上海市方达（北京）律师事务所 关于中联重科股份有限公司 FANGDA PARTNERS http://www.fangdalaw.com 中国北京市朝阳区光华路 1 号 电子邮件 E-mail: email@fangdalaw.com 北京嘉里中心北楼 27 层 电 话 Tel.: 86-10-5769-5600 邮政编码：100020 传 真 Fax: 86-10-5769-5788 27/F, North Tower, Beijing Kerry Centre 1 Guanghua Road, Chaoyang District Beijing 100020, PRC 2024 年度第二次临时股东大会、A 股类别股东大会和 H 股类别股东 大会的法律意见书 致：中联重科股份有限公司 上海市方达（北京）律师事务所（以下简称"本所"）是具有中华人民共和国 境内法律执业资格的律师事务所。根据相关法律顾问协议，本所指派律师出席中 联重科股份有限公司（以下简称"公司"）2024 年度第二次临时股东大会、A 股类 别股东大会和 H 股类别股东大会（以下简称"本次股东大会"），并就本次股东大 会的召集和召开程序、参与表 ...

证券代码：000157 证券简称：中联重科 公告编号：2024－051 号 中联重科股份有限公司 关于回购部分 H 股股份债权人通知的公告 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。 债权人为自然人的，需同时携带有效身份证的原件及复印件；委 托他人申报的，除上述文件外，还需携带授权委托书和代理人有效身 份证件的原件及复印件。 二、债权申报具体方式 债权人可采用信函或电子邮件的方式申报，具体方式如下： 1、申报时间：2024年11月12日起45日内，工作日9:30-11:30； 14: 00-16:00 中联重科股份有限公司（以下简称"公司"）于2024年11月11 日召开的公司2024年度第二次临时股东大会、A股类别股东大会及H 股类别股东大会审议通过了《关于回购公司部分H股一般性授权的议 案》。股东大会授权公司董事会于有效期内在不超过公司已发行H股 股份总数10%的限额内回购，即回购限额为158,196,454股H股；回购 当日的回购价格不高于之前五个交易日在香港联交所的平均收市价 105%。详见公司于2024年11月12日披露的《2024年度第二次临时 ...

[Table_StockNameRptType] 中联重科（000157） 公司点评 | --- | --- | |---------------------------------------|-----------| | | | | [Table_Rank] 投资评级：买入（维持） | | | 报告日期： 2024-11-08 | | | 570 收盘价（元） | 7.43 | | 近 12 个月最高/最低（元） | 9.08/5.72 | | 总股本（百万股） | 8677.99 | | 流通股本（百万股） | 7070.51 | | 流通股比例（%） | 81.48% | | 总市值（亿元） | 644.77 | | 流通市值（亿元） | 525.34 | [公司价格与沪深 Table_Chart] 300 走势比较 -20% -10% 0% 10% 20% 30% 40% 50% 中联重科 沪深300 [分析师：张帆 Table_Author] 执业证书号：S0010522070003 邮箱：zhangfan@hazq.com [Table_Report] 相关报告 1.《国际化成果显著，新兴业务高 ...

Investment Rating - The report maintains a "Recommended" rating for the company [5] Core Views - The company's overall performance is stable with improved profitability, achieving a revenue of 34.386 billion yuan for the first three quarters of 2024, a year-on-year decrease of 3.18%, while the net profit attributable to shareholders reached 3.139 billion yuan, an increase of 9.95% year-on-year [1][3] - The company has seen rapid growth in overseas revenue, with foreign income reaching 17.644 billion yuan, a year-on-year increase of 35.42%, and overseas revenue accounting for 51.31% of total revenue, up 14.62 percentage points from the same period last year [2] - The company is expanding its new business segments, particularly in agricultural machinery and mining machinery, with significant market share gains in key domestic agricultural regions [2] Financial Performance Summary - For the first three quarters of 2024, the company achieved a gross profit margin of 28.37%, an increase of 0.62 percentage points year-on-year, with the third quarter gross profit margin at 28.52% [1] - The company’s net profit for the third quarter was 0.851 billion yuan, a year-on-year increase of 4.42%, with a net profit margin of 8.64%, up 1.51 percentage points year-on-year [1] - The company’s financial forecasts indicate a projected net profit of 3.93 billion yuan for 2024, with a PE ratio of 15.9 [4][3]

