3、公司董事詹纯新先生、贺柳先生、王贤平先生、张成虎先生、 黄国滨先生、吴宝海先生、黄珺女士以通讯方式对会议议案进行了表 决。 4、本次会议的召开符合《公司法》及《公司章程》的有关规定。 二、董事会会议审议情况 证券代码：000157 证券简称：中联重科 公告编号：2024－029 号 中联重科股份有限公司 第七届董事会第四次会议决议公告 本公司及董事会全体成员保证信息披露内容的真实、准确、完整，没有 虚假记载、误导性陈述或重大遗漏。 一、董事会会议召开情况 1、中联重科股份有限公司（以下简称"公司"）第七届董事会 第四次会议（以下简称"本次会议"）通知已于 2024 年 8 月 19 日以 电子邮件方式向全体董事发出。 2、本次会议于 2024 年 8 月 29 日以通讯表决的方式召开。 1、审议通过了《公司A股2024年半年度报告及摘要》 审议结果：表决票 7 票，赞成票 7 票，反对票 0 票，弃权票 0 票 《公司 A 股 2024 年半年度报告及摘要》（公告编号：2024-028） 全文于 2024 年 8 月 30 日在巨潮资讯网披露。 2、审议通过了《公司H股2024年中期业绩公告及中期报告》 ...

上市公司 2024 年半年度非经营性资金占用及其他关联资金往来 3 情况汇总表 编制单位：中联重科股份有限公司 单位：人民币万元 非经营性资金占用 资金占用方名 称 占用方与上市 公司的关联关 系 上市公司核 算的会计科 目 2024 年期初 占用资金余额 2024年1-6月占用 累计发生金额（不 含利息） 2024 年 1-6 月占 用资金的利息 （如有） 2024 年 1-6 月偿还累计 发生金额 2024 年半年 度期末占用 资金余额 占用形成 原因 占用性质 现大股东及其附属企业 小计 前大股东及其附属企业 小计 总计 其它关联资金往来 资金往来方名 称 往来方与上市 公司的关联关 系 上市公司核 算的会计科 目 2024 年期初 往来资金余额 2024年1-6月往来 累计发生金额（不 含利息） 2024 年 1-6 月往 来资金的利息 （如有） 2024 年 1-6 月偿还累计 发生金额 2024 年半年 度期末往来 资金余额 往来形成 原因 往来性质 上市公司的子公司及其 附属企业 湖南中联重科 应急装备有限 公司 子公司 其他应收款 274.47 274.47 往来款 非经营性往 来 重庆中联重 ...

重点推荐这家公司截止现在这个时间点是整个的一个业绩包括它的一个估值以及往明年看的一个中期或者长期的一个年性一个成长性其实都是有比较好的这样一个发展的所以我们这个时间点建议各位频道持续关注那么总结一下其实这家公司我觉得主要有几点第一个就是国内它的一个收入结构里其实相比于友商来说其中基于占比相对比较高挖基础一个新兴业务然后其他的话主要就是这些高级啊农机啊这样那些偏多元化的这样一个新兴品类 那么我们其实在这个今年以来的这个数据可以看到一个现象就是集中机的这个数据其实相对还是有点压力我们看到像工程集中机或者塔机这种跟地产墙相关的这样的一些业务其实还是存在压力的但是工程集中机这个板块其实它相比于塔机来说下游有这样的一些风电或者核电这样一些新兴领域所以这些领域的话其实 它相比于这个纯地产相关的这个产品来看我们觉得是有这样的一个率先复苏的这样一个优势的那第二点就是挖机挖机这个板块的话其实公司是从零到一它自身也通过这样一个直销模式来专注这个中大挖这样一个市场那么随着我们觉得国内的这样一些矿山的这样一个需求开始起量的时候我们觉得公司是有望受益这样一个beta的这是国内的一个市场所以其实整个我们觉得对于公司来说今年相比于明年来看 ...

Investment Rating - The report maintains a "Recommend" rating for Zoomlion Heavy Industry Science & Technology Co Ltd (000157) [2][5] Core Views - Zoomlion is a leading comprehensive engineering machinery enterprise in China, with dominant products in cranes, concrete machinery, and aerial work platforms [3] - The company has diversified its product portfolio and accelerated globalization, which helps smooth cyclical fluctuations in revenue [4] - Emerging businesses like aerial work platforms, earthmoving machinery, and agricultural machinery are flourishing, contributing to revenue diversification [4] - Zoomlion has achieved rapid growth in overseas markets, with overseas revenue CAGR of approximately 67% from 2020 to 2023 [4] Business Segments Traditional Businesses - Crane business: Zoomlion ranks 3rd globally in crane manufacturing and 1st in tower crane manufacturing [3] - Concrete machinery: The company is a global leader in concrete machinery, with a strong position in the Chinese market [3] Emerging Businesses - Aerial work platforms: Zoomlion ranks 7th globally in 2022, up from 14th in 2020 [4] - Earthmoving machinery: The company has achieved rapid growth in medium and large excavators [4] - Agricultural machinery: Zoomlion has a comprehensive product portfolio and leads in grain harvesters, balers, and dryers [4] Financial Performance - Revenue is expected to grow from RMB 56.8 billion in 2024 to RMB 81.5 billion in 2026 [5] - Net profit is projected to increase from RMB 4.48 billion in 2024 to RMB 7.28 billion in 2026 [5] - Overseas revenue accounted for 38% of total revenue in 2023, up from 8.6% in 2021 [4] Global Expansion - Zoomlion has adopted a high-start internationalization strategy through acquisitions and overseas factory construction [4] - The company has manufacturing bases in Italy, Germany, India, Brazil, Mexico, and Belarus [4] - Overseas revenue grew from RMB 5.79 billion in 2021 to RMB 17.91 billion in 2023 [4]

