Investment Rating - The investment rating for the company is "Buy" (maintained) [2] Core Insights - The agricultural machinery segment and overseas market performance are strong, leading to improved profitability [8] - The company reported a revenue of 454.78 billion yuan for 2024, a year-on-year decrease of 3.39%, while the net profit attributable to shareholders was 35.20 billion yuan, a year-on-year increase of 0.41% [5] - The report highlights a significant growth in agricultural machinery revenue, which increased by 122.29% year-on-year [8] Financial Data and Profit Forecast - Total revenue forecast for 2025 is 53.26 billion yuan, with a year-on-year growth rate of 17.1% [7] - The net profit attributable to shareholders for 2025 is projected to be 48.49 billion yuan, reflecting a growth rate of 37.7% [7] - The company’s gross margin for 2024 was reported at 28.17%, an increase of 0.63 percentage points year-on-year [8] Business Performance - The engineering machinery revenue was 403.56 billion yuan, a year-on-year decrease of 9.28%, while overseas revenue reached 233.80 billion yuan, a year-on-year increase of 30.58% [8] - The company has established a global service network with over 30 primary business airports and more than 390 secondary and tertiary outlets [8] - The company has successfully developed a domestic 120-ton electric drive dump truck, breaking the reliance on imports [8] Profitability Metrics - The company’s net profit margin for 2024 was 8.81%, an increase of 0.80 percentage points year-on-year [8] - The projected earnings per share for 2025 is 0.56 yuan [7] - The price-to-earnings ratio for 2025 is estimated at 14 times [7]

Financial Performance - In 2024, the company's net profit reached 4.009 billion CNY, a year-on-year increase of 6.31%, with a growth of 18.39% after excluding share-based payment impacts [3] - The gross profit margin was 28.17%, and the net profit margin was 8.81%, both showing improvements of 1.04 percentage points and 0.80 percentage points respectively [6] - The sales collection rate was 120.29%, an increase of 13.26 percentage points year-on-year [6] Business Transformation - The company is accelerating its diversification, internationalization, and digital transformation, aiming to cultivate new growth curves [3] - The second growth curve's revenue contribution exceeded 48%, indicating reduced reliance on the domestic real estate sector [3] - The overseas revenue reached 23.38 billion CNY, accounting for over 50% of total revenue, with a compound annual growth rate of 59.25% over the past three years [3] Market Position - In the engineering crane sector, the company holds the top market share in the domestic 35-ton and 55-ton categories, with a 36% share in the 700-ton and above category [4] - The company is the leading player in the domestic concrete machinery market, ranking third globally (excluding CIFA) [4] - The company has established a strong presence in the overseas market, particularly in the Middle East and Africa, with significant market share growth [5] Innovation and R&D - Over the past three years, the company invested more than 10 billion CNY in R&D, with an R&D intensity of approximately 8% [6] - The company completed 224 new technology research projects focused on digitalization, intelligence, and greening [6] - The "Zhonglian Smart Industrial City" has been established as a benchmark for intelligent manufacturing in the global market [4] Strategic Goals - The company aims to enhance its global competitiveness in the high-end earthmoving machinery sector, targeting a top-three position in the industry [9] - The focus on digital transformation includes building a high-efficiency management system based on digital technologies [15] - The company plans to continue optimizing shareholder returns, with a cash dividend of 3 CNY per 10 shares for 2024 [7]

