证券研究报告·公司点评报告·工程机械 徐工机械（000425） 2024 年半年报点评：Q2 业绩符合预期，看好 Q3 业绩加速增长 2024 年 08 月 29 日 买入（维持） | --- | --- | --- | --- | --- | --- | |------------------------------|---------|--------|--------|--------|--------| | 盈利预测与估值 [Table_EPS] | 2022A | 2023A | 2024E | 2025E | 2026E | | 营业总收入（百万元） | 93817 | 92848 | 103007 | 117146 | 134112 | | 同比（ % ） | (19.67) | (1.03) | 10.94 | 13.73 | 14.48 | | 归母净利润（百万元） | 4312 | 5326 | 6672 | 8821 | 11711 | | 同比（ % ） | (47.46) | 23.51 | 25.27 | 32.20 | 32.77 | | EPS- 最新摊薄（元 / 股） | 0 ...

Investment Rating - The report maintains a "Recommended" rating for the company [2]. Core Insights - The company achieved a revenue of 49.63 billion yuan in H1 2024, a year-on-year decrease of 3.2%, while the net profit attributable to shareholders was 3.71 billion yuan, an increase of 3.2% year-on-year [1]. - The company's international business revenue reached 21.9 billion yuan in H1 2024, growing by 4.8% year-on-year, accounting for 44% of total revenue [1]. - The domestic construction machinery market shows signs of bottoming out, with excavator sales in March to June 2024 showing continuous year-on-year growth [1]. - The company's operational quality continues to improve, with operating cash flow increasing by 11% year-on-year and a reduction in the debt-to-asset ratio to 63.3% [1]. Financial Forecasts - The company is projected to achieve net profits of 6.53 billion yuan, 8.41 billion yuan, and 10.57 billion yuan for the years 2024, 2025, and 2026, respectively, with corresponding PE ratios of 12, 9, and 7 times [2][5]. - The revenue forecast for 2024 is 100.99 billion yuan, with a growth rate of 8.8% [5]. - The gross profit margin is expected to improve gradually, reaching 23% by 2026 [5].

Investment Rating - The investment rating for the company is "Buy-A" with a 12-month target price of 7.8 CNY, while the current stock price is 6.68 CNY [4]. Core Views - The company has demonstrated steady profit growth and is committed to high-quality development, despite a slight decline in revenue due to fluctuations in domestic demand [2][7]. - The company’s revenue for the first half of 2024 was 49.632 billion CNY, a year-on-year decrease of 3.21%, while the net profit attributable to shareholders was 3.706 billion CNY, an increase of 3.24% [2]. - The company is focusing on optimizing its product structure and enhancing its international presence, which has helped maintain revenue stability [2][7]. Summary by Sections Financial Performance - In H1 2024, the company achieved a gross margin of 22.89% and a net margin of 7.52%, with slight improvements year-on-year [3][7]. - The company’s revenue breakdown by product shows varied performance: - Cranes: 10.096 billion CNY, down 15.23% - Earth-moving machinery: 13.908 billion CNY, up 6.98% - Concrete machinery: 5.156 billion CNY, down 3.45% - Aerial work machinery: 4.527 billion CNY, down 11.5% - Mining machinery: 3.54 billion CNY, down 16.43% [2]. Regional Performance - Domestic revenue was 27.731 billion CNY, down 8.72%, while overseas revenue was 21.901 billion CNY, up 4.8%, indicating a shift towards international markets [2]. Future Projections - Revenue projections for 2024-2026 are 96.6 billion CNY, 104.29 billion CNY, and 115.8 billion CNY, with corresponding net profits of 6.49 billion CNY, 7.7 billion CNY, and 9.67 billion CNY [7][9]. - The expected growth rates for revenue are 4%, 8%, and 11% for the respective years [7]. Market Position - The company maintains a strong market position in the engineering machinery sector, supported by ongoing reforms and international expansion efforts [7][9].

