%% 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 ...

Investment Rating - The report gives a "Buy" rating for the company, marking the first coverage [2][3]. Core Views - The company's profitability has significantly improved, with overseas business accelerating [2]. - In 2023, the company achieved a revenue of 47.075 billion yuan, a year-on-year increase of 13.08%, and a net profit of 3.506 billion yuan, up 52.04% year-on-year [2]. - The gross profit margin for 2023 was 27.54%, with an increase of 5.71 percentage points year-on-year [2]. Summary by Sections Financial Performance - The company reported a net profit of 3.506 billion yuan for 2023, with a non-recurring net profit of 2.708 billion yuan, reflecting a year-on-year growth of 109.51% [2]. - The overseas business gross profit margin reached 32.23%, an increase of 10.21 percentage points year-on-year, while the domestic business gross profit margin was 24.66%, up 2.89 percentage points [2]. Business Segments - The overseas market revenue for 2023 was 17.905 billion yuan, a year-on-year increase of 79.20%, accounting for 38.04% of total revenue, up from 24.00% in 2022 [2]. - The company saw significant growth in earthmoving machinery and aerial work machinery, with earthmoving machinery revenue increasing by 89.3% year-on-year [2]. Market Position - The company maintains a leading market position in concrete machinery and engineering lifting machinery, with a steady increase in product competitiveness [3]. - The report forecasts revenues of 55.550 billion yuan, 65.000 billion yuan, and 74.970 billion yuan for 2024, 2025, and 2026 respectively, with corresponding EPS of 0.54, 0.69, and 0.82 yuan [3].

本报告仅供 Choice 东方财富 使用，请勿传阅。 公司快报 2024 年 03 月 30 日 中 联重科(000157.SZ) 证券研究报告 业绩符合预期，新业务新市场α凸显 工程机械Ⅲ 投资评级 买入-A 事件：公司发布2023年年报，2023年实现营收470.75 亿元， 维持评级 同比+13.08%，实现归母净利润 35.06 亿元，同比+52.04%。业绩 6个月目标价 9.54元 表现符合预期，处于此前业绩预告 33.8-36.2亿范围中值。 股价 (2024-03-29) 8.21元 行业下行筑底阶段，业务结构优势明显，新业务及新市场拉动 交易数据 营收转正：根据中国工程机械工业协会，2023 年两大代表性品类 总市值(百万元) 71,246.32 挖机、汽车起重机行业销量表现显著分化，内销分别-40.8%、- 流通市值(百万元) 58,048.89 17.7%，出口分别-4%、+35.1%，挖机行业更为承压。从公司业务 总股本(百万股) 8,677.99 表现来看，起重机、混凝土主导业务占比高，行业压力相对小， 流通股本(百万股) 7,070.51 出口带动收入转正，新兴潜力业务增长弹性显著 ...

证券研究报告：机械设备 | 公司点评报告 2024年3月29日 股票投资评级 中联重科(000157) 买入|首次覆盖 产品矩阵持续完善，全球化加快推进 个股表现 ⚫ 事件描述 公司发布 2023 年年度报告，全年实现营收 470.75 亿元，同增 中联重科 机械设备 13.08%；实现归母净利润35.06亿元，同增52.04%；实现扣非归母净 34% 27% 利润27.08亿元，同增109.51%。 20% ⚫ 事件点评 13% 6% 土方机械、高空机械、其他机械和产品贡献主要增长。分产品来 -1% -8% 看，起重机械、混凝土机械、土方机械、高空机械、其他机械和产品、 -15% 农业机械、金融服务分别实现营收192.91、85.98、66.48、57.07、 -22% -29% 42.42、20.92、4.97亿元，同比增速分别为1.64%、1.63%、89.32%、 2023-03 2023-06 2023-08 2023-11 2024-01 2024-03 24.16%、23.16%、-2.17%、-0.97%。公司的工程起重机械、建筑起 资料来源：聚源，中邮证券研究所 重机械、混凝土机械三大传统优 ...

