Group 1: Company Overview - Zhonglian Heavy Industry was founded in 1992 and primarily engages in the research and manufacturing of high-tech equipment, including construction machinery [2] - The company went public in 2000 on the Shenzhen Stock Exchange and later listed H shares in 2010, becoming an A+H share company [3] Group 2: Revenue Structure - Prior to 2020, the majority of revenue came from domestic markets, primarily from cranes and concrete machinery, which were highly cyclical [3] - Since 2020, the overseas revenue share has rapidly increased, with a domestic to overseas revenue ratio of 6:4 in the first half of 2023, and approaching 5:5 in the first three quarters of 2024 [3] - Traditional construction machinery now accounts for approximately 50% of total revenue, down from 80%, with the remaining 50% coming from emerging sectors such as earthmoving, high-altitude, mining, and agricultural machinery [3] Group 3: Global Expansion - The company has established a global manufacturing and sales network, covering over 140 countries and regions [4] - It has set up subsidiaries and offices along the "Belt and Road" initiative, enhancing its local operations in countries like Italy, Germany, Mexico, Brazil, Turkey, and India [4] - Overseas revenue has exceeded 50%, with a continuous four-year growth trend [5] Group 4: Financial Performance - In the first three quarters of 2024, overseas revenue reached 17.6 billion RMB, accounting for 51% of total revenue, with a year-on-year growth of 35% [6] - The company has invested nearly 12 billion RMB in R&D over the past three years, with an R&D intensity of about 8% [6] - The cumulative cash dividends since 2000 amount to approximately 26.3 billion RMB, with a historical overall dividend rate of about 45% and a recent three-year dividend rate of 68% [7] Group 5: Future Outlook - The domestic construction machinery market is expected to stabilize and gradually recover by 2025, supported by equipment renewal demands and government policies [8] - The company aims to enhance its overseas market share through a diversified product structure and a robust direct sales system [8]

编号：2024-08 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 | --- | --- | --- | |----------------|---------------------------------|------------------------------------------| | | □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 | □新闻发布会 | □路演活动 | | 类别 | □现场参观 | | | | □其他（请文字说明其他活动内容） | | | | | 易方达基金、华夏基金、嘉实基金、富国基 | | | | 金、广发基金、华泰柏瑞、鹏华基金、银华基 | | | | 金、中银基金、景顺长城、南方基金、兴全基 | | | | 金、平安基金、工银瑞信、招商基金、国海富 | | | | 兰克林、长城基金、长盛基金、创金合信、泉 | | | | 果基金、圆信永丰、人保资产、中国人寿、平 | | | | 安人寿、泰康资产、众安保险、阳光资产、东 | | 活动参与人员 | | 吴人寿、友邦人寿、基石资本、碧 ...

Investment Rating - The report maintains a "Buy-A" investment rating for the company with a 12-month target price of 8.58 CNY, compared to the current stock price of 7.13 CNY [4][9]. Core Views - The company experienced a slight decline in revenue but showed a steady improvement in profitability, with a net profit increase of 9.95% year-on-year for the first nine months of 2024 [1]. - The domestic sales structure is notably differentiated, while overseas business has shown significant growth, with overseas revenue increasing by 35.42% year-on-year, accounting for 51% of total revenue [1]. - The company is expected to benefit from policy-driven infrastructure recovery in the domestic market and stable growth in overseas markets, particularly in emerging markets [1][3]. Financial Performance - For the first nine months of 2024, the company achieved operating revenue of 34.386 billion CNY, a year-on-year decrease of 3.18%, and a net profit of 3.139 billion CNY, a year-on-year increase of 9.95% [1]. - In Q3 2024, the company reported operating revenue of 9.850 billion CNY, down 13.89% year-on-year, but net profit increased by 4.42% year-on-year to 851 million CNY [1]. - The gross margin and net margin for Q3 2024 were 28.52% and 9.65%, respectively, reflecting an increase of 1.06 percentage points and 4.55 percentage points year-on-year [2]. Cost Control and Profitability - The company has implemented effective cost control measures, leading to a steady increase in gross and net profit margins [2]. - The total expense ratio for Q3 2024 was 18.50%, a decrease of 0.84 percentage points year-on-year, with management expenses rising primarily due to increased share-based payment costs [2]. Cash Flow and Asset Quality - The operating cash flow for the first nine months of 2024 was 1.208 billion CNY, up 5.74% year-on-year, with a significant increase of 81.57% in Q3 [3]. - The quality of assets has improved, with accounts receivable decreasing by 3.985 billion CNY and inventory decreasing by 1.9 billion CNY compared to the end of Q1 2024 [3]. Future Projections - Revenue projections for 2024, 2025, and 2026 are 44.56 billion CNY, 51.92 billion CNY, and 61.44 billion CNY, with growth rates of -5.3%, 16.5%, and 18.3%, respectively [3]. - Net profit projections for the same period are 3.98 billion CNY, 5.70 billion CNY, and 7.09 billion CNY, with growth rates of 13.5%, 43.3%, and 24.3% [3][10].

