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中联重科(000157):盈利能力持续提升,看好公司全球化、多元化发展
Investment Rating - The report maintains a "Buy" rating for Zoomlion Heavy Industry Science and Technology Co., Ltd. (000157) 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 report highlights a decline in revenue for 2024, amounting to 454.78 billion yuan, a year-on-year decrease of 3.39%, while the net profit attributable to shareholders increased by 0.41% to 35.20 billion yuan [4][8]. Summary by Sections Financial Performance - In 2024, the company achieved a gross margin of 28.17% and a net margin of 8.81%, reflecting year-on-year increases of 0.63 percentage points and 0.80 percentage points, respectively [7]. - The company’s accounts receivable decreased by 10.26 billion yuan, a reduction of 20.16%, and inventory decreased by 1.76 billion yuan, a decline of 7.24% [7]. - The comprehensive collection rate reached 120.29%, an increase of 13.26 percentage points year-on-year [7]. Revenue and Profit Forecast - Revenue projections for 2025 to 2027 are 530.65 billion yuan, 624.63 billion yuan, and 718.32 billion yuan, respectively, with expected net profits of 50.23 billion yuan, 63.01 billion yuan, and 76.16 billion yuan [8]. - The expected revenue growth rates for these years are 16.7%, 17.7%, and 15.0%, respectively [8]. Market Position and Growth - The company’s traditional product lines, including concrete machinery and engineering cranes, are performing steadily, with overall export sales growing by over 35% [5]. - Emerging industries are also expanding, with significant growth in earth-moving machinery, agricultural machinery, and other new business segments [5]. - The company’s international strategy is progressing, with overseas revenue reaching 233.80 billion yuan in 2024, a year-on-year increase of 30.58%, accounting for 51.41% of total revenue [6]. Stock Data - The total share capital is 8.678 billion shares, with a total market capitalization of 678.62 billion yuan [3]. - The stock has seen a 12-month high of 9.53 yuan and a low of 5.72 yuan [3].
中联重科(000157):2024年报点评:海外业务延续快增,多品类毛利率提升
Changjiang Securities· 2025-03-26 10:12
Investment Rating - The investment rating for the company is "Buy" and is maintained [9] Core Viewpoints - The company's overseas revenue continued to grow rapidly, increasing by 31% year-on-year, with overseas revenue accounting for 51% of total revenue, up 13 percentage points year-on-year [2][11] - The domestic revenue in 2024 is expected to decline due to impacts from concrete machinery and lifting machinery, but recovery is anticipated in 2025 [2][11] - The company has seen improvements in gross margins across multiple product lines, including lifting machinery and earth-moving machinery [2][11] - The outlook for 2025 remains positive, with traditional segments expected to stabilize and new businesses contributing to growth, supported by an increasingly globalized layout [2][11] Summary by Sections Financial Performance - In 2024, the company achieved revenue of 45.478 billion yuan, a decrease of 3.39% year-on-year, and a net profit attributable to shareholders of 3.520 billion yuan, an increase of 0.41% year-on-year [6][11] - The fourth quarter of 2024 saw revenue of 11.092 billion yuan, down 4.05% year-on-year, and a net profit of 0.381 billion yuan, down 41.42% year-on-year [6][11] Overseas Business Growth - The company’s overseas business continues to expand, with significant growth in regions such as Europe, Australia, New Zealand, and emerging markets in Africa and Latin America [2][11] - The