证券研究报告 非金融公司|公司点评|中联重科（000157） Q3 公司经营稳健，盈利能力增强 请务必阅读报告末页的重要声明 glzqdatemark1 2024年11月02日 证券研究报告 |报告要点 2024 年国内工程机械行业逐渐底部回暖，我们看好国内需求持续增长，海外市场仍有增长空 间，我们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 非金融公司|公司点评 glzqdatemark2 2024年11月02日 中联重科(000157) Q3 公司经营稳健，盈利能力增强 | --- | --- | |----------------------------|-------- ...

证 券 研 究 报 告 [ReportFinancialIndex] 中联重科（000157）2024 年三季报点评 强推（维持） Q3 业绩超预期，海外表现亮眼 目标价：8.9 元 当前价：7.13 元 事项： ❖ 公司发布 2024 年第三季度报告，2024 年前三季度实现营收 343.9 亿元，同比 下降 3.2%，归母净利润 31.4 亿元，同比增长 9.9%，扣非归母净利润 21.9 亿 元，同比下降 7.3%。单三季度实现营收 98.5 亿元，同比下降 13.9%，归母净 利润 8.5 亿元，同比增长 4.4%，扣非归母净利润 7.1 亿元，同比增长 5.5%。 评论： ❖ 三季度利润率同比提升，剔除股份支付费用归母净利润同比增长 29.5%。2024 年三季度，国内地产基建开工端尚未明显好转，对应的中大挖、起重机械、混 凝土机械等产品需求相对较弱，受国内行业下滑拖累，收入增速同比转负。低 毛利率产品收入占比下降，叠加公司智慧产业城逐步投产，公司盈利能力稳步 提升，三季度综合毛利率、净利率分别为 28.5%、9.7%，分别同比+1.1pct、 +2.3pct。公司期间费用率同比下降，销售、管理、研 ...

Investment Rating - The report maintains a "Buy" investment rating for the company [4] Core Views - The company has shown resilience in its overseas business, achieving a revenue of 17.644 billion yuan in the first three quarters of 2024, representing a year-on-year increase of 35.42% [2] - The company is actively integrating traditional and emerging industries, with significant growth in new business segments such as earthmoving machinery, aerial work platforms, and agricultural machinery [2][3] - The company's gross profit margin for overseas operations was 32.13% in the first half of 2024, which is 7.5 percentage points higher than the domestic gross profit margin [2] Summary by Sections Financial Performance - For the first three quarters of 2024, the company reported a revenue of 34.386 billion yuan, a decrease of 3.18% year-on-year, while net profit attributable to shareholders was 3.139 billion yuan, an increase of 9.95% year-on-year [2] - The company’s revenue for Q3 2024 was 9.850 billion yuan, down 13.89% year-on-year, but net profit increased by 4.42% to 0.851 billion yuan [2] Emerging Business Growth - The company’s new business segments showed remarkable growth in H1 2024, with revenues of 3.516 billion yuan for earthmoving machinery (up 19.89%), 3.955 billion yuan for aerial work platforms (up 17.75%), and 2.343 billion yuan for agricultural machinery (up 112.51%) [2] - The integration of traditional and emerging industries is expected to enhance the company's profitability [2][3] Global Strategy and Market Expansion - The company is committed to a global strategy, utilizing a direct sales approach that is end-to-end, digital, and localized, which has led to significant achievements in overseas markets [2] - The company’s overseas revenue is expected to continue its rapid growth trajectory, particularly in regions such as the Middle East, Southeast Asia, and Central Asia, which have outperformed the industry [2][3] Profitability and Cash Flow - The company’s gross margin for the first three quarters of 2024 was 28.37%, an increase of 0.61 percentage points year-on-year, while the net profit margin was 10.16%, up 1.54 percentage points year-on-year [3] - Operating cash flow for the first three quarters of 2024 was 1.208 billion yuan, a year-on-year increase of 5.74%, indicating improved cash flow from operations [3]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - Q3 performance exceeded expectations, with a 29.5% year-on-year increase in net profit attributable to shareholders after excluding share-based payment expenses [2] - The company is expected to maintain high growth in revenue and profitability due to the recovery of domestic business and continuous expansion in overseas markets [4] - The company has demonstrated good cost control, with an increase in profitability and quality [3] Financial Performance Summary - For the first three quarters of 2024, the company achieved revenue of 34.39 billion yuan, a year-on-year decrease of 3.2%, and a net profit of 3.14 billion yuan, a year-on-year increase of 9.9% [2] - In Q3 alone, the company reported revenue of 9.85 billion yuan, a year-on-year decrease of 13.9%, and a net profit of 850 million yuan, a year-on-year increase of 4.4% [2] - The gross profit margin for the first three quarters of 2024 was 28.4%, an increase of 0.6 percentage points year-on-year, while the net profit margin was 9.1%, an increase of 1.1 percentage points year-on-year [3] - The company’s operating cash flow for the first three quarters of 2024 increased by 5.74% year-on-year, with a significant growth of 81.57% in Q3 [3] Future Outlook - The domestic market is expected to recover, particularly in the crane and concrete sectors, which have seen significant declines [4] - The company’s overseas business is expanding, with new segments contributing to revenue growth, indicating potential for continued high growth in the future [4] - The profit forecasts for 2024-2026 have been adjusted to 3.904 billion, 5.037 billion, and 6.243 billion yuan respectively, reflecting a decrease from previous estimates [4]

