华泰联合证券有限责任公司 关于广西柳工机械股份有限公司 2024 年度保荐工作报告 | 保荐人名称：华泰联合证券有限责任公司 | 被保荐公司简称：柳工 | | --- | --- | | 保荐代表人姓名：杨铭 | 联系电话：0755-81902000 | | 保荐代表人姓名：杨柏龄 | 联系电话：0755-81902000 | 一、保荐工作概述 | 项目 | 工作内容 | | --- | --- | | 1.公司信息披露审阅情况 | | | （1）是否及时审阅公司信息披露文件 | 是 | | （2）未及时审阅公司信息披露文件的次数 | 0 次 | | 2．督导公司建立健全并有效执行规章制度的情况 | | | （1）是否督导公司建立健全规章制度（包括 但不限于防止关联方占用公司资源的制度、 | | | | 是 | | 募集资金管理制度、内控制度、内部审计制 | | | 度、关联交易制度） | | | （2）公司是否有效执行相关规章制度 | 是 | | 3.募集资金监督情况 | | | （1）查询公司募集资金专户次数 | 通过事前审批付款申请，事后审阅募集资金账 | | | 户银行对账单的方式核查募集资金使用情况 ...

暗盘资金正涌入这些股票，点击速看>>> 广西本地股异动拉升，东盟自贸方向领涨，北部湾港（000582）、五洲交通（600368）、南宁百货 （600712）、百洋股份（002696）、华蓝集团（301027）涨停，田野股份、粤桂股份（000833）、广西 广电（600936）、柳工（000528）、广西能源（600310）等快速跟涨。 ...

►业绩稳健增长，毛利率持续改善。 证券研究报告|公司点评报告 [Table_Date] 2025 年 04 月 09 日 [Table_Title] 业绩高增，看好国企改革及国际化拉动成长 [Table_Title2] 柳工(000528) | [Table_DataInfo] 评级： | 买入 | 股票代码： | 000528 | | --- | --- | --- | --- | | 上次评级： | 买入 | 52 周最高价/最低价： | 13.71/9.02 | | 目标价格： | | 总市值(亿) | 205.76 | | 最新收盘价： | 10.19 | 自由流通市值(亿) | 205.68 | | | | 自由流通股数(百万) | 2,018.44 | [Table_Summary] 事件概述 公司发布 2024 年年报。 公司发布 2024 年年报。2024 年公司实现营收 300.6 亿元，同比增长 9.2%；实现归母净利润 13.3 亿元，同比增 长 52.9%。盈利能力端，公司 2024 年全年毛利率达 22.5%，较 2023 年同比提升 1.68pct；2024 年净利率为 4.6%， ...

买入（维持） 新兴业务高速发展，双轮驱动优势明显 柳工（000528）2024 年报点评 2025 年 4 月 9 日 投资要点： 事件：柳工发布2024年报。 点评： 公 司 研 | 主要数据 2025 年 | 4 | 日 月 8 | | --- | --- | --- | | 收盘价(元) | | 10.04 | | 总市值（亿元） | | 202.73 | | 总股本(亿股) | | 20.19 | | 流通股本(亿股) | | 20.18 | | ROE（TTM） | | 7.58% | 股价走势 资料来源：Wind，东莞证券研究所 本报告的风险等级为中风险。 本报告的信息均来自已公开信息，关于信息的准确性与完整性，建议投资者谨慎判断，据此入市，风险自担。 请务必阅读末页声明。 究 公 司 点 评 机械设备行业 分析师：谢少威 SAC 执业证书编号： S0340523010003 电话：0769-23320059 邮箱： xieshaowei@dgzq.com.cn 12 月最高价(元) 13.71 12 月最低价(元) 8.71 证 券 研 究 报 告 ◼ 2024Q4营收同环比双增，盈利能力承压。 ...

[Table_StockNameRptType] 柳工（000528） 公司点评 盈利端高增，看好公司多元化与国际化发展 | 投资评级：买入（维持） [Table_Rank] | | | --- | --- | | 报告日期： | 2025-04-07 | | 570 收盘价（元） | 11.27 | | 近 12 个月最高/最低（元） | 13.71/8.34 | | 总股本（百万股） | 2019.24 | | 流通股本（百万股） | 2018.45 | | 流通股比例（%） | 99.96 | | 总市值（亿元） | 227.57 | | 流通市值（亿元） | 227.48 | [公司价格与沪深 Table_Chart] 300 走势比较 -20% -10% 0% 10% 20% 30% 40% 50% 60% 70% 柳 工 沪深300 主要观点： ⚫[Table_Summary] 公司发布 2024 年年报 公司发布2024年年报，2024年全年实现营业收入300.63亿元，同比增长9.24%； 实现归母净利润 13.27 亿元，同比增长 52.92%；加权平均净资产收益率为 7.93%，较 202 ...