export sales of major product lines, including concrete machinery and lifting machinery, have increased by over 35% year-on-year [11] Domestic Market Outlook - The domestic market faced challenges in 2024, with significant declines in the sales of various lifting machinery types [11] - However, there is an expectation for recovery in 2025, particularly in the demand for concrete mixers and cranes driven by new energy trends [11] Profitability and Shareholder Returns - The company’s overall gross margin improved in 2024, benefiting from structural optimization and cost reduction efforts [11] - A cash dividend of 3.00 yuan per 10 shares is proposed for 2024, totaling approximately 2.6 billion yuan, with a payout ratio of 74% [11] Future Growth Prospects - The company is expected to achieve net profits of 5.005 billion yuan and 6.076 billion yuan in 2025 and 2026, respectively, with corresponding price-to-earnings ratios of 14 times and 11 times [11]
中联重科(000157):工程机械系列报告:海外营收占比超50%,新兴业务持续突破
China Securities· 2025-03-26 08:43
Investment Rating - The report maintains a "Buy" rating for the company, expecting a relative price increase of over 15% in the next six months [11][17]. Core Views - The company's revenue is projected to slightly decline by 3.39% year-on-year in 2024, primarily due to a downturn in the domestic cycle, while overseas markets are expected to grow by over 30%, with revenue contribution surpassing 50% [1][9]. - The company is experiencing stable improvement in profitability, with a 14% year-on-year increase in net profit after excluding share-based payment expenses [1][9]. - The engineering machinery industry is anticipated to witness a simultaneous upward trend in both domestic and overseas markets, driven by the company's ongoing diversification and internationalization efforts [1][10]. Revenue Summary - In 2024, the company's total revenue is expected to be 454.78 billion yuan, a decrease of 3.39% year-on-year [2][3]. - Revenue breakdown by business segments includes: - Concrete machinery: 80.13 billion yuan, down 6.80% year-on-year, with a gross margin of 22.68% [3]. - Lifting machinery: 147.86 billion yuan, down 23.35% year-on-year, with a gross margin of 32.41% [3]. - Earth-moving machinery: 66.71 billion yuan, up 0.34% year-on-year, with a gross margin of 30.18% [3]. - Aerial work machinery: 68.33 billion yuan, up 19.74% year-on-year, with a gross margin of 29.71% [3]. - Agricultural machinery: 46.50 billion yuan, up 122.29% year-on-year, with a gross margin of 12.25% [3]. Profitability Summary - The company's net profit for 2024 is projected to be 35.20 billion yuan, a slight increase of 0.41% year-on-year [2][9]. - After excluding share-based payment impacts, the adjusted net profit is expected to be 42.56 billion yuan, reflecting a year-on-year growth of 13.72% [9]. - The overall gross margin for 2024 is estimated at 28.17%, an increase of 0.62 percentage points year-on-year, while the net margin is expected to rise to 8.81%, up 0.80 percentage points year-on-year [9][12]. Industry Outlook - The engineering machinery sector is expected to see a recovery in domestic demand, with various investment areas such as rural, water conservancy, and renewable energy showing positive trends [10]. - The overseas market is projected to maintain a growth rate of around 15%, particularly in regions like Africa, Southeast Asia, and Europe [10]. - The company is actively pursuing diversification, with its revenue from emerging sectors exceeding 48%, reducing reliance on traditional real estate-related businesses [10].
