Investment Rating - The investment rating for the company is "Buy" with a maintained rating [6] Core Views - The company's 2023 performance met expectations, with revenue of 47.075 billion yuan, a year-on-year increase of 13.08%, and a net profit attributable to shareholders of 3.506 billion yuan, up 52.04% year-on-year [1] - The company is accelerating its overseas business development, achieving a year-on-year revenue growth of 79.2% in foreign markets, which now accounts for 38.04% of total revenue, an increase of 14.04 percentage points year-on-year [3] - The company is enhancing its traditional competitive advantages in concrete machinery and engineering lifting machinery while also making significant progress in emerging businesses such as earthmoving machinery and aerial work machinery [4] Financial Performance - In 2023, the company achieved a gross profit margin of 27.54%, an increase of 5.71 percentage points year-on-year, and a net profit margin of 8.01%, up 2.28 percentage points year-on-year [1] - The revenue breakdown by product for 2023 shows concrete machinery at 8.598 billion yuan, lifting machinery at 19.291 billion yuan, earthmoving machinery at 6.648 billion yuan, aerial work machinery at 5.707 billion yuan, and agricultural machinery at 2.092 billion yuan, with respective year-on-year growth rates [2] - The company has adjusted its profit forecast for 2024-2026, expecting net profits of 4.526 billion yuan, 5.564 billion yuan, and 6.377 billion yuan, respectively, with corresponding P/E ratios of 16.3, 13.3, and 11.6 [4][5] Market Position and Strategy - The company is focusing on a localized development strategy in key foreign markets, enhancing its market share through a digital and localized overseas business model [3] - The company is expanding its product range in earthmoving machinery and has become a leading player in the domestic market for aerial work machinery [4]

2024 年 04 月 01 日 公司研究 评级：买入 (首次覆盖 ) 研究所： [Table_Title] 新业务 海外拓展持续突破，盈利能力显著提升 + 证券分析师： 姚健 S0350522030001 yaoj@ghzq.com.cn ——中联重科（ ） 年报点评 000157 2023 最近一年走势 事件 : 中联重科3月28日发布2023 年度报告：2023年，公司实现营业收入 470.75 亿元，同比增长13.08%；实现归母净利润35.06亿元，同比增 长52.04%；实现扣非归母净利润27.08亿元，同比增长109.51%。拟 10股派发现金红利3.20元（含税），合计分红金额27.77亿元，股利支 付率达79%。 投资要点 : 相对沪深300表现 2024/04/01  业绩符合预期，全球化成果显著 2023年，国内工程机械行业需求下 表现 1M 3M 12M 行，海外市场需求增长，公司实现营业收入/归母净利润470.75/27.08亿 中联重科 6.4% 30.3% 43.3% 元，同比增长13.08%/52.04%，处于业绩预告中值水平；其中海外收入 沪深300 1.6% 4.8% - ...

Investment Rating - The investment rating for the company is "Buy" with initial coverage [4]. Core Views - The company's net profit attributable to shareholders increased significantly by 52.04% year-on-year, driven by new business initiatives and overseas expansion [4]. - The gross margin improved to 27.54%, up by 5.71 percentage points year-on-year, while the net margin reached 8.01%, an increase of 2.28 percentage points [4]. - The company has established over 30 primary business airports and more than 350 secondary outlets globally, achieving comprehensive coverage from regional centers to major cities [3][4]. Financial Performance Summary - The company reported a total revenue of 47,074.85 million yuan in 2023, reflecting a year-on-year growth of 13.08% [5]. - The gross profit margin for 2023 was 27.54%, with a projected increase to 28.00% in 2024 [5][7]. - The net profit attributable to shareholders for 2023 was 3,506.01 million yuan, with expectations of reaching 4,575.30 million yuan in 2024, indicating a growth rate of 30.50% [5][7]. Revenue and Profit Forecast - Revenue projections for 2024 to 2026 are 56,019.08 million yuan, 68,903.46 million yuan, and 86,129.33 million yuan, representing growth rates of 19%, 23%, and 25% respectively [4][5]. - The net profit forecast for the same period is 4,575.30 million yuan, 5,498.20 million yuan, and 6,708.40 million yuan, with growth rates of 30.50%, 20.17%, and 22.01% respectively [4][5].

%% research.95579.com %% 丨证券研究报告丨 公司研究丨点评报告丨中联重科（ ） 000157.SZ [中Ta联b重le_科T：itl多e]元化、全球化凸显α优势，盈利能 力提升显著 报告要点 [公Ta司ble2_3S年um营m收ar、y]归母净利润分别同增13%、52%，较行业α优势凸显。新业务进展顺利，土 方机械收入同比+89.32%，中大挖国内份额同比翻倍增长；高机收入同比+24.16%，跻身国产 龙头之列；矿机、农机也进展明显。国际化持续拓展，23年海外收入同比+79.20%，收入占比 提升14.04pct至38.04%。结构优化推动公司盈利能力提升明显，23年毛利率、净利率分别同 ...