Investment Rating - The report maintains a "Recommend" rating for Zoomlion Heavy Industry Science & Technology Co Ltd (000157 SZ) [1][3] Core Views - Zoomlion's operating quality has steadily improved, with globalization and diversification strategies reducing cyclical impacts [1] - Domestic construction machinery market shows signs of bottoming out, with excavators leading the recovery [1] - The company's overseas revenue reached 12 05 billion yuan in H1 2024, accounting for 49 1% of total revenue, up 11 1 percentage points YoY [1] - Emerging business segments (earthmoving, aerial work platforms, agricultural machinery, mining) contributed 9 815 billion yuan in H1 2024, representing 40% of total revenue [1] Financial Performance - Q1-Q3 2024 revenue reached 34 385 billion yuan, down 3 18% YoY, while net profit attributable to parent company increased 9 95% YoY to 3 139 billion yuan [1] - Gross profit margin improved to 28 37%, up 0 61 percentage points YoY [1] - Net profit margin increased to 10 16%, up 1 54 percentage points YoY [1] - Operating cash flow for Q1-Q3 2024 was 1 208 billion yuan, up 5 78% YoY [1] Market Outlook - Domestic construction machinery demand is stabilizing, supported by trillion-yuan special bond projects and equipment renewal policies [1] - Excavator domestic sales reached 74 000 units in Jan-Sep 2024, up 8 6% YoY, while crane sales declined 35 9% [1] - The industry is expected to gradually recover as equipment renewal cycles approach and infrastructure projects accelerate [1] Strategic Development - The company is implementing a comprehensive globalization strategy covering R&D, manufacturing, supply chain, products, services, and talent [1] - Emerging business segments are showing strong growth, with revenue increasing 32 73% YoY in H1 2024 [1] - The company is enhancing operational efficiency through end-to-end digitalization [1] Financial Forecasts - 2024-2026 net profit is projected to be 3 86 billion, 5 07 billion, and 6 37 billion yuan respectively [1] - 2024-2026 EPS is forecasted at 0 40, 0 45, and 0 58 yuan [4] - 2024-2026 PE ratios are estimated at 16, 12, and 9 times [1][4] Key Financial Indicators - 2024-2026 revenue growth is projected at 13 08%, 2 06%, and 15 14% [4] - Gross margin is expected to remain stable around 28% [4] - ROE is forecasted to increase from 6 22% in 2023 to 9 93% in 2026 [4] - Debt-to-asset ratio is expected to remain around 54% [4]

