Investment Rating - The report maintains a "Recommend" rating for Zoomlion Heavy Industry Science & Technology Co Ltd (000157 SZ) [1][3] Core Views - Zoomlion's operating quality has steadily improved, with globalization and diversification strategies reducing cyclical impacts [1] - Domestic construction machinery market shows signs of bottoming out, with excavators leading the recovery [1] - The company's overseas revenue reached 12 05 billion yuan in H1 2024, accounting for 49 1% of total revenue, up 11 1 percentage points YoY [1] - Emerging business segments (earthmoving, aerial work platforms, agricultural machinery, mining) contributed 9 815 billion yuan in H1 2024, representing 40% of total revenue [1] Financial Performance - Q1-Q3 2024 revenue reached 34 385 billion yuan, down 3 18% YoY, while net profit attributable to parent company increased 9 95% YoY to 3 139 billion yuan [1] - Gross profit margin improved to 28 37%, up 0 61 percentage points YoY [1] - Net profit margin increased to 10 16%, up 1 54 percentage points YoY [1] - Operating cash flow for Q1-Q3 2024 was 1 208 billion yuan, up 5 78% YoY [1] Market Outlook - Domestic construction machinery demand is stabilizing, supported by trillion-yuan special bond projects and equipment renewal policies [1] - Excavator domestic sales reached 74 000 units in Jan-Sep 2024, up 8 6% YoY, while crane sales declined 35 9% [1] - The industry is expected to gradually recover as equipment renewal cycles approach and infrastructure projects accelerate [1] Strategic Development - The company is implementing a comprehensive globalization strategy covering R&D, manufacturing, supply chain, products, services, and talent [1] - Emerging business segments are showing strong growth, with revenue increasing 32 73% YoY in H1 2024 [1] - The company is enhancing operational efficiency through end-to-end digitalization [1] Financial Forecasts - 2024-2026 net profit is projected to be 3 86 billion, 5 07 billion, and 6 37 billion yuan respectively [1] - 2024-2026 EPS is forecasted at 0 40, 0 45, and 0 58 yuan [4] - 2024-2026 PE ratios are estimated at 16, 12, and 9 times [1][4] Key Financial Indicators - 2024-2026 revenue growth is projected at 13 08%, 2 06%, and 15 14% [4] - Gross margin is expected to remain stable around 28% [4] - ROE is forecasted to increase from 6 22% in 2023 to 9 93% in 2026 [4] - Debt-to-asset ratio is expected to remain around 54% [4]

Investment Rating - The report maintains an "Accumulate" rating for Zoomlion Heavy Industry Science and Technology Co., Ltd. (000157.SZ) [1] Core Views - The company reported a revenue of 34.386 billion RMB for Q3 2024, a year-on-year decline of 3.18%, while the net profit attributable to shareholders was 3.139 billion RMB, a year-on-year increase of 9.95% [1] - The company's overseas revenue accounted for nearly 50%, significantly enhancing profitability, with a gross margin of 28.52% and a net margin of 9.65% in Q3 2024, both showing improvements year-on-year [1] - The diversification of products, particularly in earth-moving machinery, high-altitude machinery, and agricultural machinery, has been rapid, with significant revenue growth in these segments [1] - The company has achieved a more diversified regional structure in overseas markets, reducing reliance on its three main regions, and has made breakthroughs in developed markets like the EU and North America [1] - The company is committed to high-quality development, evidenced by a reduction in inventory and improvements in the debt-to-asset ratio [1] Summary by Sections Financial Performance - For Q3 2024, the company achieved a revenue of 9.850 billion RMB, down 13.89% year-on-year, and a net profit of 0.851 billion RMB, up 4.42% year-on-year [1] - The company expects revenues of 50.933 billion RMB, 62.003 billion RMB, and 74.929 billion RMB for 2024, 2025, and 2026 respectively, with net profits projected at 3.895 billion RMB, 5.095 billion RMB, and 6.547 billion RMB [3] Product Development - The company has seen significant growth in its product lines, with earth-moving machinery, high-altitude machinery, and agricultural machinery generating revenues of 3.516 billion RMB, 3.955 billion RMB, and 2.343 billion RMB respectively in H1 2024, marking year-on-year increases of 19.89%, 17.75%, and 112.51% [1] Market Expansion - The overseas market revenue reached 12.048 billion RMB in H1 2024, a year-on-year increase of 43.90%, with the overseas revenue proportion rising to 49.10%, an increase of 11.06 percentage points compared to the end of 2023 [1] - The company has diversified its overseas market presence, with the revenue share from its three main regions decreasing to around 36% [1] Quality of Development - The inventory was reduced to 22.424 billion RMB in Q3 2024, a decrease of 1.423 billion RMB from the end of Q2 2024, and the debt-to-asset ratio improved to 53.25%, down 1.74 percentage points from the mid-year report [1]