Investment Rating - The report maintains a "Buy" rating for both A-shares and H-shares of the company [4][5]. Core Insights - The company achieved a total revenue of 45.48 billion yuan in 2024, a decrease of 3.4% year-on-year, while the net profit attributable to shareholders was 3.52 billion yuan, an increase of 0.4% year-on-year. Excluding share-based payment expenses, the net profit grew by 18.4% year-on-year [1]. - The engineering machinery segment generated revenue of 40.36 billion yuan, down 9.3% year-on-year, with traditional concrete machinery and lifting machinery revenues declining by 6.8% and 23.4% respectively. Despite these declines, the company maintained its leading position in the industry [2]. - The overseas market revenue reached 23.38 billion yuan, a year-on-year increase of 30.6%, with overseas revenue accounting for 51.4% of total revenue, up 13.4 percentage points year-on-year [3]. Summary by Sections Financial Performance - In 2024, the company reported a gross margin of 28.2%, up 1.0 percentage points year-on-year, and a net margin of 8.8%, up 0.8 percentage points year-on-year. Earnings per share (EPS) stood at 0.41 yuan [1][11]. - The forecast for net profit for 2025 and 2026 is adjusted to 5.00 billion yuan and 6.22 billion yuan respectively, with EPS projected at 0.58 yuan and 0.72 yuan [4][9]. Business Segments - The traditional business segments faced short-term pressure due to the real estate sector, but the company retained its industry-leading status in various categories, including concrete machinery and lifting machinery [2]. - Emerging business segments showed resilience, with earth-moving machinery revenue increasing by 0.34% to 6.67 billion yuan, and aerial work machinery revenue rising by 19.7% to 6.83 billion yuan. Agricultural machinery revenue surged by 122.3% to 4.65 billion yuan [2]. International Expansion - The company has diversified its international market presence, with over 4,400 local employees and more than 210 service parts warehouses globally. It has established 11 overseas production bases in eight countries, enhancing its international industrial ecosystem [3].

中联重科(000157)2024年年报点评：新兴潜力业务 稳健发展 海外市场持续突破 由于国内地产等需求持续拖累，混凝土机械与起重机械需求略弱于预期，我们随之下调公司25-26 年归母净利润预测12.0%/13.6%至50.0/62.2 亿元，引入27 年归母净利润73.5 亿元，对应25-27 年EPS 分 别为0.58/0.72/0.85 元。 公司新兴业务及海外出口潜力巨大，维持公司A 股和H 股"买入"评级。 风险提示：行业竞争加剧风险、下游景气度下行风险、海外出口不及预期风险 新兴业务稳健发展，传统优势业务市场地位保持稳固2024 年公司工程机械业务营收403.6 亿元，同 比下降9.3%。传统优势业务方面，公司混凝土机械营收80.1 亿元，同比下降6.8%；起重机械营收147.9 亿元，同比下降23.4%。受下游地产行业影响，公司传统业务短期承压，但仍维持了行业领先的地位。 公司200 吨级以上全地面起重机销量位居行业第一；25、35、55 吨级汽车起重机市场份额位列行业第 一；建筑起重机械销售规模稳居全球第一；混凝土机械长臂架泵车、车载泵、搅拌站市场份额持续稳居 行业第一；搅拌车市场份额保持行业 ...

Investment Rating - The report maintains a "Buy" rating for both A-shares and H-shares of the company [5][6]. Core Insights - The company achieved a total revenue of 45.48 billion yuan in 2024, a decrease of 3.4% year-on-year, while the net profit attributable to shareholders was 3.52 billion yuan, an increase of 0.4% year-on-year. Excluding share-based payment expenses, the net profit grew by 18.4% year-on-year [2][3]. - The company's engineering machinery business revenue was 40.36 billion yuan, down 9.3% year-on-year, but it maintained a leading position in the industry. The new potential businesses, such as earth-moving machinery and aerial work machinery, showed growth, with revenues of 6.67 billion yuan and 6.83 billion yuan, respectively [3][4]. - The overseas market revenue reached 23.38 billion yuan, a year-on-year increase of 30.6%, with overseas revenue accounting for 51.4% of total revenue, up 13.4 percentage points year-on-year [4]. Summary by Sections Financial Performance - In 2024, the company reported a revenue of 45.48 billion yuan and a net profit of 3.52 billion yuan, with a gross margin of 28.2% and a net margin of 8.8% [2][3]. - The earnings per share (EPS) for 2024 was 0.41 yuan, with projected EPS for 2025, 2026, and 2027 at 0.58, 0.72, and 0.85 yuan, respectively [5][10]. Business Segments - The traditional business segments, including concrete machinery and lifting machinery, faced revenue declines of 6.8% and 23.4%, respectively, due to pressures from the real estate sector. However, the company maintained its leading market positions in various categories [3]. - Emerging businesses, particularly in agricultural machinery, saw significant growth, with a 122.3% increase in revenue to 4.65 billion yuan [3]. International Expansion - The company has expanded its international presence, with over 4,400 local employees and more than 210 service parts warehouses globally. It has established 11 overseas production bases in eight countries, enhancing its international operational capabilities [4].