股 票 研 究 [Table_industryInfo] 资本货物/工业 [ Table_Main[中ITnaf 联bol]e 重_Ti科tle]( 000157) [评Tab级le_：Inv est] 增持 上次评级： 增持 业绩符合预期，海外业务高增 目标价格： 9.26 上次预测： 9.26 公 ——中联重科年报点评 当前价格： 8.03 司 徐乔威(分析师) 刘麒硕(研究助理) 2024.03.29 更 021-38676779 0755-23976666 [交Ta易bl数e_M据a rket] 新 xuqiaowei023970@gtjas.co liuqishuo028693@gtjas.com 证书编号 mS0 880521020003 S0880123070153 5 总2 市周 值内 （股 百价 万区 元间 ）（ 元） 6.0 65 9- ,8 6. 82 46 报 告 本报告导读： 总股本/流通A股（百万股） 8,678/7,066 公司作为工程机械龙头企业，制定“质量回报双提升”行动方案彰显公司自身实力、 流通 B股/H股（百万股） 0/1,582 流通股比例 100% 增强投资者信心， ...

3月 29日，公司发布23 年全年年报，23 年全年公司实现营业收 入 470.75 亿元，同比+13.08%；实现归母净利润 35.06 亿元，同 比+52.04%。其中单Q4 实现收入115.61 亿元，同比+5.26%；归母 净利润6.51 亿元，同比+373.72%，符合市场预期。 海外占比提升、降本增效，盈利能力大幅提升。根据公告，23年 公司毛利率、净利率分别达27.54%/8.01%，同比+5.71/2.28pcts， 盈利能力明显提升主要得益于：1）境外收入占比提升、海外盈利 能力强：根据公告，23 年公司海外收入占比达到 38.04%，同比 +14.04pcts。其中 23 年境外市场毛利率达到 32.23%，比国内高出 7.57pcts；海外收入占比提升提振整体毛利率；2）降本顺利：公 人民币(元) 成交金额(百万元) 司通过干混砂浆新材料提升施工质量，降低综合成本。我们看好 9.00 900 公司盈 利能力 保持 高位， 预计 23-25 年公 司毛 利率为 800 8.00 700 27.9%/28.5%/28.7%。 600 7.00 500 产品实现多元化发展，挖机、高机、农机发展 ...

Investment Rating - The report gives a "Buy" rating for the company, marking the first coverage [2][3]. Core Views - The company's profitability has significantly improved, with overseas business accelerating [2]. - In 2023, the company achieved a revenue of 47.075 billion yuan, a year-on-year increase of 13.08%, and a net profit of 3.506 billion yuan, up 52.04% year-on-year [2]. - The gross profit margin for 2023 was 27.54%, with an increase of 5.71 percentage points year-on-year [2]. Summary by Sections Financial Performance - The company reported a net profit of 3.506 billion yuan for 2023, with a non-recurring net profit of 2.708 billion yuan, reflecting a year-on-year growth of 109.51% [2]. - The overseas business gross profit margin reached 32.23%, an increase of 10.21 percentage points year-on-year, while the domestic business gross profit margin was 24.66%, up 2.89 percentage points [2]. Business Segments - The overseas market revenue for 2023 was 17.905 billion yuan, a year-on-year increase of 79.20%, accounting for 38.04% of total revenue, up from 24.00% in 2022 [2]. - The company saw significant growth in earthmoving machinery and aerial work machinery, with earthmoving machinery revenue increasing by 89.3% year-on-year [2]. Market Position - The company maintains a leading market position in concrete machinery and engineering lifting machinery, with a steady increase in product competitiveness [3]. - The report forecasts revenues of 55.550 billion yuan, 65.000 billion yuan, and 74.970 billion yuan for 2024, 2025, and 2026 respectively, with corresponding EPS of 0.54, 0.69, and 0.82 yuan [3].

本报告仅供 Choice 东方财富 使用，请勿传阅。 公司快报 2024 年 03 月 30 日 中 联重科(000157.SZ) 证券研究报告 业绩符合预期，新业务新市场α凸显 工程机械Ⅲ 投资评级 买入-A 事件：公司发布2023年年报，2023年实现营收470.75 亿元， 维持评级 同比+13.08%，实现归母净利润 35.06 亿元，同比+52.04%。业绩 6个月目标价 9.54元 表现符合预期，处于此前业绩预告 33.8-36.2亿范围中值。 股价 (2024-03-29) 8.21元 行业下行筑底阶段，业务结构优势明显，新业务及新市场拉动 交易数据 营收转正：根据中国工程机械工业协会，2023 年两大代表性品类 总市值(百万元) 71,246.32 挖机、汽车起重机行业销量表现显著分化，内销分别-40.8%、- 流通市值(百万元) 58,048.89 17.7%，出口分别-4%、+35.1%，挖机行业更为承压。从公司业务 总股本(百万股) 8,677.99 表现来看，起重机、混凝土主导业务占比高，行业压力相对小， 流通股本(百万股) 7,070.51 出口带动收入转正，新兴潜力业务增长弹性显著 ...