Investment Rating - The report maintains an "Overweight" rating for the machinery equipment industry, particularly highlighting opportunities in semiconductor equipment due to tariff impacts [1]. Core Insights - The report emphasizes the impact of tariffs on the machinery equipment sector, particularly the 34% tariff on U.S. imports, which raises the total export tariff to the U.S. for engineering machinery to 79%. However, the actual impact on major companies is limited due to their low exposure to the U.S. market [1][2]. - The report identifies potential growth in domestic demand and the electric vehicle transition as key factors for the forklift segment, while also noting the limited impact of tariffs on exports [3]. - The semiconductor equipment sector is expected to benefit from increased domestic production due to tariffs, with a focus on both mature and advanced process equipment [4]. Summary by Sections Engineering Machinery - The report highlights that major engineering machinery companies have minimal exposure to the U.S. market, with SANY Heavy Industry at approximately 3% and XCMG at about 1% [1][2]. - Companies with overseas factories, particularly in North America and Mexico, are better positioned to mitigate tariff risks [2]. - The report recommends companies like SANY Heavy Industry, XCMG, and LiuGong for their strategic factory locations [2]. Forklifts - The report notes that domestic forklift manufacturers have limited exposure to the U.S. market, and the impact of tariffs is manageable due to pre-stocked inventory [3]. - It suggests that the domestic forklift market will see growth driven by the electric vehicle transition and government policies supporting domestic demand [3]. Semiconductor Equipment - The report indicates that the 34% tariff on U.S. imports will accelerate the domestic production of semiconductor equipment, particularly in mature processes where price sensitivity is higher [4]. - It recommends focusing on companies involved in both front-end and back-end semiconductor equipment, highlighting firms like North China Innovation and Zhongwei Company [4]. General Automation - The report suggests that the general automation sector will see limited impact from tariffs, with a focus on domestic demand for tools and automation products [5][8]. - It highlights the recovery in manufacturing and logistics sectors as potential growth drivers for the general automation market [8]. Investment Recommendations - The report provides a list of recommended companies across various segments, including semiconductor equipment, engineering machinery, and general automation, emphasizing their potential for growth in the current market environment [1][16].

Investment Rating - The report maintains an "Overweight" rating for the machinery equipment industry, particularly highlighting opportunities in semiconductor equipment due to tariff impacts [1]. Core Insights - The report emphasizes the impact of tariffs on the machinery equipment sector, particularly the 34% tariff on U.S. imports, which raises the total export tariff to the U.S. for engineering machinery to 79%. However, the actual impact on major companies is limited due to their low exposure to the U.S. market [1][2]. - The report identifies potential growth in domestic demand and the electric vehicle transition as key factors for the forklift segment, while also highlighting the importance of overseas factory layouts to mitigate tariff risks [3][4]. - The semiconductor equipment sector is expected to benefit from increased domestic production due to tariffs, with a focus on both mature and advanced process equipment [4]. Summary by Sections Engineering Machinery - The report notes that major engineering machinery companies have limited exposure to the U.S. market, with SANY Heavy Industry at approximately 3% and XCMG at about 1% [1][2]. - Companies with overseas factories, particularly in North America and Mexico, are better positioned to mitigate tariff risks [2]. - The report recommends companies such as SANY Heavy Industry, XCMG, and LiuGong for their strategic factory locations [2]. Forklifts - The report indicates that domestic forklift exports to the U.S. will face a 79% tariff, but the impact is manageable due to low exposure and pre-stocked inventory [3]. - It highlights the potential for growth in the domestic market driven by policies supporting electric vehicle adoption and logistics industry upgrades [3]. Semiconductor Equipment - The report suggests that the 34% tariff on U.S. imports will accelerate the domestic production of semiconductor equipment, particularly in mature processes where price sensitivity is higher [4]. - It recommends focusing on companies involved in both front-end and back-end semiconductor equipment, such as North China Innovation and Zhongwei Company [4]. General Automation - The report suggests that the general automation sector will see limited impact from tariffs, with a focus on domestic demand for tools and automation products [5][8]. - It highlights the recovery in manufacturing and logistics sectors as potential growth drivers for the automation industry [8]. Investment Recommendations - The report provides a list of recommended companies across various segments, including semiconductor equipment, engineering machinery, and general automation, emphasizing their strategic positions to capitalize on current market conditions [1][16].