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company has shown a continuous increase in overseas revenue contribution, with emerging business segments developing strongly. In 2024, the company achieved operating revenue of 45.478 billion yuan, a decrease of 3.39%, while the net profit attributable to the parent company was 3.520 billion yuan, an increase of 0.41% [4][5] - The overseas market accounted for 51% of total revenue in 2024, with a gross margin of 32.05%, significantly higher than the domestic average of 24.06%. The company has established 11 overseas production bases in 8 countries and regions [4][5] - The company is focusing on optimizing its industrial structure, integrating traditional and emerging industries to foster strong growth momentum [5] Financial Performance Summary - In 2024, the company reported a gross margin of 28.17%, an increase of 0.63 percentage points year-on-year, and a net profit margin of 8.81%, an increase of 0.80 percentage points year-on-year [4] - The company forecasts operating revenues of 53.111 billion yuan, 62.327 billion yuan, and 72.886 billion yuan for 2025, 2026, and 2027 respectively, with net profits projected at 5.041 billion yuan, 6.305 billion yuan, and 7.618 billion yuan for the same years [6][9] - The diluted EPS is expected to be 0.58 yuan, 0.73 yuan, and 0.88 yuan for 2025, 2026, and 2027 respectively, with corresponding P/E ratios of 13, 11, and 9 times [6][9]

海外收入持续高增，地区结构优化。随着欧美、澳新、拉美、非洲、印度等新兴区域的市场突破， 海外市场布局更加多元化，区域销售结构不断优化，各区域市场协同发展，呈现"多点开花"接续高速增 长态势，2024 年海外销售收入233.8 亿元，同比+30.58%，收入占比达51.4%，同比+13.37pct。 投资建议：考虑到公司各项业务发展势头较好，我们预计公司2025-2027归母净利润分别为 50.62/63.64/74.37 亿元，对应PE 分别是13x/11x/9x，维持"推荐"评级。 风险提示：国内工程机械周期性下行的风险；海外市场拓展不及预期的风险；新业务发展不及预期 的风险。 分产品来看，起重机、混凝土略有下滑，高空机械、农机稳步增长。2024 年公司起重机械实现营 业收入147.86 亿元，同比-23.35%，毛利率32.41%，同比+1.37 pct；混凝土机械实现营业收入80.13 亿 元，同比-6.8%，毛利率22.68%，同比-0.24 pct；高空机械实现营业收入68.33 亿元，同比+19.74%，毛 利率29.71%，同比+7.05 pct；土方机械实现营业收入66.7 亿元，同比+0.3 ...

Core Viewpoint - Zoomlion's domestic revenue declined over 20% last year, while overseas sales accounted for more than half of total revenue, with expectations for stable growth this year [3][4]. Financial Performance - In 2024, Zoomlion reported revenue of 45.478 billion yuan, a year-on-year decrease of 3.39%, and a net profit of 3.52 billion yuan, a year-on-year increase of 0.41%. Basic earnings per share were 0.41 yuan, down 4.65% year-on-year [3]. - In Q4, revenue was 11.092 billion yuan, a year-on-year decrease of 4.05%, and net profit was 381 million yuan, down 41.42% [3]. - The company's overseas revenue grew by 30.58% to 23.38 billion yuan, increasing its share of total revenue by 13.37 percentage points to 51.41%. Domestic revenue fell over 24% due to the impact of the real estate sector [3][4]. Product Performance - Revenue from main products included: - Crane machinery: 14.786 billion yuan, down 23.35% - Concrete machinery: 8.013 billion yuan, down 6.8% - Earth-moving machinery: 6.671 billion yuan, up 0.34% - Aerial work machinery: 6.833 billion yuan, up 19.74% - Agricultural machinery: 4.65 billion yuan, up 122.29% [3]. Market Outlook - The domestic engineering machinery industry is in a bottoming adjustment phase due to the continued downturn in real estate, while overseas market demand is expanding rapidly [4]. - The agricultural machinery overseas market is characterized by a dual-track growth of emerging markets and upgrades in mature markets, with new markets and green technology being core growth points [4]. Operational Highlights - Zoomlion sold 114,001 units of manufacturing equipment last year, an increase of 18.72% [5]. - The company has established a presence in over 40 key countries globally, with coverage in nearly 200 countries and major cities [5]. - The engineering machinery export market is expected to maintain stable growth, supported by strong demand in Southeast Asia, the Middle East, and Africa [5]. Dividend Information - For 2024, Zoomlion plans to distribute a cash dividend of 3 yuan per 10 shares (tax included) [5]. - Since its listing, the company has distributed dividends 25 times, totaling approximately 26.3 billion yuan, with an average dividend payout ratio of about 43% [5]. Stock Information - As of March 26, Zoomlion's stock closed at 7.71 yuan per share, with a total market capitalization of 66.907 billion yuan [6].

