"中联重科是全球工程机械行业的领军企业，我们很高兴与中联重科达成全球战略合作，并已累计交付超过15000 辆梅赛德斯-奔驰卡车底盘。未来，我们将继续以卓越的产品及全球服务网络，支持中联重科为全球终端客户提供 更有效、更可靠的解决方案。"梅赛德斯-奔驰卡车全球CEO彭程表示。 "双方合作的22年以来，中联重科与梅赛德斯-奔驰卡车携手并进，建立了深厚的合作基础。梅赛德斯-奔驰卡车可 靠的底盘技术与全球服务能力，为我们的产品与服务提供了强有力的支持，更好地满足了全球客户需求。"中联 重科联席总裁王永祥分析。 长沙晚报掌上长沙4月11日讯（全媒体记者 周斌）日前，在德国慕尼黑举行的全球工程机械行业盛会（bauma 2025）上，戴姆勒卡车旗下的梅赛德斯-奔驰卡车携手中国工程机械制造领军企业中联重科，于展会期间签署全球 战略合作协议。双方的深化合作一方面有助于提高中联重科产品的品质和品牌形象，另一方面，依托奔驰卡车覆 盖全球的服务网络，中联重科将进一步拓宽海外的销售渠道。 此次签约，梅赛德斯-奔驰卡车与中联重科将在全球范围内深化战略合作，涵盖混凝土泵车、搅拌车、消防车等专 用底盘。据了解，双方自2003年交付首台混凝土 ...

Core Viewpoint - The excavator market is experiencing a recovery in domestic demand and steady growth in exports, with significant year-on-year increases in sales figures for 2025 [2][3][4]. Group 1: Sales Performance - In the first quarter of 2025, major excavator manufacturers sold a total of 61,372 units, representing a year-on-year increase of 22.8%, with domestic sales increasing by 38.3% to 36,562 units [2][3]. - The China Machinery Industry Association reported that the excavator market index (CMI) reached 128.56 in March, reflecting a year-on-year growth of 18.28% and a month-on-month increase of 20.51% [4]. Group 2: Factors Driving Demand - The increase in excavator sales is attributed to several factors, including the replacement of aging equipment, improved funding conditions, and sustained demand from rural areas and infrastructure projects [3][4]. - The real estate sector has shown signs of recovery, with a significant increase in transaction volumes in monitored cities, contributing to the demand for excavators [3]. Group 3: Export Trends - In the first quarter, excavator exports reached 24,810 units, marking a year-on-year growth of 5.49%, with March alone seeing exports of 10,073 units, up 2.87% [5][6]. - The export market remains diversified, with limited exposure to the U.S. market, where the impact of new tariffs is expected to be minimal for major companies [5][6]. Group 4: Tariff Impact and Company Responses - Major companies like XCMG and Zoomlion reported that their revenue from the U.S. market constitutes a very small percentage of total revenue, indicating that the impact of U.S. tariffs will be limited [5][6]. - Companies are proactively expanding their overseas presence and production capabilities to mitigate risks associated with tariffs, with strategic investments in regions like North America and emerging markets [7].

