April 29，XCMG Releases 2023 Annual Report and 2024 Quarterly Report，Handed in an excellent answer sheet leading the industry.。Operating income、Net profit and other major indicators continue to lead the industry，Annual dividend to be increased by 20 percent%。

It is worth noting that，After XCMG released its financial report，Soon, more than 10 securities firms quickly released research reports.，All issued“Buy”Or“Increase in holdings”Rating，Let's take a look.。

China Merchants SecuritiesXCMG(000425)：Performance in 23 years in line with expected exports、New businesses are in the ascendant
China Merchants Securities said in the research report.，XCMG is the leader of construction machinery.，The logic of going to sea is smooth+Domestic inflection point is approaching，The certainty of performance increase is strong.。The current dynamic valuation has been in the bottom area.。We continue to maintain“Highly recommended”Rating！

Soochow Securities

XCMG(000425)：Mixed Reform Promotes Release of Performance Flexibility, Dividend Repurchase Shows Confidence

Soochow Securities pointed out，XCMG's performance meets market expectations，High Machine、Mining machines and other emerging plate performance bright.；Domestic construction machinery has global competitiveness，With the accelerated expansion of overseas markets，Optimistic about the long logic of construction machinery going to sea；Mixed Reform Promotes Release of Performance Flexibility，Profitability trend improvement；Pay attention to investor returns，Dividend repurchase shows confidence。

Zheshang SecuritiesXCMG(000425)Net profit after deducting non-attributable profits in the first quarter increased by 12 percent%， Exit 、The emerging industry sector continued to grow.

Zheshang Machinery Team Research Report pointed out，The market share of XCMG's core products continued to increase.，Mining machine、High Machine、The income of strategic emerging industries such as agricultural machinery grew rapidly.，The income of strategic emerging industries increased by nearly 30 percent%，The contribution is over 20%。Revenue from new energy has doubled for two consecutive years，The contribution is nearly 10%。

With the gradual release of XCMG's business vitality，Look forward to the company's potential dividend ratio and long-term profitability improvement

CITIC Construction InvestmentXugong Machinery 000425)Construction Machinery Series Report：Improved profitability+Asset quality improvement，Reflect the effect of state-owned enterprise reform
CITIC Construction Investment Research Report pointed out.，XCMG's revenue in 2023 was flat year-on-year.、Leading scale industry benefits from structural improvement and the promotion of state-owned enterprise reform.，Double-digit growth in net profit，Improved profitability。In addition，The company's asset quality has been improved.，On-balance sheet and off-balance sheet risk exposure and inventory realization pressure drop。2024，The general trend of profit margin improvement and asset quality improvement remains unchanged.，The performance flexibility brought by the follow-up reform of state-owned enterprises is worth looking forward to.。

GF SecuritiesXCMG(000425)：Performance in line with expectations, continue to effectively develop overseas markets

Guangfa Securities said in the research report.，XCMG's performance is in line with expectations，Improved profit margins；The overseas market has achieved remarkable results，In 23 years, the company's overseas revenue accounted for 44%，The proportion of overseas revenue has reached a record high.，Rapid growth of emerging sectors，Further optimization of income structure；As the leader of construction machinery，The company's products go to sea to open up growth space。

Research reports of major securities firms

Through the industry cycle2023 XCMGRevenue and profit continue to maintain the domestic industry.“Double first”
Operating income、Net profit and other major indicators continue to lead.
First quarter of 2024Revenue and profit continue to lead the domestic industry.

Future

XCMG will live up to expectations

The ability to continuously improve shareholder returns