墨西哥那个工厂目前是个什么情况就是投产和发展的一个情况包括是那个我们进欧美市场的一个节奏大概是个什么样子的明白我们现在在美国的销售其实比较少了估计也就不到一个点就总收入的一个点左右吧那墨西哥工厂呢 它是现在大概有10亿左右的产能还是有的当然现在也面临到一些地缘政治带来的一些不确定的因素我们还是会在墨西哥以外的欧盟国家去再建工厂去满足这些西欧和美国市场的一些需求 同时我们也有一些高工作业机械方面的不在双反目录里面的一些新产品包括围住式的高工作业机械还有一些那种伸缩臂的插装车等等的这些是不在那个双反目录里面的而且它的下游市场其实也不小比如说像伸缩臂式的插装车全球是有500亿人民币的市场而且基本上是以欧美为主的 所以我们在高级方面还是比较有信心吧今年肯定是国内这些玩家里面的第二名 明白 因为您刚刚也提到了有一些地缘政治的扰动然后现在市场也有很多投资者就比较关心在墨西哥建厂的一个情况如果之后真的发生了墨西哥对我们加关税的话不知道公司在这块有没有采取一些比较积极的一些应对措施或者我们之后会怎么去考虑这个问题 首先我们墨西哥工厂它是比较严格的按照当地的那种本土化率的要求甚至还留出一定的buffer去来生产这个产品它不是一 ...

证券代码：000157 证券简称：中联重科 公告编号：2024-052 号 中联重科股份有限公司 关于持股 5%以上股东股份质押及解除质押的公告 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"、"本公司"）于近 日收到股东长沙中联和一盛投资合伙企业（有限合伙）（以下简称"和 一盛投资"）的通知，获悉其所持本公司的部分股份办理了质押及解 除质押相关手续，具体情况如下： 一、股东股份质押及解除质押的基本情况 （二）股东股份累计被质押的情况 （一）本次股东股份质押及解除质押的基本情况 截至公告披露日，上述股东及其一致行动人所持质押股份情况如下： | | 是否为控 | | 占其所 | 占公司 | 是否为 限售股 | 是否 | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 股东 | 股股东或 | 本次质押数 | | | （如 | 为补 | 质押 | 质押 | | 质押 | | 名称 | 第一大股 | 量（股） | 持股份 ...

证券代码：000157/1157 证券简称：中联重科 中联重科投资者关系记录表 编号：2024-11 | --- | --- | --- | |------------------|---------------------------------|--------------------------------------------| | | □特定对象调研 □分析师会议 | | | | □媒体采访 □业绩说明会 | | | 投资者关系活动类 | □新闻发布会 | √路演活动 | | 别 | □现场参观 | | | | □其他（请文字说明其他活动内容） | | | | | 易方达基金、广发基金、嘉实基金、汇添富基 | | | | 金、华泰柏瑞、华安基金、博时基金、兴全基 | | | | 金、国泰基金、中银基金、中欧基金、大成基 | | | | 金、融通基金、申万菱信、财通基金、永赢基 | | | | 金、国投瑞银、农银汇理、海富通基金、兴银基 | | | | 金、中邮基金、西部利得、国联安基金、泉果基 | | | | 金、鑫元基金、万家基金、诺德基金、德邦基 | | 活动参与人员 | | 金、鹏扬基金、淳 ...

Investment Rating - The report upgrades the investment rating to "Buy" [1] Core Views - The company has shown a mixed performance in revenue and profit, with a slight decline in revenue but an increase in net profit for the first three quarters of 2024 [4][5] - The company is experiencing strong growth in its emerging business segments, with international operations expanding significantly [6][7] - The company maintains a strong focus on shareholder returns through dividends and share buybacks [7] Financial Summary - For the first three quarters of 2024, the company achieved revenue of 343.9 billion yuan, a year-over-year decrease of 3.2%, while net profit increased by 10.0% to 31.4 billion yuan [4][9] - The gross margin and net margin for the first three quarters of 2024 were 28.4% and 9.1%, respectively, showing improvements compared to the previous year [5][9] - The company forecasts net profits of 40.6 billion yuan, 55.3 billion yuan, and 64.2 billion yuan for 2024, 2025, and 2026, respectively, indicating a strong growth trajectory [8][12] Business Performance - The company has seen significant growth in its concrete machinery exports and has improved its market share in various segments, including construction machinery [5][6] - The emerging business segments, such as high-altitude machinery and agricultural machinery, have contributed to over 50% of total revenue, showcasing a diversified product structure [6][7] - The international business has grown rapidly, with overseas revenue reaching 176.4 billion yuan in the first three quarters of 2024, a year-over-year increase of 35.4% [6][7] Shareholder Returns - The company distributed nearly 28 billion yuan in cash dividends in the third quarter of 2024 and has a history of significant share buybacks, totaling approximately 48 billion yuan over the past five years [7]

