Investment Rating - The report maintains a "Buy" rating for the company [4]. Core Views - The company reported its 2023 annual results, which met expectations, with traditional business segments showing stable quality improvements and rapid growth in emerging businesses. The outlook for the company's performance is positive [3]. - In 2023, the company achieved revenue of 47.08 billion RMB, an increase of 13.1%, and a net profit of 3.51 billion RMB, up 52.0%. The gross profit margin was 27.5%, an increase of 5.7 percentage points, and the net profit margin was 8.0%, up 2.3 percentage points [3]. - The company plans to distribute a cash dividend of 3.20 RMB per 10 shares (including tax), totaling over 2.7 billion RMB, with a dividend payout ratio of approximately 80% and a dividend yield of 3.99% [3]. - All major segments of the engineering machinery business achieved positive growth, with significant success in expanding overseas markets. The company has established over 350 secondary outlets globally and has product coverage in over 140 countries/regions, with market share rapidly increasing in countries like Saudi Arabia, Malaysia, Vietnam, and Kenya [3]. - The report is optimistic about the recovery of the domestic market in 2024, supported by various policy measures, including the issuance of a trillion RMB in government bonds and the acceleration of key projects in the real estate sector [3]. Financial Summary - Revenue (million RMB): 2023 - 47,075 (+13.08% YoY) [2] - Net Profit (million RMB): 2023 - 3,506 (+52.04% YoY) [2] - Gross Profit Margin: 2023 - 27.5% (+5.7 percentage points YoY) [3] - Net Profit Margin: 2023 - 8.0% (+2.3 percentage points YoY) [3] - PE Ratio: 2023 - 11.28 [2] - PB Ratio: 2023 - 0.75 [2]

Investment Rating - The report maintains a "Buy" rating for the company [7]. Core Views - The company reported a revenue of 47.075 billion yuan for 2023, a year-on-year increase of 13.08%, and a net profit attributable to shareholders of 3.506 billion yuan, up 52.04% year-on-year [7]. - The growth in overseas revenue is strong, with a year-on-year increase of 79.20%, while domestic revenue decreased by 7.81% [7]. - The gross margin for 2023 was 27.54%, an increase of 5.71 percentage points year-on-year, indicating improved profitability across product lines [7]. Summary by Sections Financial Performance - The company achieved total revenue of 47,075 million yuan in 2023, with a gross profit margin of 27.54% [8][9]. - The net profit attributable to shareholders was 3,506 million yuan, reflecting a significant year-on-year growth of 52.04% [8][9]. - The company forecasts net profits of 4.451 billion yuan, 5.835 billion yuan, and 7.148 billion yuan for 2024, 2025, and 2026 respectively [8]. Product Line Performance - The engineering machinery segment generated revenue of 44.486 billion yuan, a 14.09% increase year-on-year, with notable growth in earthmoving machinery, which saw an 89.32% increase [7]. - The gross margins for various product lines improved, with the highest margin observed in the lifting machinery segment at 31.04%, up 8.13 percentage points [7]. Market Position and Growth Potential - The company maintains a leading market position in traditional sectors such as concrete machinery and lifting machinery, with significant market shares in key product categories [7]. - Emerging business areas, particularly in earthmoving machinery and mining machinery, are experiencing rapid growth, with earthmoving machinery sales doubling in the domestic market [7].

[Table_Header] 公司点评●工程机械 2024年 04月 02 日 [Table_Title] [Table_StockCode] 盈利同比增长 52%，海外和新兴业务亮 中联重科(000157) 眼 [Table_InvestRank] 推荐 (首次) 核心观点： [⚫T able投_S资um事m件ar：y] 公司披露 23 年年报，全年实现营收 470.75 亿元，+13.1%yoy，归 分析师 母净利润 35.06亿元，+52.0%yoy，扣非归母净利润 27.08 亿元，+109.5%yoy。 [鲁Ta佩b le_Authors] 23年毛利率/归母净利率分别达到 27.5%/7.4%，同比分别增加 5.7/1.9pct。 ：021-20257809 ⚫ 传统优势板块增速回暖，新兴板块竞相突破。传统业务：2023 年公司起重 ：lupei_yj@chinastock.com.cn 机械实现收入 192.9 亿元，同比回归正增长（+1.6%yoy），毛利率 31%，同比 分析师登记编码：S0130521060001 提升约 8pct；混凝土机械实现 86亿元，同比增长 1.6%，毛利率 ...

