[Table_Page] 年报点评|机械设备 证券研究报告 [徐Table_工Title] 机械（000425.SZ） [公Tab司le_I评nves级t] 买入 当前价格 7.48元 业绩符合预期，继续有效开拓海外市场 合理价值 8.41元 前次评级 买入 [ 核Tabl 心e_Su 观mm 点ary] ： 报告日期 2024-05-07  业绩符合预期，利润率改善。公司发布23年年报及24年一季报。23 相[Ta对ble市_Pi场cQu表ote现] 年公司收入928亿元，同比下滑1.0%；其中国内收入556亿元，下滑 15.6%，海外收入372亿元，同比增长33.7%；归母净利润53.3亿元， 22% 同比增长23.5%。24Q1公司收入241.7亿元， 同比增长1.2%；归母 13% 净利润16亿元，同比增长5.1%，符合市场预期。23年公司毛利率达 5% 22.4%，较22年期增长2.2pct；24Q1毛利率提升至22.9%。 -4%05/23 07/23 09/23 11/23 01/24 03/24  海外市场成效显著。23年公司海外收入占比达44%，海外收入占比达 -12% 到历史新高。23 ...

上 市 公 司 机械设备 2024 年05月 06 日 徐工机械 (000425) 公 司 研 究 ——盈利水平显著提升，海外布局持续深化 公 司 点 报告原因：有业绩公布需要点评 评 买入 事件： （维持）  公司发布 23年年报及 24年一季报，23年实现营收 928.48 亿元，同比下滑 1.03%，归 母净利润53.26亿元，同比增长23.51%，扣非后归母净利润44.97亿元，同比增长29.47%； 证 24年一季度实现收入241.74亿元，同比增长1.18%，归母净利润16.00亿元，同比增长 市场数据： 2024年04月30日 券 5.06%，扣非后归母净利润14.66亿元，同比增长12.48%。业绩表现符合我们预期。 收盘价（元） 7.03 研 一年内最高/最低（元） 7.66/4.91 究 市净率 1.4 投资要点： 报 息率（分红/股价） - 告 流通A股市值（百万元） 57084  营收整体保持平稳，海外收入增速更快。根据公司公告，1）分产品收入：土方机械225.60 上证指数/深证成指 3104.83/9587.13 亿，同比下滑4.56%，起重机械211.87亿，同比下滑11.2 ...

证券研究报告：机械设备|公司点评报告 2024年5月6日 股票投资评级 徐工机械(000425) 增持|维持 业绩稳中有增，新兴产业快速发展 个股表现 ⚫ 事件描述 公司发布 2023 年年度报告，全年实现营收 928.48 亿元，同减 徐工机械 机械设备 19% 1.03%；实现归母净利润53.26亿元，同增23.51%；实现扣非归母净 14% 利润44.97亿元，同增29.47%。 9% 4% 公司发布2024年一季报，实现营收241.74亿元，同增1.18%； -1% 实现归母净利润16.00亿元，同增5.06%；实现扣非归母净利润14.66 -6% -11% 亿元，同增12.48%。 -16% ⚫ 事件点评 -21% -26% 营收基本保持稳定，业绩稳中有增。分产品来看，公司 2023 年 2023-05 2023-07 2023-09 2023-12 2024-02 2024-04 起重机械/土方机械/混凝土机械/桩工机械/高空作业机械/矿业机械 资料来源：聚源，中邮证券研究所 / 其 他 工 程 机 械 、 备 件 及 其 他 分 别 实 现 营 收 211.87/225.60/104.25/34 ...

