公司研究 | 年报点评 中联重科 000157.SZ 买入 （维持） 营收业绩双增长，质量回报双提升 股价（2024年05月14日） 8.72元 目标价格 10元 52周最高价/最低价 9.53/5.81元 ——中联重科 2023年报及2024年一季报点评 总股本/流通A股（万股） 867,799/865,247 A股市值（百万元） 75,672 核心观点 国家/地区 中国 行业 机械设备 ⚫ 营收净利双增，盈利能力提升。23Q4 公司实现营收 115.6 亿元，同/环比 报告发布日期 2024年05月15日 +5.3%/+1.1%；实现归母净利润 6.5 亿元，同/环比+373.7%/-20.1%。24Q1 公司实 现营收 117.7 亿元，同/环比+12.9%/+1.8%；实现归母净利润 9.2 亿元，同/环比 1周 1月 3月 12月 +13.1%/+40.7%。2023年，公司实现总营收470.8亿元，同比+13.1%；实现归母净 绝对表现% 0.23 -3.65 12.66 41.71 利润 35.1 亿元，同比+52.0%。23Q4 公司整体毛利率为 26.89%，同/环比+2.66/- 相对表现 ...

感谢大家参加本次会议大家好欢迎参加中泰机械中联中科近况交流电话会议目前所有参会者均处于静音状态下面开始布报免责声明声明布报完毕后主持人可直接发言本次电话会议服务于中泰证券正式签约客户为非公开交流 未经中泰证券授权请勿对外传播本次会议的内容包括但不限于视频音频文字记录内容等信息感谢您的理解与配合中泰证券对违反上述要求的行为保留追究法律责任的权利市场有风险投资需谨慎本会议信息仅供参考不代表任何投资建议本公司不对任何人因使用本会议中的信息所引致的任何损失负担任何责任 各位投资者大家早上好我是中泰机械的研究员姜南宇欢迎各位参加我们今天中联重科的金矿斗罗会议首先中联我们也看到发布了非常亮眼的二十年联邦和二十年ECLO的业绩一季度的业绩增长如果我们去调股权激励费用和补助的话那是在百分之四十以上的增幅我们今天也有幸邀请到了公司财政宣布主任安总跟我们一起做一个公司金矿的交流安总能听到吗 我可以听到你们能听到吗能听到能听到安总首先我们先请安总给我们对公司的一季度的经营情况可不可以做一个介绍就包括各产品线还有分成各地区出口国内的拆分可以感谢大家对公司的关注然后我这边简单介绍一下公司二三年度和一季度的一个经营情况的简介 然后公司2 ...

公 司 研 证券研究报告 究 机械设备 ＃investSuggestion＃ 中联重科 （ 000157 ） 增持 ( 维持 ） 新兴 业 务快速发 展，海 外布 局取得成效 ＃ ＃ 2024年 5月 9日 投资要点 公 市场数据  公司发布 2023 年年报及 2024 年一季报：2023 年公司实现营收 470.75 亿元， 司 日期 2024-5-6 YOY+13.08%；归母净利润35.06亿元，YOY+52.04%；扣非后归母净利润27.08 点 收盘价（元） 8.78 亿元，YOY+109.51%；加权平均净资产收益率 6.41%，YOY+2.28pct。2024 年 第一季度公司实现营收 117.73 亿元，YOY+12.93%；归母净利润 9.16 亿元， 评 总股本（百万股） 8677.99 YOY+13.06%；毛利率28.65%，YOY+2.26pct;归母净利率7.78%，YOY+0.01pct。 报 流通股本（百万股） 7070.51  传统板块市场地位稳固提升，新兴业务板块营收增速较高：分产品看，2023年 净资产（百万元） 57199.31 公司起重机械实现营收192.91亿 ...

[Table_Page] 季报点评|机械设备 证券研究报告 [中Table_联Title] 重科(000157.SZ/01157.HK) 公[Ta司ble评_Inv级est ] 买入-A/买入-H 当前价格 8.78元/5.75港元 海外业务高增，新兴板块拉动持续成长 合理价值 9.92元/6.80港元 前次评级 买入/买入 [Table_Summary] 核心观点： 报告日期 2024-05-07  公司业绩高增。公司发布23年年报及24年一季报。23年公司实现收 相[Ta对ble市_Pi场cQu表ote现] 入470.8亿元，同比增长13.1%；实现归母净利润35.1亿元，同比增 长52.0%。24Q1公司实现收入117.7亿元，同比增长12.9%；实现归 48% 母净利润9.2亿元，同比增长13.1%。公司出海加速且新兴板块高增， 34% 毛利率持续提升。23 年公司整体毛利率达到 27.5%，较 22 年同比提 20% 升5.7pct；24Q1公司毛利率达28.7%，较去年同期提升了2pct以上。 6%  国际化成效显著，新兴板块带来第二曲线。根据公司 23 年年报，23 -8%05/23 07/ ...