各位领导参与者大家下午好我是国军机器的刘奇硕今天我们很荣幸请到了中联重科的安总曹总来参加我们的会议接下来有请我们曹总先给大家介绍一下公司情况谢谢刘总谢谢国军团队各位投资者大家好 我们中研中科呢这几年以来其实发生了比较大的变化主要是几个一个是海外呢运用了端对端本土化数字化的直销的体系那这个体系呢在前几年经过几年的 建设期之后逐渐的也进入了一个收获的阶段了像今年上半年的我们的海外的增速仍然是保持了一个远远超越同行业的一个增速的水平据去年是在前年基础上出口的部分是基本上翻倍的情况之下今年的上半年也是保持了一个比较好的增长这也是由我们 这种端对端直交体系所带来的尤其值得指出的是我们在全球的这种区域的拓展上面在印度、非洲和南美市场是取得了非常大的突破的很多地区都是翻倍的成长以及说我们在西欧和北美市场今年上半年的表现也非常不错 第二点是我们过去几年也是布局了几个新的产业在五年之内基本上从零开始做的两个产业是高空作业机械和挖掘机这两个板块也是带来了我们品位上的扩张今年上半年这两个板块的表现应该也是挺不错的 同时我们上半年一直在做降本增效的工作这个其实也是做两年的降本增效了带来的是我们毛利率的提升也是比较明显的像一季度我们的 ...

证券代码：000157 证券简称：中联重科 公告编号：2024－027 号 2023 年度 A 股权益分派实施公告 本公司及董事会全体成员保证信息披露内容的真实、准确、完整，没有 虚假记载、误导性陈述或重大遗漏。 特别提示： 本次实施的权益分派方案面向持有公司 A 股的全体股东，持有公司 H 股的 股东的权益分派将依据香港联交所相关规定实施。 中联重科股份有限公司 2023 年度权益分派方案已获 2024 年 6 月 28 日召开的公司 2023 年年度股东大会审议通过，现将此次权益 分派事宜公告如下： 一、股东大会审议通过利润分配方案情况 中联重科股份有限公司 1、中联重科股份有限公司（以下简称"公司"、"本公司"）于 2024 年 6 月 28 日召开的 2023 年年度股东大会审议通过的《公司 2023 年度利润分配预案》具体如下： 公司以实施2023年度利润分配时股权登记日的总股本为基数， 向全体股东每10股派发现金红利人民币3.20元（含税），不送红 股，不以公积金转增股本。 如在分配预案披露之日起至实施权益分派股权登记日期间，因 可转债转股、股份回购、股权激励行权、再融资新增股份上市等原 因致使公 ...

证 券 研 究 报 告 中联重科(000157)深度研究报告 强推(首次) 新业务助力塑造新格局,海外持续发力打造 新龙头 混凝土、起重机械行业领先,土方、高空作业机械增长迅速。公司具有悠久的 历史,前身为长沙建设机械研究院,是我国工程机械行业起源地之一,传承国 家级科研院所的技术底蕴和行业使命,拥有 60 余年的技术积淀,曾获得国家 科技进步奖二等奖,成功研制出多项全球领先的工程机械产品。随着"一带一 路"政策推进,公司积极拓展全球化布局,并购海外公司,如英国保路捷、意 大利 CIFA 等,构建了全球化的制造、销售、服务网络,覆盖全球 100 余个国 家和地区。公司为工程机械行业龙头之一,在混凝土机械、起重机械等长期保 持行业领先,土方机械和高空作业机械为新兴业务,是公司业绩主要增长点。 国内市场筑底向上,海外市场陆续打开。国内方面,工程机械经历了接近 3 年 的下行周期调整,目前已基本触底。2024 年前 5 月国内挖机销量达 45746 台, 同比增长 1.8%,实现了转正。预计随着地产政策逐步传导、挖机换新上升周 期逐步到来、地产基建投资的修复,国内工程机械行业有望复苏。从全球角度 看,2016 年以 ...