徐工机械20240430_智能速览 2024年05月03日 07:51 关键词 徐工机械 新能源 设备更新 周期性 技术创新 毛利率 结构调整 租赁业务 风险敞口 徐工 挖机 增长 策略 毛 利 利润率 海外 内销 竞争 服务 转型 全文摘要 徐工集团在面临行业低迷和市场挑战的背景之下，展现出了对未来发展的积极态度和相应的策略调整。 集团不仅关注于在国内市场的深耕细作，积极参与政府主导的灾后重建工作和设备更新项目，还着眼于 国际市场的发展，特别是在新能源和智能技术领域的投入，以及对亚洲、欧美等重要市场的战略布局。 徐工机械也着重于通过技术创新、产品结构调整和成本控制等方式，提升了自身的经营质量和盈利能 力。尤其值得关注的是，徐工机械在国际市场上的良好表现，尤其是在高毛利产品的出口方面取得了显 著成绩。面对未来的挑战，徐工集团将继续优化企业结构，加强风险管理和成本控制，同时积极推动产 业升级和多元化发展，以期在全球化的市场环境中保持持续稳定的发展。 章节速览 ● 00:00 挖掘行业发展潜力：技术创新与市场适应 在当前工程机械市场需求低迷、行业面临挑战的背景下，徐工集团展示了其对于未来发展的乐观态度和 策略调整 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company's 2023 annual report and 2024 Q1 report indicate a net profit of 5.326 billion yuan, a year-on-year increase of 23.51%, while total revenue was 92.848 billion yuan, a slight decrease of 1.03% [3][4] - The company plans to distribute a cash dividend of 1.8 yuan per 10 shares, resulting in a dividend yield of 2.6% based on the current stock price [3][4] - The company is actively repurchasing shares, demonstrating confidence in its long-term development [7][14] Financial Performance - In 2023, the company's gross profit margin was 22.38%, an increase of 2.17 percentage points year-on-year, and the net profit margin was 5.74%, up 1.16 percentage points [6][16] - For 2024 Q1, the gross profit margin improved to 22.89%, and the net profit margin rose to 6.66% [6] - The company's total revenue is projected to grow to 103.007 billion yuan in 2024, with a year-on-year growth rate of 10.94% [2][16] Segment Performance - The company outperformed the industry, with significant growth in high-altitude and mining machinery segments, despite a 24% decline in excavator industry sales in 2023 [4][5] - Revenue from concrete machinery increased by 9.72% to 10.425 billion yuan, while high-altitude machinery saw a 35.62% increase to 8.883 billion yuan [4] - The overseas revenue reached 37.220 billion yuan in 2023, a year-on-year increase of 33.70%, indicating a growing international presence [5] Shareholder Returns - The company has committed to returning value to shareholders through dividends and share buybacks, with a total of 4.489 billion yuan distributed since 2022 [14] - The planned dividend for 2023 is approximately 2.127 billion yuan, reflecting a 20% increase year-on-year [14] Future Outlook - The company is expected to benefit from a dual-cycle resonance of large-scale equipment updates and industry self-updates, with a projected net profit of 6.672 billion yuan in 2024 [15] - The current market valuation corresponds to a P/E ratio of 12/9/7 for the years 2024-2026, maintaining a "Buy" rating [15]

公司报告 | 年报点评报告 徐工机械（000425） 证券研究报告 2024年04月 30日 投资评级 业绩表现稳中向好，高质量发展助力“珠峰登顶”！ 行业 机械设备/工程机械 6个月评级 买入（维持评级） 当前价格 7.03元 公司发布2023年年报&2024年一季报，业绩稳健增长！ 目标价格 元 2023年： 基本数据 1）公司实现营收928.48亿元，同比-1.03%；归母净利润53.26亿元，同比+23.51%；扣非归 母净利润44.97亿元，同比+29.47%。2）毛利率22.38%，同比+2.17pct；净利率5.64%，同比 A股总股本(百万股) 11,816.17 +1.06pct；扣非净利率 4.84%，同比+1.14pct。3）期间费用率 15.22%，同比+1.45pct，销售/ 流通A股股本(百万股) 8,120.09 管理/研发/财务费用率分别为 7.22%/2.91%/4.31%/0.78%，同比分别+0.01/+0.48/-0.04/ A股总市值(百万元) 83,067.65 +1.01pct。 流通A股市值(百万元) 57,084.23 每股净资产(元) 4.89 分业务来看： ...