证券代码：000425 证券简称：徐工机械 公告编号：2024-37 根据《上市公司股份回购规则》《深圳证券交易所上市公司 自律监管指引第 9 号——回购股份》（以下简称"《回购指引》"） 等相关规定，现将公司回购股份的进展情况公告如下： 一、回购进展情况 截至 2024 年 8 月 29 日上午收市，公司通过股份回购专用证 券账户以集中竞价方式累计回购公司股份 32,168,880 股，占公司 目前总股本的 0.27%，成交总额为 206,295,065.94 元（不含交易 费用），成交均价为 6.41 元/股。本次回购符合相关法律法规及公 司既定回购股份方案的要求。 二、其他说明 （一）公司回购股份符合《回购指引》相关规定。 徐工集团工程机械股份有限公司 关于回购公司股份的进展公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假记载、 误导性陈述或重大遗漏。 徐工集团工程机械股份有限公司（以下简称"公司"）分别于 2024 年 4 月 28 日、2024 年 5 月 22 日召开第九届董事会第十七 次会议、2023 年年度股东大会，审议通过了《关于回购公司股份 的议案》，基于对未来发展 ...

徐工机械(000425) 报告日期：2024 年 08 月 28 日 中报符合预期；国际化占比持续提升，经营质量持续改善 ——徐工机械点评报告 事件 2024 年 8 月 28 日，公司发布 2024 年半年报 投资要点 ❑ 中报业绩符合预期，经营性现金流同比增长 11% 根据公司半年报，2024 年上半年共实现营业收入 496.3 亿元，同比下降 3.2%，归母净利润 37.1 亿，同比增长 3.2%。经营活动现金流净额 17.1 亿，同比提升 11.0%。毛利率 22.9%，同比增加 0.03pct；净利率 7.5%，同比提升 0.7pct；加权 ROE 6.4%，同比下降 0.3pct。2024 年二季度实现 营收 254.6 亿元，同比下降 7.0%，归母净利润 21.1 亿，同比增长 1.9%，扣非归母净利润 18.3 亿，同比下降 11.7%。实现毛利率 22.9%，同比提升 0.01pct；净利率 8.4%，同比提升 1.2pct。 ❑ 核心产品持续保持龙头地位，土方机械、新能源产品等战略新兴产业实现较快增长 2024 年上半年公司汽车起重机、随车起重机、压路机等 16 类主机保持国内行业第一。 ...

业绩简评 8 月 28 日，公司发布 24 年半年报告，24H1 公司收入 496.32 亿元， 同比-3.21%；归母净利润 37.06 亿元，同比+3.24%；其中单 Q2 实 现收入 254.58 亿元，同比-7.31%；归母净利润 21.05 亿元，同比 +1.89%，扣非后归母净利润 18.28 亿元，同比-11.69%。 经营分析 持续推进国际市场，24H1 海外收入占比超过 40%。根据公告 24H1 公司国际化收入 219 亿元，同比 4.8%；国际化收入占比 44%，同 比+3.37pcts；分产品来看，挖掘机海外收入 yoy+16%、泵车、搅 拌站实现翻倍增长；分区域来看，公司在巴西、德国、墨西哥、 印度、乌兹别克斯坦等海外产能逐步完善，从供应链端控制成本。 海外市场毛利率达到 24.41%（比国内市场高 2.72pcts），同比 +1.22pcts，海外收入占比提升有望带动公司整体利润率持续提 升，预计 24-26 年公司净利率为 7.0/8.3/9.4%。 资产质量提升，存货、现金流均有好转。24H1 公司经营性现金流 为 17.06 亿元（yoy+11%），增速超过利润增速；此外，公 ...