领土机械长臂驾奔车搅拌战市场份额居国内行业第一搅拌车保持国内行业第二与行业第一的差距进一步缩小其中新能源搅拌车国内销售占比超过50%工程起重机国内市场份额保持行业领先25吨及37次起重机居行业第一500吨及3履带起重机居行业第一 编组集中机械规模稳居全球第一应用于桥梁、火电、水电等终点工程项目的大塔产品销售持续提升同样在国内周期下行的趋势中公司没有选择等待周期复苏而是主动升根产业相关多元化的战略土方、高级、农机、矿机等新型业务加快发展壮大 为公司贡献新的增长机新型业务占比将持续提升具体余下普番机械收入实现高质量快速增长短板已不再短在一季度行业国内与出口同比均出现下滑的情况下我司普番机械一季度国内和出口销售同比均实现较快增长普番机械收入在公司总收入当中的占比迅速提升 成为仅次于工程启动机之后的公司第二大板块国内销售增长一是大蛙超大蛙产品型谱更加全面自2024年一季度开始65吨到200吨的土方产品实现了机型的全覆盖超大蛙机销售规模销售占比均实现翻番势的增长 二是终点区域市场拓展见效在西北匡详市场从销售技术服务等方面进行终点支持西北匡详市场实现了快速增长高控作业结析销售规模迅速位居中国品牌第一梯队我是高控作业结析为 ...

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - The company's Q1 2024 performance shows a 12.93% year-on-year revenue growth, with net profit increasing by 13.06%, indicating strong operational resilience despite a 13% decline in the excavator industry [3][4] - The company is recognized for its superior performance in the industry, attributed to accelerated overseas market expansion and a solid market position in traditional products [3][4] - The report highlights the potential for a dual-cycle resonance in the engineering machinery sector due to large-scale equipment updates and industry self-renewal [5] Financial Performance Summary - For Q1 2024, the company achieved total revenue of 11.773 billion yuan and a net profit of 916 million yuan, outperforming the industry [3] - The gross margin and net margin for Q1 2024 were 28.65% and 8.67%, respectively, reflecting improvements in profitability [4] - The company forecasts net profits of 4.5 billion, 5.6 billion, and 6.9 billion yuan for 2024, 2025, and 2026, respectively, with corresponding P/E ratios of 16, 13, and 11 [5][10]

Investment Rating - The report maintains a "Buy" rating for the company [2][3] Core Views - The company has shown significant improvement in profitability, driven by continuous breakthroughs in overseas business [2] - In Q1 2024, the company achieved a revenue of 11.773 billion yuan, a year-on-year increase of 12.93%, and a net profit attributable to shareholders of 916 million yuan, up 13.06% year-on-year [2] - The domestic engineering machinery market is recovering, with the company expected to benefit from government policies aimed at stabilizing growth [2] - The overseas business and new business segments are driving new growth points for the company's performance [2] Summary by Sections Business Performance - The company reported a Q1 2024 gross margin of 28.65%, an increase of 2.26 percentage points year-on-year, primarily due to the significant growth in overseas business [2] - The overseas revenue reached 5.702 billion yuan in Q1 2024, a year-on-year increase of 52.85%, with export revenue growing by 60.95% [2] Financial Forecast - Revenue forecasts for 2024-2026 are 55.55 billion, 65 billion, and 74.97 billion yuan respectively, with EPS projected at 0.54, 0.69, and 0.82 yuan [3] - The current stock price corresponds to PE ratios of 15.6, 12.4, and 10.4 for the years 2024, 2025, and 2026 respectively, indicating potential for future growth [3]

