XCMG Constr Machinery (000425 CH): Buy: Takeaways from company visit

研报英文原文证据摘录

XCMG Constr Machinery (000425 CH): Buy: Takeaways from company visit

29 July 2026

Equity Research Report

XCMG Constr Machinery EquitiesMachinery

(000425 CH)

Buy: Takeaways from company visit China

◆ Overseas electrification of large-ton machinery accelerating, MAINTAIN BUY

supporting export outlook; easier y-o-y FX comparison in 2H

TARGET PRICE (CNY) PREVIOUS TARGET (CNY)

◆ Domestic excavator sales volume growth beats expectation,

12.40 12.40 driven by small-size machines and replacement demand

◆ Maintain Buy, TP unchanged at RMB12.40 SHARE PRICE (CNY) UPSIDE/DOWNSIDE

8.80 +40.9%

We met with Liu Minfang from the Investor Relations team of XCMG on 27 July. We (as of 27 Jul 2026)

have summarised the key takeaways below. MARKET DATA

Market cap (CNYm) 103,059 Free float 60%

Stronger overseas demand for renewable energy machinery amid elevated oil Market cap (USDm) 15,218 BBG 000425 CH

prices. XCMG’s exports continue to deliver solid growth, primarily driven by mining- 3m ADTV (USDm) 194 RIC 000425.SZ

related activities and surging electrification demand. High-growth markets include FINANCIALS AND RATIOS (CNY)

Africa (supported by robust construction of infrastructure, energy, and mining projects), Year to 12/2025a 12/2026e 12/2027e 12/2028e

HSBC QH EPS 0.56 0.76 0.94 1.15

SE Asia (excl. Indonesia), and South America (infrastructure). XCMG is developing HSBC QH EPS prev 0.56 0.76 0.94 1.15

hybrid and electric large-ton mining machinery for customers from SE Asia and Change (%) 0.0 0.0 0.0 0.0

Consensus EPS 0.62 0.73 0.92 1.14

Australia seeking lower operating costs and stricter emissions requirements. We expect PE (x) 15.7 11.6 9.3 7.6

the expanding electric product portfolio to support the 2H export outlook. Management Dividend yield (%) 3.2 4.3 5.4 6.5