2025 年 4 月 27 日 公司研究 2024 年业绩表现亮眼，海外市场拓展顺利，成长空间广阔 ——山推股份（000680.SZ）2024 年年报点评 资料来源：Wind，光大证券研究所预测，股价时间为 2025-04-25 要点 事件： 4 月 23 日山推股份发布 2024 年年报。2024 年公司实现营收 142.19 亿 元，同比+25.1%（调整后）；实现归母净利润 11.02 亿元，同比+40.7%（调整 后）；实现扣非归母净利润 9.87 亿元，同比+40.5%。2024 年销售毛利率为 20.1%， 同比+1.6pct。单季度来看，2024Q4 公司实现营收 43.82 亿元，同比+14.3%， 环比+31.7%；实现归母净利润 4.28 亿元，同比+52.5%，环比+67.4%；实现扣 非归母净利润 3.25 亿元，同比+36.7%，环比+28.9%。 点评：2024 年业绩实现高增长，产品毛利率均有提升。 2024 年，工程机械行业整体稳中有进，国内市场筑底企稳，行业出口额仍保持 高水平。公司业绩持续高增长主要受益于：1）海外市场拓展成效显著，重点拓 展非洲、欧洲、美洲、东南亚等区域海 ...

事件：公司发布2024 年报，2024 年实现营业收入142.19 亿元，同比增长25.12%，实现归母净利润11.02 亿元，同比增长40.72%。公司同时发布2024 年利润分配预案，拟向全体股东每10 股派发现金红利0.6 元（含税）。 收入稳健增长，产品结构优化。24 年公司产品结构优化明显，体现在（1）海外收入占比提升：24 年公 司海外收入74.11 亿元（占比57.41%），同比+26.08%，中东、东南亚及非洲市场贡献显著。公司重 构"9+2"全球营销网络，新增海外经销商23 家，沙特、印尼等市场标杆项目落地，前置配件库覆盖率提 升至85%，服务响应效率行业领先。（2）高端化突破：DH80推土机、SE1500/2000 矿用挖掘机、 TEH160/260 矿卡等高端机型量产，LE系列纯电装载机获市场认可，智能推土机、压路机及智慧施工平 台落地，差异化竞争力凸显。（3）完善推土机+挖掘机双主业格局：2024 年完成对山重建机100%股权 收购，山重建机24 年营业收入33.51 亿元、净利润1.97 亿元。公司2025 年经营目标为实现营业收入157 亿元，其中海外收入90 亿元。 盈利能力提升 ...

Investment Rating - The investment rating for the company is "Buy-A" with a 6-month target price of 11.16 CNY, compared to the current stock price of 9.16 CNY as of April 24, 2025 [3][6]. Core Views - The company has demonstrated excellent performance with a total revenue of 14.219 billion CNY in 2024, reflecting a year-on-year increase of 25.12%, and a net profit of 1.102 billion CNY, up 40.72% year-on-year, indicating strong profit elasticity [1][2]. - The recovery in the earthmoving machinery sector is supported by both domestic and international demand, with the company benefiting from its leading position in the bulldozer industry and expanding its product range to include excavators and loaders [1][2]. - The company has successfully integrated its subsidiary, Shandong Heavy Industry Group, which has significantly contributed to profit growth, with net profit from this subsidiary reaching 197 million CNY, a remarkable increase of 355.6% year-on-year [2][6]. Financial Performance - The company's gross margin and net margin improved to 20.05% and 7.77%, respectively, with gross margin driven by the integration of excavator manufacturing [2]. - Revenue from main engine products reached 9.763 billion CNY, up 26.61% year-on-year, while revenue from parts and other products was 3.145 billion CNY, up 30.21% year-on-year [1]. - Domestic market revenue was 5.497 billion CNY, up 29.39% year-on-year, and overseas market revenue was 7.411 billion CNY, up 26.08% year-on-year, with export revenue reaching a record high, accounting for 52.13% of total revenue [1]. Future Outlook - The company aims for a revenue target of 15.7 billion CNY in 2025, with expectations of continued growth in both domestic and international markets [6]. - Projected revenues for 2025-2027 are 16.17 billion CNY, 18.25 billion CNY, and 20.77 billion CNY, with corresponding net profits of 1.39 billion CNY, 1.64 billion CNY, and 2.02 billion CNY, indicating robust growth rates [6][8]. - The company is expected to benefit from further internal asset integration and has a low valuation level, presenting significant investment value [6].

