Zhejiang Merchants Securities: Maintains a "buy" rating on Shantui shares, and the future equity incentives or employee shareholding plan is promising.

Zhejiang Merchants Securities Research Report pointed out that Shantui shares implemented share buybacks for the first time, and the future equity incentive or employee stock ownership plan can be expected. Bulldozers are moving towards the global market, excavators are opening up space, and the development potential of mining machinery is huge. 2) 2025 operating targets: operating income of 15.7 billion yuan, with an estimated year-on-year growth of 10%, of which overseas income is 9 billion yuan, with an estimated year-on-year growth of 21%. In terms of excavators, relying on the bulldozer channels and the platform and supply chain advantages of Shandong Heavy Industry Group, it is expected to rise rapidly. In addition, the company plans to issue H-shares. With the company's overseas gross profit ratio reaching 71% in 2024 and the advancement of globalization strategy, the closing price on June 4 corresponds to a PE of 10, 8, 7 times, lower than the industry average. The "buy" rating is maintained.