Group 1: Company Overview - Zhonglian Heavy Industry was founded in 1992 and primarily engages in the research and manufacturing of high-tech equipment, including construction machinery [2] - The company went public in 2000 on the Shenzhen Stock Exchange and later listed H shares in 2010, becoming an A+H share company [3] Group 2: Revenue Structure - Prior to 2020, the majority of revenue came from domestic markets, primarily from cranes and concrete machinery, which were highly cyclical [3] - Since 2020, the overseas revenue share has rapidly increased, with a domestic to overseas revenue ratio of 6:4 in the first half of 2023, and approaching 5:5 in the first three quarters of 2024 [3] - Traditional construction machinery now accounts for approximately 50% of total revenue, down from 80%, with the remaining 50% coming from emerging sectors such as earthmoving, high-altitude, mining, and agricultural machinery [3] Group 3: Global Expansion - The company has established a global manufacturing and sales network, covering over 140 countries and regions [4] - It has set up subsidiaries and offices along the "Belt and Road" initiative, enhancing its local operations in countries like Italy, Germany, Mexico, Brazil, Turkey, and India [4] - Overseas revenue has exceeded 50%, with a continuous four-year growth trend [5] Group 4: Financial Performance - In the first three quarters of 2024, overseas revenue reached 17.6 billion RMB, accounting for 51% of total revenue, with a year-on-year growth of 35% [6] - The company has invested nearly 12 billion RMB in R&D over the past three years, with an R&D intensity of about 8% [6] - The cumulative cash dividends since 2000 amount to approximately 26.3 billion RMB, with a historical overall dividend rate of about 45% and a recent three-year dividend rate of 68% [7] Group 5: Future Outlook - The domestic construction machinery market is expected to stabilize and gradually recover by 2025, supported by equipment renewal demands and government policies [8] - The company aims to enhance its overseas market share through a diversified product structure and a robust direct sales system [8]

编号：2024-08 证券代码：000157/1157 证券简称：中联重科 中联重科投资者关系记录表 | --- | --- | --- | |----------------|---------------------------------|------------------------------------------| | | □特定对象调研 □分析师会议 | | | | □媒体采访 √业绩说明会 | | | 投资者关系活动 | □新闻发布会 | □路演活动 | | 类别 | □现场参观 | | | | □其他（请文字说明其他活动内容） | | | | | 易方达基金、华夏基金、嘉实基金、富国基 | | | | 金、广发基金、华泰柏瑞、鹏华基金、银华基 | | | | 金、中银基金、景顺长城、南方基金、兴全基 | | | | 金、平安基金、工银瑞信、招商基金、国海富 | | | | 兰克林、长城基金、长盛基金、创金合信、泉 | | | | 果基金、圆信永丰、人保资产、中国人寿、平 | | | | 安人寿、泰康资产、众安保险、阳光资产、东 | | 活动参与人员 | | 吴人寿、友邦人寿、基石资本、碧 ...

