On October 17th, Zheshang Securities research reports pointed out that XCMG Construction Machinery (000425.SZ) is the leading construction machinery company in China, with the benefits of mixed ownership reform becoming apparent, global competitiveness increasing, and value expected to be reassessed. According to the latest Yellow Table rankings in 2024, XCMG Group has a global market share of 5.3%, ranking fourth globally and maintaining the top spot in China. The company's ROE has been among the top in the industry in recent years, with the average ROE in 2024H1 reaching 6.4%, higher than Guangxi Liugong Machinery at 5.8%, Sany Heavy Industry at 5.2%, and Zoomlion at 4.1%. Profitability continues to improve, with the sales net margin increasing from 4.5% in 2022 to 7.5% in 2024H1. Along with the deepening of state-owned enterprise reform driving operational vitality, it is expected that there is still significant room for improvement in asset quality and profitability. Maintaining a "buy" rating.