半年报业绩稳健，板块布局优势凸显+海外开拓量利双增 公司发布半年报，业绩表现稳健！ 2024H1：①公司实现营收 496.32 亿元，同比-3.21%；归母净利润 37.06 亿 元，同比+3.24%；扣非归母净利润 32.95 亿元，同比-2.35%；其中汇兑损 益影响明显（上半年汇兑损失 7.4 亿元，去年同期汇兑收益 9.5 亿元），剔 除汇兑后归母净利润/扣非归母净利润同比分别+68.29%/+66.30%。 ②毛利率 22.89%，同比+0.03pct；净利率 7.47%，同比+0.62pct；扣非净利 率 6.64%，同比+0.06pct。 ③期间费用率 15.07%，同比+2.83pct，销售/管理/研发/财务费用率同比分 别-0.41pct/+0.4pct/ -0.46pct/+3.3pct，财务费用率提升明显主要系汇兑收益 较同期大幅减少。 分产品来看，板块布局优势不断凸显：起重机械、土方机械、混凝土机械、 高空作业机械、矿业机械、道路机械、其他类分别实现营收 100.96/139.08/ 51.56/45.27/35.40/27.24/96.81 亿元，同 比分 别-15.23%/+6.9 ...

Financial Performance - The company's operating revenue for the first half of 2024 was ¥49.63 billion, a decrease of 3.21% compared to ¥51.28 billion in the same period last year[12]. - Net profit attributable to shareholders was ¥3.71 billion, an increase of 3.24% from ¥3.59 billion year-on-year[12]. - The net profit after deducting non-recurring gains and losses was ¥3.29 billion, down 2.35% from ¥3.37 billion in the previous year[12]. - The net cash flow from operating activities increased by 10.96% to ¥1.71 billion, compared to ¥1.54 billion in the same period last year[12]. - Basic and diluted earnings per share were both ¥0.31, reflecting a 3.33% increase from ¥0.30 in the previous year[12]. - Total assets at the end of the reporting period were ¥166.41 billion, up 2.72% from ¥161.99 billion at the end of the previous year[12]. - Net assets attributable to shareholders increased by 6.38% to ¥59.72 billion, compared to ¥56.14 billion at the end of the previous year[12]. - The company reported a total profit of approximately 411.06 million RMB for the first half of 2024, with a significant contribution from the reversal of impairment provisions amounting to 175.08 million RMB[15]. - The company reported a significant increase in financial expenses, up 519.05% to approximately ¥1.33 billion due to increased exchange losses during the reporting period[43]. - The company’s cash flow from operations has increased at a rate higher than profit growth, indicating improved financial health[23]. Market Position and Strategy - The company maintains a leading position in the domestic market for 16 types of machinery, including excavators and cranes, which are crucial for infrastructure development[16]. - The company is actively pursuing international market expansion as part of its long-term strategy, recognizing the global growth potential in the engineering machinery sector[18]. - The company aims to enhance its product offerings by focusing on high-end, intelligent, and green machinery, aligning with national carbon neutrality goals[18]. - The company’s domestic market share for large-tonnage products has increased by 2 percentage points year-on-year, reaching a new high[23]. - The company is focused on risk management, with measures in place to control potential defaults in its mortgage and leasing operations[21]. Research and Development - As of mid-2024, the company holds a total of 11,778 valid authorized patents, including 3,930 invention patents and 284 international patents, demonstrating its strong innovation capabilities[34]. - The company has undertaken over 100 national and provincial-level technology projects and has received 5 National Science and Technology Progress Awards, showcasing its leadership in engineering machinery innovation[34]. - The company has invested 500 million CNY in R&D for new technologies, including AI and IoT applications in machinery[92]. - The company holds 39 provincial-level or higher R&D platforms and has received 5 national science and technology awards[78]. Environmental Responsibility - The company has adhered to various environmental protection laws and standards, fulfilling its corporate environmental responsibilities[90]. - The company has invested nearly 42 million yuan in environmental governance and protection in the first half of 2024[102]. - The company has installed a photovoltaic capacity of 109.4 MW, with approximately 43 million kWh of photovoltaic electricity used in the first half of 2024, accounting for about 23% of total electricity consumption[102]. - The company has achieved a 100% compliance rate for pollutant discharge standards in the first half of 2024[98]. - The company has been recognized as a national green factory 4 times and a provincial green factory 8 times in the past five years[104]. Corporate Governance - The company has established a governance structure with a majority of external directors on the board and investor representation, ensuring compliance and effective decision-making[80]. - The company has maintained a robust information disclosure system, achieving the highest rating of A for six consecutive years, with an average of over 150 announcements per year in the last three years[81]. - The company has implemented a dynamic balance between performance growth and shareholder returns, emphasizing a long-term, stable, and sustainable return mechanism[82]. Shareholder and Capital Management - The company plans to conduct a share repurchase with a minimum amount of RMB 300 million[82]. - The company completed the initial grant registration of its 2023 restricted stock incentive plan on May 23, 2023, granting 109,179,000 shares at a price of RMB 3.09 per share, accounting for 0.924% of the total share capital[87]. - The largest shareholder, Xuzhou Engineering Machinery Group Co., Ltd., holds 20.83% of the shares, totaling 2,461,325,466 shares[136]. - The company has not engaged in any asset or equity acquisitions or sales during the reporting period[117]. Financial Ratios and Metrics - Current ratio increased by 1.56% to 1.306 compared to the end of last year[150]. - Debt-to-asset ratio decreased by 1.24 percentage points to 63.27% compared to the end of last year[150]. - Cash interest coverage ratio improved by 13.90% to 4.67 compared to the same period last year[150]. - The company reported a net profit margin of approximately 7.0% for the first half of 2024, compared to 8.0% in the same period of 2023[160]. Social Responsibility - The company has raised a total of 22.47 million yuan through its annual "One Day Donation" charity initiative since its inception in 2002[109]. - The company participated in emergency rescue operations during severe weather events, including snowstorms and landslides, demonstrating its commitment to social responsibility[107]. - The company launched the fifth phase of the Africa Water Cell project, providing funding to build 40 water cells in drought-stricken areas of Ethiopia[106].