Financial Performance - The company's operating revenue for 2023 was CNY 47,074,853,106.11, representing a 13.08% increase compared to CNY 41,631,497,729.32 in 2022[16] - The net profit attributable to shareholders for 2023 was CNY 3,506,011,590.67, a significant increase of 52.04% from CNY 2,306,047,166.93 in the previous year[16] - The net profit attributable to shareholders after deducting non-recurring gains and losses was CNY 2,708,465,645.75, which is a 109.51% increase from CNY 1,292,757,628.93 in 2022[16] - The basic earnings per share for 2023 was CNY 0.43, up 59.26% from CNY 0.27 in 2022[16] - The total assets at the end of 2023 amounted to CNY 130,862,389,408.99, reflecting a 5.92% increase from CNY 123,553,025,612.04 at the end of 2022[16] - The net assets attributable to shareholders at the end of 2023 were CNY 56,407,020,348.19, which is a 3.04% increase from CNY 54,741,097,896.87 at the end of 2022[16] - The company reported a net cash flow from operating activities of CNY 2,712,551,743.37, an increase of 11.87% from CNY 2,424,632,272.28 in 2022[16] Market Expansion and Strategy - The company is expanding its overseas market presence, with export sales maintaining high growth despite domestic market challenges[32] - The company reported a government subsidy of 783.317 million yuan, which positively impacted its financial performance[24] - The company's overseas revenue increased by over 79.2% year-on-year, with significant market share growth in Turkey, Central Asia, and other key markets[43] - The company is focusing on strengthening its supply chain system by increasing strategic procurement efforts and promoting digital transformation within the supply chain[58] - The company is committed to a "global village" strategy for overseas business, enhancing local operations and expanding its overseas research and manufacturing bases to improve global competitiveness[133] Research and Development - The company has accumulated a total of 15,795 patent applications, with 11,482 patents granted, showcasing its strong focus on innovation and technology[75] - The company has launched new products in high-altitude machinery, achieving a 90% penetration rate of electric products and setting a global record with a 51-meter electric product[37] - The company is focusing on key component R&D, achieving breakthroughs in large-tonnage crane axles and gradually realizing self-supply of tractor axles[39] - The company has developed 49 new energy products, including industry-first models such as a 59-meter pure electric pump truck and a 75-ton multifunctional crawler crane[52] - The company has launched a "Quality Return Dual Improvement" action plan to enhance shareholder value and investor confidence, focusing on sustainable high-quality development[143] Risk Management - The company faces risks related to macroeconomic conditions, industry growth uncertainties, and fluctuations in commodity prices, which may impact production costs and overseas investments[4] - The company is enhancing its risk control by implementing an intelligent risk warning platform to proactively identify operational risks and ensure robust business growth[58] - The company has established a risk control system for financial derivative transactions, including monitoring market dynamics and adhering to internal control regulations[111] Corporate Governance and Leadership - The company appointed new independent directors and management team members on June 29, 2023, including Zhang Chenghu, Huang Guobin, and Wu Baohai[162] - The company reported significant leadership changes, with multiple executives, including the CFO and co-presidents, being appointed or reassigned[162] - The company has a diverse board with members having extensive experience in finance, engineering, and management, enhancing its strategic decision-making capabilities[165][168] Future Outlook - The company anticipates a significant recovery in the engineering machinery market due to government policies aimed at stabilizing the real estate sector and promoting infrastructure investment[126] - The company provided a positive outlook for the next fiscal year, projecting a revenue growth of 12% to 15% based on market expansion strategies[185] - The company is actively pursuing mergers and acquisitions to bolster its competitive position in the industry[160] Sustainability and Innovation - The company is committed to the national "dual carbon" strategy, developing a comprehensive green development path and promoting green standards across the industry[150] - The management team emphasized the importance of sustainability initiatives, with a goal to reduce carbon emissions by 20% over the next three years[173] - The company is focusing on the development of new technologies in aerial work machinery, with an investment of 100 million RMB allocated for R&D in 2023[198]

中联重科（000157.SZ）2023年年报点评 深耕“一带一路”，迎来公司发展新机遇 2024年03月29日 ➢ 事件：公司披露《2023 年年度报告》，2023 年实现营收 470.74 亿元 推荐 维持评级 （yoy+13.08%），归母净利润 35.06 亿元（yoy+52.04%），毛利率 27.54% 当前价格： 8.03元 （yoy+5.71pct），净利率8.01%（yoy+2.28pct）；2023Q4实现营收115.61 亿元（yoy+5.26%），归母净利润6.51亿元（yoy+375.18%），毛利率26.89% [Table_Author] （yoy+2.66pct），净利率6.13%（yoy+0.93pct）。 ➢ 新兴业务高速发展，土方、高空、矿山机械表现亮眼。2023 年，面对行业 下行周期，公司实现营业收入 470.74亿元，分业务来，传统产业中在行业下滑 中稳定经营，收入平稳增长：1）起重机械：营收 192.91 亿元，yoy+1.64%， 毛利率31.04%，yoy+8.13pct；2）混凝土机械：营收85.98亿元，yoy+1.63%， 毛利率 22.92%，yoy+1 ...

