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 ...

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]

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]

Group 1: Financial Performance - The company's net profit attributable to shareholders for the first three quarters of 2024 reached 3.139 billion CNY, a year-on-year increase of 9.95% [3] - In Q3 alone, the net profit attributable to shareholders was 851 million CNY, up 4.42% year-on-year [3] - The overall gross profit margin for the first three quarters was 28.37%, with a net profit margin of 9.13%, both showing improvements compared to the previous year [6][9] Group 2: Revenue Composition - Overseas revenue accounted for over 51% of total revenue, with a year-on-year growth of 35.42% [3][4] - New emerging industries now represent over 50% of the company's revenue structure [3] - The company achieved 17.14% growth in net profit after excluding share-based payment impacts [3] Group 3: Operational Efficiency - The company reported a sales collection rate of 111.11%, an increase of 0.73 percentage points year-on-year [5] - Inventory management efforts led to a reduction of 1.9 billion CNY in inventory balance compared to the previous quarter [6][11] - The company has invested nearly 12 billion CNY in R&D over the past three years, with an R&D intensity of nearly 8%, leading the industry [6] Group 4: Market Expansion - The company has accelerated its global transformation, with overseas business growing rapidly for four consecutive years [3] - Significant growth was noted in South America, Africa, and South Asia, with the EU and North America also experiencing rapid growth [4][8] - The company launched over 250 new products for overseas markets this year, enhancing its product portfolio [4] Group 5: Risk Management and Financial Health - Total liabilities decreased by 3.183 billion CNY compared to the beginning of the year, with a debt-to-asset ratio of 53.25%, better than the industry average [7] - The company has implemented strict risk control measures, resulting in improved core risk indicators across major business units [5][10] - The company plans to continue its proactive dividend policy, distributing nearly 2.8 billion CNY in cash dividends in Q3 [7][13]

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].

Summary of Zhonglian Heavy Industry's Q3 2024 Earnings Call Company Overview - **Company**: Zhonglian Heavy Industry - **Industry**: Construction Machinery Key Points Business Performance - **Revenue Structure**: The company has optimized its revenue and product structure, with overseas revenue exceeding 51% and emerging industries accounting for over 50% of total revenue. Domestic revenue from real estate-related sectors has dropped below 13% [1][2] - **Net Profit**: For the first three quarters of 2024, the net profit reached 3.139 billion yuan, a year-on-year increase of 9.95%. The net profit for Q3 alone was 851 million yuan, up 4.42% year-on-year [1][2] - **Cash Flow**: Operating cash flow has improved significantly, with a 5.7% increase year-on-year and an 82% increase in Q3 alone [6][24] Global Expansion - **Overseas Revenue Growth**: The company has accelerated its global strategy, with overseas revenue of 17.644 billion yuan in the first three quarters, accounting for 51.31% of total revenue, a 35.42% year-on-year increase. Profits from overseas operations now account for nearly 70% of total profits [2][3] - **Market Expansion**: Significant growth in emerging markets such as South America, Africa, and India, with overall growth of nearly 70%. The EU and North America markets have seen growth rates of around 200% [2][3] Product Development - **Product Launches**: Over 300 products have received international certification, with more than 250 new products launched for overseas markets. The company is focusing on high-end product certifications, particularly in Europe and North America [3][4] - **New Industry Segments**: The company is actively developing new industry segments, with revenue from earth-moving machinery reaching 5.2 billion yuan, a 10% year-on-year increase. The agricultural machinery segment has also seen significant growth, with revenue doubling [4][5] Financial Performance - **Profitability**: The gross margin for the first three quarters was 28.37%, and the net profit margin was 9.13%, both showing improvements compared to the previous year. The gross margin for Q3 was 28.52% [8][20] - **Cost Management**: The company has implemented cost reduction strategies, achieving a cost reduction of 10.66 billion yuan in the first three quarters, with a cost reduction rate of 5.91% [8][9] - **Debt Management**: The total liabilities decreased by 3.183 billion yuan, with a debt-to-asset ratio of 53.25%, which is better than the industry average [9][10] Risk Management - **Quality Control**: The company has strengthened its risk management and quality control measures, particularly in overseas operations. The sales collection rate improved to 111%, a 10 percentage point increase year-on-year [6][24] - **Inventory Management**: The company has effectively reduced inventory levels, with a decrease of 1.9 billion yuan since the beginning of the year [6][24] Future Outlook - **Market Trends**: The company anticipates a recovery in the construction machinery market driven by equipment upgrades and government policies aimed at economic stability. The expected growth in demand for high-end, intelligent, and environmentally friendly machinery aligns with the company's strategic focus [33][34] - **Product Strategy**: The company plans to continue expanding its product offerings in both domestic and international markets, particularly in the earth-moving and agricultural machinery sectors [30][31] Additional Insights - **Shareholder Returns**: The company has maintained a generous dividend policy, with cash dividends of 2.8 billion yuan in Q3 and ongoing share buyback programs [10][11] - **R&D Investment**: The company has invested approximately 12 billion yuan in R&D over the past three years, focusing on digitalization and smart manufacturing [7][8] This summary encapsulates the key points from Zhonglian Heavy Industry's Q3 2024 earnings call, highlighting the company's performance, strategic initiatives, and future outlook in the construction machinery industry.

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].