公司快报 2024 年 09 月 09 日 中联重科(000157.SZ) 证券研究报告 工程机械Ⅲ 投资评级 买入-A 维持评级 12 个月目标价 7.44 元 股价 (2024-09-06) 5.95 元 交易数据 总市值(百万元) 51,634.05 流通市值(百万元) 42,069.53 总股本(百万股) 8,677.99 流通股本(百万股) 7,070.51 12 个月价格区间 5.95/9.35 元 业绩稳步增长，"新业务+国际化"持续 贡献发展动能 事件：中联重科发布 2024 年半年报，上半年，公司实现营业收 入 245.35 亿元，同比+1.91%，实现归母净利润 22.88 亿元，同比 +12.15%；单 Q2，公司实现营业收入 127.62 亿元，同比-6.5%， 实现归母净利润 13.72 亿元，同比+11.56%。 内需品类结构化特点突出，"新兴业务+海外市场"驱动收入增 长。根据中国工程机械工业协会，2024 年上半年，挖机行业总销 量 10.32 万台，同比-5.15%，其中内销 5.34 万台，同比+4.66%， 出口 4.98 万台，同比-13.81%；起重机行业（包括汽车、 ...

Investment Rating - The report assigns a "Buy" rating to Zoomlion Heavy Industry Science & Technology Co Ltd (000157) [1][2] Core Views - Zoomlion's H1 2024 results met expectations with steady performance and rapid growth in overseas markets [1] - Overseas revenue grew 43 9% YoY in H1 2024 accounting for 49 1% of total revenue [1] - The company's product structure continues to optimize with emerging sectors like earthmoving machinery and aerial work platforms showing strong growth [1][4] - Digital transformation and smart manufacturing initiatives are driving high-quality development [1] Financial Performance - H1 2024 revenue reached 24 54 billion yuan up 1 9% YoY while net profit attributable to shareholders grew 12 2% to 2 29 billion yuan [1] - Q2 2024 revenue was 12 76 billion yuan down 6 5% YoY but net profit increased 11 6% to 1 37 billion yuan [1] - Overseas business gross margin reached 32 1% in H1 2024 while domestic business gross margin was 24 6% [1] - Operating cash flow reached 8 44 billion yuan in H1 2024 significantly exceeding net profit [1] Business Segments - Earthmoving machinery revenue grew over 19% YoY in H1 2024 reaching 3 52 billion yuan [4] - Concrete machinery revenue declined 7 6% YoY to 4 21 billion yuan in H1 2024 [4] - Crane revenue the largest segment fell 17 7% YoY to 8 27 billion yuan in H1 2024 [4] - Aerial work platform revenue grew over 17% while agricultural machinery revenue surged over 110% in H1 2024 [1] Future Projections - Revenue is projected to grow to 54 1/62 8/73 3 billion yuan in 2024/2025/2026 [2] - Net profit attributable to shareholders is expected to reach 4 33/5 83/7 23 billion yuan in 2024/2025/2026 [2] - EPS is forecasted at 0 50/0 67/0 83 yuan for 2024/2025/2026 [2] - PE ratios are estimated at 12 1/9 0/7 2x for 2024/2025/2026 based on the closing price of 6 02 yuan on September 5 2024 [2] Industry Position - Zoomlion is a leading player in the construction machinery industry with strong product capabilities [4] - The company has maintained high export growth in recent years [4] - Its global presence is expanding with diversified regional sales structure [1] - The company has built 12 smart factories and over 230 smart production lines as of H1 2024 [1]

Investment Rating - The investment rating for the company is "Buy" (maintained) [5] Core Views - The company reported a revenue of 24.535 billion yuan for the first half of 2024, a year-on-year increase of 1.91%, with a net profit attributable to the parent company of 2.288 billion yuan, up 12.15% year-on-year [5][6] - The performance aligns with expectations despite a decline in revenue and net profit in Q2 compared to the previous year [5][6] - The company has seen significant growth in overseas markets, with overseas revenue increasing by 43.90% year-on-year, while domestic revenue decreased by 20.48% [6] Summary by Sections Financial Performance - For the first half of 2024, the company achieved a revenue of 24.535 billion yuan, with a net profit of 2.288 billion yuan [5][6] - The second quarter revenue was 12.762 billion yuan, down 6.50% year-on-year, while net profit was 1.372 billion yuan, up 11.56% year-on-year [5][6] - The company’s gross margin for the first half was 28.31%, an increase of 0.41 percentage points year-on-year [6] Product and Market Performance - The company’s product lines showed varied performance, with agricultural machinery and earth-moving machinery seeing significant growth, while crane and concrete machinery experienced declines [6] - New product launches in the renewable energy sector included 22 new models, contributing to a substantial increase in agricultural machinery sales, which grew over 112% year-on-year [6] Profitability and Forecast - The company has adjusted its profit forecasts for 2024-2026, now expecting net profits of 4.242 billion, 5.394 billion, and 6.686 billion yuan respectively [6][7] - The current stock price corresponds to a price-to-earnings ratio of 13X, 10X, and 8X for 2024-2026, indicating a relatively low valuation compared to peers [6]

