证券代码：000425 证券简称：徐工机械 公告编号：2024-39 徐工集团工程机械股份有限公司 第九届董事会第二十四次会议（临时）决议公告 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。 一、董事会会议召开情况 徐工集团工程机械股份有限公司（以下简称"公司"）第九届 董事会第二十四次会议（临时）通知于 2024 年 9 月 25 日（星期 三）以书面方式发出，会议于 2024 年 9 月 29 日（星期日）以非 现场的方式召开。公司董事会成员 9 人，出席会议的董事 9 人， 实际行使表决权的董事 9 人：杨东升先生、孙雷先生、陆川先生、 邵丹蕾女士、夏泳泳先生、田宇先生、耿成轩女士、况世道先生、 杨林先生。公司监事、高级管理人员列席了会议。本次会议的召 集、召开和表决程序符合有关法律、法规和公司《章程》的规定， 会议形成的决议合法有效。 二、董事会会议审议情况 本次会议以记名方式投票表决，审议通过以下事项： （一）关于公司组织机构调整的议案 为全面推进并高质量落地"智改数转网联"变革，打造公司世 界一流财务体系和全球一体化人力资源管理体系，公司决定设立 ...

Investment Rating - The report gives a "Buy" rating for the company [1][2]. Core Views - The company has established itself as a leader in the engineering machinery industry, with multiple products holding leading positions both globally and domestically [1][8]. - The engineering machinery industry is expected to stabilize and recover in 2024, driven by domestic demand and continuous growth in overseas markets [1][21]. - Emerging businesses and international markets present significant growth opportunities for the company [1][21]. Summary by Sections Company Overview - Founded in 1996 in Xuzhou, Jiangsu, the company has grown to become a leading enterprise in China's engineering machinery sector, with a diverse product range [1][8]. - The company has maintained a strong market position, with various products ranking first in China and among the top globally [1][8]. Industry Outlook - The engineering machinery industry has been in a downturn since 2021, but is expected to stabilize and recover in 2024 due to infrastructure projects and equipment upgrades [1][21]. - Domestic excavator sales have shown a positive growth trend, indicating a recovery in demand [1][21]. Financial Performance - The company achieved a revenue of 92.85 billion yuan in 2023, with a net profit of 5.33 billion yuan, reflecting a 24% year-on-year increase [3][21]. - Revenue is projected to grow to 98.97 billion yuan in 2024, with a corresponding net profit of 6.47 billion yuan, indicating a growth rate of 22% [2][3]. Emerging Business Development - The mining machinery market is expanding, with the company's revenue from this segment growing from 1.54 billion yuan in 2019 to 5.86 billion yuan in 2023, representing a CAGR of 39.61% [1][21]. - The high-altitude work machinery segment is also expected to grow significantly, with the company ranking third globally in sales [1][21]. International Expansion - The company has made significant strides in international markets, with overseas revenue reaching 37.22 billion yuan in 2023, accounting for 40.1% of total revenue [1][21]. - The company has established over 40 overseas subsidiaries and 300 distributors, enhancing its global presence [1][21].

Group 1: International Market Insights - The company has a comprehensive global layout and strong international expansion capabilities, with a marketing network covering over 190 countries and regions, providing full-value chain services [1] - In the first half of 2023, international revenue accounted for 40% of total revenue, with expectations for continued growth in overseas markets [1] - Major export regions include Southeast Asia, Central Asia, Africa, South America, and Europe, indicating a diverse international presence [2] Group 2: Domestic Market Outlook - Positive signs are emerging in the domestic market, particularly in earthmoving machinery, which has shown consistent growth [2] - The government's issuance of 1 trillion yuan in bonds and policies for large-scale equipment updates are expected to support industry recovery in the medium to long term [2] - Factors contributing to optimism include uneven urbanization, significant internal investment growth, the development of the new energy sector, and the natural replacement demand for equipment [2] Group 3: Product Performance - The company's mining machinery is a leading sector domestically and ranks among the top five globally, with mining excavators accounting for over 30% of revenue and mining trucks over 50% [2] - In the first half of 2024, the revenue from aerial work platforms was 18% from exports and 82% from domestic sales, highlighting a strong domestic market focus [2]