Investment Rating - The report upgrades the investment rating to "Buy" based on strong performance and growth prospects [7][9]. Core Insights - The company achieved a revenue of 30.063 billion yuan in 2024, a year-on-year increase of 9.24%, and a net profit attributable to shareholders of 1.327 billion yuan, up 52.92% [4][5]. - The company’s international sales grew significantly, with overseas revenue accounting for over 45% of total revenue, reflecting a 20.05% year-on-year increase [5][6]. - The company’s gross margin improved to 22.50%, an increase of 1.68 percentage points year-on-year, indicating effective cost management and pricing strategies [5][6]. Financial Performance - Revenue projections for 2025-2027 are 34.617 billion yuan, 39.484 billion yuan, and 44.401 billion yuan, with year-on-year growth rates of 15.15%, 14.06%, and 12.45% respectively [7][10]. - Net profit forecasts for the same period are 1.963 billion yuan, 2.511 billion yuan, and 3.048 billion yuan, with growth rates of 47.91%, 27.95%, and 21.37% respectively [7][10]. - The company’s price-to-earnings (P/E) ratios for 2025-2027 are projected to be 11.93, 9.33, and 7.68, indicating a relatively low valuation compared to peers [7][10].

中邮证券有限责任公司陈基赟,刘卓近期对柳工（000528）进行研究并发布了研究报告《业绩快速增 长，"三全"战略布局持续优化》，给予柳工买入评级。 柳工 l事件描述 公司发布2024年年度报告，2024年实现营收300.63亿元，同增9.24%；实现归母净利润13.27亿元，同增 52.92%；实现扣非归母净利润11.38亿元，同增100.10%。 2024年公司海外销量增速跑赢行业水平22pct，海外收入同增20.05%，其中新兴市场收入同比增长超过 30%，非洲、南亚、中东等区域保持强劲增长势头，区域结构得到持续优化。战略新兴业务方面，公司矿 山机械全年销售收入同比增长超60%，利润同比大幅增长；高空机械实现逆周期增长，聚焦突破海外重点 市场，实现出口增长超过150%；农业机械350马力混动无级变速拖拉机顺利完成各项整机试验与参数验 证，并在国内、海外国外多地多工况测试获得重要进展；智拓科技业务基本形成以工业机器人集成为主， 工装、环保除尘、维修维保及服务为辅的新格局，外部市场新增订单占比突破20%。 l盈利预测与估值 公司土石方机械占比较高有利于内销率先企稳复苏，并且海外市场增速持续跑赢同行，我们预计公 ...

Investment Rating - The industry investment rating is maintained at "Add" [1] Core Viewpoints - The direct export cost of engineering machinery to the US has significantly increased due to tariffs, reaching 79% (25% + 20% + 34%), but the overall risk is manageable as the exposure to the US market is low for major manufacturers [1] - Key recommendations focus on companies with North American factories and those with facilities in Mexico (which has tariff exemptions) or Brazil and Turkey (which can bear a 10% tariff) [2] - Companies like SANY Heavy Industry and Hengli Hydraulic have established production capabilities in North America, which can help mitigate tariff risks [2] - The report suggests that the overall risk is controllable despite the tariff impacts, and recommends companies such as SANY Heavy Industry, Zoomlion, LiuGong, Shantui, and Hengli Hydraulic for investment [5] Summary by Sections Tariff Impact - The engineering machinery sector faces a 79% tariff on exports to the US, but major companies have limited exposure, with SANY at approximately 3% and Hengli at about 5% [1] - If retaliatory measures are taken by sanctioned countries, it could benefit Chinese engineering machinery brands, especially in emerging markets [1] Overseas Factory Layout - Companies with North American factories include SANY and Hengli, with SANY's future production capacity expected to exceed 2,000 units, corresponding to about 1 billion yuan [2] - Hengli's North American factory has an annual output value of 300-400 million yuan for hydraulic components, with plans to produce planetary screws if tariffs persist [2] - In Mexico, Hengli and Zoomlion have factories, with Hengli's projected annual output value increasing from 2 billion to 3-4 billion yuan [2] - Zoomlion's factory in Mexico has achieved over 1 billion yuan in actual sales since full production began in Q3 2024 [2] - In Brazil and Turkey, Zoomlion and LiuGong have factories with a combined capacity exceeding 3 billion yuan [2]