2024 年 9 月 3 日 公司研究 新兴潜力业务高速发展，海外市场持续突破 ——中联重科（000157.SZ、1157.HK）2024 年中报点评 要点 业绩稳健增长，盈利能力持续回升 中联重科 2024 年上半年实现营业收入 245.4 亿元，同比增长 1.9%；归母 净利润 22.9 亿元，同比上升 12.2%；每股收益 0.28 元。毛利率 28.3%，同比 上升 0.4 个百分点；净利率 10.4%，同比上升 1.1 个百分点。 新兴业务高速发展，工程机械产品市场地位保持稳固 2024H1 公司工程机械业务营收 219.9 亿元，同比下降 3.3%。传统优势业 务方面，公司对传统优势产品线强化价值销售策略，对于占用资源高、毛利低的 产品进行压缩。混凝土机械营收 42.1 亿元，同比下降 7.6%；起重机械营收 82.7 亿元，同比下降 17.7%。公司 200 吨及以上全地面起重机销量位居行业第一； 25 吨及以上汽车起重机销量位居行业第一；建筑起重机械销售规模稳居全球第 一；混凝土机械长臂架泵车、车载泵、搅拌站市场份额持续稳居行业第一；搅拌 车市场份额保持行业第二。 新兴潜力业务方面，土方机械营 ...

Investment Rating - Maintain "Buy" rating for both A-shares and H-shares [5][6] Core Views - Steady revenue growth with improved profitability: Revenue reached 24.54 billion yuan in H1 2024, up 1.9% YoY, while net profit attributable to shareholders rose 12.2% YoY to 2.29 billion yuan [2] - Emerging businesses show rapid growth: Earthmoving machinery revenue increased 19.9% YoY, aerial work platforms grew 17.8% YoY, and agricultural machinery surged 112.5% YoY [3] - Overseas market expansion continues: International revenue reached 12.05 billion yuan in H1 2024, up 43.9% YoY, with operations in over 140 countries and regions [4] Financial Performance - Gross margin improved to 28.3%, up 0.4 percentage points YoY, while net margin increased to 10.4%, up 1.1 percentage points YoY [2] - EPS for 2024-2026 is forecasted at 0.52/0.66/0.83 yuan, with net profit projections adjusted to 4.51/5.69/7.20 billion yuan [5] - ROE (diluted) is expected to grow from 7.75% in 2024E to 10.97% in 2026E [6] Business Segments - Traditional engineering machinery business declined: Revenue decreased 3.3% YoY to 21.99 billion yuan, with concrete machinery down 7.6% and crane machinery down 17.7% [3] - Strong market positions maintained: Leading market share in multiple product categories including all-terrain cranes, truck cranes, and construction hoists [3] - Emerging businesses gaining traction: Agricultural machinery revenue reached 2.34 billion yuan, with dryer machines ranking first and wheat harvesters second in domestic market share [3] International Expansion - Global presence strengthened: Established industrial parks and production bases in Italy, Germany, Mexico, Brazil, Turkey, and India [4] - Localized operations: Over 3,000 overseas employees and more than 370 secondary service outlets worldwide [4] - Strategic acquisitions leveraged: Utilizing technical advantages from CIFA (Italy), Wilbert (Germany), and other overseas manufacturing bases [4] Valuation Metrics - Current P/E ratios: 12x for A-shares and 7x for H-shares based on 2024E earnings [6] - EV/EBITDA expected to decline from 9.6x in 2024E to 6.4x in 2026E [10] - Dividend yield projected to increase from 4.4% in 2024E to 6.9% in 2026E [10]