Investment Rating - The report assigns a "Buy" rating for the company, marking its first coverage [2][3]. Core Insights - The company is focusing on high-end products and has seen a significant increase in revenue from new energy products, which grew by 26.8% year-on-year in the first half of 2024 [2]. - The proportion of overseas revenue has increased, reaching 44.13% in the first half of 2024, with overseas business income amounting to 21.901 billion yuan, a year-on-year increase of 4.80% [2]. - The company's gross profit margin improved to 22.89% in the first half of 2024, with a net profit margin of 7.52%, reflecting enhanced profitability [2]. Summary by Sections High-End Products and New Energy Growth - The company has positioned high-end products as a key focus for structural adjustment, achieving over 10% year-on-year revenue growth in high-end products, which now account for over 32% of total revenue [2]. - New energy loaders saw revenue growth of nearly 100%, contributing to 23.3% of total revenue, while new energy forklifts experienced an 80.6% year-on-year increase [2]. International Expansion - The company is committed to its "internationalization strategy," with overseas product sales showing a comprehensive market share increase of 0.58 percentage points year-on-year [2]. - The gross profit margin for overseas operations was 24.41%, which is 2.72 percentage points higher than domestic margins, indicating improved profitability from international markets [2]. Profitability and Cash Flow - The company reported a net operating cash flow of 1.706 billion yuan in the first half of 2024, reflecting a 10.96% year-on-year improvement [2]. - The report forecasts significant revenue growth for the company, projecting revenues of 99.93 billion yuan, 109.56 billion yuan, and 127.46 billion yuan for 2024, 2025, and 2026 respectively [3].

Group 1: Domestic Market Outlook - The company observes positive signs in the domestic market, particularly in earthmoving machinery, which has shown growth for several consecutive months [1] - The issuance of 1 trillion yuan in government bonds and the "large-scale equipment renewal" policy may not lead to immediate changes but will support industry recovery in the medium to long term [1] - The company maintains an optimistic outlook on the economy and strong confidence in the engineering machinery industry due to factors such as uneven urbanization, significant internal investment growth, and the development of the new energy industry [1] Group 2: Overseas Market Expectations - The company expects continued good performance in the overseas market, with international revenue maintaining strong growth [2] - The overseas market for domestic brands is characterized by growth potential, with demand continuously being released [2] - The company's international revenue accounted for 40% in 2023 and is projected to reach 44% in the first half of 2024 [2] Group 3: Mining Machinery Development - The company's mining machinery sector is a burgeoning industry, ranking first domestically and among the top five globally [2] - Mining machinery products include mining excavators, which account for over 30% of revenue, and mining trucks, which account for over 50% [2] Group 4: Excavator Revenue Breakdown - In the first half of 2024, small excavators accounted for over 20% of excavator product revenue, while medium excavators made up over 40% [2] Group 5: Export Profitability - The company believes that export profit margins will further improve due to stable overseas markets and potential price increases in high-recognition areas [2] - Plans to optimize the overseas product structure and enhance service capabilities are expected to increase the profitability of exported products [2]

Group 1: Market Overview - The company has a comprehensive global layout and strong international expansion capabilities, with a marketing network covering over 190 countries and regions, providing full-value chain services and overall solutions. The main export regions account for 44% of international revenue in the first half of 2023, including Southeast Asia, Central Asia, Africa, South America, and Europe [1] - The domestic market shows positive signs, particularly in earthmoving machinery, which has seen continuous growth. The issuance of 10 trillion yuan in government bonds and large-scale equipment renewal policies are expected to support industry recovery in the medium to long term [1] Group 2: Strategic Insights - The company maintains an optimistic outlook on the economy and strong confidence in the engineering machinery industry, driven by factors such as uneven urbanization, significant internal investment growth, the development of the new energy industry, natural equipment renewal needs, and growth potential in niche product areas [2] - The overseas market presents vast opportunities, with Chinese companies having developed overseas expansion capabilities over decades, making it a key focus for all Chinese brands [2] Group 3: Product Performance - The company's mining machinery is a burgeoning industry, ranking first domestically and among the top five globally. The main products include mining excavators, which account for over 30% of revenue, and mining trucks, which account for over 50% [2] - In the first half of 2024, the revenue breakdown for excavators is as follows: small excavators over 20%, medium excavators over 40%, and large excavators making up the remainder [2] - The export product structure for the first half of 2024 is as follows: earthmoving machinery 38%, lifting machinery 26%, mining machinery 8%, road machinery 7%, and other engineering machinery products [2]