Investment Rating - The investment rating for the company is "Buy" with a target price set for the next six months [5][17]. Core Views - The company has demonstrated excellent performance in its 2024 annual report, achieving a revenue of 14.22 billion yuan, a year-on-year increase of 25.12%, with domestic and international revenues growing by 29.39% and 26.08% respectively [1][2]. - The company’s net profit attributable to shareholders reached 1.10 billion yuan, reflecting a year-on-year growth of 40.72%, indicating a significant improvement in profitability [1]. - The company is focusing on high-tech, high-quality, and high-value-added products, with a notable increase in the number of new products launched [2]. - The acquisition of Shanzhong Construction Machinery has been successful, with the actual net profit exceeding the performance commitment, which is expected to continue enhancing the company's earnings [2][3]. - The chairman's proposal to repurchase shares demonstrates confidence in the company's long-term development and aims to stabilize and enhance company value [4]. Financial Performance - In 2024, the company achieved a gross profit margin of 20.05% and a net profit margin of 7.77%, both showing improvements compared to the previous year [1]. - The company’s operating expenses ratio decreased to 10.8%, indicating better cost control [1]. - The forecast for net profit attributable to shareholders for 2025-2027 is projected to be 1.37 billion, 1.57 billion, and 1.83 billion yuan respectively, reflecting a positive outlook for future earnings [4][9]. Business Structure and Strategy - The company is diversifying its product offerings, with new high-end products such as large bulldozers and mining excavators being developed [2]. - The integration of resources within the Shandong Heavy Industry Group has provided the company with significant competitive advantages through capital, technology, and talent support [3]. Market Position - The company has strengthened its international market presence, with overseas revenue accounting for 57.41% of its main business income, enhancing its resilience against risks [1][2].

Investment Rating - The report maintains a "Buy" rating for the company, with a target price not specified [5][17]. Core Views - The company achieved excellent performance in 2024, with revenue of 14.22 billion yuan, a year-on-year increase of 25.12%. Domestic and international revenues grew by 29.39% and 26.08%, respectively, with overseas exports accounting for 57.41% of main business revenue [1][2]. - The net profit attributable to the parent company reached 1.10 billion yuan, up 40.72% year-on-year, indicating improved profitability [1]. - The company is transitioning towards high-tech, high-quality, and high-value-added products, significantly shortening the average development cycle for new products [2]. - The acquisition of Shanzhong Construction Machinery has strengthened the company's business integrity and exceeded performance commitments, contributing positively to future earnings [2][3]. - The chairman's proposal to repurchase shares reflects confidence in the company's long-term development and aims to stabilize and enhance company value [4]. Financial Performance - In 2024, the company reported a gross profit margin of 20.05% and a net profit margin of 7.77%, both showing year-on-year increases [1]. - The company’s operating income is projected to grow to 16.33 billion yuan in 2025, with a net profit of 1.37 billion yuan, reflecting a growth rate of 23.94% [9][11]. - The company’s total assets are expected to reach 18.50 billion yuan by 2025, with a debt-to-asset ratio of 65.09% [11][12]. Strategic Developments - The company is enhancing its product line with new high-end products, including large bulldozers and mining excavators, which are expected to contribute to revenue growth [2]. - The integration of resources within the Shandong Heavy Industry Group has provided significant competitive advantages through capital, technology, and talent support [3]. Market Position - The company is positioned as a leader in the machinery and engineering equipment industry, with a strong focus on export markets and a diversified revenue structure [5][17].

机械设备 | 证券研究报告 — 调整盈利预测 2025 年 4 月 24 日 000680.SZ 买入 原评级：买入 市场价格:人民币 9.41 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 绝对 (1.8) (4.2) (3.7) 15.7 相对深圳成指 (0.3) 2.9 (1.3) 7.5 发行股数 (百万) 1,500.33 流通股 (百万) 1,314.70 (19%) (8%) 3% 13% 24% 35% Apr-24 May-24 Jun-24 Jul-24 Sep-24 Oct-24 Nov-24 Dec-24 Jan-25 Feb-25 Mar-25 Apr-25 山推股份 深圳成指 | 总市值 (人民币 百万) | 14,118.08 | | --- | --- | | 3 个月日均交易额 (人民币 百万) | 289.29 | | 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 以 2025 年 4 月 23 日收市价为标准 相关研究报告 《山推股份》20241223 《山推股份》2024 ...

