Investment Rating - The investment rating for the company is "Buy-A" with a 6-month target price of 9.22 CNY, compared to the current stock price of 8.02 CNY [3][9]. Core Views - The company's performance in 2024 met expectations, with total revenue of 45.478 billion CNY, a year-on-year decrease of 3.39%, and a net profit of 3.52 billion CNY, a slight increase of 0.41% [1]. - The company is expected to see a recovery in profits in 2025, driven by improved domestic demand and continued growth in international markets and emerging businesses [9][10]. - The company has a strong focus on cash dividends and share buyback policies, with a planned dividend of 2.603 billion CNY for 2024, representing a dividend payout ratio of 73.95% [9]. Revenue and Profitability - The core business segments, including cranes and concrete machinery, generated revenues of 14.786 billion CNY and 8.013 billion CNY, respectively, with year-on-year declines of 23.35% and 6.8% [2]. - Emerging businesses, such as aerial work, earthmoving, and agricultural machinery, showed significant growth, with revenues of 6.833 billion CNY, 6.671 billion CNY, and 4.65 billion CNY, reflecting year-on-year increases of 19.74%, 0.34%, and 122.29% [2]. - The company's gross margin and net margin improved to 28.17% and 8.81%, respectively, with year-on-year increases of 0.63 percentage points and 0.8 percentage points [3]. Internationalization and Market Position - Domestic and overseas revenues were 22.098 billion CNY and 23.38 billion CNY, respectively, with year-on-year changes of -24.24% and +30.58%, marking a historical milestone where overseas revenue accounted for over 50% of total revenue [2]. - The company has established a strong market position in the domestic market for its main products and is rapidly expanding its overseas business, with export revenue growing by over 35% [2]. Financial Forecast - The company is projected to achieve revenues of 53.03 billion CNY, 62.52 billion CNY, and 73.79 billion CNY for 2024, 2025, and 2026, respectively, with growth rates of 16.6%, 17.9%, and 18% [9][11]. - Net profits are expected to reach 4.9 billion CNY, 6.12 billion CNY, and 7.6 billion CNY for the same years, with growth rates of 39.2%, 24.8%, and 24.2% [9][11].

0 0 0 0- IP 全球化、多元化描绘新增长曲线 企业进入非周期、可持续发展通道 tes 营业收入 454.78亿元 e - 境外收入 ------ es 同比增长 9 境外收入占比超 (3)同比提升约 13.37pct 233.80zz 30.5 0/0 持续领跑 1 % 土方、矿山、高机、农机等 第二增长曲线业务 s 营收 es 同比增长 222.07 (Z7 18.82% 第二增长曲线 ca 营收占比超 es 同比提升约 1 Bpct 1 1 1 0/0 1142 净利润增长6.31% 别除股份支付费影响后增长18.39% ea 同比增长 e - 争利润 40.09 亿元 -- belly e 别除股份支付费影响后 净利润同比增长 18.39% L 03 _ 坚持高质量发展 盈利能力行业领先 es 毛利率 72 6.17 % 13 同比提升 1.04 pct es 净利率 : 置 : 1 0/0 ea 同比提升 D i Upct 全球化转型高效推进 有效避免内卷、创造更大发展空间 1 产品和服务覆盖海外国家超 17 个。 9 海外网点超 400个。 8 海外员工超0300名,其中本地化员工约 4 ● ...

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中联重科: 关于拟发行中期票据的的公告 证券代码：000157 证券简称：中联重科 公告编号：2025-020 号 中联重科股份有限公司 关于拟发行中期票据的公告 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。 为了优化债务结构，拓宽融资渠道，降低融资成本，根据《公司 法》、 公司将按照有关法律、法规的规定及时披露中期票据的发行情况。 四、备查文件 《银行间债券市场非金融企业债务融资工具管理办法》等法律、 法规的规定，公司拟向中国银行间市场交易商协会申请注册发行总额 不超过50亿元人民币的中期票据。相关事项如下： 一、中期票据发行方案 本次拟注册发行中期票据的规模不超过 50 亿元人民币，将根据市 场环境和公司实际资金需求在注册有效期内择机一次或分次发行。 本次拟发行中期票据的期限不超过 10 年(包含 10 年)。 实际发行价格将根据发行时的指导价格及市场情况来确定。 本次发行的对象为全国银行间债券市场的机构投资者。 募集资金主要用于补充公司营运资金、偿还金融机构借款及其他交易 商协会认可的用途。 本次拟发行中期票据决议的有效期为自股东大会审议通过之日 起 ...