Investment Rating - The report assigns a "Buy" rating for the company, marking its first coverage [3]. Core Views - XCMG is a pioneer and leader in the Chinese construction machinery industry, with a comprehensive product range and strong R&D capabilities. The company has seen improvements in revenue and profitability following various reforms, including mixed ownership and stock incentives [1][11]. - The domestic market is expected to stabilize and potentially trend upwards from 2024 to 2025, as excavator sales have shown signs of recovery after a significant downturn [1][2]. - The overseas market presents substantial growth opportunities, with XCMG aiming to expand its global presence and capitalize on the electrification trend in Europe and the ongoing urbanization in developing countries [2][11]. Summary by Sections Company Overview - XCMG was established in 1943 and became the first group company in the domestic industry in 1989, listed on the Shenzhen Stock Exchange in 1996. The company focuses on engineering technology equipment and related applications, holding the top position in 16 main product categories in China [1][11]. - In 2023, XCMG reported total revenue of 92.848 billion yuan, a slight decrease of 1.03% year-on-year, while achieving a net profit of 5.326 billion yuan, an increase of 23.67% [1][11]. Domestic Market Outlook - The domestic excavator market is anticipated to form a bottom and possibly trend upwards in 2024-2025, with sales growth observed from March to July 2023, indicating a recovery phase [1][2]. - The report highlights that the previous year's sales figures were significantly low, providing a favorable base for growth [1][2]. Overseas Market Potential - The overseas excavator market has experienced a decline of 15%-25% since last year, but the rate of decline has been narrowing, suggesting a potential recovery in the latter half of the year [2]. - XCMG is well-positioned to benefit from the vast overseas market, particularly in Europe and developing countries, where demand for construction machinery remains strong [2][11]. Financial Projections - Revenue projections for XCMG from 2024 to 2026 are 100.4 billion yuan, 113.5 billion yuan, and 130.7 billion yuan, with year-on-year growth rates of 8.1%, 13.0%, and 15.1% respectively. Net profit is expected to reach 6.57 billion yuan, 8.34 billion yuan, and 10.92 billion yuan during the same period, with growth rates of 23.3%, 26.9%, and 31.0% respectively [2][5].

Investment Rating - The report assigns a "Recommended" rating for the company, XuGong Machinery [5]. Core Views - The company's performance meets expectations, with continuous optimization of profitability. In the first half of 2024, the company achieved revenue of 49.632 billion yuan, a year-on-year decline of 3.21%. The net profit attributable to shareholders was 3.706 billion yuan, a year-on-year increase of 3.24% [2][52]. - The company is enhancing its risk management and maintaining healthy cash flow, with off-balance-sheet risks decreasing significantly [2][3]. Summary by Sections Financial Performance - In H1 2024, the company reported revenue of 49.632 billion yuan, down 3.21% year-on-year, while Q2 revenue was 25.5 billion yuan, down 7.04% year-on-year but up 5.31% quarter-on-quarter. The net profit attributable to shareholders for H1 was 3.706 billion yuan, up 3.24% year-on-year, with a net profit margin of 7.47%, an increase of 0.47 percentage points [2][52]. - The gross margin for H1 2024 was 22.89%, slightly up by 0.03 percentage points year-on-year, with domestic gross margin at 21.69% (down 1 percentage point) and overseas gross margin at 24.41% (up 1.2 percentage points) [2][54]. Business Segments - The company’s traditional business segments, including cranes, earth-moving, and concrete machinery, saw revenue growth rates of -15%, +7%, and -3% respectively. The emerging businesses, such as high-end machinery and mining machinery, experienced revenue declines of -12% and -16% respectively due to overall weak industry demand [2][3]. - In H1 2024, domestic and international revenues were 27.7 billion yuan and 21.9 billion yuan, with year-on-year growth rates of -9% and +5%, respectively. The international revenue share increased by 4 percentage points to 44% compared to 2023 [2][3]. Risk Management and Cash Flow - The company has strengthened risk management, with off-balance-sheet risks decreasing by 4.4 billion yuan since the beginning of the year. The company’s credit impairment losses were 100 million yuan, a significant reduction from the previous year [2][3]. - Operating cash flow for H1 2024 was 1.7 billion yuan, an increase of 168 million yuan year-on-year, with a cash collection ratio of 3.44%, up 0.44 percentage points [2][3]. Profitability Forecast and Investment Suggestions - The report forecasts net profits of 6.4 billion yuan, 7.9 billion yuan, and 9.5 billion yuan for 2024, 2025, and 2026, respectively, with corresponding PE ratios of 12, 9, and 8 times [3][57].

