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研報掘金丨國金證券:維持徐工機械“買入”評級,目標價11.22元
格隆匯 03-13 14:40

國金證券研報指出,徐工機械(000425.SZ)吸收合併徐工有限後,併入了土方機械、礦業機械等高毛利的產品,整體收入結構得以優化。改革後,公司更加註重毛利率提升、風險敞口壓降,強調高管薪酬市場化考核、股權激勵關聯ROE 和淨利潤。國企改革推動公司盈利能力提升,22-24Q1-Q3公司淨利率提升3.2pcts。公司國內挖掘機市佔率位於行業第二,有望受益於挖掘機內銷進入常態化增長。起重機作為挖掘機後周期品種,內銷有望企穩回暖,公司25年國內收入增速有望轉正。給予公司25年17倍PE,對應目標價11.22元,維持“買入”評級。

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