中联重科: 关于注册统一注册发行银行间市场交易 商协会债务融资工具（DFI）的公告 证券代码：000157 证券简称：中联重科 公告编号：2025-022 号 中联重科股份有限公司 关于注册统一注册发行银行间市场交易商协会 债务融资工具（DFI）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。 为提升银行间市场注册及发行效率、拓宽银行间市场可供发行融 资产品范围，中联重科股份有限公司(以下简称"公司"或"中联重 科")拟申请注册"统一注册发行银行间市场交易商协会债务融资工 具（DFI）"（以下简称"债务融资工具（DFI）"）相关事项如下： 一、 债务融资工具（DFI）注册方案 融资券、中期票据、永续票据、资产支持票据、绿色债务融资、扶贫 债务工具等。 注册债务融资工具（DFI）有关的事宜，包括但不限于根据需要签署 必要的文件，聘任相应的代理注册机构、信用评级机构、会计师事务 所、律师事务所等中介机构，办理必要的手续，以及采取其他必要的 相关行动。 的额度内，全权决定和办理上述 DFI 项下债券发行有关的事宜，包括 但不限于具体决定发行时机、发行方式、承销 ...

市值管理制度 第一章 总则 第一条 为推动提升中联重科股份有限公司（以下简称"公司"） 的投资价值，增强投资者回报，规范公司的市值管理活动，确保公司 市值管理活动的合规性、科学性、系统性、常态化，实现公司价值和 股东利益最大化，根据《中华人民共和国公司法》 《中华人民共和国 证券法》 中联重科: 中联重科股份有限公司市值管理制度 中联重科股份有限公司 《深圳证券交易所股票上市规则》 《深圳证券交易所上市公司 自律监管指引第 1 号——主板上市公司规范运作》 《上市公司监管指 引第 10 号——市值管理》等法律法规、规范性文件和《中联重科股 份有限公司章程》（以下简称"《公司章程》"）等规定，制订本制 度。 第二条 本制度所称市值管理是以提高公司质量为基础，为提升 公司投资价值和投资者回报能力而实施的战略管理行为。其中公司质 量是公司市值的基础，依法合规运用各类方式提升公司投资价值是市 值管理的手段，增强股东回报是市值管理的目的，最终实现公司市值 充分反映公司价值。 第二章 市值管理的目的与基本原则 第三条 市值管理主要目的是通过充分、合规的信息披露，增强 公司透明度，引导公司的市场价值与内在价值趋同，同时，利 ...

中联重科: 2024年度独立董事述职报告（黄国滨） 中联重科股份有限公司 （黄国滨） 作为中联重科股份有限公司（以下简称公司）的独立董事，本人 市公司独立董事管理办法》等法律法规、规范性文件及公司相关制度 的规定和要求，积极出席公司召开的相关会议,认真审议会议各项议案, 坚持促进公司规范运作，对公司相关事项发表独立意见,恪尽职守、勤 勉尽责，充分发挥独立董事作用,切实维护了公司及全体股东特别是中 小股东的利益。现就2024年度履行职责情况报告如下: 一、基本情况 本人黄国滨，现任智赢国际（集团）有限公司董事长，曾任中金 投行人力资源委员会主管、业务开发委员会主管，中金公司欧洲投行 部主管及投行运营委员会委员、高盛中国大工业组主管、摩根大通全 球投资银行中国首席执行官、摩根大通证券（中国）有限公司法定代 表人、首席执行官兼投资银行主管。 本人符合《上市公司独立董事管理办法》《深圳证券交易所上市 公司自律监管指引第1号—主板上市公司规范运作》中对独立董事独 立性的相关要求，不存在影响独立性的情况。 二、2024 年度履职情况 （一）出席董事会及股东大会情况 董事会会议9次，其中现场出席1次，以通讯方式参加8次，没 ...

（2）公司预计 2025 年日常关联交易事项符合公司经营情况。 中联重科股份有限公司（以下简称"公司"）第七届董事会独立 董事专门会议 2025 年第一次会议（以下简称"本次会议" ）于 2024 年 3 月 24 日以现场方式召开，本次会议应出席独立董事 4 人，实际 出席独立董事 4 人。本次会议推举了独立董事张成虎先生担任独立董 事专门会议召集人并主持本次会议。本次会议的召开符合《上市公司 独立董事管理办法》及《公司章程》的有关规定。 独立董事专门会议审议通过了《关于预计2025年度日常关联交 易的议案》，全体独立董事同意此议案，并发表审核意见如下： （1）经审核，公司 2024 年与中联重科融资租赁（北京）有限 公司、兴湘商业保理（深圳）有限公司的日常关联交易属于正常的经 营行为。实际关联交易金额低于预计数，对公司日常经营及业绩影响 较小，未发现损害公司和中小股东的利益的行为。 中联重科: 第七届董事会独立董事专门会议2025年 第一次会议审核意见 中联重科股份有限公司 第七届董事会独立董事专门会议 2025 年第一次会议 审核意见 （3）该议案审议程序合法，关联交易事项符合该等日常关联交 易表决程序 ...