主持人 大家好 我是中联重科的董事会秘书陶兆波欢迎大家来参加中联重科2024年三级报的业绩说明会我们现在在现场的还有我们公司的联席总裁王永祥先生以及我们公司的CFO杜一刚女士 首先感谢大家长期以来对公司的关注与支持我们今天这个会议会分为两个部分第一部分是由我这边先来给大家介绍一下公司三季度的经营和业绩的情况然后我们再来进入一个问答的环节我会分经营和财务两个部分来进行介绍 先说经营情况的总体业绩吧2024年以来公司的收入去结构和产品结构是在持续优化的境外收入的占比已经超过了51%新兴产业占比已经超过了50%同时与房地产关联度明显比较高的板块在国内收入的占比已经低于13%了公司的经营质量也是进一步优化 应收场口存货经营性现金流数额等核心指标都是在进一步优化那公司的前三季度的规模净利润是31.39亿元同比增长9.95%其中单三季度规模净利润8.51亿元同比增长4.42%那在剔除股份支付的影响之后呢公司的规模净利润 和扣非贵母金利润前三季度同比增长的分别是29.98%和17.14%那单三季度同比分别呢是增长了29.53%和35.92%那第二呢我们是一直都在坚定的推进全球化的战略公司当下呢是全面加速海外转型海外业务呢已 ...

Investment Rating - The report maintains a "Buy" rating for the company [4][16]. Core Views - The company has shown significant improvement in profitability, with emerging businesses and overseas markets driving growth. In the first three quarters of 2024, the company achieved a revenue of 34.386 billion yuan, a year-on-year decrease of 3.18%, while the net profit attributable to shareholders increased by 9.95% to 3.139 billion yuan [1][2]. - The company maintains a solid position in its core industries, particularly in concrete machinery and construction lifting machinery, with a leading global sales scale in construction lifting machinery [2]. - Emerging businesses, including mining machinery and emergency equipment, have seen rapid growth, with sales increasing by over 54% year-on-year in the first half of the year [2]. Financial Performance Summary - For the first three quarters of 2024, the gross profit margin was 28.37%, an increase of 0.6 percentage points year-on-year, and the net profit margin was 9.13%, up by 1.09 percentage points [1]. - The company expects net profits for 2024, 2025, and 2026 to be 4.5 billion yuan, 6 billion yuan, and 7.4 billion yuan, respectively, with growth rates of 30%, 32%, and 24% [2][3]. - The company's financial metrics indicate a positive trend, with the latest diluted EPS projected to be 0.52 yuan in 2024 and 0.69 yuan in 2025 [3][11]. Market Position and Growth Potential - The company has a strong foothold in the domestic market and is expanding its presence in overseas markets, with significant growth potential. The global market for construction machinery is projected to grow, with the company aiming to increase its market share in regions like Turkey, Central Asia, and Southeast Asia [2]. - The report highlights that the domestic market is expected to rebound, and the company's strong performance in international markets positions it well for future growth [2].

