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研報掘金丨長江證券:維持徐工機械“買入”評級,行業上行趨勢明確
格隆匯 05-07 15:36
長江證券研報指出,徐工機械(000425.SZ)24年實現歸母淨利潤59.76億元,同比+12.20%;25Q1實現歸母淨利潤20.22億元,同比+26.37%。受益挖機內銷超預期及非挖修復,25Q1公司境內業務收入或有所回暖。25Q1來看,我國挖機行業內銷量同比+38%,實現超預期增長,公司挖機業務收入增長或有所提速;同時,內銷從挖機向非挖由點到面修復,如25Q1 我國履帶起重機、隨車起重機行業內銷量已實現同比轉正,預計公司Q1國內起重機械、混凝土機械業務收入相比24年有所改善。展望後續,國內工程機械行業有望從挖機向非挖設備陸續修復,行業上行趨勢明確,公司內銷收入有望持續回暖;公司海外佈局拓展全面,份額提升趨勢不變。同時,公司礦山機械等新興板塊有望持續貢獻新增長極。維持“買入”評級。
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