Investment Rating - The investment rating for the company is maintained as "Buy" [4] Core Insights - The company's mid-year performance met expectations, with operating cash flow increasing by 11% year-on-year. For the first half of 2024, total revenue was 49.63 billion, a decrease of 3.2% year-on-year, while net profit attributable to shareholders was 3.71 billion, an increase of 3.2% year-on-year. The gross margin was 22.9%, up by 0.03 percentage points, and the net margin was 7.5%, up by 0.7 percentage points [1][2] - The company's core products continue to maintain a leading position, with strategic emerging industries such as earth-moving machinery and new energy products experiencing rapid growth. In the first half of 2024, revenue from the earth-moving machinery segment increased by 7% year-on-year, while revenue from new energy products grew by 27% [1][2] - The company's internationalization efforts are accelerating, with overseas revenue reaching a historical high of 27.74 billion, accounting for 44% of total revenue, an increase of 3.4 percentage points year-on-year. The gross margin for overseas sales was 24.4%, higher than domestic sales by 2.7 percentage points [1][2] Financial Summary - The company's balance sheet continues to improve, with a debt-to-asset ratio of 63.3%, down by 1.2 percentage points from the end of 2023. Inventory decreased by 2.16 billion, a decline of 7%, and the balance of financing lease repurchase obligations was 58.3 billion, down by approximately 4.6 billion, a decrease of 7% [2] - Revenue forecasts for 2024-2026 are projected at 100.8 billion, 117.4 billion, and 144.4 billion, representing year-on-year growth of 9%, 16%, and 23% respectively. Net profit attributable to shareholders is expected to be 6.59 billion, 8.18 billion, and 10.34 billion, with corresponding P/E ratios of 12, 10, and 8 [2][3]

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 ...

Investment Rating - The investment rating for the company is "Buy" with a target price indicating a potential upside of over 20% within the next six months [4][11]. Core Insights - The company reported stable performance in its semi-annual report for 2024H1, with revenue of 49.632 billion yuan, a year-on-year decrease of 3.21%, and a net profit attributable to shareholders of 3.706 billion yuan, an increase of 3.24% year-on-year [1]. - The report highlights the company's advantages in sector layout and overseas expansion, with significant growth in international sales [1][2]. - The company has a comprehensive core component industry layout, supporting differentiated development in its main machinery products [2]. Financial Performance Summary - For 2024H1, the company achieved a gross margin of 22.89%, a slight increase of 0.03 percentage points year-on-year, and a net profit margin of 7.47%, up 0.62 percentage points year-on-year [1]. - The company’s revenue is projected to grow to 103.54 billion yuan in 2024, with a corresponding net profit of 6.543 billion yuan, reflecting a growth rate of 22.84% [3][7]. - The company's earnings per share (EPS) is expected to increase from 0.45 yuan in 2023 to 0.55 yuan in 2024 [3][7]. Product and Regional Performance - The company’s revenue from various machinery segments includes: - Crane machinery: 10.096 billion yuan (down 15.23%) - Earth-moving machinery: 13.908 billion yuan (up 6.98%) - Concrete machinery: 5.156 billion yuan (down 3.45%) [1]. - The company’s international revenue reached 21.9 billion yuan, a year-on-year increase of 4.8%, with an international revenue share of 44% [1][2]. Profitability Forecast - The forecast for net profit attributable to shareholders is 6.543 billion yuan for 2024, 8.133 billion yuan for 2025, and 10.414 billion yuan for 2026, with corresponding price-to-earnings (PE) ratios of 12.06, 9.71, and 7.58 respectively [2][3].

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].

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 ...

