证券研究报告 工程机械Ⅲ 投资评级 买入-A 首次评级 12个月目标价 11.2元 股价 (2024-11-01) 9.66元 交易数据 总市值(百万元) 14, 493. 16 流通市值(百万元) 12, 635. 25 总股本(百万股) 1, 500. 33 流過膜本(百万股) 1, 308. 00 12个月价格区间 4.6/9.66元 12M 升幅% 1M 18. 3 80.5 相对收益 26.4 15. 1 89.4 绝对收益 40. 2 郭倩倩 分析师 2024 年 11 月 04 日 山推股份(000680. SZ) 推土机开山力士，改革出海拓新篇 目国内推土机行业龙头,历史悠久底蕴深厚。山推股份前身可追 溯至 1952年成立的烟台机械厂,21 世纪 80年代,公司通过引进 卡特彼勒、小松技术完成推土机起步,随后持续深耕推土机主业, 1997 年于深交所挂牌上市,2009 年与潍柴控股集团、山东省汽车 工业集团共同组建山东重工集团。经历40余年研发积累,公司逐 步实现 300-900HP 大马力推土机的国产替代。目前,国内方面, 公司推土机市占率多年维持 60%以上,龙头地位长期稳固;海外 方面， ...

000680.SZ 买入 原评级：买入 市场价格:人民币 9.66 板块评级:强于大市 股价表现 (%) 今年 至今 1 个月 3 个月 12 个月 (19%) 2% 23% 44% 65% 86% Nov-23Dec-23Jan-24Feb-24Mar-24Apr-24May-24Jun-24Jul-24Aug-24Sep-24Oct-24 山推股份 深圳成指 绝对 93.6 15.1 40.2 89.4 相对深圳成指 82.4 15.8 19.7 83.0 | --- | --- | --- | |-------------------------------|------------|-----------| | | | | | 发行股数 ( 百万 ) | | 1,500.33 | | 流通股 ( 百万 ) | | 1,308.00 | | 总市值 ( 人民币 百万 ) | | 14,493.16 | | 3 个月日均交易额 ( 人民币 | 百万 ) | 197.00 | | 主要股东 | | | | 山东重工集团有限公司 | | 24.29 | | 资料来源：公司公告， Wind | ，中银证券 | ...

好的各位投资者还有我们三推的两位领导员总感谢两位领导的宝贵时间还有群众参加今天的交流三推其实看出来的三级报还是有亮点的我们还是觉得业绩还是比预期要好的那么我们其实看整个供应期限最近调整也比较多了我们 前面也说了我们还是看拐点那么因为这个9月24号的封锁的原因导致了其实整个的前期比较强势的公众机械造成其实跑出了很多的一些行业我们觉得可能的来看这个行业可能的机会也快到了那么更详细的呢我会请我们领导还有华欣老师以及我们春奇来来主持今天的互动交流好的那么那么有感谢那个严总还有那我们秦总先交给两位领导 好的 谢谢邱总 谢谢华晶总就是给这样一个机会对这个投资者跟三级度的经营业绩情况进行交流首先我简单的把三级道的公司的基本情况给这位投资者汇报一下就是今年一到九月份整个大家从裁判上也看到了营业收入实现了98个亿 那个比之前同期量增长31个亿值得一提的呢就是我们的经营我们的实现的利润是10%本期度呢是实现了2.5%较去较同期呢增长了27%就是一到九月份呢实现了6.7个亿也是超过销售收入的增长实现了34个亿这个游民空间的这个喇叭口呢也继续进一步增加毛利率水平呢就是说应该是和中期基本上保持 保持一致保持一致主要是因为就是和去年同期 ...

公司报告 | 季报点评 三季报业绩表现优异，看好推挖产品持续贡献业绩增量 公司发布三季报，业绩表现优异！ 24Q1-3： 收入 98.36 亿元、yoy+30.64%，归母净利润 6.74 亿元、yoy+34.16%，扣非 归母净利润 6.62 亿元、yoy+42.51%。毛利率/净利率分别为 16.7%、6.89%， 同比分别-1.35pct、+0.17pct。 期间费用率 8.7%、yoy-2.2pct，其中销售/管理/研发/财务费用率分别为 3.2、 2.5、2.9、0.1%，同比分别-0.2、-1.0、-1.4、+0.4pct，财务费用主要系汇兑 收益减少。 24Q3： 收入 33.28 亿元、yoy+24.85%，归母净利润 2.56 亿元、yoy+27.64%，扣非 归母净利润 2.52 亿元、yoy+25.41%。毛利率/净利率分别为 16.44%、7.72%， 同比分别-2.44pct、+0.17pct。 期间费用率 9.2%、yoy-2.4pct，其中销售/管理/研发/财务费用率分别为 3.5、 2.7、2.1、0.7%，同比分别+0.1、-0.5、-2.1、-0.02pct。 抢抓出口机遇 ...