Investment Rating - The investment rating for the company is "Buy" with a target price of 7.13 CNY, maintaining the rating [1]. Core Views - The report highlights the company's steady performance in Q3 2024, with a focus on its globalization strategy and product diversification [1]. - The company reported a revenue of 34.386 billion CNY for the first three quarters of 2024, a year-on-year decrease of 3.18%, while the net profit attributable to shareholders increased by 9.95% to 3.14 billion CNY [1]. - The report emphasizes the improvement in key operational metrics, including a sales collection rate of 111.11%, up 10.73 percentage points year-on-year, and a significant increase in overseas revenue, which grew by 35.42% [1]. Financial Performance Summary - For Q3 2024, the company achieved a revenue of 9.85 billion CNY, a year-on-year decrease of 13.89% and a quarter-on-quarter decrease of 22.82% [1]. - The net profit for Q3 2024 was 851 million CNY, reflecting a year-on-year increase of 4.42% but a quarter-on-quarter decrease of 37.99% [1]. - The gross margin for Q3 2024 was 28.52%, an increase of 1.06 percentage points year-on-year, while the net margin was 9.65%, up 2.28 percentage points year-on-year [1]. Financial Forecasts - The company has adjusted its profit forecasts for 2024-2026, expecting net profits of 3.95 billion CNY, 5.15 billion CNY, and 6.28 billion CNY respectively, with corresponding valuations of 15.7, 12.0, and 9.9 times [1]. - The report indicates a projected revenue growth rate of 7.33% for 2024, followed by 13.98% and 14.97% in 2025 and 2026 respectively [2]. Key Financial Metrics - The company's total assets as of 2023 were 130.86 billion CNY, with total liabilities of 71.70 billion CNY, resulting in a debt-to-asset ratio of 54.79% [3]. - The earnings per share (EPS) for 2024 is projected to be 0.45 CNY, with a price-to-earnings (P/E) ratio of 15.68 [2][3].

Investment Rating - The investment rating for the company is "Buy" (maintained) [4] Core Views - The report indicates that the domestic engineering machinery industry is gradually recovering from the bottom, with expectations for continued growth in domestic demand and potential growth in overseas markets. The company is expected to see increased sales in earth-moving machinery and agricultural machinery. Revenue projections for the company from 2024 to 2026 are estimated at 52.662 billion, 59.871 billion, and 68.326 billion yuan, respectively, with net profit attributable to the parent company projected at 4.475 billion, 5.224 billion, and 6.287 billion yuan, representing a CAGR of 21.49% [2][6]. Financial Performance Summary - For the first three quarters of 2024, the company achieved revenue of 34.386 billion yuan, a year-on-year decrease of 3.18%, while net profit attributable to the parent company was 3.139 billion yuan, an increase of 9.95%. In Q3 2024, revenue was 9.85 billion yuan, down 13.89%, with a net profit of 851 million yuan, up 4.42% [6]. - The company has effectively reduced accounts receivable and inventory, with accounts receivable decreasing by 5.21% compared to the beginning of 2024, and inventory reduced by 7.81% [6]. - The gross margin and net margin for the first three quarters of 2024 were 28.37% and 10.16%, respectively, showing improvements of 0.61 and 1.54 percentage points year-on-year. In Q3 2024, the gross margin was 28.52%, and the net margin was 9.65%, reflecting increases of 1.06 and 2.28 percentage points year-on-year [6]. Revenue and Profit Forecast - The company is expected to achieve revenues of 52.662 billion, 59.871 billion, and 68.326 billion yuan from 2024 to 2026, with corresponding net profits of 4.475 billion, 5.224 billion, and 6.287 billion yuan. The projected EPS for the same period is 0.52, 0.60, and 0.72 yuan per share, respectively [2][6][7].

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]