证券代码：000157 证券简称：中联重科 公告编号：2024－038 号 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"、"上市公司"或"中联重 科"）于 2024 年 9 月 19 日召开第七届董事会 2024 年度第四次临时会 议、第七届监事会 2024 年度第三次临时会议，审议通过了《关于终 止分拆所属子公司湖南中联重科智能高空作业机械有限公司重组上 市的议案》，公司决定终止分拆所属子公司湖南中联重科智能高空作 业机械有限公司（以下简称"中联高机"）通过与深圳市路畅科技股份 有限公司（以下简称"路畅科技"）重组的方式实现上市（以下简称"本 次分拆"、"本次分拆上市"）相关事项。本事项尚需提交公司股东大 会审议，现将有关情况公告如下： 一、本次分拆的基本情况 2023 年 1 月 16 日，公司在深圳证券交易所（以下简称"深交所"） 网站披露了《关于筹划子公司分拆上市暨签署意向协议的提示性公告》 （公告编号：2023－002 号），启动本次分拆相关工作。 2023 年 2 月 5 日，公司召开了第六届董事会 202 ...

中联重科股份有限公司 第七届董事会独立董事专门会议 2024 年第二次会议 审核意见 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 2024 年第二次会议（以下简称"本次会议"）于 2024 年9月19日以通讯表决的方式召开，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： 张 成 虎 黄 国 滨 吴 宝 海 黄 珺 二〇二四年九月十九日 1 独立董事专门会议审议通过了《关于终止分拆所属子公司湖南中 联重科智能高空作业机械有限公司重组上市的议案》，全体独立董事 同意此议案，并发表审核意见如下： 鉴于目前市场环境较本次分拆事项筹划之初发生较大变化，为了 切实维护公司和广大投资者利益，经与相关各方充分考虑及审慎论证 后，公司决定终止分拆所属子公司中联高机重组上市相关事项。该项 决策不存在损害公司及股东，特别是中小股东的利益的情形。同意将 该议案提交公司董事会审议，关联董事需回避表决。 ...

Investment Rating - The report maintains a "Buy" rating for the company, with a target price not specified [5]. Core Insights - The company, established in 1992 and incubated by a national research institute, is a leading player in high-tech equipment manufacturing, focusing on engineering and agricultural machinery. In 2023, the company experienced a rebound in performance, with revenue and net profit attributable to shareholders increasing by 13.08% and 52.04% year-on-year, respectively [1][21]. - The domestic engineering machinery industry is expected to enter an upward cycle after a period of decline, driven by equipment replacement demand and policy support for large-scale equipment updates. The domestic market is projected to recover, with a forecasted market size of $19.2 billion by 2027, growing at a CAGR of 19.73% from 2024 to 2027 [2][36]. - The company is actively expanding its overseas market presence, which has become a significant growth driver. The overseas market's gross profit margin is notably higher than that of the domestic market, indicating substantial profit potential [2][40]. Summary by Sections 1. Company Background and Performance - The company is the first in the industry to be listed on both A and H shares, with a clear product structure that includes main products and comprehensive derivative services. It has a robust performance recovery in 2023, with total revenue reaching 47.07 billion yuan [1][11][21]. - The company’s main business segments include engineering machinery, agricultural machinery, and financial services, with engineering machinery accounting for 85.49% of total revenue in 2023 [23]. 2. Domestic Industry Recovery and Overseas Expansion - The domestic engineering machinery market is showing signs of recovery, with significant growth in mining and water conservancy investments, which are expected to drive demand for excavators [30][36]. - The company has successfully expanded its overseas market, with exports to countries along the Belt and Road Initiative reaching $21.055 billion in 2023, a year-on-year increase of 24.1% [40][42]. 3. Technological Empowerment and Product Development - The company leverages its research and innovation capabilities to enhance product offerings and has established a direct sales system to support localized development in overseas markets [3][19]. - The company is focusing on emerging product categories, such as high-altitude machinery and agricultural machinery, which are expected to contribute to revenue growth [3][19]. 4. Financial Forecast - The company is projected to achieve revenues of 52.11 billion yuan, 61.94 billion yuan, and 74.14 billion yuan for 2024, 2025, and 2026, respectively, with year-on-year growth rates of 11%, 19%, and 20% [4][21]. - Net profit attributable to shareholders is expected to reach 4.38 billion yuan, 5.53 billion yuan, and 6.69 billion yuan for the same years, with growth rates of 25%, 26%, and 21% [4][21].

中联重科股份有限公司 证券代码：000157 证券简称：中联重科 公告编号：2024－035 号 关于终止子公司分拆上市的提示性公告 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"中联重科"或"公司"）拟终 止分拆控股子公司湖南中联重科智能高空作业机械有限公司（以下简 称"中联高机"或"标的公司"）与深圳市路畅科技股份有限公司（以 下简称 "路畅科技"）进行重组的方式重组上市（以下简称"本次分 拆"）。 自筹划本次分拆上市事项以来，公司及相关各方积极推进各项工 作，按照相关规定履行信息保密及披露义务。但鉴于目前市场环境较 本次分拆上市事项筹划之初发生较大变化，为了切实维护上市公司和 广大投资者利益，经与相关各方充分考虑及审慎论证后，公司拟终止 分拆中联高机上市事项。 终止本次分拆不会对公司产生实质性影响，不会对公司现有生产 经营活动和财务状况产生重大不利影响，亦不会影响公司未来战略规 划的实施。 本次终止分拆尚需提交公司董事会、股东大会审议。公司后续将 按照相关法律、法规及公司章程的规定履行必要的决策和审批程序， 并根据本次交 ...

