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研報掘金丨東吳證券:柳工業績增長超市場預期,維持“買入”評級
格隆匯 07-14 14:34

東吳證券研報指出,柳工2025H1歸母淨利潤同比增長20%~30%,業績增長超市場預期。國內市場方面,受益於穩經濟政策持續加力,以及產品更新換代需求釋放和新能源進程加快,土方機械行業呈現加速回暖態勢,公司主導的裝載機、挖掘機及路面機械等產品實現較快增長。國際市場方面,公司積極推動“全面解決方案、全面智能化、全面國際化”戰略高質量落地,收入及利潤實現穩健增長。展望全年,內需反轉向上,出口持續復甦,認為公司全年346億元收入&提升1pct淨利率業績確定性較強。展望後續,全球進入降息週期,寬鬆背景下全球投資情緒有望升温,帶動工程機械需求持續增長。另外,公司混改充分釋放成長活力,股份回購增持彰顯長期發展信心。工程機械內銷韌性足,海外新興市場景氣度較高,維持“買入”評級。

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