Investment Rating - The report maintains a "Buy" investment rating for the company [1] Core Views - The company's performance meets expectations, with a significant increase in revenue and net profit for the first three quarters of 2024, achieving operating income of 9.836 billion yuan (up 30.64% year-on-year) and net profit attributable to shareholders of 674 million yuan (up 34.16% year-on-year) [1] - The global bulldozer market is projected to grow at a compound annual growth rate (CAGR) of 7.56%, reaching a total market size of 45.224 billion yuan by 2029, with the company holding over 60% market share in China [1] - The company is actively seizing export opportunities, with its export scale increasing from 6.3 million USD in 2018 to 77.2 million USD in 2023, reflecting a CAGR of 65.07% [1][2] - The company has established a robust overseas marketing network, with over 160 overseas agents and 10 subsidiaries, leading to over 55% of its revenue coming from international markets [1] Summary by Sections Financial Performance - For Q3 2024, the company reported operating income of 3.328 billion yuan (up 24.85% year-on-year) and net profit of 256 million yuan (up 27.64% year-on-year) [1] - The gross profit margin for Q3 2024 was 16.44%, while the net profit margin improved to 7.72% [1][2] Profit Forecast - The company is projected to achieve revenues of 13.931 billion yuan, 16.063 billion yuan, and 17.431 billion yuan for 2024, 2025, and 2026 respectively, with corresponding EPS of 0.65 yuan, 0.81 yuan, and 1.00 yuan [3][5] - The current stock price corresponds to a PE ratio of 13, 10, and 8 times for the years 2024, 2025, and 2026 respectively [3]

来源：公司年报、国金证券研究所 山推股份 (000680.SZ) 买入(维持评级) 业绩简评 公司 2024 年 10 月 30 日发布 24 年三季报，实现营业收入 98.36 亿元，同比增长 30.64%；实现归母净利润 6.74 亿元，同比增长 34.16%。其中 3Q24 实现营业收入 33.28 亿元,同比增长 24.85%， 环比增长-3.22%；实现归母净利润 2.56 亿元,同比增长 27.64%， 环比增长 21.21%，业绩符合我们预期。 经营分析 海外市场收入高速增长，24H1 海外收入占比超过 55%。根据公告， 24H1 公司海外收入为 36.25 亿元（同比+44.41%），海外收入占比 达到 55.69%（同比+4.08pcts）。从毛利润贡献来看，24H1 公司海 外市场毛利润贡献达到 72.97%，同比+3.01pcts，海外市场已成为 公司收入、利润的重要增长动力。根据公告，公司布局海外子公 司，新增比利时子公司，重点拓展非洲、欧洲、美洲、东南亚等 区域海外经销商 24 家，其中非洲、欧洲、美洲区域经销商占比有 所提升，海外区域结构更为多元化。 发力大马力推土机高端产品，盈 ...

山推工程机械股份有限公司监事会 关于《公司 2024 年第三季度报告》的审核意见 经审核，山推工程机械股份有限公司监事会认为董事会编制和审议《公司 2024 年第 三季度报告》的程序符合法律、行政法规及中国证监会的规定，报告内容真实、准确、 完整地反映了上市公司的实际情况，不存在任何虚假记载、误导性陈述或者重大遗漏。 山推工程机械股份有限公司监事会 二〇二四年十月三十一日 ...