股东方面，截至2025年3月31日，山推股份股东户数63494户，较上次增加4495户，户均持股市值35.28 万元，户均持股数量2.76万股。 4月24日，山推股份今日收盘9.16元，下跌2.66%，滚动市盈率PE（当前股价与前四季度每股收益总和的 比值）达到12.47倍，总市值137.43亿元。 从行业市盈率排名来看，公司所处的工程机械行业市盈率平均29.15倍，行业中值24.25倍，山推股份排 名第9位。 序号股票简称PE(TTM)PE(静)市净率总市值(元)9山推股份12.4712.472.62137.43亿行业平均 29.1529.483.14221.40亿行业中值24.2525.092.4273.29亿1吉峰科技-117.57-117.576.6936.23亿2川润股 份-62.45-68.692.7343.69亿3荣亿精密-56.26-56.265.8315.89亿4建设机械-4.31-4.311.0042.61亿5诺力股份 9.759.831.5744.98亿6安徽合力10.7210.721.38141.44亿7同力股份12.1712.173.1196.54亿8杭叉集团 12.2812.632 ...

证券研究报告：机械设备|公司点评报告 发布时间：2025-04-24 股票投资评级 买入 |首次覆盖 个股表现 2024-04 2024-07 2024-09 2024-11 2025-02 2025-04 -19% -14% -9% -4% 1% 6% 11% 16% 21% 26% 31% 山推股份 机械设备 资料来源：聚源，中邮证券研究所 公司基本情况 l 事件描述 公司发布 2024 年年度报告，2024 年实现营收 142.19 亿元，同 增 25.12%；实现归母净利润 11.02 亿元，同增 40.72%；实现扣非归 母净利润 9.87 亿元，同增 40.54%。 l 事件点评 收入、业绩实现快速增长，盈利能力持续改善。公司主营业务毛 利率同比提升 0.39pct 至 20.28%，其中国内片区毛利率同比提升 0.51pct 至 10.76%，国外片区毛利率同比提升 0.49pct 至 27.35%。 费用率方面，2024 年公司期间费用率同减 1.74pct 至 10.77%，其中 销售费用率同增 0.81pct 至 4.16%；管理费用率同减 0.89pct 至 3.11%；财务费用率同减 ...

山推股份 2025042320250416 2024 年，山推股份实现收入 142 亿元，同比增长 25%，归母净利润达到 11 亿元。公司盈利能力显著提升，毛利率提高到 20%，期间费用率下降到 10.77%。这些成绩得益于压降费用和降本增效的努力。此外，公司业务结构 调整也取得了显著成效，出口业务占销售收入比例达到 72%，实现 74 亿元的 收入。非洲大区的销售规模超过 20 亿元，欧洲大区销售收入翻倍，海外收入 结构不断优化，不再依赖俄罗斯市场。 山推股份在产品线和业务结构方面有哪些重要调整？ 2024 年，公司进行了多元化业务结构调整。挖掘机成为第二大收入来源，实 现 30 亿元的收入，而推土机实现近 40 亿元的收入。其他如压路机、平地机、 • 2025 年推土机预算目标约占收入 35%，推土机与挖掘机各占国内总收入 一半。挖掘机计划销售过万台，国内外各一半，收入目标突破增长 10 亿 元，实现 30%以上增速。装载机预计保守增长至 15 亿左右，增速约为 20%。 • 山推股份计划一年进行两次分红，即年度分红和中期分红。2024 年中期 分红为每股 0.3 元，2025 年年度分红为每股 0.9 ...

发布时间：2025-04-24 证券研究报告：机械设备|公司点评报告 股票投资评级 买入 |首次覆盖 个股表现 2024-04 2024-07 2024-09 2024-11 2025-02 2025-04 -19% -14% -9% -4% 1% 6% 11% 16% 21% 26% 31% 山推股份 机械设备 资料来源：聚源，中邮证券研究所 公司基本情况 | 最新收盘价（元） | 9.38 | | --- | --- | | 总股本/流通股本（亿股）15.00 | / 13.15 | | 总市值/流通市值（亿元）141 | / 123 | | 52 周内最高/最低价 | 10.79 / 6.47 | | 资产负债率(%) | 69.7% | | 市盈率 | 12.77 | | 第一大股东 | 山东重工集团有限公司 | 研究所 分析师:刘卓 SAC 登记编号:S1340522110001 Email:liuzhuo@cnpsec.com 分析师:陈基赟 SAC 登记编号:S1340524070003 Email:chenjiyun@cnpsec.com 山推股份(000680) 业绩快速增长，集团协同优势明 ...