业绩简评 4月 29日，公司发布 23年年报和 24年一季报，23 年公司分别实 现收入、归母净利润928.48、53.26 亿元，同比-1.03%、+23.51% （调整后）；24Q1 公司分别实现收入、归母净利润241.74、16.00 亿元，同比+1.18%、+5.06%，符合市场预期。 经营分析 海外市场出口保持增长，带动盈利能力提升。根据公告，23 年公 司海外收入为 372.20 亿元，同比+33.7%，23 年海外收入占比 40.09%，同比+10.42pcts。海外市场盈利能力更强，23 年公司海 外市场毛利率为24.21%，比国内市场高出3.05pcts。随着海外市 场收入占比持续提升，公司整体盈利能力有望进一步优化，预计 24-26 年公司整体毛利率为22.8%/23.2%/23.7%。 人民币(元) 成交金额(百万元) 产品实现多元化发展，注重新兴产业，高机、矿机发展迅速。根 8.00 2,500 据公告，战略新兴板块发展迅速，收入增近 30%：1）高空作业机 2,000 7.00 械：23年公司高空作业机械收入88.83 亿元，同比+35.62%。2） 1,500 6.00 矿业机械： ...

Investment Rating - The report maintains a "Recommended" rating for XCMG Machinery [1][2] Core Views - XCMG Machinery achieved a revenue of 92.848 billion yuan in 2023, a year-on-year decrease of 1.03%, while the net profit attributable to shareholders was 5.326 billion yuan, an increase of 23.51% [1] - The gross profit margin for 2023 was 22.38%, up by 2.17 percentage points year-on-year [1] - The company is expected to see a bottoming out of domestic demand for construction machinery in 2024 due to ongoing equipment renewal policies [1] - Emerging industries within the company have shown significant growth, with revenue increasing by nearly 30% and contributing to a 4.5 percentage point rise in overall revenue share [1] - The internationalization strategy has been further enhanced, with overseas revenue reaching 37.22 billion yuan, a year-on-year increase of 33.7%, accounting for 40.09% of total revenue [1] Financial Forecasts - Revenue projections for 2024, 2025, and 2026 are 101.532 billion yuan, 119.516 billion yuan, and 143.205 billion yuan respectively, with corresponding EPS of 0.55 yuan, 0.69 yuan, and 0.90 yuan [2][6] - The PE ratios for the same years are projected to be 13, 10, and 8 times respectively [2][6]

Financial Performance - The company reported significant financial metrics for 2023, including total revenue and net profit figures, which are detailed in the financial report section [4]. - The company's operating revenue for 2023 was CNY 93,526,470,288.9, a decrease of 1.03% compared to CNY 94,307,097,069 in 2022 [14]. - The net profit attributable to shareholders after deducting non-recurring gains and losses was CNY 6,496,833,996.8, representing a 23.51% increase from CNY 3,468,052,335 in 2022 [14]. - The basic earnings per share for 2023 was CNY 0.45, up 25.00% from CNY 0.36 in 2022 [14]. - The weighted average return on equity increased by 1.72 percentage points to 9.86% in 2023 from 8.13% in 2022 [14]. - Total assets at the end of 2023 were CNY 161,994,607,612.63, a decrease of 7.52% from CNY 175,085,597,374.92 at the end of 2022 [14]. - The net assets attributable to shareholders at the end of 2023 were CNY 56,144,670,380.10, an increase of 5.42% from CNY 53,253,967,979.02 at the end of 2022 [14]. - The company reported a net cash flow from operating activities of CNY 2,570,913,424.6, a significant increase of 125.59% compared to CNY 1,582,903,842 in 2022 [14]. - The total operating costs for 2023 amounted to CNY 72,064,271,966.44, which is a decrease of 3.73% compared to CNY 74,855,161,038.69 in 2022 [56]. - The company’s total investment activities decreased by 23.70% year-on-year, totaling ¥16,741,348,308.84 in 2023 compared to ¥21,941,285,848.81 in 2022 [77]. Dividend and Shareholder Returns - The company plans to distribute a cash dividend of 1.80 RMB per 10 shares to all shareholders based on the total number of shares entitled to profit distribution as of the dividend record date [3]. - The company implemented a cash dividend policy, distributing 1.80 CNY per 10 shares, with a total cash dividend amount of 851,940,993.41 CNY, representing 100% of the profit distribution [168]. - The company will conduct a share repurchase with a minimum amount of 300 million RMB [118]. Governance and Compliance - The company has established a comprehensive governance structure, including a board of directors and supervisory board, to oversee its operations and ensure compliance [4]. - The company has engaged Suya Jin Cheng