Investment Rating - The investment rating for the company is "Buy" [1] Core Views - The company has shown stable performance in 2024, with a slight revenue decline of 3.4% year-on-year, totaling 45.48 billion yuan, while net profit increased by 0.4% to 3.52 billion yuan [3] - The company's internationalization strategy has been effective, with overseas revenue reaching 23.38 billion yuan, a growth of 30.58%, marking a significant shift as overseas revenue now accounts for 51.4% of total revenue [4] - The company is expected to benefit from a recovery in domestic demand, particularly in non-excavation machinery, and is enhancing its digital applications to improve operational efficiency [4] Financial Performance Summary - In 2024, the company achieved a gross margin of 28.17%, an increase of 0.63 percentage points from the previous year, driven by higher overseas revenue and improved margins in specific product segments [3] - The company forecasts revenue for 2025 and 2026 to be 53.1 billion yuan and 60.37 billion yuan, respectively, with net profit estimates of 5.05 billion yuan and 6.31 billion yuan [5] - Earnings per share (EPS) is projected to rise from 0.58 yuan in 2025 to 0.87 yuan in 2027, reflecting a positive growth trajectory [5] Segment Performance - The high-altitude machinery and agricultural machinery segments performed well in 2024, with revenues of 6.83 billion yuan and 4.65 billion yuan, representing year-on-year growth of 19.7% and 122.3%, respectively [3] - The earthmoving machinery segment remained stable, while the crane and concrete machinery segments faced revenue declines due to weaker domestic demand [3] Valuation and Earnings Forecast - The company’s price-to-earnings (PE) ratios for 2025, 2026, and 2027 are projected to be 12.3, 9.9, and 8.3 times, respectively, indicating an attractive valuation [5] - The company’s return on equity (ROE) is expected to improve from 6.2% in 2024 to 9.9% by 2027, reflecting enhanced profitability [7]

Group 1 - The core theme of the exhibition is "Green Manufacturing, Building a Beautiful World," showcasing over 60 benchmark products across nine categories including construction machinery and smart services [1][3] - The company emphasizes its unique overseas business model that is end-to-end, digitalized, and localized, which has led to increased customer satisfaction and market demand [3] - The exhibition features locally manufactured products tailored to European market standards, including two models of folding boom cranes that meet EN12999 standards and have CE certification [3] Group 2 - The company has introduced the highest telescopic boom lift in Europe, showcasing its technological capabilities and innovation in the high-altitude work platform sector [4] - Seven out of ten earthmoving machinery products displayed are new, incorporating advanced technologies such as 5G remote control and AI-based monitoring systems [4] - The company is expanding its global footprint with 11 R&D and manufacturing bases overseas, over 400 service points, and a workforce of more than 6,300 employees, enhancing its global delivery and response capabilities [4]

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expectation that the stock will outperform the market index by more than 15% in the next six months [4][8]. Core Views - The company's internationalization strategy is expected to enhance profitability, with a significant growth in emerging industries [3][4]. - The company reported a revenue of 454.78 billion yuan in 2024, a year-on-year decrease of 3.39%, while the net profit attributable to shareholders was 35.20 billion yuan, a slight increase of 0.41% [5]. - The overseas revenue reached 233.80 billion yuan in 2024, marking a year-on-year growth of 30.58%, which now constitutes 51.41% of total revenue, up 13.37 percentage points from the previous year [5]. - The company is actively optimizing its industrial structure, with significant growth in new industries such as agricultural machinery, which saw a revenue increase of 122.29% year-on-year [5]. Summary by Sections Financial Performance - In Q4 2024, the company achieved a revenue of 110.92 billion yuan, down 4.05% year-on-year but up 12.61% quarter-on-quarter. The net profit for this quarter was 3.81 billion yuan, a decrease of 41.42% year-on-year and 55.19% quarter-on-quarter [5]. - The gross margin for 2024 was 28.17%, an increase of 0.63 percentage points year-on-year, while the net margin was 8.81%, up 0.80 percentage points [5]. Revenue Breakdown - The company’s revenue from different segments includes: - Lifting machinery: 147.86 billion yuan, down 25.35% year-on-year - Concrete machinery: 80.13 billion yuan, down 6.80% year-on-year - Earth-moving machinery: 66.71 billion yuan, up 0.34% year-on-year - Aerial work machinery: 68.33 billion yuan, up 19.74% year-on-year - Agricultural machinery: 46.50 billion yuan, up 122.29% year-on-year [5]. Earnings Forecast - The earnings per share (EPS) for 2025-2027 are projected to be 0.55 yuan, 0.73 yuan, and 0.84 yuan respectively, with corresponding price-to-earnings (PE) ratios of 12x, 9x, and 8x [4][6].