中联重科:2024 results below expectation; Still positive on the structural overseas growth trend-20250326
Zhao Yin Guo Ji· 2025-03-26 08:23
Investment Rating - The investment rating for Zoomlion is maintained as BUY, despite a downward revision of the target price to RMB9.9 for A-shares and HK$7.4 for H-shares [1][5][6]. Core Views - The 2024 results of Zoomlion were below expectations, primarily due to a slowdown in overseas revenue growth, a reduction in other income, and an increase in inventory turnover days. The company is still viewed positively for its structural overseas growth strategy, particularly in emerging economies [1][4]. - The management is confident in reducing inventory levels in 2025, and there are buying opportunities following the post-results pullback [1][4]. Financial Performance Summary - For FY24, revenue decreased by 3.4% YoY to RMB45.478 billion, while adjusted net profit slightly declined by 1.3% YoY to RMB3.521 billion. The forecast for FY25 and FY26 earnings has been revised down by 7% and 8% respectively [2][4]. - The revenue breakdown for 4Q24 showed a 4% YoY decline to RMB11.1 billion, with domestic revenue dropping by 18% YoY, while overseas revenue grew by 14% YoY [4][7]. - The blended gross margin improved by 0.6 percentage points YoY to 27.5%, driven by higher margins in overseas markets [4][7]. Revenue and Profitability Outlook - The revenue forecast for FY25 is set at RMB52.999 billion, with expected growth of 16.5% YoY, followed by RMB61.848 billion in FY26 and RMB69.277 billion in FY27 [2][10]. - The adjusted net profit is projected to increase to RMB4.177 billion in FY25, RMB4.705 billion in FY26, and RMB5.229 billion in FY27, reflecting a growth trajectory despite recent challenges [2][10]. Market Position and Strategy - Zoomlion has low exposure to the domestic property sector, with only 13% of total sales in 2024 related to property. The company is focusing on infrastructure, wind power installation, and chemical plant construction for growth [4][6]. - Management plans to accelerate overseas market expansion and continue focusing on earth-working, mining, and agricultural machinery as growth drivers [4][6]. Valuation Metrics - The target price for A-shares is based on a 2025E P/E multiple of 19.5x, reflecting a historical average, while the H-share target price incorporates a 30% discount [5][6]. - The P/E ratio is projected to decrease from 13.5x in FY24 to 11.3x in FY25, indicating a more attractive valuation for investors [2][5].
中联重科(000157):2024年毛利率提升,公司经营趋势向好,股东回报优秀
GOLDEN SUN SECURITIES· 2025-03-26 01:44
中联重科(000157.SZ) 2024 年毛利率提升,公司经营趋势向好,股东回报优秀 公司发布 2024 年年度报告。2024 年实现营业收入 454.78 亿元,同比减少 3.39%; 归母净利润 35.20 亿元,同比增长 0.41%(剔除股份支付费用影响后净利润同比增长 18.39%);扣非归母净利润 25.54 亿元,同比减少 5.7%。2024 年单 4 季度营业收入 110.92 亿元,同比减少 4.05%;归母净利润 3.81 亿元,同比减少 41.42%;扣非归母 净利润 3.64 亿元,同比增加 4.86%。公司 2024 年毛利率为 28.17%,2024 年净利率 8.81%,同比提升 0.8pct。2024 年 4 季度毛利率为 27.53%,同比提升 0.6pct;2024 年净利率 4.66%,同比降低 1.5pct。2024 年公司毛利率提升明显,表明公司经营情况 趋势向好,Q4 净利率下降主要原因是受汇率波动等影响,财务费用同比增加 1.74 亿 元,同时资产处置收益同比减少 2.53 亿元。此外,公司 2024 年向全体股东每 10 股派 发现金红利 3.00 元(含税), ...
中联重科:2024年毛利率提升,公司经营趋势向好,股东回报优秀-20250326
GOLDEN SUN SECURITIES· 2025-03-26 01:23
Investment Rating - The report maintains a "Buy" rating for the company [4][6]. Core Views - The company achieved a revenue of 45.478 billion yuan in 2024, a decrease of 3.39% year-on-year, while the net profit attributable to shareholders was 3.520 billion yuan, a slight increase of 0.41% year-on-year [1]. - The gross margin for 2024 was 28.17%, indicating an improvement in operational performance, despite a decline in net profit margin in Q4 due to increased financial costs and reduced asset disposal gains [1]. - The company is expected to see significant growth in net profit over the next few years, with projections of 5 billion yuan in 2025, 6.1 billion yuan in 2026, and 7 billion yuan in 2027, reflecting growth rates of 42%, 21%, and 16% respectively [4]. Summary by Sections Financial Performance - In 2024, the company reported a revenue of 45.478 billion yuan, with a year-on-year growth rate of -3.4% [5]. - The net profit attributable to shareholders was 3.520 billion yuan, with a year-on-year growth rate of 0.4% [5]. - The gross margin improved to 28.17%, while the net profit margin was 8.81%, an increase of 0.8 percentage points year-on-year [1]. Business Segments - The earthmoving machinery segment generated revenue of 6.67 billion yuan in 2024, with a year-on-year growth of 0.34% and a gross margin of 30.2%, up 2.67 percentage points [2]. - The high-altitude operation machinery segment saw a revenue increase of 19.7% year-on-year, reaching 6.83 billion yuan, with a gross margin of 29.7%, up 7.75 percentage points [3]. - The agricultural machinery segment experienced a remarkable growth of 122.3%, achieving revenue of 4.65 billion yuan [3]. Market Position and Strategy - The company has established a strong market position in the domestic and international markets, particularly in the earthmoving and concrete machinery sectors, with significant growth in export sales [2][3]. - The company is focusing on enhancing its product portfolio and expanding its market share in both domestic and overseas markets, with a notable increase in international sales [2][3]. Future Outlook - The company is expected to benefit from a rebound in domestic demand and strong growth in overseas markets, which could lead to a higher valuation and growth premium [4]. - The report anticipates that the company will continue to leverage its strengths in traditional product lines while developing new growth engines in emerging sectors [4].