证券研究报告：机械设备|公司点评报告 2024 年 9 月 9 日 股票投资评级 买入|维持 个股表现 中联重科 机械设备 -27% -21% -15% -9% -3% 3% 9% 15% 21% 27% 33% 资料来源：聚源，中邮证券研究所 | --- | --- | |--------------------------------------------------|-------------------------| | | | | 最新收盘价（元） | | | | 5.95 | | 总股本 / 流通股本（亿股） | 86.78 / 70.71 | | 总市值 / 流通市值（亿元） 52 周内最高 / 最低价 | 516 / 421 9.35 / 5.95 | | 资产负债率 (%) | 54.8% | | 市盈率 | 13.84 | | | 香港中央结算 ( 代理人 ) | | 第一大股东 | 有限公司 (HKSCC | | | NOMINEES LIMITED) | 研究所 分析师:刘卓 SAC 登记编号:S1340522110001 Email:liuzhuo@cnpsec.com 分析师:陈 ...

公司快报 2024 年 09 月 09 日 中联重科(000157.SZ) 证券研究报告 工程机械Ⅲ 投资评级 买入-A 维持评级 12 个月目标价 7.44 元 股价 (2024-09-06) 5.95 元 交易数据 总市值(百万元) 51,634.05 流通市值(百万元) 42,069.53 总股本(百万股) 8,677.99 流通股本(百万股) 7,070.51 12 个月价格区间 5.95/9.35 元 业绩稳步增长，"新业务+国际化"持续 贡献发展动能 事件：中联重科发布 2024 年半年报，上半年，公司实现营业收 入 245.35 亿元，同比+1.91%，实现归母净利润 22.88 亿元，同比 +12.15%；单 Q2，公司实现营业收入 127.62 亿元，同比-6.5%， 实现归母净利润 13.72 亿元，同比+11.56%。 内需品类结构化特点突出，"新兴业务+海外市场"驱动收入增 长。根据中国工程机械工业协会，2024 年上半年，挖机行业总销 量 10.32 万台，同比-5.15%，其中内销 5.34 万台，同比+4.66%， 出口 4.98 万台，同比-13.81%；起重机行业（包括汽车、 ...

Investment Rating - The report assigns a "Buy" rating to Zoomlion Heavy Industry Science & Technology Co Ltd (000157) [1][2] Core Views - Zoomlion's H1 2024 results met expectations with steady performance and rapid growth in overseas markets [1] - Overseas revenue grew 43 9% YoY in H1 2024 accounting for 49 1% of total revenue [1] - The company's product structure continues to optimize with emerging sectors like earthmoving machinery and aerial work platforms showing strong growth [1][4] - Digital transformation and smart manufacturing initiatives are driving high-quality development [1] Financial Performance - H1 2024 revenue reached 24 54 billion yuan up 1 9% YoY while net profit attributable to shareholders grew 12 2% to 2 29 billion yuan [1] - Q2 2024 revenue was 12 76 billion yuan down 6 5% YoY but net profit increased 11 6% to 1 37 billion yuan [1] - Overseas business gross margin reached 32 1% in H1 2024 while domestic business gross margin was 24 6% [1] - Operating cash flow reached 8 44 billion yuan in H1 2024 significantly exceeding net profit [1] Business Segments - Earthmoving machinery revenue grew over 19% YoY in H1 2024 reaching 3 52 billion yuan [4] - Concrete machinery revenue declined 7 6% YoY to 4 21 billion yuan in H1 2024 [4] - Crane revenue the largest segment fell 17 7% YoY to 8 27 billion yuan in H1 2024 [4] - Aerial work platform revenue grew over 17% while agricultural machinery revenue surged over 110% in H1 2024 [1] Future Projections - Revenue is projected to grow to 54 1/62 8/73 3 billion yuan in 2024/2025/2026 [2] - Net profit attributable to shareholders is expected to reach 4 33/5 83/7 23 billion yuan in 2024/2025/2026 [2] - EPS is forecasted at 0 50/0 67/0 83 yuan for 2024/2025/2026 [2] - PE ratios are estimated at 12 1/9 0/7 2x for 2024/2025/2026 based on the closing price of 6 02 yuan on September 5 2024 [2] Industry Position - Zoomlion is a leading player in the construction machinery industry with strong product capabilities [4] - The company has maintained high export growth in recent years [4] - Its global presence is expanding with diversified regional sales structure [1] - The company has built 12 smart factories and over 230 smart production lines as of H1 2024 [1]

