证券代码：000528 证券简称：柳 工 公告编号：2024-79 债券代码：127084 债券简称：柳工转2 广西柳工机械股份有限公司 关于召开 2024 年第一次临时股东大会的提示性公告 本公司及董事会全体成员保证信息披露内容的真实、准确、完整，没有虚假记载、 误导性陈述或重大遗漏。 广西柳工机械股份有限公司（以下简称"公司"）于 2024 年 10 月 11 日在《中国证券 报》《证券时报》及巨潮资讯网（www.cninfo.com.cn）披露了《柳工关于召开 2024 年第 一次临时股东大会的通知》（公告编号：2024-72），公司将于 2024 年 10 月 29 日召 开 2024 年第一次临时股东大会，现将本次股东大会的有关事项提示如下： 一、召开会议的基本情况 1、股东大会届次：公司 2024 年第一次临时股东大会。 2、股东大会的召集人：公司董事会。2024年10月10日，公司第九届董事会第二十 四次（临时）会议审议通过《关于召开公司2024年第一次临时股东大会的议案》。 3、会议召开的合法、合规性：本次股东大会的召集、召开程序符合有关法律、行 政法规、部门规章、规范性文件、深圳证券交易所业 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company reported a continuous improvement in profitability, driven by electrification and international expansion, which supports high growth [4] - For the first three quarters of 2024, the company achieved operating revenue of 22.856 billion yuan, a year-on-year increase of 8.25%, and a total profit of 1.573 billion yuan, up 43.77% year-on-year [3] - The net profit attributable to the parent company reached 1.321 billion yuan, reflecting a year-on-year growth of 59.82% [3] - The third quarter of 2024 saw an operating revenue of 6.796 billion yuan, a year-on-year increase of 11.81%, with a net profit of 337 million yuan, up 58.74% year-on-year [3] Financial Performance Summary - The company’s revenue and profit both showed growth, with the revenue growth attributed to recovering market demand and enhanced product competitiveness [4] - The gross margin and net margin for Q3 2024 were 23.67% and 5.02%, respectively, both showing year-on-year increases [4] - The company’s earnings forecasts for 2024-2026 have been adjusted, with net profit estimates raised to 1.613 billion yuan, 2.165 billion yuan, and 2.772 billion yuan for the respective years [5] - The diluted EPS is projected to be 0.81 yuan, 1.09 yuan, and 1.40 yuan for 2024, 2025, and 2026, respectively [5] - The current stock price corresponds to P/E multiples of 15, 11, and 9 for the next three years [5] Market Outlook - The company is expected to benefit from the implementation of loose monetary and fiscal policies, which may stabilize the domestic market and improve industry demand [4] - The company is committed to high-quality development and has taken measures to protect investor interests, which reflects confidence in future growth [5]

Investment Rating - The report maintains a "Buy" rating for the company [1][3]. Core Views - The company's Q3 performance met expectations, with a significant year-on-year increase in revenue and net profit, driven by strong domestic and export sales, and continuous improvement in market share [2][3]. - The company has shown notable improvements in profitability due to cost reduction and efficiency enhancement initiatives following its mixed-ownership reform [2][3]. - The ongoing focus on electrification and internationalization is expected to contribute to revenue and profit growth, with electric loader sales increasing by 159% year-on-year [3]. Financial Performance Summary - For the first three quarters of 2024, the company achieved total revenue of 22.86 billion yuan, a year-on-year increase of 8.3%, and a net profit attributable to shareholders of 1.32 billion yuan, up 59.8% [2]. - The gross profit margin for Q1 to Q3 2024 was 23.5%, an increase of 2.8 percentage points year-on-year, while the net profit margin was 5.9%, up 2.0 percentage points [2][3]. - The company forecasts net profits of 1.57 billion yuan, 1.98 billion yuan, and 2.73 billion yuan for 2024, 2025, and 2026 respectively, with corresponding P/E ratios of 16, 12, and 9 times [3].

Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook for the next six months [1]. Core Views - The company reported strong performance in Q3 2024, with revenue reaching 68.0 billion yuan, a year-on-year increase of 11.8%, and a net profit of 3.4 billion yuan, up 58.7% year-on-year. The overall revenue for Q1-Q3 2024 was 228.6 billion yuan, reflecting an 8.3% increase year-on-year, and a net profit of 13.2 billion yuan, which is a 59.8% increase year-on-year [1][2]. - The company's strategic focus on quality improvement and efficiency enhancement has led to significant operational improvements, with a gross margin of 23.5% for Q1-Q3 2024, up 2.8 percentage points year-on-year. The net profit margin also improved to 5.9%, an increase of 2.0 percentage points year-on-year [1][2]. - The company is expected to benefit from the recovery of domestic demand in the construction machinery sector, with excavator sales showing positive growth and the penetration rate of electric loaders increasing rapidly [2]. Summary by Sections Financial Performance - For Q1-Q3 2024, the company achieved a gross margin of 23.5% and a net profit margin of 5.9%. In Q3 alone, the gross margin was 23.7% and the net profit margin was 5.0% [1]. - The company forecasts net profits of 13.8 billion yuan, 18.1 billion yuan, and 22.5 billion yuan for 2024, 2025, and 2026 respectively, with a compound annual growth rate of 37% [2][3]. Market Position and Growth Drivers - The company has a robust product portfolio, including loaders and excavators, and is expanding into electric machinery, which is expected to drive future growth. The domestic market for excavators has shown a year-on-year increase of 8.6% in sales [2]. - The global construction machinery market remains vast, providing significant opportunities for international expansion [2]. Valuation Metrics - The report provides projected PE ratios of 18, 14, and 11 for the years 2024, 2025, and 2026 respectively, indicating a favorable valuation compared to expected earnings growth [2][3].

来源：公司年报、国金证券研究所 柳工 (000528.SZ) 买入(维持评级) 业绩简评 10 月 12 日，公司发布 24 年三季报，24Q1-Q3 公司实现营业收入 228.56 亿元，同比+8.25%；其中单 Q3 实现收入 67.96 亿元，同比 +11.81%。；24Q1-3 公司实现归母净利润 13.21 亿元，同比+59.82%； 扣非后归母净利润 12.09 亿元，同比+93.89%；其中单 Q3 实现实 现归母净利润为 3.37 亿元，同比+58.74%，单 Q3 实现扣非后归母 净利润 3.07 亿元，同比+200.61%。 经营分析 海外：重视出口机遇，24H1 公司海外收入超过 45%。根据公告， 24H1 公司海外市场实现收入 77.12 亿元，同比+18.82%，海外市场 收入占比达 48.02%（同比+4.85pcts）；从核心产品来看，24H1 公 司挖机装载机销量同比增速超过 200%，宽体车海外销量增速为 55.7%；多个品类放量助力公司拓展海外市场，打开收入天花板。 国内市场装载机、挖机板块率先复苏，公司充分受益国内土方机 械上行周期。从公司收入结构来看，24H1 公司土 ...

Investment Rating - The report maintains a "Buy" rating for the company, with a target price indicating a potential upside of over 20% within the next six months [6][13]. Core Insights - The company reported strong performance in Q3 2024, with total revenue of 22.856 billion yuan, representing a year-over-year increase of 8.25%. The net profit attributable to shareholders reached 1.321 billion yuan, up 59.82% year-over-year [2]. - The company is committed to sustainable high-quality development and is steadily advancing its internationalization strategy, achieving nearly 20% revenue growth in the first half of the year [4]. - The company has decided not to exercise the early redemption rights for its convertible bonds, thereby protecting investor interests [3]. Financial Performance Summary - For the first three quarters of 2024, the company achieved a revenue of 22.856 billion yuan, with a gross margin of 23.48% and a net margin of 5.94% [2]. - The company’s net profit for the first three quarters was 1.321 billion yuan, with a significant increase in the net profit margin compared to the previous year [2]. - The report projects the company's net profit for 2024 to be 1.579 billion yuan, reflecting an 81.97% year-over-year growth, with corresponding P/E ratios of 15.9 for 2024 [5][9]. Financial Data and Valuation - The company’s total revenue is projected to grow from 27.519 billion yuan in 2023 to 30.189 billion yuan in 2024, with a growth rate of 9.70% [8][9]. - The net profit attributable to shareholders is expected to increase from 867.81 million yuan in 2023 to 1.579 billion yuan in 2024, with a projected P/E ratio of 15.88 [8][9]. - The company’s total assets are forecasted to rise from 46.578 billion yuan in 2023 to 47.304 billion yuan in 2024 [8].