来源：公司年报、国金证券研究所 中联重科 (000157.SZ) 增持(维持评级) 业绩简评 公司 2024 年 10 月 30 日发布 24 年三季报，实现营业收入 343.86 亿元，同比下滑 3.18%；实现归母净利润 31.39 亿元，同比增长 9.95%。其中 3Q24 实现营业收入 98.50 亿元,同比下滑 13.89%；实 现归母净利润 8.51 亿元,同比增长 4.42%，业绩符合我们预期。 经营分析 海外占比接近 5 成，带动盈利能力持续提升。根据公告，24Q3 公 司毛利率、净利率分别达 28.52%/9.65%，同比+1.06/2.28pcts， 盈利能力明显提升主要得益于境外收入占比提升；根据公告，24H1 公司境外市场 120.48 亿元，同比+43.90%，境外收入占比达到 49.10%，相比 23 年底提升 11.06pcts。其中 24H1 公司境外市场毛 利率达到 32.13%，比国内高出 7.50pcts；海外市场占比持续提升， 为公司盈利能力维持高位提供保障。 产品实现多元化发展，挖机、高机、农机发展迅速。根据公告， 24H1 公司土方机械、高机、农业机械分别实现 35 ...

中联重科股份有限公司 2024 年第三季度报告 证券代码：000157 证券简称：中联重科 公告编号：2024－048 号 中联重科股份有限公司 2024 年第三季度报告 2024 年 10 月 1 中联重科股份有限公司 2024 年第三季度报告 中联重科股份有限公司 2024 年第三季度报告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假记载、误 导性陈述或重大遗漏。 重要内容提示： 1.董事会、监事会及董事、监事、高级管理人员保证季度报告的真实、准确、完整，不存在虚假记载、误导性陈述或重 大遗漏，并承担个别和连带的法律责任。 2.公司负责人、主管会计工作负责人及会计机构负责人(会计主管人员)声明：保证季度报告中财务信息的真实、准确、 完整。 3.第三季度报告是否经过审计 □是 否 2 中联重科股份有限公司 2024 年第三季度报告 一、主要财务数据 （一） 主要会计数据和财务指标 公司是否需追溯调整或重述以前年度会计数据 | --- | --- | --- | --- | --- | --- | |--------------|----------------------------- ...

证券代码：000157 证券简称：中联重科 公告编号：2024-049 号 中联重科股份有限公司 关于聘任高级管理人员的公告 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。 中联重科股份有限公司（以下简称"公司"）于2024年10月30 日召开了第七届董事会2024年度第六次临时会议，审议通过了《关 于聘任高级管理人员的议案》，经公司提名委员会审查，董事会同意 聘任任会礼先生为公司助理总裁，任期至公司第七届董事会任期届 满时止。 任会礼先生不存在《公司法》、《深圳证券交易所股票上市规 则》等法律法规、规范性文件及《公司章程》规定的不得担任高级 管理人员的情形。 上述高级管理人员的简历请见附件。 中联重科股份有限公司 董 事 会 二○二四年十月三十一日 1 附件：简历 任会礼先生：助理总裁，1977年出生。任会礼先生历任本公司中 央研究院技术研究中心主任、中央研究院院长助理，现兼任湖南中联 重科智能高空作业机械有限公司总经理。任会礼先生同时还担任起重 机械关键技术全国重点实验室副主任、中国机械工业标准化技术协会 理事等职务。任会礼先生获评为长沙市高层次人才（省市 ...

监事会对公司 2024 年第三季度报告进行了核实，现发表审核意 见如下： 中联重科股份有限公司监事会 关于公司 2024 年第三季度报告的审核意见 经审核，监事会认为董事会编制和审议公司2024年第三季度报 告的程序符合法律、行政法规及中国证监会的规定，报告内容真实、 准确、完整地反映了上市公司的实际情况，不存在任何虚假记载、误 导性陈述或者重大遗漏。 监事： 颜 梦 玉 熊 焰 明 刘 小 平 中联重科股份有限公司 监 事 会 二○二四年十月三十日 ...

证券代码：000157 证券简称：中联重科 公告编号：2024-047 号 中联重科股份有限公司 第七届董事会 2024 年度第六次临时会议决议公告 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。 1、审议通过了《公司 2024 年第三季度报告》 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 2024 年第三季度报告》于 2024 年 10 月 31 日在巨潮资 讯网披露。（公告编号：2024-048） 2、审议通过了《关于聘任高级管理人员的议案》 根据《公司章程》有关规定、公司实际需要及公司首席执行官的 1 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 2024 年度第六次临时会议（以下简称"本次会议"）通知已于 2024 年 10 月 21 日以电子邮件方式向全体董事发出。 2、本次会议于 2024 年 10 月 30 日以通讯表决的方式召开。 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 ...