The Zheshang Securities Research Report points out that Xugong Machinery is the leading construction machinery company in China. The benefits of mixed reform have been highlighted, global competitiveness has improved, and the value is expected to be revalued. According to the latest 2024 Yellow Table list, XCMG Group has a global market share of 5.3%, ranking fourth in the world, ranking first in China. The company's ROE level has ranked among the highest in the industry in recent years. 2024H1's average ROE is 6.4%, higher than Liugong 5.8%, Sany Heavy Industries 5.2%, and Zoomlion Heavy Industries 4.1%. Profitability continued to increase, and the net sales margin increased from 4.5% in 2022 to 7.5% in 2024H1. As the deepening reform of state-owned enterprises drives the release of operating vitality, it is expected that there is still plenty of room for improvement in asset quality and profitability. Maintain a “buy” rating.

The Zheshang Securities Research Report points out that Xugong Machinery is the leading construction machinery company in China. The benefits of mixed reform have been highlighted, global competitiveness has improved, and the value is expected to be revalued. According to the latest 2024 Yellow Table list, XCMG Group has a global market share of 5.3%, ranking fourth in the world, ranking first in China. The company's ROE level has ranked among the highest in the industry in recent years. 2024H1's average ROE is 6.4%, higher than Liugong 5.8%, Sany Heavy Industries 5.2%, and Zoomlion Heavy Industries 4.1%. Profitability continued to increase, and the net sales margin increased from 4.5% in 2022 to 7.5% in 2024H1. As the deepening reform of state-owned enterprises drives the release of operating vitality, it is expected that there is still plenty of room for improvement in asset quality and profitability. Maintain a “buy” rating.