Financial Performance - Overseas revenue accounted for 51.31% of total revenue in the first three quarters of 2024, with a year-on-year growth of 35.42% [4] - The company's overall gross margin in the first three quarters was 28.37% [6] - The company's overseas revenue CAGR from 2020 to 2023 was nearly 70% [3] - The company has repurchased nearly 4.8 billion yuan in the past 5 years and has a cumulative dividend payout of approximately 26.3 billion yuan since listing, with a historical dividend payout ratio of about 45% and a recent three-year payout ratio of about 68% [3] Overseas Market Expansion - The company has accelerated its globalization strategy, with overseas revenue reaching 17.644 billion yuan in the first three quarters of 2024 [3] - The company has established over 400 overseas outlets, covering approximately 150 countries, with more than 3,000 overseas employees and a localization rate of about 90% [6] - Key markets include Southeast Asia, the Middle East, Central Asia, South America, Africa, South Asia, Europe, and North America, with rapid growth in Europe and North America [4] - The company has completed the layout of first-tier outlets in Rotterdam, Paris, Warsaw, Houston, and Ontario [6] Product Development and Innovation - The company has achieved full coverage of new energy mainframe products and launched 156 new 4.0 and 4.0A products, including 31 new energy products, in the first three quarters of 2024 [4] - The company has invested nearly 12 billion yuan in R&D over the past three years, with an R&D intensity of nearly 8%, leading the industry [3] - The company has developed over 300 internationally certified products and launched more than 250 overseas products in 2024 [4] - The company has achieved full coverage of main sales models for excavators below 400 tons, bulldozers below 600 horsepower, and 5-12.5 ton new energy wheel loaders [5] Operational Efficiency and Risk Management - The company's accounts receivable and inventory levels have been optimized, with a reduction of 3.985 billion yuan in accounts receivable and a decrease of over 1.4 billion yuan in inventory compared to the end of Q2 2024 [6][7] - The company has implemented strict risk control measures, including contract quality control for new business and hierarchical management of existing accounts receivable [6] - The company has adjusted production and inventory management models, focusing on order-based production and optimizing inventory turnover [7] Digital Transformation - The company has accelerated digital transformation, using digital platforms to manage overseas business end-to-end, from R&D to after-sales service [8] - The company has established a digital twin mechanism and implemented a flat digital management structure for global operations [8] - The company uses industrial internet platforms to achieve full-process digital control of overseas business, including personnel, finance, and materials [8] Strategic Outlook - The company aims to further increase its overseas market share by leveraging its "end-to-end, digital, localized" direct sales system, diversified product structure, and reasonable regional layout [6] - The company plans to continue expanding its overseas production capacity, with industrial parks or production bases in Italy, Germany, Mexico, Brazil, Turkey, and India [7] - The company expects global market conditions to improve in 2025, with the end of the global interest rate hike cycle and accelerated infrastructure and real estate market construction in developing markets [6]

证券代码：000157 证券简称：中联重科 公告编号：2024-050 号 中联重科股份有限公司 2024 年度第二次临时股东大会、A 股类别股东大会和 H 股类别股东大会决议公告 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。 特别提示： 1、本次股东大会无否决议案的情形。 2、本次股东大会不涉及变更以往股东大会已通过的决议。 一、会议召开和出席情况 （一）会议召开情况 1、现场会议召开时间：2024 年 11 月 11 日 14:30 2、网络投票时间： 通过深圳证券交易所交易系统进行网络投票的具体时间：2024年11 月11日上午9:15-9:25，9:30-11:30，下午13:00-15:00； 通过深圳证券交易所互联网投票系统投票的具体时间：2024年11月 11日9:15至15:00期间的任意时间。 3、召开地点：长沙市银盆南路361号公司办公楼二楼多功能会议厅 4、召开方式：现场投票和网络投票方式相结合 5、召集人：董事会 6、主持人：董事长詹纯新先生 本次会议的召开符合《中华人民共和国公司法》《深圳证券交易所股 票上市规则》《香港联合交易所有 ...