4月 29日，公司发布 24年一季报，24Q1 公司实现营业收入117.73 亿元，同比+12.93%；实现归母净利润9.16 亿元，同比+13.06%； 扣非后归母净利润为7.77 亿元，同比+19.45%，符合市场预期。 海外占比接近5成，带动盈利能力持续提升。根据公告，24Q1 公 司毛利率、净利率分别达 28.65%/8.67%，同比+2.26/0.36pcts， 若剔除股份支付费用影响，24Q1 公司净利率达到 9.62%（同比 +1.38pcts），盈利能力明显提升主要得益于境外收入占比提升； 根据公告，24Q1 公司境外市场57.03 亿元，同比+52.85%，境外收 入占比达到48.43%，相比23 年底提升10.39pcts。其中 23 年境 外市场毛利率达到32.23%，比国内高出7.57pcts；海外收入占比 人民币(元) 成交金额(百万元) 提振整体毛利率。 10.00 1,200 产品实现多元化发展，挖机、高机、农机发展迅速。根据公告， 9.00 1,000 23 年土方机械、高机分别实现 66.48/57.07 亿元，同比 8.00 800 7.00 600 +89.32%/24. ...

Financial Performance - For Q1 2024, Zoomlion reported operating revenue of RMB 11,773,145,944.65, a 12.93% increase compared to RMB 10,425,507,345.20 in the same period last year[11]. - Net profit attributable to shareholders reached RMB 915,819,266.53, reflecting a growth of 13.06% from RMB 810,064,655.82 year-on-year[11]. - The net profit after deducting non-recurring gains and losses was RMB 777,492,556.78, which is a 19.45% increase from RMB 650,914,784.87 in the previous year[11]. - Operating profit for the current period reached RMB 1,169,999,504.05, an increase of 25.4% compared to RMB 932,750,887.64 in the previous period[32]. - Total comprehensive income for the current period was RMB 708,224,924.45, a decrease of 22% from RMB 906,862,178.50 in the previous period[34]. - Basic and diluted earnings per share both increased to RMB 0.11 from RMB 0.10 in the previous period[34]. Cash Flow and Investments - Cash flow from operating activities showed a net increase of 7.36%, amounting to RMB 307,030,468.77 compared to RMB 285,973,243.10 in the same quarter last year[11]. - Cash flow from investing activities resulted in a net outflow of RMB 971,086,637.97, an improvement from a net outflow of RMB 1,222,069,953.66 in the previous period[39]. - Cash flow from financing activities showed a net outflow of RMB 1,373,411,774.19, compared to a net inflow of RMB 137,133,656.38 in the previous period[39]. - The company reported a significant increase in cash received from sales, totaling RMB 10,178,701,315.21, down from RMB 11,777,322,372.82 in the previous period[37]. - The ending cash and cash equivalents balance decreased to RMB 11,545,478,661.80 from RMB 13,004,327,457.18 in the previous period[41]. Assets and Liabilities - The company’s total assets at the end of the reporting period were RMB 132,991,760,629.60, up 1.63% from RMB 130,862,389,408.99 at the beginning of the period[14]. - Total liabilities rose to RMB 72,945,330,233.31 from RMB 71,695,112,198.09, representing a growth of 1.74%[29]. - Long-term borrowings increased to RMB 16,822,900,877.72, up from RMB 14,944,417,590.31, indicating a growth of 12.55%[29]. - Total non-current assets reached RMB 53,902,013,475.89, compared to RMB 52,891,229,519.13 at the beginning of the period, marking an increase of 1.91%[27]. - The total equity attributable to shareholders increased to RMB 57,199,305,880.98 from RMB 56,407,020,348.19, reflecting a growth of 1.40%[29]. Revenue Breakdown - Revenue from domestic operations decreased by 9.32% to RMB 6,070,573,879.33, while overseas revenue increased by 52.85% to RMB 5,702,572,065.32, with export revenue rising by 60.95%[14]. - Total operating costs amounted to RMB 10,583,718,135.84, reflecting a rise of 10.45% from RMB 9,582,147,601.15 in the prior period[31]. Research and Development - Research and development expenses for the current period were RMB 665,436,138.10, slightly up from RMB 645,455,754.47 in the previous period, indicating a 3.73% increase[31]. Other Financial Indicators - The basic earnings per share increased by 10.00% to RMB 0.11 from RMB 0.10 in the previous year[11]. - The weighted average return on net assets improved to 1.62%, up from 1.48% year-on-year[11]. - Significant changes in financial indicators included a 81.04% increase in accounts receivable notes due to an increase in commercial acceptance bills[20]. - The company reported a net investment loss of RMB 11,751,143.95, compared to a gain of RMB 25,707,566.07 in the previous period[31]. - Deferred income tax assets rose to RMB 2,427,047,891.36 from RMB 2,302,752,231.66, an increase of 5.42%[29]. - Other comprehensive income after tax for the current period was negative RMB 312,252,847.98, compared to positive RMB 48,112,438.70 in the previous period[32]. Future Plans - The company plans to continue expanding its overseas market presence and enhance its product development capabilities[14].