Financial Performance - Revenue for the first half of 2024 reached 24.535 billion yuan, a year-on-year increase of 1.91% [6] - Net profit attributable to the parent company was 2.288 billion yuan, up 12.15% year-on-year [6] - Gross profit margin increased by 0.41 percentage points to 28.31% [6] - Net profit margin rose by 0.85 percentage points to 9.33% [6] - Overseas revenue accounted for 49.10% of total revenue, reaching 12.048 billion yuan, a 43.90% increase [2][3] Overseas Expansion - Overseas revenue grew by 43.90% to 12.048 billion yuan, accounting for 49.10% of total revenue [2][3] - The company established over 30 first-level business hubs and 370 second-level outlets globally [11] - Localized manufacturing capacity reached 10 billion yuan, with new factories in Mexico, Turkey, and India [3][11] - Overseas employee localization rate exceeded 80% [3] Product Development - Nearly 300 products passed international certification, with 197 new products launched overseas [3] - R&D investment accounted for 5.32% of revenue, leading the industry [4][5] - 114 domestic-leading and 22 international-leading products were launched, including the 120-ton fully domestically produced electric mining dump truck [5] - Over 900 global patents were applied for, with more than 50% being invention patents [5] Emerging Business Segments - Emerging business segments (earthmoving, aerial work platforms, agricultural machinery, and mining machinery) accounted for over 48% of total revenue, with a year-on-year growth of over 28% [3][4] - Earthmoving machinery revenue reached 3.52 billion yuan, up 19.9% year-on-year [4] - Aerial work platform revenue grew by 17.8% to 3.955 billion yuan [4] - Agricultural machinery revenue surged by 112.51% to 2.343 billion yuan, with gross margin increasing by 5.09 percentage points [4] Cost Optimization - The company achieved significant cost reductions through technical, digital, and commercial optimization [7] - 45 key components were self-produced, reducing costs [7] - Digital supply chain management platforms improved efficiency across the R&D, production, and sales processes [7] Strategic Initiatives - The company is focusing on digitalization, intelligence, green development, and globalization [9] - 88 green projects and 101 intelligent projects were initiated, with 28 and 38 prototypes validated, respectively [5][6] - The company is accelerating the development of new energy products and key component industrialization [9]

Investment Rating - The investment rating for the company is "Buy" (maintained) as of September 2, 2024 [1]. Core Views - The report highlights strong growth in emerging industries and overseas expansion, which significantly enhances profitability [1][2]. - The company achieved a revenue of 24.535 billion yuan in H1 2024, a year-on-year increase of 1.91%, and a net profit attributable to shareholders of 2.288 billion yuan, up 12.15% year-on-year [2][3]. - Despite revenue pressure due to industry adjustments, the company maintained rapid profit growth, with a net profit of 1.37 billion yuan in Q2 2024, reflecting an 11.6% year-on-year increase [3]. Summary by Sections Revenue and Profitability - In H1 2024, the company reported a revenue of 24.535 billion yuan, with a net profit of 2.288 billion yuan, and a non-recurring net profit of 1.48 billion yuan, which decreased by 12.35% year-on-year [2][3]. - The Q2 2024 revenue was 12.76 billion yuan, down 6.5% year-on-year, while the net profit for the same period was 1.37 billion yuan, up 11.6% year-on-year [3]. Product Performance - The company’s product segments showed varied performance: concrete machinery and lifting machinery saw declines of 7.58% and 17.67% respectively, while agricultural machinery grew by 112.51% [3]. Overseas Expansion - The company achieved overseas revenue of 12.05 billion yuan in H1 2024, a year-on-year increase of 43.9%, with overseas revenue accounting for 49.1% of total revenue, up 14.3 percentage points year-on-year [3]. Financial Forecast - The company is expected to achieve revenues of 52.2 billion yuan, 62.5 billion yuan, and 75.7 billion yuan for 2024, 2025, and 2026 respectively, with year-on-year growth rates of 11%, 20%, and 21% [3][6]. - The net profit forecast for the same years is 4.5 billion yuan, 5.7 billion yuan, and 7.1 billion yuan, with growth rates of 28%, 27%, and 25% respectively [3][6].