上海市方达（北京）律师事务所 关于中联重科股份有限公司 FANGDA PARTNERS http://www.fangdalaw.com 中国北京市朝阳区光华路 1 号 电子邮件 E-mail: email@fangdalaw.com 北京嘉里中心北楼 27 层 电 话 Tel.: 86-10-5769-5600 邮政编码：100020 传 真 Fax: 86-10-5769-5788 27/F, North Tower, Beijing Kerry Centre 1 Guanghua Road, Chaoyang District Beijing 100020, PRC 2024 年度第二次临时股东大会、A 股类别股东大会和 H 股类别股东 大会的法律意见书 致：中联重科股份有限公司 上海市方达（北京）律师事务所（以下简称"本所"）是具有中华人民共和国 境内法律执业资格的律师事务所。根据相关法律顾问协议，本所指派律师出席中 联重科股份有限公司（以下简称"公司"）2024 年度第二次临时股东大会、A 股类 别股东大会和 H 股类别股东大会（以下简称"本次股东大会"），并就本次股东大 会的召集和召开程序、参与表 ...

证券代码：000157 证券简称：中联重科 公告编号：2024－051 号 中联重科股份有限公司 关于回购部分 H 股股份债权人通知的公告 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。 债权人为自然人的，需同时携带有效身份证的原件及复印件；委 托他人申报的，除上述文件外，还需携带授权委托书和代理人有效身 份证件的原件及复印件。 二、债权申报具体方式 债权人可采用信函或电子邮件的方式申报，具体方式如下： 1、申报时间：2024年11月12日起45日内，工作日9:30-11:30； 14: 00-16:00 中联重科股份有限公司（以下简称"公司"）于2024年11月11 日召开的公司2024年度第二次临时股东大会、A股类别股东大会及H 股类别股东大会审议通过了《关于回购公司部分H股一般性授权的议 案》。股东大会授权公司董事会于有效期内在不超过公司已发行H股 股份总数10%的限额内回购，即回购限额为158,196,454股H股；回购 当日的回购价格不高于之前五个交易日在香港联交所的平均收市价 105%。详见公司于2024年11月12日披露的《2024年度第二次临时 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company reported a revenue of 34.386 billion yuan for the first three quarters of 2024, a decrease of 3.18% year-on-year, while the net profit attributable to shareholders was 3.139 billion yuan, an increase of 9.95% [3] - The company has improved its profitability, with a gross margin of 28.37% and a net margin of 10.16% for the first three quarters of 2024, both showing an increase compared to the same period last year [3] - The company continues to expand its international market presence, with overseas revenue reaching 17.644 billion yuan, a year-on-year increase of 35.42% [3] - The company has revised its revenue forecasts for 2024-2026 to 44.832 billion yuan, 51.557 billion yuan, and 60.942 billion yuan respectively, with net profit forecasts of 3.779 billion yuan, 5.077 billion yuan, and 6.991 billion yuan [3] Financial Performance Summary - For the first three quarters of 2024, the company achieved a net cash flow from operating activities of 1.208 billion yuan, with a significant increase of 82% year-on-year in the third quarter [3] - The company’s total market capitalization is 64.477 billion yuan, with a circulating market value of 52.534 billion yuan [1] - The diluted EPS for 2024-2026 is projected to be 0.44 yuan, 0.59 yuan, and 0.81 yuan respectively, with corresponding P/E ratios of 17, 13, and 9 [3][4]

Investment Rating - The report maintains a "Recommended" rating for the company [5] Core Views - The company's overall performance is stable with improved profitability, achieving a revenue of 34.386 billion yuan for the first three quarters of 2024, a year-on-year decrease of 3.18%, while the net profit attributable to shareholders reached 3.139 billion yuan, an increase of 9.95% year-on-year [1][3] - The company has seen rapid growth in overseas revenue, with foreign income reaching 17.644 billion yuan, a year-on-year increase of 35.42%, and overseas revenue accounting for 51.31% of total revenue, up 14.62 percentage points from the same period last year [2] - The company is expanding its new business segments, particularly in agricultural machinery and mining machinery, with significant market share gains in key domestic agricultural regions [2] Financial Performance Summary - For the first three quarters of 2024, the company achieved a gross profit margin of 28.37%, an increase of 0.62 percentage points year-on-year, with the third quarter gross profit margin at 28.52% [1] - The company’s net profit for the third quarter was 0.851 billion yuan, a year-on-year increase of 4.42%, with a net profit margin of 8.64%, up 1.51 percentage points year-on-year [1] - The company’s financial forecasts indicate a projected net profit of 3.93 billion yuan for 2024, with a PE ratio of 15.9 [4][3]