Summary of Conference Call Company/Industry Involved - The conference call was conducted by Zheshang Securities Research Institute, targeting institutional investors and invited third-party guests [1] Core Points and Arguments - The content of the call represents personal opinions and does not constitute specific investment advice regarding securities at particular price points or market performance [1] Other Important but Possibly Overlooked Content - The call emphasizes the importance of understanding that the information shared is subjective and should be interpreted with caution [1]

Investment Rating - The investment rating for the company is "Buy" (maintained) [5] Core Views - The company is one of the leading players in the engineering machinery sector in China, with significant growth potential driven by globalization and product category expansion. The effectiveness of its overseas localization strategy is notable, and both performance and valuation are expected to improve, positioning the company among international leaders [3][9]. Summary by Relevant Sections Growth Drivers - The company's overseas revenue has shown a compound annual growth rate (CAGR) of 67% from 2020 to 2023, increasing its share from 6% to 38%, with overseas gross profit margin rising from 3% to 45%. In Q1 2024, overseas revenue reached 5.7 billion yuan, a year-on-year increase of 53%, accounting for 48% of total revenue [3]. - Continuous expansion into new product categories is evident, with earthmoving and aerial machinery experiencing rapid growth. In 2023, revenue from earthmoving and aerial machinery accounted for 14% and 12% of total revenue, respectively, with year-on-year growth rates of 89.3% and 24.2% [3]. - The core business remains solid, with concrete and lifting machinery benefiting from both domestic recovery and export growth. The engineering machinery sector is expected to see a recovery driven by equipment replacement cycles, improved domestic demand, and stable exports [3]. Unexpected Logic - Market expectations suggest that domestic demand for engineering machinery remains weak, particularly in real estate. However, the company anticipates that the sector's turning point is approaching, with the domestic replacement cycle likely to commence. For instance, excavator sales in June are projected to be around 16,000 units, reflecting a year-on-year increase of approximately 1.5% [3]. Validation and Catalysts - Key indicators for validation include monthly excavator sales, domestic real estate and infrastructure investment trends, and excavator operating rates. Catalysts for growth include better-than-expected company performance, stabilization in sales of cranes and other products, and favorable policies supporting domestic infrastructure investment [4]. Research Value - The company is expected to benefit from rapid overseas expansion and the release of new products, with traditional segments like concrete and lifting machinery solidifying their market positions. The company’s valuation is currently below the industry average, indicating potential for growth [11][9]. Financial Forecast and Valuation - The company is projected to achieve net profits of 4.53 billion, 6.02 billion, and 7.69 billion yuan for 2024, 2025, and 2026, respectively, with year-on-year growth rates of 29%, 33%, and 28%. The corresponding price-to-earnings (P/E) ratios are expected to be 15, 11, and 9 [10][9].

Investment Rating - The report maintains a "Buy" rating for the company [6][9]. Core Views - The company is a leading player in the Chinese engineering machinery sector, with a strong international presence and product diversification. It has shown significant growth in revenue and net profit, with expectations for continued upward trends in the coming years [2][3][19]. - The company's overseas revenue has been growing rapidly, with a compound annual growth rate (CAGR) of 67% from 2020 to 2023, and it is expected to continue to expand its market share internationally [2][3]. - New product categories, particularly in earthmoving and aerial work machinery, are experiencing rapid growth, contributing to the company's overall revenue increase [3][4]. Summary by Sections Company Overview - The company has undergone mixed-ownership reform, enhancing operational vitality and establishing itself as a leader in the engineering machinery industry, covering 18 major categories and entering over 140 countries [2][19]. - In 2023, the company achieved a revenue of 47.075 billion yuan, a year-on-year increase of 13%, and a net profit of 3.506 billion yuan, up 52% from the previous year [2][21]. International Market Expansion - The company's overseas revenue accounted for 48% of total revenue in Q1 2024, with a year-on-year growth of 53% [2][3]. - The company has established over 30 primary business airports and more than 350 secondary outlets globally, supporting its international growth strategy [2]. Product Development and Growth - The company has seen significant growth in its earthmoving and aerial work machinery segments, with revenues increasing by 89.3% and 24.2% respectively in 2023 [3]. - The agricultural machinery segment is also poised for growth, with the domestic market size reaching 397.7 billion yuan in 2023, indicating substantial potential for the company [3]. Financial Projections - The company is projected to achieve revenues of 56.165 billion yuan, 68.926 billion yuan, and 86.164 billion yuan for 2024, 2025, and 2026 respectively, with corresponding net profits of 4.531 billion yuan, 6.020 billion yuan, and 7.694 billion yuan [5][9]. - The expected price-to-earnings (P/E) ratios for the next three years are 14, 11, and 9, indicating a favorable valuation outlook [4][9]. Industry Outlook - The engineering machinery industry is expected to gradually recover, with domestic demand stabilizing and international market share continuing to rise [2][27]. - The report highlights the cyclical nature of the industry, with projections indicating a rebound in excavator sales starting in 2024, driven by infrastructure investments and equipment upgrades [30][35].