中联重科:2024年报点评:扣除股份支付费用后净利润同比+18%,新兴板块成长性凸显-20250325
Soochow Securities· 2025-03-25 08:55
证券研究报告·公司点评报告·工程机械 中联重科(000157) 2024 年报点评:扣除股份支付费用后净利润 同比+18%,新兴板块成长性凸显 买入(维持) 2024 年公司销售毛利率为 28.2%,同比+0.6pct,销售净利率为 8.8%,同 比+0.8pct。分国内外来看,2024 年公司国内毛利率 24.1%,同比-0.6pct;海外 毛利率 32.0%,同比-0.2pct,海外毛利率较国内高 8.0pct,海外占比提升带动 盈利能力不断提升。费用端来看,2024 年公司销售/管理/财务/研发费用率分别 为 8.2%/4.9%/0.1%/6.1%,同比+0.6/+0.9/+0.7/-1.2pct,整体费用控制良好,财 务费用提升主要受巴西雷亚尔、欧元汇率影响,同比增长 3.2 亿元。随着中联 智慧产业城的逐步投产、产品结构持续改善,公司盈利能力、盈利质量将持续 提升。 ◼ 非挖底部企稳趋势明显,新兴业务板块开拓卓有成效 2025 年 1-2 月国内汽车起重机/履带起重机/随车起重机销量同比分别- 13%/-13%/+14%,下滑幅度相较 2024 年大幅好转,底部企稳趋势明显。新兴 业务板块来看,①土 ...
中联重科:海外收入占比超五成,全球化战略推进-20250325
SINOLINK SECURITIES· 2025-03-25 08:53
业绩简评 公司 2025 年 3 月 24 日发布 24 年年报,实现营业收入 454.78 亿 元,同比下滑 3.39%;实现归母净利润 35.20 亿元,同比增长 0.41%。 其中 4Q24 实现营业收入 110.92 亿元,同比下滑 4.05%;实现扣非 后归母净利润 8.51 亿元,同比增长 4.42%,业绩符合我们预期。 经营分析 下游地产、基建需求不及预期、海外市场竞争加剧、原材料价格 上涨风险、汇率波动风险。 海外占比超过 5 成,带动全年盈利能力持续提升。根据公告,24 年公司海外市场实现收入 233.8 亿元,同比+30.6%;24 年海外收 入占比达到 51.41%,超过国内收入占比,公司全球化战略推进顺 利。从盈利能力来看,24 年海外市场和国内市场毛利率分别为 32.05%、24.06%,海外市场比国内市场毛利率高近 8pcts; 24 年 公司全年毛利率为 28.17%,同比+0.63pcts;随着海外收入占比持 续提升,公司整体利润率有望持续提升。我们预计 25-27 年公司 毛利率有望达到 29.3%/29.6%/29.9%。 产品实现多元化发展,高机、农机发展迅速。根据公告, ...