Investment Rating - The report assigns a "Recommended" rating for the company, XuGong Machinery [5]. Core Views - The company's performance meets expectations, with continuous optimization of profitability. In the first half of 2024, the company achieved revenue of 49.632 billion yuan, a year-on-year decline of 3.21%. The net profit attributable to shareholders was 3.706 billion yuan, a year-on-year increase of 3.24% [2][52]. - The company is enhancing its risk management and maintaining healthy cash flow, with off-balance sheet risks decreasing significantly [2][3]. Summary by Sections Financial Performance - In H1 2024, the company reported revenue of 49.632 billion yuan, down 3.21% year-on-year, while Q2 revenue was 25.5 billion yuan, down 7.04% year-on-year but up 5.31% quarter-on-quarter. The net profit attributable to shareholders for H1 was 3.706 billion yuan, up 3.24% year-on-year, with a net profit margin of 7.47%, an increase of 0.47 percentage points [2][52]. - The gross profit margin for H1 2024 was 22.89%, slightly up by 0.03 percentage points year-on-year, with domestic and overseas gross margins at 21.69% and 24.41%, respectively [2][54]. Business Segments - The company’s traditional business segments, including cranes, earth-moving, and concrete machinery, saw revenue growth rates of -15%, +7%, and -3%, respectively. The international revenue reached 21.9 billion yuan, a year-on-year increase of 5%, with international sales accounting for 44% of total revenue [2][3]. - The company is focusing on enhancing its overseas business, which has shown significant growth, with the overseas revenue share increasing from 15.3% in 2021 to 44% in H1 2024 [32][35]. Profitability and Forecast - The report forecasts that the company will achieve net profits of 6.4 billion yuan, 7.9 billion yuan, and 9.5 billion yuan for 2024, 2025, and 2026, respectively, with corresponding PE ratios of 12, 9, and 8 times [3][57]. - The company’s profitability is expected to improve due to the ongoing reforms and the expansion of new business areas, which will enhance operational efficiency and product quality [3][41]. Strategic Initiatives - The company has implemented a stock incentive plan to align the interests of management and employees, which is expected to further drive performance and profitability [41][50]. - The ongoing reforms, including mixed ownership and overall listing, have significantly improved the company's profitability and operational efficiency [41][45].

Investment Rating - The report assigns a "Buy" rating for the company [1][2]. Core Insights - The company has shown steady revenue growth with a reported revenue of 49.63 billion yuan in the first half of 2024, a year-on-year decrease of 3.21%, while the net profit attributable to shareholders increased by 3.2% to 3.706 billion yuan [1]. - International revenue has surpassed 44%, with a total of 21.9 billion yuan in international sales, reflecting a growth of 4.8% year-on-year [1]. - The company is focusing on high-quality development, with a net cash flow from operating activities of 1.706 billion yuan, an increase of 11% year-on-year, and a net profit margin reaching 8.3%, the highest in nearly a decade [1][4]. Summary by Sections Financial Performance - In the first half of 2024, the company achieved a revenue of 49.63 billion yuan, a decrease of 3.21% year-on-year, while the net profit attributable to shareholders was 3.706 billion yuan, an increase of 3.2% [1]. - The company’s gross profit margin for overseas business reached 24.4%, up 1.2 percentage points from the previous year [1]. Business Segments - Earthmoving machinery revenue reached 13.9 billion yuan, with a growth rate of 6.98% year-on-year, while other segments like cranes and concrete machinery faced declines [1][4]. - The company’s excavators saw a 16% increase in overseas sales, and concrete equipment revenue doubled in international markets [1][4]. Future Outlook - The company forecasts revenues of 97.07 billion yuan, 106.68 billion yuan, and 117.63 billion yuan for 2024, 2025, and 2026 respectively, with corresponding net profits of 6.37 billion yuan, 8.08 billion yuan, and 10.65 billion yuan [5][6]. - The expected EPS for 2024, 2025, and 2026 is projected to be 0.54 yuan, 0.68 yuan, and 0.90 yuan respectively, with PE ratios of 11.8, 9.3, and 7.1 [5][6].