证券研究报告 2024 年 11 月 08 日 湘财证券研究所 相关研究： 1.《20241008-徐工机械 000425.SZ-国内工程机械龙头，国际化主战略 持续推进》 相对收益 5.3 4.2 38.2 绝对收益 8.5 28.3 52.7 注：相对收益与沪深 300 相比 公司研究 徐工机械（000425）事件点评 盈利能力持续增强，推动利润保持快速增长 核心要点： ❑ 公司发布 2024 年三季报，业绩保持快速增长 2024 年 10 月 30 日，公司发布 2024 年第三季度报告。2024 年前三季 度，公司营业总收入约 687.3 亿元，同比下降 4.1%；归母净利润约 53.1 亿 元，同比增长 9.7%；扣非后归母净利润约 48.9 亿元，同比增长 11.8%；经 营活动现金净流量约 20.4 亿元，同比增长 24.4%；基本每股收益 0.45 元， 同比增长 9.8%；加权平均 ROE 约 9.1%，同比上升 0.3 个百分点。2024 年 第三季度，公司营业收入 190.9 亿元，同比下降 6.4%；归母净利润 16.0 亿 元，同比增长 28.3%；扣非后归母净利润 15.9 亿元， ...

[Table_StockNameRptType] 徐工机械(000425) 公司点评 徐工机械：国际化+高端化持续推进，盈利能力增强 | --- | --- | |---------------------------------------|-----------| | | | | [Table_Rank] 投资评级：买入（维持） | | | 报告日期： 2024-11-07 | | | 570 收盘价（元） | 8.43 | | 近 12 个月最高/最低（元） | 8.54/4.78 | | 总股本（百万股） | 11816.17 | | 流通股本（百万股） | 8120.09 | | 流通股比例（%） | 68.72 | | 总市值（亿元） | 996.10 | | 流通市值（亿元） | 684.52 | [公司价格与沪深 Table_Chart] 300 走势比较 -20% -10% 0% 10% 20% 30% 40% 50% 60% 徐工机械 沪深300 [分析师：张帆 Table_Author] 执业证书号：S0010522070003 邮箱：zhangfan@hazq.com [Table_R ...

证 券 2024 年 11 月 04 日 研 究 报 告 公 司 研 究 | --- | --- | --- | |---------------------------------------------------------------------|-------------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- ...

Investment Rating - The report maintains a "Recommended" rating for the company [4][6]. Core Views - The company's performance is strong, with continuous improvement in profitability. For the first three quarters of 2024, the company achieved revenue of 68.726 billion yuan, a year-on-year decrease of 4.11%. However, the net profit attributable to shareholders reached 5.309 billion yuan, an increase of 9.71% year-on-year, with a net profit margin of 7.72%, up 0.97 percentage points [2][3]. - The domestic demand for earth-moving machinery is recovering, while overseas expansion in emerging markets shows positive trends. The internal sales of excavators increased by 2.5% year-on-year in September, and the cumulative growth rate for the first nine months was 8.6%. However, sales of construction cranes and tower cranes remain weak, reflecting ongoing pressure in the real estate sector [3][4]. - The company has improved its cost control efficiency, with a stable cash flow. The operating cash flow for the first three quarters reached 2.044 billion yuan, an increase of 400 million yuan compared to the same period last year [3][4]. Financial Summary - The company is projected to achieve net profits of 6.398 billion yuan, 7.906 billion yuan, and 9.480 billion yuan for 2024, 2025, and 2026 respectively, with corresponding PE ratios of 15, 12, and 10 times [4][5]. - Key financial indicators for 2024 include a revenue of 98.382 billion yuan, a profit margin of 23.74%, and an EPS of 0.54 yuan [5][11].

证券代码：000425 证券简称：徐工机械 徐工集团工程机械股份有限公司 投资者关系活动记录表 编号：2024-30 | --- | --- | --- | --- | |----------------|-----------------------------------------------|----------------------------------------------------------|------------------------------------------------------------------| | | | | | | 投资者关系活动 | □ 特定对象调研 | □ 分析师会议 | | | 类别 | □ 媒体采访 | √ 业绩说明会 | | | | □ 新闻发布会 | □ 路演活动 | | | | □ 现场参观 | | | | | □ 其他 | （请文字说明其他活动内容） | | | 活动参与人员 | 线上参与交流会的 225 | 位投资者 | | | 时间 | 2024 年 11 月 1 日 | 15:00-16:00 | | | 地点 | 线上交流 | ...

[Table_Stock] 徐工机械（000425） 证 券 研 究 报 告 [行业Table_Industry] : 机械设备 日期: shzqdatemark 2024年11月02日 [Table_Author] 分析师: 刘阳东 Tel: 021-53686144 E-mail: liuyangdong@shzq.com SAC 编号: S0870523070002 分析师: 王亚琪 Tel: 021- 53686472 E-mail: wangyaqi@shzq.com SAC 编号: S0870523060007 [Table_BaseInfo] 基本数据 最新收盘价（元） 8.16 12mth A 股价格区间（元） 4.96-8.16 总股本（百万股） 11,816.17 无限售 A 股/总股本 68.72% 流通市值（亿元） 662.60 公 司 点 评 -12% -4% 4% 11% 19% 27% 34% 42% 49% 11/23 01/24 03/24 06/24 08/24 10/24 徐工机械 沪深300 [Table_QuotePic] 最近一年股票与沪深 300 比较 ◼ 投资建 ...