新华社德国慕尼黑4月7日电（记者车云龙 杜哲宇）2025年德国慕尼黑国际工程机械博览会7日在慕尼黑会展 中心开幕。展会聚焦数字化与可持续发展，展现建筑等行业向绿色高效转型的发展趋势。 展会将持续至13日，吸引来自全球约60个国家和地区超过3500家参展商。主办方表示，今年展会的国际化程 度显著提升，尤其是来自中国等亚洲国家的企业参与度增长强劲。 这是4月7日拍摄的2025年德国慕尼黑国际工程机械博览会现场。新华社记者 杜哲宇 摄 据悉，徐工集团、中联重科、柳工集团、三一重工等近500家中国工程机械企业亮相展会，展示其在绿色低 碳、智能制造等领域最新技术与产品。 据主办方介绍，今年展会围绕气候中和、新能源设备等替代驱动技术、可持续建筑、智能化建筑以及采矿挑战 等主题展开。 慕尼黑国际工程机械博览会是世界上规模最大、国际影响力最强的工程机械、建材机械、矿山机械以及建筑和 工程车辆及设备的专业展览会，每三年定期在慕尼黑举办。 4月7日，在德国慕尼黑，一名参观者在徐工集团展区驻足参观。新华社记者 杜哲宇 摄 这是4月7日拍摄的2025年德国慕尼黑国际工程机械博览会现场。新华社记者 杜哲宇 摄 这是4月7日拍摄的202 ...

香港万得通讯社报道 4月3日有投资者向中联重科提问，请问董秘，你们的产品有销往美国的吗？占比是多少？ 对此， 中联重科 4月7日在投资者互动平台回答称： 1、美国市场占比极低 ： 2024年，美国市场占公司总营收比例低于1%，对整体经营影响极为有限。 2、全球市场均衡布局 ： 公司的业务已覆盖全球170多个国家/地区，收入来源分散、渠道多元，成功构建起 "西方不亮东方亮" 的区域格局。各区域市场能够接续增长，发展态势良好。 3、卓越的全球业务抗风险能力 ： 公司搭建起了极具韧性的全球业务体系，构建了集研发、制造、供应链、销 售和服务于一体的全球化网络 （1）本土化深耕：公司设立了超过400个海外服务网点，形成毛细血管式的服务网络，及时响应客户需求。公 司全球海外本土化员工总人数超过4400人，确保对当地政策、风土人情、交易习惯、市场特点的精准把握，实 现快速决策，高效服务本地客户。 1.挖掘机销量数据 2025年 【1月】 、 【2月】 、 【3月】 2024年 【1月】 、 【2月】 、 【3月】 、 【4月】 、 【5月】 、 【6月】 、 【7月】、 【8月】 、 【9月】 、 【10 月】 、 【11 ...