Financial Performance - For the year ending December 31, 2024, the group's continuing operating revenue was RMB 45.478 billion, a decrease of RMB 1.597 billion (3.39%) compared to 2023[3] - The profit attributable to shareholders for the year was RMB 3.521 billion, a decrease of RMB 0.29 billion (0.82%) from 2023[3] - Basic and diluted earnings per share for the year were both RMB 0.41, down RMB 0.02 from 2023[3] - The operating profit for the year was RMB 4.327 billion, an increase from RMB 3.835 billion in 2023[4] - The company reported a total comprehensive income of RMB 3.579 billion for the year, compared to RMB 3.916 billion in 2023[7] - The total revenue from the company's main business segments in 2024 was RMB 45,478 million, down from RMB 47,075 million in 2023, indicating a decline of 3.4%[20] - The company reported a net profit of RMB 4,009 million for the year ending December 31, 2024, compared to RMB 3,521 million in 2023, showing an increase of 13.8%[12] - The total cash dividend declared for the fiscal year 2023 was RMB 2.777 billion, based on a total share capital of 8.678 billion ordinary shares[39] - The proposed final dividend for the fiscal year 2024 is RMB 0.30 per share, totaling approximately RMB 2.603 billion, pending shareholder approval[40] Revenue Breakdown - The revenue from concrete machinery in 2024 was RMB 8,004 million, a decrease of 6.6% from RMB 8,571 million in 2023[20] - The revenue from agricultural machinery significantly increased to RMB 4,646 million in 2024, up from RMB 2,089 million in 2023, representing a growth of 122%[20] - The total revenue for the engineering machinery segment in 2024 was RMB 44,849 million, a decrease of 2.3% from RMB 46,391 million in 2023[25] - Revenue from agricultural machinery increased significantly to RMB 4,650 million in 2024, up 122.5% from RMB 2,092 million in 2023[25] - Revenue from external customers in mainland China decreased to RMB 22,164 million in 2024, down 23.5% from RMB 29,026 million in 2023[29] - Revenue from external customers outside China increased to RMB 23,314 million in 2024, up 29.4% from RMB 18,049 million in 2023[29] Expenses and Costs - Research and development expenses decreased to RMB 2.769 billion from RMB 3.441 billion in 2023[4] - The total employee costs rose to RMB 6,503 million in 2024, an increase of 19.1% from RMB 5,460 million in 2023[32] - Sales and service costs fell by 4.22% from RMB 34.109 billion in 2023 to RMB 32.668 billion in 2024[85] - Gross profit decreased by 1.20% from RMB 12.966 billion in 2023 to RMB 12.810 billion in 2024, while the gross profit margin increased from 27.54% to 28.17%[86] Assets and Liabilities - Total assets as of December 31, 2024, were RMB 123.712 billion, down from RMB 130.825 billion in 2023[9] - Current liabilities decreased to RMB 42.987 billion from RMB 49.996 billion in 2023[10] - The net asset value increased to RMB 59.802 billion from RMB 59.131 billion in 2023[10] - The company's total equity as of December 31, 2024, was RMB 59,802 million, an increase from RMB 59,131 million at the end of 2023[12] - The group's accounts receivable decreased to RMB 31.108 billion in 2024 from RMB 35.494 billion in 2023, a reduction of 12.3%[54] - The total amount of accounts payable was RMB 8,830 million in 2024, down from RMB 11,215 million in 2023, a decrease of 21.3%[68] Investments and Shareholder Returns - The company repurchased ordinary shares worth RMB 1,085 million during the year 2023[11] - Cash dividends paid out in 2023 amounted to RMB 2,641 million, reflecting a significant return to shareholders[11] - The company repurchased a total of 10,710,200 H-shares at a total cost of HKD 57,890,629, with the highest price per share at HKD 5.70 and the lowest at HKD 5.21[125] Research and Development - The company has developed 548 new products and tackled 355 key technologies during the reporting period, including 9 global bests and 15 industry-first products[108] - The company has launched 40 new energy products, including the world's largest 150-ton distributed electric drive crawler crane and the industry's first modular electric direct drive mixer truck[111] - The company is committed to strengthening research and innovation, focusing on developing high-quality, high-value, and high-safety products, while enhancing its international patent protection network[119] Market Position and Strategy - The company aims to enhance its competitive edge by optimizing its industrial structure and promoting the development of both traditional and emerging industries[96] - The company maintains a solid market position in traditional product lines such as concrete machinery and construction cranes, with ongoing improvements in overseas market presence[97] - The company achieved a comprehensive product matrix covering 1.5 to 400 tons in earthmoving machinery, with a significant market share increase in the over 100-ton mining excavator segment, ranking among the top three in the industry[99] - The company has established 11 overseas production bases across 8 countries, forming a production system covering 8 categories and 32 series[105] Governance and Management - The audit committee has held four meetings to review the company's financial performance and internal control systems for the year ending December 31, 2023[128] - The company is committed to transparency in its financial reporting and governance[129] - The board of directors includes Dr. Zhan Chunxin as the executive director and Mr. He Liu and Mr. Wang Xianping as non-executive directors[129] - Independent non-executive directors include Mr. Zhang Chenghu, Mr. Huang Guobin, Mr. Wu Baohai, and Ms. Huang Jun[129] Future Outlook - Future outlook includes potential market expansion and new product development[129] - The government is expected to increase fiscal spending significantly in 2025, which will positively impact industry demand and drive sales in the engineering machinery sector[116] - The agricultural machinery market is anticipated to grow due to national policies promoting agricultural development and the replacement of old machinery, leading to increased demand for smart agricultural equipment[116]