Revenue and Profit - Revenue for Q1 2024 reached ¥11,773,145,944.65, an increase of 12.93% compared to ¥10,425,507,345.20 in the same period last year[4] - Net profit attributable to shareholders was ¥915,819,266.53, reflecting a growth of 13.06% from ¥810,064,655.82 year-on-year[4] - The net profit after deducting non-recurring gains and losses was ¥777,492,556.78, up 19.45% from ¥650,914,784.87 in the previous year[4] - Operating profit for Q1 2024 was CNY 1,169,999,504.05, compared to CNY 932,750,887.64 in the previous year, indicating a growth of 25.43%[15] - Net profit for the period was CNY 1,176,640,141.18, an increase from CNY 944,446,174.77 year-over-year[15] - The net profit for the current period is approximately CNY 1.02 billion, an increase from CNY 858.75 million in the previous period, representing a growth of about 18.9%[17] Cash Flow and Liquidity - Cash flow from operating activities amounted to ¥307,030,468.77, a 7.36% increase from ¥285,973,243.10 in the same period last year[4] - Cash inflow from operating activities is CNY 11.70 billion, down from CNY 14.58 billion year-over-year, reflecting a decline of about 19.7%[18] - The net cash flow from operating activities is CNY 307.03 million, slightly up from CNY 285.97 million in the previous period, showing an increase of approximately 7.5%[18] - Cash outflow from investing activities totaled CNY 1.31 billion, a decrease from CNY 3.71 billion in the previous period, indicating a reduction of about 64.8%[19] - The net cash flow from financing activities is negative at CNY -1.37 billion, compared to a positive CNY 137.13 million in the previous period, representing a significant decline[19] - The ending cash and cash equivalents balance is CNY 11.55 billion, down from CNY 13.00 billion in the previous period, reflecting a decrease of approximately 11.2%[19] Assets and Liabilities - Total assets at the end of the reporting period were ¥132,991,760,629.60, a 1.63% increase from ¥130,862,389,408.99 at the end of the previous year[4] - Total liabilities as of Q1 2024 were CNY 72,945,330,233.31, compared to CNY 71,695,112,198.09 in the previous year, reflecting an increase of 1.75%[14] - Non-current liabilities increased to CNY 23,440,162,354.75 from CNY 21,698,694,502.11, marking an increase of 8.03%[14] - The company's total equity reached CNY 60,046,430,396.29, up from CNY 59,167,277,210.90, representing a growth of 1.48%[14] Shareholder Information - Shareholders' equity attributable to shareholders was ¥57,199,305,880.98, up 1.40% from ¥56,407,020,348.19 at the end of the previous year[4] - The company reported a total of 1,578,236,281 shares held by HKSCC NOMINEES LIMITED, representing a significant portion of the shareholding structure[10] - The total amount of equity-settled share payment expenses for the period was CNY 216.46 million[11] Expenses and Costs - Total operating costs amounted to CNY 10,583,718,135.84, up from CNY 9,582,147,601.15, reflecting a year-over-year increase of 10.45%[15] - Research and development expenses were CNY 665,436,138.10, slightly up from CNY 645,455,754.47, showing a year-over-year increase of 3.03%[15] Tax and Government Subsidies - The company reported a tax expense of CNY 156.16 million, compared to CNY 85.70 million in the previous period, indicating an increase of approximately 82.5%[17] - The cash inflow from tax refunds was CNY 1.27 billion, significantly higher than CNY 481.54 million in the previous period, representing an increase of about 164.5%[18] - Non-recurring gains and losses totaled ¥138,326,709.75 for the period, with government subsidies contributing ¥174,001,008.14[6] Future Outlook - Future outlook includes continued focus on market expansion and new product development, although specific figures were not disclosed in the report[16]