Investment Rating - The report maintains a "Buy" rating for the company [2][8] Core Insights - The company achieved a significant increase in performance in 2023, with total revenue reaching 47.075 billion yuan, a year-on-year growth of 13.08%, and net profit attributable to shareholders rising to 3.506 billion yuan, up 52.04% year-on-year [2][7] - The company's net profit margin improved to 8.01%, an increase of 2.28 percentage points, while the gross profit margin rose to 27.54%, up 5.71 percentage points [2][7] - The engineering machinery segment showed steady growth, with revenue from concrete machinery increasing by 13.1% to 44.486 billion yuan, and crane machinery revenue also growing by 1.6% to 19.290 billion yuan [2][6] - Emerging business segments, particularly earth-moving machinery, saw revenue growth of 89.3% to 6.648 billion yuan, with overseas sales increasing by over 24.2% [2][6] Summary by Sections Financial Performance - In 2023, the company reported total revenue of 47.075 billion yuan, a 13.08% increase from the previous year, and a net profit of 3.506 billion yuan, reflecting a 52.04% increase [2][7] - The company's earnings per share (EPS) for 2023 was 0.40 yuan, with projections for 2024, 2025, and 2026 at 0.56, 0.71, and 0.86 yuan respectively [7][8] Business Segments - The concrete machinery segment maintained its leading market share, while the crane machinery segment also showed positive growth [2][6] - Emerging businesses, particularly in earth-moving machinery and high-altitude work machinery, demonstrated strong growth, with earth-moving machinery revenue increasing significantly [2][6] Overseas Expansion - The company achieved overseas revenue of 17.905 billion yuan in 2023, marking a 79.2% year-on-year increase, with significant market share gains in Turkey and Central Asia [2][6] - The company has established over 30 primary business aviation ports globally, enhancing its international presence [2][6]

Investment Rating - The investment rating for the company is "Buy" with a maintained rating [6] Core Views - The company's 2023 performance met expectations, with revenue of 47.075 billion yuan, a year-on-year increase of 13.08%, and a net profit attributable to shareholders of 3.506 billion yuan, up 52.04% year-on-year [1] - The company is accelerating its overseas business development, achieving a year-on-year revenue growth of 79.2% in foreign markets, which now accounts for 38.04% of total revenue, an increase of 14.04 percentage points year-on-year [3] - The company is enhancing its traditional competitive advantages in concrete machinery and engineering lifting machinery while also making significant progress in emerging businesses such as earthmoving machinery and aerial work machinery [4] Financial Performance - In 2023, the company achieved a gross profit margin of 27.54%, an increase of 5.71 percentage points year-on-year, and a net profit margin of 8.01%, up 2.28 percentage points year-on-year [1] - The revenue breakdown by product for 2023 shows concrete machinery at 8.598 billion yuan, lifting machinery at 19.291 billion yuan, earthmoving machinery at 6.648 billion yuan, aerial work machinery at 5.707 billion yuan, and agricultural machinery at 2.092 billion yuan, with respective year-on-year growth rates [2] - The company has adjusted its profit forecast for 2024-2026, expecting net profits of 4.526 billion yuan, 5.564 billion yuan, and 6.377 billion yuan, respectively, with corresponding P/E ratios of 16.3, 13.3, and 11.6 [4][5] Market Position and Strategy - The company is focusing on a localized development strategy in key foreign markets, enhancing its market share through a digital and localized overseas business model [3] - The company is expanding its product range in earthmoving machinery and has become a leading player in the domestic market for aerial work machinery [4]

2024 年 04 月 01 日 公司研究 评级：买入 (首次覆盖 ) 研究所： [Table_Title] 新业务 海外拓展持续突破，盈利能力显著提升 + 证券分析师： 姚健 S0350522030001 yaoj@ghzq.com.cn ——中联重科（ ） 年报点评 000157 2023 最近一年走势 事件 : 中联重科3月28日发布2023 年度报告：2023年，公司实现营业收入 470.75 亿元，同比增长13.08%；实现归母净利润35.06亿元，同比增 长52.04%；实现扣非归母净利润27.08亿元，同比增长109.51%。拟 10股派发现金红利3.20元（含税），合计分红金额27.77亿元，股利支 付率达79%。 投资要点 : 相对沪深300表现 2024/04/01  业绩符合预期，全球化成果显著 2023年，国内工程机械行业需求下 表现 1M 3M 12M 行，海外市场需求增长，公司实现营业收入/归母净利润470.75/27.08亿 中联重科 6.4% 30.3% 43.3% 元，同比增长13.08%/52.04%，处于业绩预告中值水平；其中海外收入 沪深300 1.6% 4.8% - ...