Investment Rating - The investment rating for the company is "Buy" (maintained) [5] Core Views - The company reported a revenue of 24.535 billion yuan for the first half of 2024, a year-on-year increase of 1.91%, with a net profit attributable to the parent company of 2.288 billion yuan, up 12.15% year-on-year [5][6] - The performance aligns with expectations despite a decline in revenue and net profit in Q2 compared to the previous year [5][6] - The company has seen significant growth in overseas markets, with overseas revenue increasing by 43.90% year-on-year, while domestic revenue decreased by 20.48% [6] Summary by Sections Financial Performance - For the first half of 2024, the company achieved a revenue of 24.535 billion yuan, with a net profit of 2.288 billion yuan [5][6] - The second quarter revenue was 12.762 billion yuan, down 6.50% year-on-year, while net profit was 1.372 billion yuan, up 11.56% year-on-year [5][6] - The company’s gross margin for the first half was 28.31%, an increase of 0.41 percentage points year-on-year [6] Product and Market Performance - The company’s product lines showed varied performance, with agricultural machinery and earth-moving machinery seeing significant growth, while crane and concrete machinery experienced declines [6] - New product launches in the renewable energy sector included 22 new models, contributing to a substantial increase in agricultural machinery sales, which grew over 112% year-on-year [6] Profitability and Forecast - The company has adjusted its profit forecasts for 2024-2026, now expecting net profits of 4.242 billion, 5.394 billion, and 6.686 billion yuan respectively [6][7] - The current stock price corresponds to a price-to-earnings ratio of 13X, 10X, and 8X for 2024-2026, indicating a relatively low valuation compared to peers [6]

2024 年 9 月 3 日 公司研究 新兴潜力业务高速发展，海外市场持续突破 ——中联重科（000157.SZ、1157.HK）2024 年中报点评 要点 业绩稳健增长，盈利能力持续回升 中联重科 2024 年上半年实现营业收入 245.4 亿元，同比增长 1.9%；归母 净利润 22.9 亿元，同比上升 12.2%；每股收益 0.28 元。毛利率 28.3%，同比 上升 0.4 个百分点；净利率 10.4%，同比上升 1.1 个百分点。 新兴业务高速发展，工程机械产品市场地位保持稳固 2024H1 公司工程机械业务营收 219.9 亿元，同比下降 3.3%。传统优势业 务方面，公司对传统优势产品线强化价值销售策略，对于占用资源高、毛利低的 产品进行压缩。混凝土机械营收 42.1 亿元，同比下降 7.6%；起重机械营收 82.7 亿元，同比下降 17.7%。公司 200 吨及以上全地面起重机销量位居行业第一； 25 吨及以上汽车起重机销量位居行业第一；建筑起重机械销售规模稳居全球第 一；混凝土机械长臂架泵车、车载泵、搅拌站市场份额持续稳居行业第一；搅拌 车市场份额保持行业第二。 新兴潜力业务方面，土方机械营 ...

Investment Rating - Maintain "Buy" rating for both A-shares and H-shares [5][6] Core Views - Steady revenue growth with improved profitability: Revenue reached 24.54 billion yuan in H1 2024, up 1.9% YoY, while net profit attributable to shareholders rose 12.2% YoY to 2.29 billion yuan [2] - Emerging businesses show rapid growth: Earthmoving machinery revenue increased 19.9% YoY, aerial work platforms grew 17.8% YoY, and agricultural machinery surged 112.5% YoY [3] - Overseas market expansion continues: International revenue reached 12.05 billion yuan in H1 2024, up 43.9% YoY, with operations in over 140 countries and regions [4] Financial Performance - Gross margin improved to 28.3%, up 0.4 percentage points YoY, while net margin increased to 10.4%, up 1.1 percentage points YoY [2] - EPS for 2024-2026 is forecasted at 0.52/0.66/0.83 yuan, with net profit projections adjusted to 4.51/5.69/7.20 billion yuan [5] - ROE (diluted) is expected to grow from 7.75% in 2024E to 10.97% in 2026E [6] Business Segments - Traditional engineering machinery business declined: Revenue decreased 3.3% YoY to 21.99 billion yuan, with concrete machinery down 7.6% and crane machinery down 17.7% [3] - Strong market positions maintained: Leading market share in multiple product categories including all-terrain cranes, truck cranes, and construction hoists [3] - Emerging businesses gaining traction: Agricultural machinery revenue reached 2.34 billion yuan, with dryer machines ranking first and wheat harvesters second in domestic market share [3] International Expansion - Global presence strengthened: Established industrial parks and production bases in Italy, Germany, Mexico, Brazil, Turkey, and India [4] - Localized operations: Over 3,000 overseas employees and more than 370 secondary service outlets worldwide [4] - Strategic acquisitions leveraged: Utilizing technical advantages from CIFA (Italy), Wilbert (Germany), and other overseas manufacturing bases [4] Valuation Metrics - Current P/E ratios: 12x for A-shares and 7x for H-shares based on 2024E earnings [6] - EV/EBITDA expected to decline from 9.6x in 2024E to 6.4x in 2026E [10] - Dividend yield projected to increase from 4.4% in 2024E to 6.9% in 2026E [10]