二次会议，审议通过了 《关于拟收购山重建机有限公司 100%股权暨关联交易的议案》，关联董事已对议案回 避表决，其他非关联董事一致同意该事项。本议案提交董事会审议前，已经公司独立董 事专门会议审议通过并同意将该议案提交董事会审议。本次交易尚须获得股东大会的 批准，与 ...

本资产评估报告依据中国资产评估准则编制 山东重工集团财务有限公司股东拟增资扩股所涉及 山东重工集团财务有限公司股东全部权益价值 资产评估报告 鲁正信评报字(2024)第Z127号 (本报告共一册,本册为第一册) 山东正源和信资产评估有限公司 二 0 二四年十月十六日 地址：济南市历下区经十路 13777 号中润世纪广场 18 号 14 层 邮编: 250001 电话: 18678078046 中国资产评估协会 资产评估业务报告备案回执 | 报告编码: | 3737020001202400447 | | --- | --- | | 合同编号: | 鲁正信评合字(2024)第2127号 | | 报告或者: | 法定评估业务资产评估报告 | | 报告文号: | 鲁正信评报字(2024)第Z127号 | | 报告名称: | 山东重工集团财务有限公司股东拟增资扩股所涉及 山东重工集团财务有限公司股东全部权益价值资产 | | | 评估报告 | | 评估结论: | 3.857.274.309.87元 | | 评估报告日: | 2024年10月16日 | | 评估机构名称: | 山东正源和信资产评估有限公司 | | 签名人员 ...

证券代码：000680 证券简称：山推股份 公告编号：2024-049 山推工程机械股份有限公司 第十一届监事会第十一次会议决议公告 本公司及监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。 山推工程机械股份有限公司第十一届监事会第九次会议于 2024 年 11 月 10 日以现 场表决方式召开。会议通知已于 2024 年 11 月 7 日以电子邮件方式发出。公司监事唐 国庆、王卫平、孔祥田出席了会议，会议由监事会主席唐国庆主持。会议的召开符合 《公司法》和《公司章程》的有关规定。会议审议并通过了以下议案： 一、审议通过了《公司 2024 年前三季度利润分配预案》； 公司监事会认为：公司的利润分配预案综合考虑了公司实际经营情况、未来业务 发展及资金需求，兼顾了公司的可持续发展和股东的合理回报需求，公司对于该预案 的审议符合《公司法》和《公司章程》相关规定，不存在损害公司及股东特别是中小 股东利益的情形。 表决结果为：同意 3 票，反对 0 票，弃权 0 票。 三、审议通过了《关于申请银行综合授信额度的议案》； 表决结果为：同意 3 票，反对 0 票，弃权 0 票。 四、 ...

证券代码：000680 证券简称：山推股份 公告编号：2024—053 山推工程机械股份有限公司 关于公司与关联方共同对山东重工集团财务有限公司增资 及放弃部分优先认缴出资权暨关联交易的公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假记载、 误导性陈述或重大遗漏。 释义： 山推股份、公司、本公司：山推工程机械股份有限公司 山东重工：山东重工集团有限公司 潍柴集团：潍柴控股集团有限公司 重汽（香港）：中国重汽（香港）有限公司 潍柴动力：潍柴动力股份有限公司 潍柴重机：潍柴重机股份有限公司 法士特：陕西法士特齿轮有限责任公司 重工财务公司：山东重工集团财务有限公司 一、关联交易概述 为使重工财务公司进一步扩大业务范围与规模，更好地为集团内成员单位提供融资 支持与金融服务，公司拟与其他关联方股东共同对其实施增资扩股共计人民币 557,568 万元，其中新股东重汽（香港）认缴人民币 348,480 万元，原股东方同比例增资人民币 209,088 万元，其中山推股份认缴人民币 26,136 万元，其中 11,250 万元计入重工财务公 司注册资本，剩余 14,886 万元计入其资本公积，持股比例 ...