Investment Rating - The investment rating for the company is "Buy" and is maintained [4][6]. Core Views - The company's performance in Q1-Q3 2024 met expectations, with revenue of 22.86 billion yuan, a year-on-year increase of 8%, and a net profit attributable to shareholders of 1.32 billion yuan, a year-on-year increase of 60% [2][6]. - The company is expected to achieve revenues of 30.39 billion yuan, 35.11 billion yuan, and 40.52 billion yuan for the years 2024-2026, representing year-on-year growth of approximately 10%, 16%, and 15% respectively [2][6]. - The net profit attributable to shareholders is projected to be 1.54 billion yuan, 2.10 billion yuan, and 2.66 billion yuan for the same period, with year-on-year growth rates of 77%, 37%, and 26% respectively [2][6]. Financial Performance Summary - For Q3 2024, the company reported a single-quarter revenue of 6.80 billion yuan, a year-on-year increase of 12% but a quarter-on-quarter decrease of 16% [2][6]. - The net profit for Q3 2024 was 340 million yuan, a year-on-year increase of 59% and a quarter-on-quarter decrease of 31% [2][6]. - The company’s market share in the loader segment was approximately 27% in 2023, maintaining its position as the leader in the domestic market [6]. Business Development Insights - The demand for earthmoving machinery is recovering, with significant growth in the loader and excavator segments [6]. - The company has initiated a mixed-ownership reform, enhancing its long-term competitiveness through equity incentives and convertible bonds [6]. - The penetration rate of electric loaders has increased from 1% in 2022 to over 10% in the first nine months of 2024, indicating a strong growth trajectory in this segment [6]. Financial Projections - The company’s projected financials for 2024-2026 include revenues of 30.39 billion yuan, 35.11 billion yuan, and 40.52 billion yuan, with corresponding net profits of 1.54 billion yuan, 2.10 billion yuan, and 2.66 billion yuan [7][9]. - The expected earnings per share (EPS) for 2024, 2025, and 2026 are 0.77 yuan, 1.06 yuan, and 1.34 yuan respectively [7][9]. - The company’s asset-liability ratio is reported at 59.49% [4].

Financial Performance - Revenue for the third quarter reached 6.80 billion yuan, an increase of 11.81% year-over-year[1] - Net profit attributable to shareholders was 337.09 million yuan, up 58.74% compared to the same period last year[1] - Operating income for the first three quarters totaled 22.86 billion yuan, an 8.25% increase year-over-year[1] - Net profit attributable to shareholders for the first three quarters was 1.32 billion yuan, a 59.82% increase year-over-year[1] - The company's weighted average return on equity (ROE) for the first three quarters was 7.84%, up 2.68 percentage points year-over-year[1] - Net profit for the period was 1,357,663,882.57 yuan, up from 831,334,226.07 yuan in the same period last year[20] - Net profit attributable to the parent company's shareholders was 1,320,624,799.94 yuan, up from 826,302,343.41 yuan in the previous year[20] - Basic earnings per share (EPS) for the quarter was 0.6789 RMB, up from 0.4235 RMB in the previous period[21] - Total comprehensive income for the quarter was 1,303,487,548.19 RMB, a significant increase from 751,802,121.08 RMB in the previous period[21] Assets and Liabilities - Total assets as of the end of the third quarter were 47.01 billion yuan, a 0.92% increase from the end of the previous year[1] - Shareholders' equity attributable to the parent company increased by 5.91% to 17.51 billion yuan compared to the end of the previous year[1] - Short-term borrowings decreased by 30.70% to 4.83 billion yuan compared to the same period last year[4] - Long-term