Investment Rating - The investment rating for the company is "Buy" with initial coverage [4]. Core Views - The company's net profit attributable to shareholders increased significantly by 52.04% year-on-year, driven by new business initiatives and overseas expansion [4]. - The gross margin improved to 27.54%, up by 5.71 percentage points year-on-year, while the net margin reached 8.01%, an increase of 2.28 percentage points [4]. - The company has established over 30 primary business airports and more than 350 secondary outlets globally, achieving comprehensive coverage from regional centers to major cities [3][4]. Financial Performance Summary - The company reported a total revenue of 47,074.85 million yuan in 2023, reflecting a year-on-year growth of 13.08% [5]. - The gross profit margin for 2023 was 27.54%, with a projected increase to 28.00% in 2024 [5][7]. - The net profit attributable to shareholders for 2023 was 3,506.01 million yuan, with expectations of reaching 4,575.30 million yuan in 2024, indicating a growth rate of 30.50% [5][7]. Revenue and Profit Forecast - Revenue projections for 2024 to 2026 are 56,019.08 million yuan, 68,903.46 million yuan, and 86,129.33 million yuan, representing growth rates of 19%, 23%, and 25% respectively [4][5]. - The net profit forecast for the same period is 4,575.30 million yuan, 5,498.20 million yuan, and 6,708.40 million yuan, with growth rates of 30.50%, 20.17%, and 22.01% respectively [4][5].

%% research.95579.com %% 丨证券研究报告丨 公司研究丨点评报告丨中联重科（ ） 000157.SZ [中Ta联b重le_科T：itl多e]元化、全球化凸显α优势，盈利能 力提升显著 报告要点 [公Ta司ble2_3S年um营m收ar、y]归母净利润分别同增13%、52%，较行业α优势凸显。新业务进展顺利，土 方机械收入同比+89.32%，中大挖国内份额同比翻倍增长；高机收入同比+24.16%，跻身国产 龙头之列；矿机、农机也进展明显。国际化持续拓展，23年海外收入同比+79.20%，收入占比 提升14.04pct至38.04%。结构优化推动公司盈利能力提升明显，23年毛利率、净利率分别同 ...

股 票 研 究 [Table_industryInfo] 资本货物/工业 [ Table_Main[中ITnaf 联bol]e 重_Ti科tle]( 000157) [评Tab级le_：Inv est] 增持 上次评级： 增持 业绩符合预期，海外业务高增 目标价格： 9.26 上次预测： 9.26 公 ——中联重科年报点评 当前价格： 8.03 司 徐乔威(分析师) 刘麒硕(研究助理) 2024.03.29 更 021-38676779 0755-23976666 [交Ta易bl数e_M据a rket] 新 xuqiaowei023970@gtjas.co liuqishuo028693@gtjas.com 证书编号 mS0 880521020003 S0880123070153 5 总2 市周 值内 （股 百价 万区 元间 ）（ 元） 6.0 65 9- ,8 6. 82 46 报 告 本报告导读： 总股本/流通A股（百万股） 8,678/7,066 公司作为工程机械龙头企业，制定“质量回报双提升”行动方案彰显公司自身实力、 流通 B股/H股（百万股） 0/1,582 流通股比例 100% 增强投资者信心， ...

3月 29日，公司发布23 年全年年报，23 年全年公司实现营业收 入 470.75 亿元，同比+13.08%；实现归母净利润 35.06 亿元，同 比+52.04%。其中单Q4 实现收入115.61 亿元，同比+5.26%；归母 净利润6.51 亿元，同比+373.72%，符合市场预期。 海外占比提升、降本增效，盈利能力大幅提升。根据公告，23年 公司毛利率、净利率分别达27.54%/8.01%，同比+5.71/2.28pcts， 盈利能力明显提升主要得益于：1）境外收入占比提升、海外盈利 能力强：根据公告，23 年公司海外收入占比达到 38.04%，同比 +14.04pcts。其中 23 年境外市场毛利率达到 32.23%，比国内高出 7.57pcts；海外收入占比提升提振整体毛利率；2）降本顺利：公 人民币(元) 成交金额(百万元) 司通过干混砂浆新材料提升施工质量，降低综合成本。我们看好 9.00 900 公司盈 利能力 保持 高位， 预计 23-25 年公 司毛 利率为 800 8.00 700 27.9%/28.5%/28.7%。 600 7.00 500 产品实现多元化发展，挖机、高机、农机发展 ...