Accounting Firm for auditing services, ensuring the accuracy and reliability of its financial reports [12]. - The company has disclosed its financial advisor and ongoing supervisory responsibilities, highlighting its commitment to transparency and investor relations [13]. - The company received the highest grade A in information disclosure assessments for six consecutive years, with an average of over 200 announcements per year [117]. - The company has established a sound internal control system for financial reporting, with no significant deficiencies reported [128]. - The company has not engaged in any insider trading violations or faced regulatory actions related to insider information management [129]. - The company has a complete and independent organizational structure, with no hierarchical relationship with the controlling shareholder [130]. Market Position and Strategy - The company maintains a leading position in the engineering machinery industry, with 16 main products ranking first in the domestic market and several products, including mobile cranes and concrete machinery, holding top positions globally [26]. - The company is focusing on high-end industrial transformation, investing in product and brand upgrades to meet digital, intelligent, and green development needs [95]. - The company is actively expanding its international market presence, leveraging the global growth potential in the engineering machinery sector [27]. - The company aims to enhance competitiveness through high-end, intelligent, green, and service-oriented transformations, focusing on technological and management innovations [92]. - The company anticipates further market concentration, with leading enterprises enhancing their market share through improved capabilities [91]. Research and Development - The company has established 35 provincial-level and above R&D platforms, including 1 national industrial design center and 1 national key laboratory for intelligent manufacturing of high-end engineering machinery [35]. - As of the end of 2023, the company holds a total of 10,913 valid authorized patents, including 3,271 invention patents and 241 international patents [35]. - The company is committed to digital transformation and the development of intelligent manufacturing, enhancing production efficiency and reducing costs [27]. - The company has launched 10 new energy components, 15 hydraulic components, and 18 transmission components, along with the world's largest all-terrain crane and pure electric loader [51]. - The company is implementing a "1+6+N" R&D system to drive innovation and support product structure adjustments, focusing on market and customer needs [95]. Environmental Responsibility - Xugong Group reported a total COD discharge of 0.98 tons from excavators, with a concentration of 104.42 mg/l, exceeding the standard limit of 24.15 tons [184]. - The company has established a comprehensive environmental management system to address major environmental issues [180]. - The company has received consistent opinions from the accounting firm regarding its internal control audit and self-evaluation report [177]. - The company has made timely and full payments of environmental protection taxes as per the law [193]. - The company has not faced any administrative penalties related to environmental issues during the reporting period [194]. Future Outlook - The company aims for a revenue growth of over 5% in 2024, considering various market factors and uncertainties [96]. - The company provided a revenue guidance of 110 billion RMB for 2024, reflecting a 10% growth expectation [143]. - The company plans to produce 10,000 units of sanitation special equipment by December 2024, with a committed investment of CNY 23,124,860 and a current investment of CNY 7,945,750, achieving 34.36% of the investment progress [85]. - The company is exploring potential mergers and acquisitions to enhance its market position and product offerings, with a focus on strategic partnerships [137].