Financial Performance - In 2023, the company's revenue reached RMB 47.075 billion, an increase of RMB 5.444 billion (13.08%) compared to 2022[3] - The profit attributable to shareholders for 2023 was RMB 3.550 billion, up RMB 1.203 billion (51.26%) from 2022[3] - Basic earnings per share for 2023 were RMB 0.4305, an increase of RMB 0.1525 compared to RMB 0.2780 in 2022[3] - Operating profit for 2023 was RMB 3.835 billion, compared to RMB 2.082 billion in 2022[4] - The company reported a total comprehensive income of RMB 3.916 billion for 2023, compared to RMB 2.262 billion in 2022[7] - The total comprehensive income for the year 2023 was RMB 3,916 million, compared to RMB 2,262 million in 2022, representing an increase of approximately 73%[12] - The company's profit for the year 2023 was RMB 3,550 million, up from RMB 2,347 million in 2022, indicating a growth of about 51%[12] - The total gross profit for the company was RMB 12,966 million in 2023, consistent with the total profit figure, indicating no other income adjustments[26] - The company's net profit for the year increased by 57.25% from RMB 2.426 billion in 2022 to RMB 3.815 billion in 2023[94] Dividends and Share Repurchase - The board proposed a final dividend of RMB 0.32 per share for 2023[3] - The company repurchased ordinary shares worth RMB 1,085 million in 2023, compared to RMB 1,556 million in 2022[12] - Cash dividends paid in 2023 amounted to RMB 2,641 million, a decrease from RMB 2,777 million in 2022[12] - The company declared a cash dividend of RMB 0.32 per share for the fiscal year 2023, totaling approximately RMB 2.777 billion, pending shareholder approval[40] - The company repurchased a total of 164,093,583 A-shares during the reporting period, with a total cost of RMB 1.084 billion[134] Assets and Liabilities - Total assets as of December 31, 2023, amounted to RMB 130.825 billion, up from RMB 123.517 billion in 2022[9] - Current liabilities totaled RMB 49.996 billion in 2023, compared to RMB 48.393 billion in 2022[10] - The company's net assets increased to RMB 59.131 billion in 2023 from RMB 56.939 billion in 2022[10] - The total equity attributable to shareholders as of December 31, 2023, was RMB 56,371 million, up from RMB 54,705 million in 2022[12] - The company's total liabilities increased to RMB 40,513 million in 2023 from RMB 35,259 million in 2022, indicating a growth in financial obligations[71] Research and Development - Research and development expenses increased to RMB 3.441 billion in 2023 from RMB 2.507 billion in 2022[4] - Research and development expenses increased to RMB 3,441 million in 2023 from RMB 2,507 million in 2022, representing a rise of 37.1%[26] - The company aims to enhance its research and innovation capabilities, focusing on developing industry benchmark products in areas such as earthmoving machinery and concrete machinery[128] Market Performance - Revenue from construction machinery in 2023 reached RMB 46,391 million, an increase of 13.5% from RMB 40,943 million in 2022[19] - The revenue from concrete machinery was RMB 8,571 million in 2023, compared to RMB 8,432 million in 2022, showing a slight increase of 1.65%[19] - The revenue from agricultural machinery in 2023 was RMB 2,089 million, slightly down from RMB 2,133 million in 2022[19] - The company maintains a leading market share in the engineering crane machinery sector, with sales of 25-ton and above truck cranes ranking first in the industry[102] - The domestic market share of medium and large excavators has doubled year-on-year, positioning the company among the industry leaders[102] Operational Efficiency - The total employee costs rose to RMB 5,460 million in 2023, compared to RMB 4,538 million in 2022, reflecting an increase of 20.3%[31] - Selling expenses increased by 34.99% from RMB 2.635 billion in 2022 to RMB 3.557 billion in 2023, mainly due to higher costs associated with overseas market sales[91] - General and administrative expenses decreased from RMB 2.400 billion in 2022 to RMB 2.274 billion in 2023, attributed to reduced inventory impairment losses[92] Innovation and Development - The company has launched new products in agricultural machinery, including the first hybrid wheat harvesting machine in the industry, enhancing reliability and operational efficiency[104] - The company has developed 49 new energy products, including industry-first models such as a 59-meter pure electric pump truck and a 75-ton electric crawler crane[113] - The company has been awarded the title of "National Excellent Engineer Team" for its crane machinery innovation team, highlighting its recognized innovation capabilities[111] - The company has filed the highest number of patents in digital technologies such as big data and cloud computing within the industry, reinforcing its leadership in innovation[114] Strategic Focus - The company aims to enhance its competitiveness in the overseas market while focusing on digitalization, intelligence, and green transformation[98] - The company is committed to expanding its overseas business through a "global village" strategy, enhancing local operations and logistics capabilities[125] - The company plans to accelerate the development of traditional and emerging industries, focusing on enhancing competitiveness in concrete machinery and construction lifting machinery[123] Risk Management - The company has strengthened risk control measures, enhancing supply chain, after-sales service, and human resource management to support high-quality development[116] - The company implemented an intelligent risk warning platform to proactively identify operational risks, ensuring comprehensive risk management at the customer and order levels[117]

| 证券代码：000157 | 证券简称：中联重科 | 公告编号：2024－017 | 号 | | --- | --- | --- | --- | | 证券代码：112927 | 中联 01 证券简称：19 | | | 二、担保的主要内容 高机公司将产品以融资租赁结算、分期结算、普通结算方式给第 三方设备租赁公司，由设备租赁公司将该批产品以经营租赁的方式租 赁给指定客户，并约定租赁期满后该指定客户应当续租或购买该批设 1 中联重科股份有限公司 关于批准并授权湖南中联重科智能高空作业机械有限 公司为客户提供担保的公告 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。 根据中联重科股份有限公司（以下简称"公司"）子公司湖南中 联重科智能高空作业机械有限公司（以下简称"高机公司"）经营发 展的需要，为进一步增强终端产品市场竞争力，结合高机公司 2024 年度经营规划，公司拟批准高机公司增加为客户提供担保的业务，对 外担保总额不超过 10 亿元，每笔担保期限为高机公司与设备租赁公 司约定的期限，并授权高机公司管理层代表高机公司签署上述业务相 关合作协议。 一、被担保人基 ...