borrowings decreased by 43.55% to 709.73 million yuan compared to the same period last year[4] - Total assets increased to 47,005,987,831.84 yuan, up from 46,578,044,988.89 yuan in the previous period[18] - Total liabilities decreased to 27,963,735,345.83 yuan, down from 28,581,431,638.39 yuan in the previous period[19] - Short-term borrowings decreased to 4,833,111,422.63 yuan, down from 6,974,058,466.92 yuan in the previous period[18] - Equity attributable to the parent company's shareholders increased to 17,509,543,322.17 yuan, up from 16,532,166,611.02 yuan in the previous period[19] Cash Flow and Liquidity - Cash and cash equivalents decreased to 7.96 billion yuan from 10.35 billion yuan at the start of the quarter[17] - Net cash flow from operating activities was 1,077,577,255.77 RMB, a significant improvement from -63,055,638.99 RMB in the previous period[22] - Net cash flow from investing activities was -349,322,250.96 RMB, compared to -266,173,398.73 RMB in the previous period[22] - Net cash flow from financing activities was -2,878,841,720.32 RMB, a sharp decline from 2,556,646,637.71 RMB in the previous period[23] - The company's cash and cash equivalents at the end of the quarter were 7,285,858,007.97 RMB, down from 9,449,532,020.99 RMB at the beginning of the period[23] - Cash received from sales of goods and services was 20,562,292,041.12 RMB, down from 23,124,695,191.71 RMB in the previous period[21] - The company received 835,763,901.98 RMB in tax refunds, down from 967,789,346.71 RMB in the previous period[22] - The company paid 2,257,029,545.72 RMB in employee compensation, up from 2,115,827,448.30 RMB in the previous period[22] Legal Proceedings and Recoveries - The company has recovered a cumulative total of 22.65 million RMB from legal proceedings as of October 2024[13] - The company initiated bankruptcy liquidation proceedings against Hainan Wuzhishan Group and Wuzhishan Forestry Chemical Company in July 2024[13] - The company successfully recovered 771.96 million yuan in a legal case against Hefei Kaiyuan Liugong Machinery Co., Ltd. as of 2023[16] - A property auction related to a legal case yielded 905.57 million yuan in December 2023[16] - The company completed property transfers worth 414.37 million yuan as part of debt settlement agreements in 2023[16] - Liuwa Company has累计执行回款 RMB 6.72 million as of December 31, 2023[14] - Liuwa Company received和解款项 RMB 2 million in May 2024 as part of a settlement agreement with Jiangsu Jiancheng and Shanghai Jiancheng[14] - Liuwa Company has累计执行回款 RMB 3.46 million from Anhui Hualiu as of December 31, 2023[14] - Liuwa Company successfully enforced the recovery of RMB 1,150,000 from Xinjiang Juhua Company's bank account[15] - Liuwa Company successfully enforced the recovery of RMB 1,150,000 from Xinjiang Juhua Company's bank account in August 2023[15] Shareholder and Stock Information - Hong Kong Securities Clearing Corporation Limited holds 100,624,876 unrestricted shares of common stock[9] - National Manufacturing Transformation and Upgrade Fund Co., Ltd. holds 54,084,549 shares of common stock[9] - National Social Security Fund Portfolio 103 holds 46,000,000 shares of common stock[9] - Beijing Yuanfeng Private Fund Management Partnership holds 26,401,467 shares of common stock[9] - China Construction Bank Financial Asset Investment Co., Ltd. holds 24,575,341 shares of common stock[9] - The company issued 3,000,000 convertible bonds with a total value of 3 billion RMB, and 2,523,111 bonds were converted into 32,986,560 shares by the end of Q3 2024[11] - The total share capital of the company increased from 1,978,628,263 shares to 1,984,192,335 shares due to bond conversions[11] - The