研報掘金丨國信證券:維持徐工機械“優於大市”評級,有望充分受益工程機械復甦
國信證券研報指出,徐工機械(000425.SZ)2024年收入同比下降1.28%,歸母淨利潤同比增長12.20%。2025Q1歸母淨利潤20.22億元,同比增長26.37%。海外業務佔比提升帶動公司盈利能力改善。分產品看,2024年公司土方機械、樁工機械、混凝土機械呈增長態勢,營收分別爲240.11/50.23/63.62億元,同比增長6.43%/45.21%/8.55%;混凝土機械、起重機械、高空作業機械收入有所下滑,2024年營收分別爲94.08/188.98/86.78億元,同比下架9.76%/10.80%/2.31%。2024年受益農田水利建設、工程機械更新迭代週期到來,挖掘機等土方產品率先復甦,2025年隨着挖機到非挖復甦擴散,公司業務有望持續增長。公司系國內工程機械龍頭,產品齊全,有望充分受益工程機械復甦,維持“優於大市”評級。
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