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company reported a revenue of 24.535 billion yuan in the first half of 2024, an increase of 1.91% year-on-year, with a net profit attributable to shareholders of 2.288 billion yuan, up 12.15% [5] - The company is expanding its overseas market presence, achieving a revenue of 12.048 billion yuan from international operations, which represents a growth of 43.90% and accounts for 49.10% of total revenue [5] - Emerging business segments are accelerating growth, with significant increases in sales across various machinery sectors, including over 19% growth in earthmoving machinery and over 112% in agricultural machinery [5] Financial Performance - The company achieved a gross profit margin of 28.31% and a net profit margin of 10.36% in the first half of 2024, with a weighted average return on equity (ROE) of 3.98% [5] - For the full year projections, the company expects revenues of 56.634 billion yuan in 2024, 66.696 billion yuan in 2025, and 77.785 billion yuan in 2026, with net profits of 4.286 billion yuan, 5.379 billion yuan, and 6.891 billion yuan respectively [6][7] - The diluted earnings per share (EPS) are projected to be 0.49 yuan in 2024, 0.62 yuan in 2025, and 0.79 yuan in 2026, with corresponding price-to-earnings (P/E) ratios of 12, 10, and 8 [6][7] Market Strategy - The company is committed to an international development strategy, enhancing its global competitiveness by diversifying its market presence in regions such as Latin America, Africa, and North America [5] - The establishment of over 30 primary business aviation ports and more than 370 secondary points globally has strengthened the company's international sales structure [5] Emerging Business Growth - The company is focusing on the coordinated development of traditional and emerging business segments, with significant sales growth in high-altitude operation machinery and agricultural machinery [5] - The company has successfully optimized its product offerings in traditional machinery sectors while rapidly expanding its portfolio in emerging sectors [5]

Investment Rating - The report maintains a "Buy" investment rating for the company [6] Core Views - The company has achieved revenue and profit growth through the continuous advancement of its overseas business system, with a significant increase in asset disposal gains contributing to net profit growth [2][5] - The overseas revenue reached 12.048 billion yuan in the first half of 2024, representing a year-on-year increase of 43.90%, accounting for 49.10% of total revenue [3][5] - The company is expected to experience rapid development in its overseas business, supported by a well-established global sales network and manufacturing bases [3] Summary by Sections Financial Performance - In H1 2024, the company reported operating revenue of 24.535 billion yuan, a year-on-year increase of 1.91%, and a net profit attributable to shareholders of 2.288 billion yuan, up 12.15% [2] - The gross profit margin for H1 2024 was 28.31%, an increase of 0.41 percentage points year-on-year, primarily driven by the high-margin overseas business [5] - The company’s net profit for Q2 2024 was 2.257 billion yuan, reflecting an 83.50% increase year-on-year, largely due to asset disposal gains of 636 million yuan [2][5] Business Development - The company has established approximately 400 overseas sales points and nearly 15 overseas bases and factories, enhancing its global direct sales business model [3] - The overseas gross margin was 32.13%, which is 7.5 percentage points higher than the domestic gross margin, indicating the effectiveness of the overseas direct sales system [3] Profit Forecast - The company is projected to achieve revenues of 55.55 billion yuan, 65 billion yuan, and 74.97 billion yuan for 2024, 2025, and 2026 respectively, with corresponding EPS of 0.54 yuan, 0.63 yuan, and 0.76 yuan [6][8]

证券研究报告 非金融公司|公司点评|中联重科（000157） 2024 年半年报点评： 营收小幅增长，海外收入持续高增 glzqdatemark1 证券研究报告 |报告要点 2024H1 国内工程机械行业仍承压，我们仍看好国内设备更新及海外市场需求，看好公司土方 机械及农用机械等产品放量，我们预计公司 2024-2026 年营收分别为 526.62/598.71/683.26 亿元，归母净利润分别为44.75/52.24/62.87亿元，CAGR为21.49%。EPS分别为0.52/0.60/0.72 元/股,考虑到国内工程机械行业景气度有望逐步回暖；多元化产品有望为公司带来海外业务 增量，维持"买入"评级。 |分析师及联系人 田伊依 SAC：S0590524070001 请务必阅读报告末页的重要声明 1 / 5 中联重科(000157) 2024 年半年报点评： 营收小幅增长，海外收入持续高增 事件 股价相对走势 -20% 3% 27% 50% 2023/8 2023/12 2024/4 2024/8 中联重科 沪深300 相关报告 1、《中联重科（000157）：多元化产品及海外 差异化布局构筑核心竞争力 ...