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]

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]

Financial Performance - Operating revenue for the third quarter was CNY 9,850,240,131.91, a decrease of 13.89% compared to the same period last year[5]. - Total revenue for the current period is RMB 34,385,739,092.48, a decrease of 3.19% from RMB 35,514,132,109.66 in the previous period[13]. - Net profit attributable to shareholders was CNY 850,968,940.78, an increase of 4.42% year-on-year[5]. - Net profit for the current period is RMB 3,492,352,149.85, up 14.06% from RMB 3,062,661,152.45 in the previous period[14]. - Operating profit for the current period is RMB 3,849,982,011.80, an increase of 15.7% compared to RMB 3,326,573,029.08 in the previous period[14]. - Total comprehensive income for the period was RMB 3,154,266,690.45, slightly up from RMB 3,135,707,274.50 in the previous period[15]. - Net income attributable to the parent company was RMB 2,800,930,403.25, down from RMB 2,928,102,551.39 year-over-year[15]. - Basic earnings per share increased to 0.38 from 0.34, while diluted earnings per share rose to 0.37 from 0.34[15]. Assets and Liabilities - Total assets at the end of the reporting period were CNY 128,665,701,749.82, a decrease of 1.68% from the end of the previous year[5]. - Total assets decreased to RMB 128,665,701,749.82 from RMB 130,862,389,408.99, a decline of 1.68%[12]. - Non-current assets totaled RMB 51,067,264,055.30, down from RMB 52,891,229,519.13, a decrease of 3.45%[12]. - Current liabilities decreased to RMB 48,034,817,770.30 from RMB 49,996,417,695.98, a reduction of 3.93%[10]. - The company reported a decrease in total liabilities to RMB 68,511,644,427.31 from RMB 71,695,112,198.09, a decline of 4.06%[11]. - Long-term receivables decreased significantly to RMB 13,008,723,910.16 from RMB 17,001,984,894.22, a decline of 23.41%[9]. Cash Flow - The company's cash flow from operating activities for the year-to-date was CNY 1,207,754,698.86, an increase of 5.74% year-on-year[5]. - Cash inflow from operating activities was RMB 41,976,601,703.23, compared to RMB 40,625,561,453.48 in the previous period[16]. - Cash outflow for purchasing goods and services was RMB 31,660,744,758.48, up from RMB 28,689,111,090.38[16]. - Net cash flow from investing activities was negative RMB 1,630,477,046.13, slightly worse than negative RMB 1,591,582,884.73 in the previous period[16]. - Cash flow from financing activities showed a net outflow of RMB 505,061,294.18, compared to a smaller outflow of RMB 46,946,891.03 last year[17]. - The ending balance of cash and cash equivalents was RMB 12,632,527,356.56, down from RMB 13,321,010,483.88[17]. - The company received RMB 2,683,197,338.31 in tax refunds, significantly higher than RMB 1,697,983,722.58 in the previous period[16]. Revenue Breakdown - Domestic revenue for the year-to-date was CNY 16,742,164,337.17, down 25.54%, while overseas revenue was CNY 17,643,574,755.31, up 35.42%[5]. Shareholder Information - The number of shareholders at the end of the reporting period was reported, with the top ten shareholders holding significant stakes[6]. Construction and Expenditures - The company's construction projects and expenditures increased, leading to a 37.36% rise in construction in progress[7]. - Short-term borrowings decreased by 36.03% due to repayment of maturing short-term loans[7]. - The company reported a significant increase of 3539.74% in asset disposal gains, primarily from the disposal of park storage[7]. Research and Development - Research and development expenses for the current period were RMB 1,857,376,162.39, down from RMB 2,567,568,014.85, a decrease of 27.6%[13]. Capital and Reserves - The capital reserve increased to RMB 19,413,036,051.13 from RMB 18,725,104,258.74, an increase of 3.68%[12].

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 ...

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].

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 ...