2024 年 11月 04 日 中联重科(000157. SZ) 收入阶段性承压,盈利能力稳步提升 目事件:中联重科发布 2024年三季报，1-9月,公司实现营业收 入 343.86 亿元,同比-3.18%,实现归母净利润 31.39 亿元,同比 +9.95%; 单 Q3, 公司实现营业收入 98.50 亿元, 同比-13.89%, 实现归母净利润 8.51 亿元，同比+4. 42%。 目内销结构分化特点突出,海外业务发力明显。根据工程机械工 业协会,2024年1-9月,挖机、起重机内销分别同比+8.62%、- 22.58%，出口分别同比-9.04%，+10.78%。结构分化背景下，公司 海外业务收入 176.44 亿元,同比增长 35.42%,大幅跑赢行业, 占收入比重 51%,同比提升约 15pct,我们判断,公司收入承压主 要系起重机、混凝土等非土方机械内需低迷所致。展望未来，海 外业务方面，新兴市场逐步复苏，公司外销有望保持稳定增长； 国内业务方面,Q4 及 2025年政策驱动基建预期向好,起重、混 凝土板块可能边际恢复,从而助推公司业绩持续改善。 目内控降本持续深化,盈利能力稳步提升。根据 Wind ...

主持人 大家好 我是中联重科的董事会秘书陶兆波欢迎大家来参加中联重科2024年三级报的业绩说明会我们现在在现场的还有我们公司的联席总裁王永祥先生以及我们公司的CFO杜一刚女士 首先感谢大家长期以来对公司的关注与支持我们今天这个会议会分为两个部分第一部分是由我这边先来给大家介绍一下公司三季度的经营和业绩的情况然后我们再来进入一个问答的环节我会分经营和财务两个部分来进行介绍 先说经营情况的总体业绩吧2024年以来公司的收入去结构和产品结构是在持续优化的境外收入的占比已经超过了51%新兴产业占比已经超过了50%同时与房地产关联度明显比较高的板块在国内收入的占比已经低于13%了公司的经营质量也是进一步优化 应收场口存货经营性现金流数额等核心指标都是在进一步优化那公司的前三季度的规模净利润是31.39亿元同比增长9.95%其中单三季度规模净利润8.51亿元同比增长4.42%那在剔除股份支付的影响之后呢公司的规模净利润 和扣非贵母金利润前三季度同比增长的分别是29.98%和17.14%那单三季度同比分别呢是增长了29.53%和35.92%那第二呢我们是一直都在坚定的推进全球化的战略公司当下呢是全面加速海外转型海外业务呢已 ...

Investment Rating - The report maintains a "Buy" rating for the company [4][16]. Core Views - The company has shown significant improvement in profitability, with emerging businesses and overseas markets driving growth. In the first three quarters of 2024, the company achieved a revenue of 34.386 billion yuan, a year-on-year decrease of 3.18%, while the net profit attributable to shareholders increased by 9.95% to 3.139 billion yuan [1][2]. - The company maintains a solid position in its core industries, particularly in concrete machinery and construction lifting machinery, with a leading global sales scale in construction lifting machinery [2]. - Emerging businesses, including mining machinery and emergency equipment, have seen rapid growth, with sales increasing by over 54% year-on-year in the first half of the year [2]. Financial Performance Summary - For the first three quarters of 2024, the gross profit margin was 28.37%, an increase of 0.6 percentage points year-on-year, and the net profit margin was 9.13%, up by 1.09 percentage points [1]. - The company expects net profits for 2024, 2025, and 2026 to be 4.5 billion yuan, 6 billion yuan, and 7.4 billion yuan, respectively, with growth rates of 30%, 32%, and 24% [2][3]. - The company's financial metrics indicate a positive trend, with the latest diluted EPS projected to be 0.52 yuan in 2024 and 0.69 yuan in 2025 [3][11]. Market Position and Growth Potential - The company has a strong foothold in the domestic market and is expanding its presence in overseas markets, with significant growth potential. The global market for construction machinery is projected to grow, with the company aiming to increase its market share in regions like Turkey, Central Asia, and Southeast Asia [2]. - The report highlights that the domestic market is expected to rebound, and the company's strong performance in international markets positions it well for future growth [2].

公司报告 | 季报点评 | --- | --- | --- | |--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|-----------------------------------------------------------------------|------------------------------------------------------------| | 中联重科（ 000157 ） | | 证券研究报告 20 ...