证券代码：000157 证券简称：中联重科 公告编号：2024-049 号 中联重科股份有限公司 关于聘任高级管理人员的公告 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"）于2024年10月30 日召开了第七届董事会2024年度第六次临时会议，审议通过了《关 于聘任高级管理人员的议案》，经公司提名委员会审查，董事会同意 聘任任会礼先生为公司助理总裁，任期至公司第七届董事会任期届 满时止。 任会礼先生不存在《公司法》、《深圳证券交易所股票上市规 则》等法律法规、规范性文件及《公司章程》规定的不得担任高级 管理人员的情形。 上述高级管理人员的简历请见附件。 中联重科股份有限公司 董 事 会 二○二四年十月三十一日 1 附件：简历 任会礼先生：助理总裁，1977年出生。任会礼先生历任本公司中 央研究院技术研究中心主任、中央研究院院长助理，现兼任湖南中联 重科智能高空作业机械有限公司总经理。任会礼先生同时还担任起重 机械关键技术全国重点实验室副主任、中国机械工业标准化技术协会 理事等职务。任会礼先生获评为长沙市高层次人才（省市 ...

监事会对公司 2024 年第三季度报告进行了核实，现发表审核意 见如下： 中联重科股份有限公司监事会 关于公司 2024 年第三季度报告的审核意见 经审核，监事会认为董事会编制和审议公司2024年第三季度报 告的程序符合法律、行政法规及中国证监会的规定，报告内容真实、 准确、完整地反映了上市公司的实际情况，不存在任何虚假记载、误 导性陈述或者重大遗漏。 监事： 颜 梦 玉 熊 焰 明 刘 小 平 中联重科股份有限公司 监 事 会 二○二四年十月三十日 ...

证券代码：000157 证券简称：中联重科 公告编号：2024-047 号 中联重科股份有限公司 第七届董事会 2024 年度第六次临时会议决议公告 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。 1、审议通过了《公司 2024 年第三季度报告》 审议结果：表决票 7 票，赞成票 7 票，反对票 0 票，弃权票 0 票 《公司 2024 年第三季度报告》于 2024 年 10 月 31 日在巨潮资 讯网披露。（公告编号：2024-048） 2、审议通过了《关于聘任高级管理人员的议案》 根据《公司章程》有关规定、公司实际需要及公司首席执行官的 1 一、董事会会议召开情况 1、中联重科股份有限公司（以下简称"公司"）第七届董事会 2024 年度第六次临时会议（以下简称"本次会议"）通知已于 2024 年 10 月 21 日以电子邮件方式向全体董事发出。 2、本次会议于 2024 年 10 月 30 日以通讯表决的方式召开。 3、公司董事詹纯新先生、贺柳先生、王贤平先生、张成虎先生、 黄国滨先生、吴宝海先生、黄珺女士以通讯方式对会议议案进行了表 决。 4、本次会议的 ...