直击业绩说明会 | 中联重科去年传统板块收入同比 下滑 公司董秘：已触底，今年有望驶入增长轨道 整体来看，2024年中联重科实现营业收入454.78亿元，同比下降3.39%；归母净利润35.20亿元，同比增 长0.41%。其中，境外收入233.8亿元，首超境内收入（220.98亿元）。 传统板块下滑较大，称已培育第二增长曲线 根据中联重科年报披露，传统产品中，去年混凝土机械收入80.13亿元，同比减少6.80%，收入占比为 17.62%，减少0.65个百分点；起重机械收入147.86亿元，同比减少23.35%，收入占比32.51%，减少8.47 个百分点。 在国内工程机械市场低迷的背景下，公司2025年业绩增长支撑来自何处？陶兆波介绍称，公司全力加速 向多元化、全球化、数字化转型，积极培育新的增长曲线，这些转型举措显著增强了公司发展的稳定 性，让企业进入非周期、可持续的发展通道。 多元化方面，据陶兆波介绍，中联重科大力培育了土方机械、高空机械、农业机械、矿山机械等第二增 长曲线，截至2024年末，第二增长曲线的业务收入占比已超过48%。同时，公司也布局了具身智能等未 来产业作为公司的第三增长曲线。 不过，《每 ...

Investment Rating - The report maintains a "Buy" rating for the company with a target price of 9.84, compared to the last closing price of 7.82 [1]. Core Views - The company's profitability continues to improve, and there is optimism regarding its globalization and diversification strategies [1][7]. - The company achieved a total revenue of 454.78 billion in 2024, a year-on-year decrease of 3.39%, while the net profit attributable to shareholders was 35.20 billion, a slight increase of 0.41% [4][8]. Summary by Sections Financial Performance - The company’s three traditional product lines—concrete machinery, engineering hoisting machinery, and construction hoisting machinery—are performing steadily, with overall export sales growing by over 35% year-on-year [5]. - Emerging industries are rapidly growing, contributing to new growth areas, with significant increases in sales for various machinery categories, including a 122% increase in agricultural machinery sales [5]. International Strategy - The company has firmly advanced its international strategy, with overseas revenue reaching 233.80 billion in 2024, a year-on-year increase of 30.58%, accounting for 51.41% of total revenue [6]. - The company has established a presence in over 40 key countries and has built more than 400 various outlets in major global cities [6]. Profitability and Operational Quality - The company’s gross margin and net margin for 2024 were 28.17% and 8.81%, respectively, reflecting year-on-year increases of 0.63 percentage points and 0.80 percentage points [7]. - The company has improved its operational quality, with a significant reduction in receivables and inventory, and a comprehensive collection rate of 120.29%, up by 13.26 percentage points year-on-year [7]. Earnings Forecast - Revenue projections for 2025 to 2027 are 530.65 billion, 624.63 billion, and 718.32 billion, respectively, with net profits expected to be 50.23 billion, 63.01 billion, and 76.16 billion [8].