Summary of Zoomlion Heavy Industry Conference Call Company Overview - **Company**: Zoomlion Heavy Industry (1157 HK/000157 CH) - **Industry**: Machinery and Construction Equipment Key Points and Arguments Financial Performance and Outlook - **Profit Recovery**: Zoomlion's 4Q24 profit miss was attributed to foreign exchange losses and lack of disposal gain recognition. A 30% net profit growth is expected in 1Q25 due to positive domestic sales recovery [1][10] - **Sales Growth**: Domestic sales are projected to grow by 4% in 2025 after consecutive declines since 2021, driven by recovery in construction machinery and steady growth in agricultural and mining machines [2][10] - **Overseas Sales**: Contribution from overseas sales increased to 51% in 2024 from 6% in 2020, with a four-year CAGR of 57%. However, growth is expected to normalize to 15% in 2025 [3][10] Market Dynamics - **Sector Recovery**: The domestic recovery has expanded from excavators to concrete machines since March 2024, with key applications in farmland, water projects, and community renewal [2][10] - **Excavator Sales**: The 2025 domestic excavator sales volume is raised to 118k units (17% growth), with 70% driven by replacement demand [21][10] Profitability and Margins - **Profit Growth**: A 39% net profit growth is estimated for 2025, supported by a higher sales contribution from overseas business (32% gross margin) and reduced stock-based compensation expenses [4][10] - **Sales Contribution**: The company expects 10% sales growth in 2025, with a significant contribution from margin-accretive overseas business [4][10] Investment Recommendations - **Stock Ratings**: Maintain Buy on H-shares and Hold on A-shares, with target prices adjusted to HKD7.40 for H-shares and RMB8.90 for A-shares [5][10] - **Valuation**: H-shares trade below the historical average at 0.7x 2026e PB, indicating attractive valuation [5][10] Risks and Catalysts - **Risks**: Potential risks include weaker-than-expected residential property construction activity, price competition, and export sales moderation [46][10] - **Catalysts**: Anticipated catalysts include a potential profit beat in 1Q25 and better-than-expected machinery sales in 2Q25 [5][10] Additional Important Information - **Market Data**: As of March 31, 2025, the market cap is HKD66,258 million, with a free float of 48% for both H and A shares [7][10] - **Financial Estimates**: Revenue is projected to grow from CNY45,478 million in 2024 to CNY60,477 million by 2027, with a consistent increase in net profit [11][10] - **Sales by Segment**: Construction machinery accounts for 89% of sales, with concrete machinery and crane machinery being the largest segments [30][10] This summary encapsulates the key insights from the conference call regarding Zoomlion Heavy Industry, highlighting its financial outlook, market dynamics, profitability, investment recommendations, and associated risks.

Group 1 - The core strategy of Zoomlion has shifted towards globalization, with a significant increase in overseas revenue, which reached 23.38 billion yuan in 2024, accounting for over 50% of total revenue [1][2][11] - The company has implemented a direct sales model termed "airport + ground troops," enhancing its proximity to overseas markets and allowing for better market penetration [1][9][10] - By 2025, Zoomlion aims to achieve 10 billion USD in overseas revenue, marking a new milestone for the company [2][3] Group 2 - The revenue structure of Zoomlion has transformed, with emerging businesses such as aerial work machinery, earth-moving machinery, agricultural machinery, and mining machinery accounting for nearly half of total revenue by 2024 [2][19] - The company has reduced its reliance on the domestic real estate market, which now contributes only about 13% to its revenue [2][30] - The diversification strategy has been supported by advancements in core component autonomy and electrification, allowing Zoomlion to compete effectively in the agricultural machinery market [20][21] Group 3 - Zoomlion has invested over 10 billion yuan in digitalization, which has been crucial for its transformation and operational efficiency [24][25] - The company has developed humanoid robots and plans to release multiple models in 2025, indicating a focus on embodied intelligence as a future growth driver [24][27] - The digitalization efforts have enabled Zoomlion to maintain a clear understanding of its global market operations, enhancing its ability to respond to customer needs [26][29] Group 4 - The company has learned from past cycles and is now positioned as a "non-cyclical" enterprise, with a diminishing correlation to the domestic real estate market [5][30] - The management structure has evolved to include a diverse ownership model, balancing state-owned, private, and management interests, which supports sustainable development [32] - Zoomlion's leadership believes that the company's capabilities in key components and algorithms will help it navigate future market uncertainties [31][32]

Group 1 - Heavy machinery stocks in Hong Kong experienced a general rise, with Zoomlion (000157) increasing over 5%, SANY International rising over 4%, and China Longgong up 1.5% [1][2] - CME forecasts that excavator sales will reach 28,500 units by March 2025, representing a year-on-year increase of 14%, with domestic sales expected to be 18,500 units (+22% YoY) and exports at 10,000 units (+2% YoY) [2] - Dongwu Securities predicts a better-than-expected recovery in excavator sales, supported by high growth in water conservancy investment for small excavators, stabilization in real estate and infrastructure for medium excavators, and stable demand from mining for large excavators [2]