证券研究报告：机械设备 | 公司点评报告 2024年3月29日 股票投资评级 中联重科(000157) 买入|首次覆盖 产品矩阵持续完善，全球化加快推进 个股表现 ⚫ 事件描述 公司发布 2023 年年度报告，全年实现营收 470.75 亿元，同增 中联重科 机械设备 13.08%；实现归母净利润35.06亿元，同增52.04%；实现扣非归母净 34% 27% 利润27.08亿元，同增109.51%。 20% ⚫ 事件点评 13% 6% 土方机械、高空机械、其他机械和产品贡献主要增长。分产品来 -1% -8% 看，起重机械、混凝土机械、土方机械、高空机械、其他机械和产品、 -15% 农业机械、金融服务分别实现营收192.91、85.98、66.48、57.07、 -22% -29% 42.42、20.92、4.97亿元，同比增速分别为1.64%、1.63%、89.32%、 2023-03 2023-06 2023-08 2023-11 2024-01 2024-03 24.16%、23.16%、-2.17%、-0.97%。公司的工程起重机械、建筑起 资料来源：聚源，中邮证券研究所 重机械、混凝土机械三大传统优 ...

Financial Performance - The company's operating revenue for 2023 was CNY 47,074,853,106.11, representing a 13.08% increase compared to CNY 41,631,497,729.32 in 2022[16] - The net profit attributable to shareholders for 2023 was CNY 3,506,011,590.67, a significant increase of 52.04% from CNY 2,306,047,166.93 in the previous year[16] - The net profit attributable to shareholders after deducting non-recurring gains and losses was CNY 2,708,465,645.75, which is a 109.51% increase from CNY 1,292,757,628.93 in 2022[16] - The basic earnings per share for 2023 was CNY 0.43, up 59.26% from CNY 0.27 in 2022[16] - The total assets at the end of 2023 amounted to CNY 130,862,389,408.99, reflecting a 5.92% increase from CNY 123,553,025,612.04 at the end of 2022[16] - The net assets attributable to shareholders at the end of 2023 were CNY 56,407,020,348.19, which is a 3.04% increase from CNY 54,741,097,896.87 at the end of 2022[16] - The company reported a net cash flow from operating activities of CNY 2,712,551,743.37, an increase of 11.87% from CNY 2,424,632,272.28 in 2022[16] Market Expansion and Strategy - The company is expanding its overseas market presence, with export sales maintaining high growth despite domestic market challenges[32] - The company reported a government subsidy of 783.317 million yuan, which positively impacted its financial performance[24] - The company's overseas revenue increased by over 79.2% year-on-year, with significant market share growth in Turkey, Central Asia, and other key markets[43] - The company is focusing on strengthening its supply chain system by increasing strategic procurement efforts and promoting digital transformation within the supply chain[58] - The company is committed to a "global village" strategy for overseas business, enhancing local operations and expanding its overseas research and manufacturing bases to improve global competitiveness[133] Research and Development - The company has accumulated a total of 15,795 patent applications, with 11,482 patents granted, showcasing its strong focus on innovation and technology[75] - The company has launched new products in high-altitude machinery, achieving a 90% penetration rate of electric products and setting a global record with a 51-meter electric product[37] - The company is focusing on key component R&D, achieving breakthroughs in large-tonnage crane axles and gradually realizing self-supply of tractor axles[39] - The company has developed 49 new energy products, including industry-first models such as a 59-meter pure electric pump truck and a 75-ton multifunctional crawler crane[52] - The company has launched a "Quality Return Dual Improvement" action plan to enhance shareholder value and investor confidence, focusing on sustainable high-quality development[143] Risk Management - The company faces risks related to macroeconomic conditions, industry growth uncertainties, and fluctuations in commodity prices, which may impact production costs and overseas investments[4] - The company is enhancing its risk control by implementing an intelligent risk warning platform to proactively identify operational risks and ensure robust business growth[58] - The company has established a risk control system for financial derivative transactions, including monitoring market dynamics and adhering to internal control regulations[111] Corporate Governance and Leadership - The company appointed new independent directors and management team members on June 29, 2023, including Zhang Chenghu, Huang Guobin, and Wu Baohai[162] - The company reported significant leadership changes, with multiple executives, including the CFO and co-presidents, being appointed or reassigned[162] - The company has a diverse board with members having extensive experience in finance, engineering, and management, enhancing its strategic decision-making capabilities[165][168] Future Outlook - The company anticipates a significant recovery in the engineering machinery market due to government policies aimed at stabilizing the real estate sector and promoting infrastructure investment[126] - The company provided a positive outlook for the next fiscal year, projecting a revenue growth of 12% to 15% based on market expansion strategies[185] - The company is actively pursuing mergers and acquisitions to bolster its competitive position in the industry[160] Sustainability and Innovation - The company is committed to the national "dual carbon" strategy, developing a comprehensive green development path and promoting green standards across the industry[150] - The management team emphasized the importance of sustainability initiatives, with a goal to reduce carbon emissions by 20% over the next three years[173] - The company is focusing on the development of new technologies in aerial work machinery, with an investment of 100 million RMB allocated for R&D in 2023[198]