一、拟开展的金融衍生品交易业务概述 随着国际化发展战略的深入推进，徐工集团工程机械股份有 限公司（以下简称"徐工机械"或"公司"）海外经营与外汇业 务规模日益扩大，加之外汇市场波动日益增加，汇率风险对公司 经营成果的影响也逐步加大，为减少汇率波动等带来的风险，根 据《中华人民共和国外汇管理条例》、国家外汇管理局《企业外 汇风险管理指引》《深圳证券交易所股票上市规则》《深圳证券 交易所上市公司自律监管指引第 1 号——主板上市公司规范运 作》和公司《章程》等相关规定，公司及控股子公司拟开展以套 期保值为目的的金融衍生品交易业务。 证券代码：000425 证券简称：徐工机械 公告编号：2024-33 徐工集团工程机械股份有限公司 关于开展金融衍生品交易业务的公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假记载、 误导性陈述或重大遗漏。 2024 年 8 月 27 日，公司第九届董事会第二十三次会议审议 通过了《关于开展金融衍生品交易业务的议案》，表决情况为： 9 票同意，0 票反对，0 票弃权，同意公司及控股子公司开展总 额度不超过 110 亿元人民币的以套期保值为目的的金融衍生品 业务。 ...

证券代码：000425 证券简称：徐工机械 公告编号：2024-31 徐工集团工程机械股份有限公司 关于计提减值准备的公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假记载、 误导性陈述或重大遗漏。 项 目 本报告期计提额（万元） 一、信用减值损失 9,955.55 其中：应收账款 7,751.98 其他应收款 2,904.32 长期应收款 2,783.84 发放贷款及垫款 146.63 表外项目预期 89.18 应收票据 62.38 一年内到期的非流动资产 -2,556.53 其他流动资产 -1,226.25 一、各类减值损失计提情况 | 二、资产减值损失 | 19,031.02 | | --- | --- | | 其中：存货跌价损失 | 17,267.55 | | 固定资产减值损失 | 1,615.86 | | 合同资产减值损失 | 147.61 | | 计 合 | 28,986.57 | 注：以上合计数据与各明细数相加之和在尾数上如有差异是由于四舍 五入所造成。 （一）应收款项 公司对于以摊余成本计量的金融资产、以公允价值计量且其 变动计入其他综合收益的债务工具投资等，以预期信用损 ...