Financial Performance - The company's operating revenue for Q3 2024 reached ¥3,328,333,493.94, representing a year-over-year increase of 24.85%[2] - Net profit attributable to shareholders for the same period was ¥255,708,902.93, up 27.64% compared to the previous year[2] - The net profit after deducting non-recurring gains and losses was ¥252,238,746.57, reflecting a 25.41% increase year-over-year[2] - The company reported a 30.64% increase in total operating revenue for the year-to-date, amounting to ¥9,836,344,457.69[6] - Total operating revenue for Q3 2024 reached ¥9,836,344,457.69, an increase of 30.6% compared to ¥7,529,450,214.48 in Q3 2023[32] - Operating profit for the period was ¥785,286,472.01, up 50.6% from ¥521,792,918.88 in the previous year[32] - Net profit attributable to shareholders of the parent company was ¥674,178,303.33, a rise of 34.2% from ¥502,508,405.38 in the same period last year[33] - The total comprehensive income for the period was ¥671,899,775.44, compared to ¥506,259,518.48 in the previous year, reflecting a significant increase[33] Assets and Liabilities - The total assets at the end of the reporting period amounted to ¥15,763,216,410.99, an increase of 17.40% from the end of the previous year[2] - The company’s total liabilities increased by 30.35% to ¥5,076,519,028.33, driven by higher procurement activities[5] - The company’s total liabilities increased to ¥9,007,743,420.17, which is a significant rise compared to the previous period[30] - The company reported a total cash outflow from investing activities of CNY 128,857,140.40, down from CNY 274,118,507.64 in the previous period, showing a decrease of 53.0%[36] Cash Flow - The net cash flow from operating activities for the year-to-date was ¥479,472,917.12, a significant increase of 640.50% compared to the same period last year[7] - The cash received from sales and services amounted to CNY 7,431,284,768.62, an increase of 27.1% compared to CNY 5,842,048,999.15 in the previous period[35] - The net cash flow from operating activities was CNY 479,472,917.12, a significant recovery from a negative cash flow of CNY -88,708,973.55 in the same period last year[35] - Total cash inflow from financing activities reached CNY 3,354,106,238.05, up from CNY 1,686,455,665.09 in the previous period, indicating a 98.9% increase[36] - The company’s total cash outflow for financing activities was CNY 3,694,788,055.60, compared to CNY 2,192,547,766.25 in the previous period, indicating an increase of 68.5%[36] Shareholder Information - The total number of common shareholders at the end of the reporting period was 67,795[8] - The largest shareholder, Shandong Heavy Industry Group Co., Ltd., holds 24.29% of shares, totaling 364,399,684 shares[8] - The second-largest shareholder, Weichai Power Co., Ltd., holds 15.78% of shares, totaling 236,705,601 shares[8] - The company has a total of 10 major shareholders, with no known related party relationships among them[9] Investment and Financing Activities - The company raised a total of RMB 681,712,130.88 from the issuance of 236,705,601 shares at a price of RMB 2.88 per share[20] - Cumulative payments for investment projects amounted to RMB 615,423,875.36, with RMB 16,242,017.72 invested in the third quarter of 2024[22] - The company has used RMB 16,023,732.77 of raised funds for bank acceptance bills to pay for investment projects[21] - The company has approved the use of up to RMB 12,000 million of idle raised funds for cash management until November 30, 2024[25] - The company has invested in structured deposit products with expected annualized returns ranging from 1.5% to 3.6%[26] Risk Management - The company conducted foreign exchange hedging to mitigate exchange rate risks associated with export contracts[20] - The company has established risk management strategies for its financial derivatives investments, including stop-loss limits and reverse hedging[17] - The company’s cash management strategy includes ensuring that idle funds do not affect the progress of investment projects or normal operations[24] Current Assets and Liabilities - The total current assets increased to ¥12,359,080,839.74 from ¥10,191,824,656.11, representing a growth of approximately 21.4%[29] - Cash and cash equivalents rose to ¥4,215,874,672.08 from ¥3,287,742,091.87, marking an increase of about 28.2%[29] - Accounts receivable increased to ¥4,240,010,855.47 from ¥3,397,212,195.65, reflecting a growth of approximately 24.8%[29] - Inventory grew to ¥2,428,638,867.95 from ¥2,170,269,352.89, indicating an increase of around 11.9%[29] - Current liabilities rose to ¥9,007,743,420.17 from ¥7,263,287,621.70, representing an increase of approximately 23.9%[30] - Accounts payable increased significantly to ¥2,545,092,388.79 from ¥1,783,348,480.02, reflecting a growth of about 42.7%[30] Research and Development - Research and development expenses for the quarter were ¥286,870,772.68, a decrease of 11.8% from ¥325,408,685.44 in the previous year[32]

证券代码：000680 证券简称：山推股份 山推工程机械股份有限公司 投资者关系活动记录表 | --- | --- | --- | --- | --- | |-------------------------|-------|----------------------------------|---------|--------------------| | | | 【请在您选择的方式的"（ | | ）"中打"√"，下同】 | | | （ | ）特定对象调研 （ ）分析师会议 | | | | 投资者关系活动 | | （ ）媒体采访 （ ）业绩说明会 | | | | 类别 | | （ ）新闻发布会 （ | | ）路演活动 | | | （ | ）现场参观 | | | | | （ | √）其他 （走进上市公司） | | | | 参与单位名称及 人员姓名 | | 中信证券及投资者代表共计 | 30 人 | | | 时间 | 2024 | 年 10 月 18 日下午 | | | | 地点 | | 公司股份大楼 109 会议室 | | | | | | 董事会秘书：袁青 | | | | | | 财务副总监：宋强 | | ...

公司报告 | 首次覆盖报告 推土机行业龙头，出口+高效体系实现跨越式发展 厚植工程机械行业，夯实核心竞争优势： 公司是国内推土机及道路工程机械行业头部企业，业务遍及采矿、道路修 筑、道路养护、农林水利等领域，以推土机为核心产品，衍生产品服务品 类丰富，呈针对性布局。公司为省属国有企业，依托山东重工集团，有国 家资本背书，股权结构较为稳定。2023 年公司营业收入突破百亿大关，24H1 营收、归母净利润 YOY+33.81%、38.49%，出口赛道稳健发力，盈利能力稳 中向好。 推土机市场鳌头独占，出口支撑强劲增长： 全球推土机核心厂商包括卡特彼勒、山推、小松、约翰迪尔等，前 5 大厂 商占据了推土机市场份额的 80%以上，其中公司作为行业领军企业、占据 19%左右的市场份额。2022 年需求端市场总容量约为 2.8 万台，对于国内 厂商而言，海外市场规模更大，具有潜在发展优势；自 2018 年以来，推土 机出口市场规模不断扩大，并逐年稳步增长。在国内公司凭借 66.53%的市 场份额以绝对优势断层稳居市场鳌头，并且市场前 6 大厂商占据 96.5%的 市场份额，呈现出较为稳定的市场竞争格局。 扩大出口优势+整 ...