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。 ...

| 非经营性资金 | 资金占用方名称 | 占用方与上市公司的 | 上市公司核算的 | 2024年期初占用 | 2024年1-6月占用累计 | 2024年1-6月占用资 | 2024年1-6月偿还 | 2024年6月末占用 | 占用形成原因 | 占用性质 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 占用 | | 关联关系 | 会计科目 | 资金余额 | 发生金额（不含利息） | 金的利息（如有） | 累计发生金额 | 资金余额 | | | | | 徐工(香港) 国际发展有限公司 | 全资子公司 | 其他应收款 | 26,897.84 | 81,089.07 | | 80,891.29 | 27,095.62 往来款 | | 非经营性往来 | | | 徐工融资租赁美国公司 | 全资子公司 | 其他应收款 | 3,187.22 | 10,623.22 | | 6,876.82 | 6,933.62 往来款 | | 非经营性往来 | | | XS Holding GmbH | 非全资子公司 | 其他应收款 | 7,07 ...

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 董事会第二十三次会议通知于 2024 年 8 月 17 日（星期六）以书 面方式发出，会议于 2024 年 8 月 27 日（星期二）下午 3:30 以 现场方式召开，现场会议在公司 706 会议室召开，董事长杨东升 先生主持会议。公司董事会成员 9人，现场出席会议的董事 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： 证券代码：000425 证券简称：徐工机械 公告编号：2024-30 徐工集团工程机械股份有限公司 第九届董事会第二十三次会议决议公告 （一）2024 年半年度总裁工作报告 表决情况为：9 票同意，0 票反对，0 票弃权 内 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company is a leading player in the engineering machinery sector, with a solid market position and continuous improvement in operational quality and profitability. The company has a comprehensive product range including cranes, excavators, concrete machinery, and mining machinery, and has achieved significant sales in various categories [4][5][25][27]. - The engineering machinery industry is approaching a turning point, with marginal improvements in demand expected due to stable new demand, a potential peak in replacement demand starting in 2024, and steady growth in overseas exports [4][5][57][59][62]. Summary by Sections Company Overview - The company is recognized as a leading engineering machinery enterprise in China, with a diverse product portfolio and a strong global presence, exporting to over 193 countries [25][27]. - The company has undergone significant restructuring, enhancing its operational efficiency and market competitiveness [49][51]. Financial Performance - In 2023, the company reported revenues of 92.85 billion yuan, a slight decrease of 1.0% year-on-year, while net profit increased by 23.5% to 5.33 billion yuan. The company expects continued growth in net profit for 2024-2026, with projected figures of 6.49 billion, 8.57 billion, and 10.95 billion yuan respectively [5][56]. - The company's gross margin improved to 22.4% in 2023, with a net margin of 5.7%, reflecting enhanced profitability [54][56]. Industry Outlook - The engineering machinery sector is expected to see a recovery in demand, driven by increased infrastructure investment and favorable government policies in the real estate sector [59][61]. - The upcoming peak in replacement demand for machinery is anticipated to begin in 2024, as the average lifespan of equipment approaches its end [62][63]. Growth Drivers - The company is focusing on expanding its international operations, with a robust global marketing network and increasing overseas revenue contributing to its growth [4][5][27]. - The company is also enhancing its product offerings in emerging segments such as aerial work platforms and mining machinery, which are expected to drive future revenue growth [4][5][47].

证券研究报告 非金融公司|公司深度|徐工机械（000425） 优质资产注入增长动能，海外业务提升 盈利能力 请务必阅读报告末页的重要声明 glzqdatemark1 2024年08月27日 证券研究报告 |报告要点 公司为国内工程机械龙头企业，2022 年徐工机械反向收购徐工有限，实现徐工集团工程机械 板块的整体上市。上市后公司传统优势起重机械仍保持强势；土方机械、混凝土机械等高毛利 产品竞争力增强；高空作业机械、矿山机械等业务加速发展。同时公司加大海外市场销售力 度，海外经销商超过 300 家，高毛利产品占比及海外业务占比提升有望推动公司盈利能力持 续增强。 |分析师及联系人 田伊依 SAC：S0590524070001 请务必阅读报告末页的重要声明 1 / 38 非金融公司|公司深度 glzqdatemark2 2024年08月27日 徐工机械(000425) 优质资产注入增长动能，海外业务提升盈利 能力 | --- | --- | |------------|-------------------| | 行 业： | 机械设备/工程机械 | | 投资评级： | 买入（维持） | | 当前价格： | 6. ...