Financial Performance - The company's operating revenue for Q3 2024 was ¥9,850,240,131.91, a decrease of 13.89% compared to the same period last year[4]. - Net profit attributable to shareholders for Q3 2024 was ¥850,968,940.78, an increase of 4.42% year-on-year[4]. - The basic earnings per share for Q3 2024 was ¥0.10, reflecting an increase of 11.11% compared to the previous year[4]. - Total operating revenue for Q3 2024 was CNY 34.39 billion, a decrease of 3.18% compared to CNY 35.51 billion in Q3 2023[17]. - Net profit attributable to shareholders of the parent company reached CNY 3.14 billion, up 9.93% from CNY 2.86 billion in the same period last year[18]. - The company reported a gross profit margin of 9.67%, compared to 8.00% in the same quarter last year[17]. - Earnings per share (EPS) for Q3 2024 was CNY 0.38, compared to CNY 0.34 in Q3 2023[18]. Revenue Breakdown - Domestic revenue for the year-to-date period decreased by 25.54% to ¥16,742,164,337.17, while overseas revenue increased by 35.42% to ¥17,643,574,755.31[4]. Assets and Liabilities - Total assets at the end of Q3 2024 were ¥128,665,701,749.82, a decrease of 1.68% from the end of the previous year[4]. - Total assets decreased to CNY 128.67 billion from CNY 130.86 billion year-on-year, a decline of 1.68%[16]. - The total liabilities decreased to CNY 68.51 billion, down 4.06% from CNY 71.70 billion in the previous year[16]. - The company’s total non-current liabilities decreased to CNY 20.48 billion, down from CNY 21.70 billion year-on-year, a decline of 5.61%[16]. Cash Flow - The company's cash flow from operating activities for the year-to-date period was ¥2,190,402,340.30, a decrease of 7.25% year-on-year[4]. - Cash inflow from operating activities reached CNY 41.98 billion, an increase from CNY 40.63 billion in the previous period, reflecting a growth of approximately 3.3%[19]. - Net cash flow from operating activities was CNY 1.21 billion, compared to CNY 1.14 billion in the same period last year, indicating a year-over-year increase of about 5.4%[19]. - Cash outflow from investment activities totaled CNY 4.28 billion, down from CNY 8.55 billion in the previous year, representing a decrease of approximately 50%[19]. - Cash inflow from financing activities was CNY 8.77 billion, a significant decrease from CNY 14.95 billion in the prior year, reflecting a decline of about 41%[20]. - Net cash flow from financing activities was negative at CNY 505 million, compared to a negative CNY 46.95 million in the same period last year[20]. Expenses - The company's management expenses increased by 35.00% primarily due to increased share-based payment expenses related to the employee stock ownership plan[7]. - Research and development expenses for the quarter were CNY 1.86 billion, a significant decrease of 27.53% from CNY 2.57 billion in Q3 2023[17]. - The company reported a total of CNY 722,156,637.89 in equity-settled share-based payment expenses during the period[12]. Asset Management - The company reported a significant increase of 3539.74% in asset disposal income, mainly from the disposal of park storage assets[7]. - Total current assets at the end of the period amounted to CNY 77,598,437,694.52, a slight decrease from CNY 77,971,159,889.86 at the beginning of the period[14]. - Cash and cash equivalents decreased to CNY 14,051,207,289.20 from CNY 15,870,434,751.38[14]. - Accounts receivable increased to CNY 26,542,358,761.93 from CNY 24,612,186,679.56, indicating a growth of approximately 7.8%[14]. - Inventory remained relatively stable at CNY 22,423,614,261.63, compared to CNY 22,503,500,945.99 at the beginning of the period[14]. - The total non-current assets decreased to CNY 66,198,000,000.00 from CNY 66,500,000,000.00, reflecting a slight decline[14]. - The company’s long-term receivables decreased significantly from CNY 17,001,984,894.22 to CNY 13,008,723,910.16, a drop of approximately 23.4%[14]. - The fixed assets increased to CNY 11,178,254,982.18 from CNY 10,935,443,001.80, showing a growth of about 2.2%[14]. Tax and Refunds - The company received CNY 2.68 billion in tax refunds, up from CNY 1.70 billion in the previous year, marking an increase of about 57.5%[19].

证券代码：000157 证券简称：中联重科 公告编号：2024－046 号 中联重科股份有限公司 关于召开 2024 年度第二次临时股东大会、A 股类别 股东大会和 H 股类别股东大会的通知 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。 一、召开会议的基本情况 （一）股东大会届次：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 （二）股东大会的召集人：公司董事会 （五）会议的召开方式 本次股东大会采取会议现场投票和网络投票相结合的方式召 开。 《关于召开公司2024年度第二次临时股东大会、A股类别股东 大会和H股类别股东大会的提案》经公司2024年10月17日召开的第 七届董事会2024年度第五次临时会议审议通过。 （三）会议召开的合法、合规性 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 别股东大会的召开符合有关法律、行政法规、部门规章、规范性文 件、深圳证券交易所《股票上市规则》和《中联重科股份有限公司 章程》的规定。 （四）股东大会召开的日期、时间 1、现场会议召开时间：2024年11月11日14:30 2、网络投 ...

Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook for future performance [8][26]. Core Views - The company plans to repurchase and cancel part of its H shares, which is expected to enhance per-share value and improve shareholder returns [5]. - The company's performance is anticipated to continue growing, driven by a recovery in industry sales and an increase in emerging business segments [6][7]. - The company is positioned as a leader in the engineering machinery industry, with significant competitive advantages in crane and concrete machinery [26]. Summary by Sections Company Overview - The company announced a plan to repurchase H shares to enhance investor confidence and increase earnings per share [5]. Industry Performance - In September, the sales of major products showed signs of improvement, with excavators increasing by 10.8%, while other categories experienced varying declines [6]. - The real estate sector is stabilizing, with a slight recovery in sales area and investment completion rates [6]. Financial Projections - Revenue projections for 2024-2026 are estimated at 501.1 billion, 557.2 billion, and 635.7 billion yuan, with year-on-year growth rates of 6.4%, 11.2%, and 14.1% respectively [8][10]. - Net profit is expected to reach 42.1 billion, 51.9 billion, and 65.1 billion yuan for the same period, reflecting growth rates of 20.1%, 23.3%, and 25.3% [8][10]. Emerging Business Growth - The company is rapidly expanding its emerging business segments, with significant growth in earthmoving machinery and high-altitude equipment, contributing to a 20% increase in revenue for earthmoving machinery [7][26]. - The share of emerging business revenue has increased to 40% of total revenue, up from 31.7% in 2023 [7]. Valuation Metrics - The report indicates a price-to-earnings ratio of 14.3, 11.6, and 9.2 for the years 2024, 2025, and 2026 respectively, suggesting a favorable valuation compared to historical performance [8][10].

Investment Rating - The report maintains a "Buy" rating for the company [8] Core Views - The company plans to repurchase up to 10% of its issued H shares, which will be fully canceled to enhance earnings per share and improve investor returns, thereby boosting confidence in the capital market [6][7] - Following the recovery of excavator domestic sales this year, the company expects an upward cycle for concrete machinery and crane machinery in the coming year, indicating a potential recovery in its traditional business [6][7] - The company is actively expanding into emerging sectors such as earthmoving, aerial work, agricultural machinery, and mining machinery, which are expected to contribute to revenue and profit growth [6][7] - The company's overseas revenue growth is anticipated to outperform the industry due to its increasingly refined global layout and direct sales system [6][7] Summary by Sections Company Announcement - The board has approved a proposal to repurchase H shares, with the repurchase price not exceeding 105% of the average closing price over the previous five trading days [6] Financial Performance - The company has a historical dividend payout rate of approximately 42%, with over 25 dividends distributed since its listing, and cash dividends exceeding 8.3 billion yuan in the last three years, accounting for 52% of net profit [6][7] - The company has conducted large-scale repurchases totaling nearly 4.8 billion yuan over the past five years, excluding the current proposed repurchase [6] Market Outlook - The domestic sales of excavators have shown a recovery, with a year-on-year growth of around 20% from May to September, indicating a clear trend of bottoming out in the excavator industry [6][7] - The company expects to achieve net profits of 3.815 billion yuan and 5.331 billion yuan in 2024 and 2025, respectively, with corresponding price-to-earnings ratios of 15 times and 11 times [7]

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - The company plans to repurchase up to 10% of its H shares for cancellation, which is expected to enhance earnings per share and improve investor returns, thereby boosting investor confidence [4] - The company is positioned to benefit from a gradual recovery in infrastructure and real estate sectors, supported by loose monetary and fiscal policies [4] - The company has seen significant growth in overseas markets, with overseas revenue increasing by 43.9% year-on-year in the first half of 2024, outpacing domestic revenue which declined by 20.5% [5] - The company is diversifying its product offerings in emerging sectors such as earthmoving machinery, agricultural machinery, and aerial work platforms, which are expected to enhance its competitive edge [6] - The profit forecast for the company is set at 45.06 billion, 56.27 billion, and 68.81 billion yuan for 2024, 2025, and 2026 respectively, with corresponding P/E ratios of 13x, 10x, and 8x [6] Financial Summary - Total revenue for 2022 was 41.631 billion yuan, with a projected increase to 55.117 billion yuan in 2024, reflecting a year-on-year growth of 17.08% [2] - The net profit attributable to the parent company is expected to rise from 3.506 billion yuan in 2023 to 4.506 billion yuan in 2024, representing a growth rate of 28.52% [2] - The latest diluted EPS is projected to increase from 0.40 yuan in 2023 to 0.52 yuan in 2024 [2] - The company's gross margin is expected to improve from 27.54% in 2023 to 28.40% in 2024 [12]