Revenue and Profit - Revenue for Q1 2024 reached ¥24,174,419,759.02, a 1.18% increase compared to ¥23,892,908,942.03 in the same period last year[4] - Net profit attributable to shareholders was ¥1,600,471,771.14, reflecting a 5.06% increase from ¥1,523,350,581.21 year-on-year[4] - Basic earnings per share increased by 4.65% to ¥0.135 from ¥0.129 in the previous year[4] - Total operating revenue for Q1 2024 reached ¥24,174,419,759.02, an increase of 1.18% compared to ¥23,892,908,942.03 in Q1 2023[18] - Net profit attributable to the parent company was ¥1,600,471,771.14, up from ¥1,523,350,581.21 in the same period last year, reflecting a growth of 5.08%[19] - The basic earnings per share for Q1 2024 was ¥0.135, compared to ¥0.129 in Q1 2023, reflecting an increase of 4.67%[21] Assets and Liabilities - Total assets at the end of the reporting period were ¥164,535,529,037.60, up 1.57% from ¥161,994,607,612.63 at the end of the previous year[4] - The total current assets as of March 31, 2024, amounted to CNY 113,952,394,447.60, an increase from CNY 111,059,886,947.95 at the beginning of the period[13] - Total assets reached CNY 164,535,529,037.60, compared to CNY 161,994,607,612.63 at the start of the period, marking an increase of about 1.6%[15] - Total liabilities increased to CNY 105,313,459,753.80 from CNY 104,507,622,369.46, showing a growth of about 0.8%[16] - The total equity attributable to shareholders increased by 3.00% to ¥57,827,335,521.88 from ¥56,144,670,380.10 year-on-year[4] - The total assets and equity increased to ¥164,535,529,037.60 and ¥59,222,069,283.80 respectively, compared to ¥161,994,607,612.63 and ¥57,486,985,243.17 in the previous year[17] Cash Flow - Cash flow from operating activities decreased by 71.27% to ¥231,251,589.22, down from ¥804,996,166.89 in the previous year[4] - Cash flow from operating activities totaled ¥26,630,043,734.83, an increase from ¥23,847,208,286.56, representing a growth of 11.76%[23] - The net cash flow from operating activities for Q1 2024 was ¥231,251,589.22, a decrease of 71.2% compared to ¥804,996,166.89 in Q1 2023[24] - Total cash outflow from operating activities amounted to ¥26,398,792,145.61, up from ¥23,042,212,119.67 in the previous year[24] - The company reported a total cash outflow from investing activities of ¥1,030,213,330.15, significantly lower than ¥7,702,471,457.39 in Q1 2023[24] - Cash inflow from financing activities totaled ¥8,945,162,194.13, compared to ¥7,417,878,736.65 in the same period last year, reflecting a 20.6% increase[24] Expenses - Development expenses increased by 42.06% due to capitalized development costs meeting the criteria for capitalization[8] - The company reported a decrease in financial expenses to ¥351,366,334.15 from ¥354,871,776.12, a decline of about 1.42%[19] - The company’s total operating costs increased to ¥22,408,722,882.78 from ¥22,099,867,439.90, marking a rise of 1.39%[18] - Research and development expenses decreased to ¥888,564,502.81 from ¥963,261,324.90, indicating a reduction of approximately 7.77%[19] Other Financial Metrics - The weighted average return on equity slightly decreased to 2.81%, down 0.03 percentage points from 2.84%[4] - Other comprehensive income after tax attributable to the parent company was ¥37,757,844.95, significantly higher than ¥7,917,915.12 in the previous year[21] - The company reported no changes in the participation of major shareholders in margin financing and securities lending activities[11] - The company did not undergo an audit for the Q1 2024 report[25] - The company experienced a foreign exchange loss impacting cash and cash equivalents of -¥152,832,861.64 in Q1 2024[24]