中联重科(000157):2024年报点评:扣除股份支付费用后净利润同比+18%,新兴板块成长性凸显
Soochow Securities· 2025-03-25 07:54
Investment Rating - The investment rating for the company is "Buy" [2][10] Core Insights - In 2024, the company's net profit, excluding share-based payment expenses, increased by 18% year-on-year, with significant growth in high-tech and agricultural machinery sectors [2] - The company achieved total revenue of 45.48 billion yuan in 2024, a decrease of 3.4% year-on-year, while the attributable net profit was 3.52 billion yuan, up 0.4% year-on-year [2] - The company's overseas revenue grew by 30.6% year-on-year, accounting for 51.4% of total revenue, indicating successful overseas expansion [2] - The traditional product lines showed a decline, with concrete machinery revenue down 6.8% and lifting machinery down 23.4%, while new sectors like agricultural machinery saw a remarkable growth of 122.3% [2][3] Financial Performance - The company's gross profit margin for 2024 was 28.2%, an increase of 0.6 percentage points year-on-year, and the net profit margin was 8.8%, up 0.8 percentage points [3] - The company maintained good cost control, with sales, management, financial, and R&D expense ratios at 8.2%, 4.9%, 0.1%, and 6.1% respectively [3] - The forecast for attributable net profit for 2025-2027 is adjusted to 50.38 billion yuan, 60.95 billion yuan, and 73.77 billion yuan respectively, with corresponding P/E ratios of 14, 11, and 9 times [10] Market Trends - The sales of domestic automotive cranes and crawler cranes showed a significant improvement in early 2025, indicating a stabilization trend in the market [4] - The company has achieved full coverage of excavator products from 1.5 to 400 tons, ranking among the top three in the domestic market for over 100-ton mining excavators [4] - The agricultural machinery segment is expanding rapidly, with the company holding the top position in domestic dryer sales and second in wheat machinery [4]
中联重科(000157):海外收入占比超五成,全球化战略推进
SINOLINK SECURITIES· 2025-03-25 07:53
Investment Rating - The report maintains a "Buy" rating for the company, expecting a price increase of over 15% in the next 6-12 months [4][12]. Core Insights - The company reported a revenue of 45.478 billion yuan for the year 2024, a decrease of 3.39% year-on-year, while the net profit attributable to shareholders was 3.520 billion yuan, an increase of 0.41% year-on-year [2]. - The overseas market contributed significantly to the company's revenue, accounting for 51.41% of total income, with overseas revenue reaching 23.38 billion yuan, a year-on-year increase of 30.6% [2][3]. - The company is diversifying its product offerings, with significant growth in high-end machinery and agricultural machinery, achieving revenues of 6.83 billion yuan and 4.65 billion yuan respectively, representing year-on-year increases of 19.74% and 122.29% [3]. - The company is actively developing embodied intelligence technologies and has launched 162 new products, with 198 of them being leading-edge products in the domestic and international markets [3]. Summary by Sections Performance Review - For Q4 2024, the company achieved a revenue of 11.092 billion yuan, down 4.05% year-on-year, and a net profit of 0.851 billion yuan, up 4.42% year-on-year, aligning with expectations [2]. Operational Analysis - The gross profit margins for overseas and domestic markets were 32.05% and 24.06% respectively, indicating that the overseas market has a gross margin nearly 8 percentage points higher than the domestic market [2]. - The overall gross margin for the company in 2024 was 28.17%, an increase of 0.63 percentage points year-on-year, with expectations for gross margins to reach 29.3%, 29.6%, and 29.9% from 2025 to 2027 [2]. Profit Forecast and Valuation - Revenue projections for 2025-2027 are estimated at 53.235 billion yuan, 62.232 billion yuan, and 72.983 billion yuan, with net profits expected to be 5.080 billion yuan, 6.531 billion yuan, and 8.081 billion yuan respectively [4].