Key Takeaways Industry and Company * **Company**: Xugong Group Corporation Limited (XCMG) * **Industry**: Construction machinery industry Core Points and Arguments 1. **Q3 Financial Performance**: * **Revenue**: 68.726 billion yuan, down 4.11% year-on-year; International revenue accounted for 46.6% of total revenue, up 9% year-on-year. * **Profitability**: Net profit of 5.309 billion yuan, up 9.71% year-on-year; Net profit for the third quarter was 1.603 billion yuan, up 28.28% year-on-year. * **ROE**: 9.13%, up 0.29 percentage points year-on-year. * **Margin**: Gross margin of 23.63%, up 0.73 percentage points year-on-year; Net profit margin of 7.74%, up 1.03 percentage points year-on-year. * **Cash Flow**: Cash collection rate exceeded 115% in the third quarter, and receivables collection improved significantly. 2. **Sales Structure**: * Domestic sales were approximately 36.7 billion yuan, and overseas sales were approximately 32.1 billion yuan. * By product line, excavator sales were about 14 billion yuan, earthmoving machinery about 20 billion yuan, road machinery about 3.6 billion yuan, construction machinery about 8 billion yuan, mining machinery about 5.6 billion yuan, and other construction machinery about 7.3 billion yuan. * Overseas sales were mainly concentrated in Southeast Asia. 3. **Market Outlook**: * **Domestic Market**: Expected to achieve stable growth in the fourth quarter and next year, with a conservative estimate of 15% revenue growth next year. * **International Market**: Expected to achieve high growth next year, with a conservative estimate of 15-20% revenue growth. * **Electric Construction Machinery**: Expected to achieve rapid growth in overseas markets, with sales reaching 2 billion yuan in the first three quarters, doubling year-on-year. 4. **Risk Management**: * **Risk Exposure**: Targeted risk exposure of 100 billion yuan for the year, with the first three quarters already meeting the annual target. * **Risk Control Measures**: Established a blacklist mechanism, strengthened risk control of lease assets, and established a risk control center. 5. **Investor Returns**: * The company will continue to focus on improving profitability and will consider increasing dividends and share buybacks in the future. Other Important Points * **Product Structure**: The company has actively adjusted its product structure, focusing on high-margin products and reducing low-margin products. * **Cost Control**: The company has implemented various cost control measures, including centralized procurement and process optimization. * **Innovation**: The company is committed to innovation and has launched a number of new products, including electric construction machinery and intelligent construction machinery. * **Brand**: The company has a strong brand reputation and is recognized as a leader in the construction machinery industry.

2024 年 11 月 3 日 公司研究 净利润加速增长，高端化、国际化带动盈利能力提升 ——徐工机械（000425.SZ）2024 年三季报点评 要点 净利润加速增长，盈利能力持续回升 徐工机械 2024Q1-Q3 实现营业收入 687.26 亿元，同比下降 4.11%；归母 净利润 53.09 亿元，同比增长 9.71%；毛利率 23.63%，同比增长 0.73 个百分 点；净利率 7.74%，同比增长 1.03 个百分点。 2024Q3公司实现营业收入190.94亿元，同比下降6.37%；归母净利润16.03 亿元，同比增长 28.28%；毛利率 25.52%，同比增长 2.53 个百分点；净利率 8.31%，同比增长 1.95 个百分点。 产品高端化、国际化趋势带动公司盈利能力提升 2024Q3 公司盈利能力显著提升，我们认为主要受公司高端化、国际化趋势 所带动。高端产品是公司结构性调整的主攻方向，2024H1 公司高端产品收入同 比增长 10%以上，占总收入比重超 32%，同比增长 4 个百分点。 公司积极开拓海外市场，进一步完善全球产业布局。2024H1 公司海外市场 收入 219.0 亿元，同比 ...

证券研究报告 | 季报点评 gszqdatemark 2024 11 02 年 月 日 徐工机械（000425.SZ） 利润快速增长，净利率提升明显，报表质量改善 公司发布 2024 年三季度报告。公司 2024 年前三季度实现营收 687.26 亿 元，同比减少 4.11%；归母净利润 53.09 亿元，同比增加 9.71%；扣非归 母净利润 48.89 亿元，同比增加 11.85%，其中 Q3 单季度实现营收 190.94 亿元，同比减少 6.37%；归母净利润 16.03 亿元，同比增加 28.28%；扣 非归母净利润 15.94 亿元，同比增加 59.91%。 盈利能力不断增强，财务状况加速改善。盈利能力方面，前三季度 ROE 为 9.13%，同比增加 0.29 个百分点；毛利率 23.63%，同比提高 0.73 个百分点；净利率 7.74%，同比提高 1.03 个百分点。其中单三季度毛 利率为 25.54%，同比提高 2.53pct；净利率为 8.31%，同比提高 1.95pct。财务状况方面，今年前三季度经营活动现金流净额 20.4 亿 元，同比增长 24.45%；表内应收款项（应收账款+长期应收 ...

公司报告 | 季报点评 | --- | --- | --- | --- | --- | --- | |----------------------------------|--------------|--------------|--------------|--------------|------------| | 财务数据和估值 | 2022 | 2023 | 2024E | 2025E | 2026E | | 营业收入 ( 百万元 ) | 93,817.12 | 92,848.22 | 98,431.23 | 109,773.26 | 125,886.96 | | 增长率 (%) | 11.25 | (1.03) | 6.01 | 11.52 | 14.68 | | EBITDA( 百万元 ) | 13,505.00 | 15,748.53 | 15,213.16 | 17,247.95 | 20,386.91 | | 归属母公司净利润 ( 百万元 ) | 4,307.10 | 5,326.47 | 6,382.37 | 8,364.30 | 10,782.36 | | 增长率 (%) | (23. ...