> 数据图表如何看待4.5 山推股份：大马力推土机出海确定性强2025-5-64.5 山推股份：大马力推土机出海确定性强◆大马力推土机跟随中国矿主出海，拉高盈利能力460hp单价（万元/台）收入（万元）净利率600hp单价（万元/台）收入（万元）净利率900hp单价（万元/台）收入（万元）净利率大型推土机销量（台）大型推土机收入（万元）大型推土机净利润（万元）小型推土机单价（万元/台）收入（万元）净利率小型推土机净利润（万元）20204300120017%6400240021%6680408025%167680172835443010632610%10633yoyyoy202110300300017%12400480021%10680680025%3214600321886.2%41483012445210%1244517.0%202230300900017%324002023563002024E2025E2026E903001103001203001680027000330003600017%7740017%9040017%11040017%120400128003080036000440004800021%186801224025%8034040727821%476803196025%1807956017314126.2%137.9%43453013033810%130344.7%44153013244410%132441.6%21%406802720025%22090200189509.4%38903011670010%11670-11.9%21%606804080025%28021%606804080025%3001178001248002505032.2%41503012450010%124506.7%264005.4%42103012630010%126301.4%数据来源：工程机械行业协会，东吴证券研究所50东吴证券综合其他