company's convertible bonds "LiuGong Convertible 2" are listed on the Shenzhen Stock Exchange with the code "127084.SZ"[11] Accounts Receivable and Inventory - Accounts receivable increased to 10.3 billion yuan, up from 8.18 billion yuan at the beginning of the quarter[17] - Inventory levels remained stable at 8.54 billion yuan compared to 8.48 billion yuan at the start of the period[17] - Long-term receivables increased to 2.53 billion yuan from 2.27 billion yuan at the beginning of the quarter[17] - Trade receivables financing increased to 333.77 million yuan from 156.76 million yuan at the start of the quarter[17] - Other receivables rose to 1.71 billion yuan compared to 1.46 billion yuan at the beginning of the period[17] Expenses and Costs - Non-recurring gains and losses for the third quarter amounted to 30.27 million yuan, with government subsidies contributing 33.67 million yuan[2] - R&D expenses increased to 764,857,861.59 yuan, compared to 682,540,150.74 yuan in the same period last year[20] - Sales expenses increased to 1,947,771,366.77 yuan, compared to 1,596,394,420.44 yuan in the same period last year[20] - Total operating costs were 21,039,331,518.94 yuan, compared to 19,885,038,743.34 yuan in the same period last year[19] - Other comprehensive income after tax for the quarter was -54,176,334.38 RMB, compared to -79,532,104.99 RMB in the previous period[21] Legal Disputes and Liabilities - Jiangsu Jiancheng owes Liuwa Company RMB 34,548,418.87 in unpaid货款 and RMB 2,061,401.08 in违约金, totaling RMB 36,609,819.95[14] - Anhui Hualiu owes Liuwa Company RMB 54,058,879.1 in unpaid货款 and RMB 25,074,969.84 in违约金[14] - Anhui Hualiu owes Liuwa Company RMB 54,058,879.10 in unpaid货款 and RMB 25,074,969.84 in违约金, with Yao Dingqiang bearing joint liability[15] - Liuwa Company filed a lawsuit against Anhui Hualiu's shareholders for RMB 54,058,879.10 in damages, with the court ruling in favor of Liuwa Company[15] - Xinjiang Juhua Company owes Liuwa Company RMB 6,618,360 in装载机货款 and RMB 774,600 in配件货款, totaling RMB 7,341,370[15] - The court ruled that Xinjiang Juhua Company must pay Liuwa Company RMB 579,980.24 in配件货款 and RMB 108,712.77 in违约金[15] - The court dismissed the jurisdictional异议 raised by Xinjiang Juhua Company, allowing the case to proceed in Liuzhou Intermediate Court[15] - The court ruled that the shareholders of Anhui Hualiu, including Sheng Lixin and Xu Anping, are jointly liable for the company's debts[15] - Liuwa Company filed a lawsuit against Xinjiang Juhua Company's连带保证人, including Zhang Peng and Jiang Ling, for joint liability[15] - The court ruled that Xinjiang Juhua Company must compensate Liuwa Company RMB 1,150,000 in律师费[15]

证券代码：000528 证券简称：柳 工 公告编号：2024-78 债券代码：127084 债券简称：柳工转2 广西柳工机械股份有限公司 关于 2024 年第三季度计提资产减值准备公告 本公司及董事会全体成员保证信息披露内容的真实、准确、完整，没有虚假记载、 误导性陈述或重大遗漏。 广西柳工机械股份有限公司（以下简称"公司"）于 2024 年 10 月 21 日召开的第九 届董事会第二十五次会议审议通过了《关于公司 2024 年第三季度计提资产减值准备的 议案》。现将相关情况公告如下： 一、计提资产减值准备概述 根据《企业会计准则》及公司会计政策等文件的相关规定，本着谨慎性原则，公司 及下属子公司对截至 2024 年 9 月 30 日应收款项、存货、固定资产、在建工程、投资 性房地产、无形资产等进行了减值测试，判断其是否存在可能发生减值的迹象。经测试， 公司对发生资产减值的应收款项、存货等资产进行了减值计提。 公司 2024 年第三季度各项资产计提减值准备净额共计 7,011.37 万元。其中，应收 账款坏账准备计提净额 2,396.78 万元，其他应收坏账准备计提净额 2,337.53 万元，长 期应收坏账 ...

证券代码：000528 证券简称：柳 工 公告编号：2024-76 债券代码：127084 债券简称：柳工转2 广西柳工机械股份有限公司 第九届监事会第十九次会议决议公告 本公司及监事会全体成员保证公告内容的真实、准确、完整，没有虚假记载、误导 性陈述或重大遗漏。 广西柳工机械股份有限公司（以下简称"公司"）第九届监事会第十九次会议通知于 2024 年 10 月 11 日以电子邮件方式发出，会议于 2024 年 10 月 21 日在公司总部会议 室如期召开。会议应到监事三名，实到监事三名，符合《公司法》和《公司章程》关于 召开监事会的有关规定。会议经审议、表决，形成如下决议： 第 1 页，共 2 页 监事会认为：公司按照《企业会计准则》和监管有关规定，根据公司各项资产的实 际情况，对 2024 年三季度各项资产进行减值测试并计提减值准备。计提减值准备后能 够更加公允地反映公司截至 2024 年 9 月 30 日的资产状况。该项议案的决策程序符合 相关法律法规的规定，不存在损害公司和中小股东利益的情况，监事会同意本次计提资 柳工监事会公告 产减值准备。 该项议案获 3 票赞成，0 票反对，0 票弃权。 该议案具 ...