债券代码：127084 债券简称：柳工转2 证券代码：000528 证券简称：柳 工 公告编号：2024-75 广西柳工机械股份有限公司 第九届董事会第二十五次会议决议公告 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"）董事会于 2024 年 10 月 11 日以电 子邮件方式发出召开第九届董事会第二十五次会议的通知，会议于 2024 年 10 月 21 日 采取现场（公司总部会议室）+通讯的方式如期召开。会议应到会董事 11 人，实到会董 事 11 人（其中外部董事苏子孟先生、董佳讯先生、王建胜先生、独立董事李嘉明先生、 陈雪萍女士采取通讯方式参会）。公司监事会所有监事列席了会议。董事长曾光安先生 主持此次会议。本次会议通知及召开符合有关法律、法规、规章及《公司章程》的规定， 合法有效。经会议审议，形成如下决议： 一、审议通过《关于公司 2024 年第三季度报告的议案》 该议案具体内容详见公司同时在《中国证券报》《证券时报》及巨潮资讯网 （www.cninfo.com.cn）披露的《柳工 2024 年第三季度报告 ...

证 券 2024 年 10 月 21 日 研 告 | --- | --- | --- | |-------------------------------------------------------------|-------------------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------ ...

证券代码：000528 证券简称：柳 工 公告编号：2024-74 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 关于举行 2024 年三季度网上业绩说明会的公告 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。 二、公司出席人员 （一）独立董事陈雪萍女士 （二）高级副总裁罗国兵先生、财务负责人刘学斌先生、董事会秘书黄华琳先生、 会计机构负责人樊丽君女士、国内业务高级总监宁健图先生、副总工程师蔡登胜先生、 新能源总经理赵明先生及相关部门负责人。 三、投资者问题征集及方式 广西柳工机械股份有限公司（以下简称"公司"）将于 2024 年 10 月 23 日披露《2024 年三季度报告》。为方便广大投资者更加全面深入地了解公司的战略规划及实际经营情 况，公司定于 2024 年 10 月 25 日（星期五）通过网络方式举办 2024 年三季度网上业 绩说明会。 一、业绩说明会召开时间和方式 召开时间：2024 年 10 月 25 日（星期五）15:00-16:30 召开方式：网络方式及电话会议 第 1 页，共 3 页 柳工董事会公告 为广泛听取投 ...

%% %% 丨证券研究报告丨 公司研究丨点评报告丨柳工（000528.SZ） [Table_Title] 柳工 24Q3 业绩预告点评：Q3 业绩预计高增， 国内业务或显著改善 | --- | --- | |---------------------------------------------------------------------------------------------------------------------|-------| | 报告要点 | | | [Table_Summary] 公司预告 Q3 业绩高增， 24Q1-Q3 公司预计实现归母净利润 12.39-14.05 亿元，同比增长 50%- | | | 70% ；预计实现扣非归母净利润 11.28-12.94 亿元，同比增长 81%-107% ；对应 Q3 归母净利 | | | 润、扣非归母净利润同比均预计大幅增长。 Q3 国内挖机和装载机行业延续较好增长，公司国内 | | | 业务或明显回暖；装挖行业出口改善，公司国际业务收入有望接续增长。此外，公司电动化产 | | | 品持续贡献增量，叠加降本提效深入推进，公司收入及 ...

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - The company's net profit attributable to shareholders is expected to grow by 50%-70% in Q3 2024, aligning with market expectations, with a median estimate of 1.32 billion to 1.40 billion yuan, representing a year-on-year increase of 60% [2] - The company is benefiting from strong sales growth in both domestic and export markets, leading to an increase in market share and improved profitability due to cost reduction and efficiency enhancement initiatives [2] - The company is focusing on electrification and internationalization, with electric loader sales expected to increase by 159% in H1 2024, and significant growth in overseas revenues for various machinery categories [2] - The completion of the mixed-ownership reform has enhanced operational quality, with stock incentives and private placements aimed at expanding capacity and upgrading smart factories [3] - The profit forecast for 2024-2026 has been revised upwards, with projected net profits of 1.57 billion, 2.03 billion, and 2.81 billion yuan respectively, corresponding to P/E ratios of 16, 12, and 9 times [3] Summary by Sections Earnings Forecast and Valuation - Total revenue is projected to increase from 27.52 billion yuan in 2023 to 39.17 billion yuan in 2026, with a compound annual growth rate (CAGR) of approximately 11.86% [1] - Net profit attributable to shareholders is expected to rise from 867.81 million yuan in 2023 to 2.81 billion yuan in 2026, reflecting a CAGR of 38.24% [1] - The latest diluted EPS is forecasted to grow from 0.44 yuan in 2023 to 1.42 yuan in 2026 [1] Market Data - The closing price of the stock is 12.40 yuan, with a market capitalization of approximately 24.60 billion yuan [4] - The stock has a price-to-book ratio of 1.42 [4] Financial Data - The company has a total asset value of 46.58 billion yuan in 2023, projected to increase to 60.74 billion yuan by 2026 [8] - The debt-to-asset ratio is reported at 60.34% [5]

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - The company is expected to achieve a net profit attributable to shareholders of 1.239 to 1.405 billion yuan for the first three quarters of 2024, representing a year-on-year increase of 50% to 70% [1] - The company has seen significant growth in overseas markets, with overseas revenue exceeding 45% in the first half of 2024, and a year-on-year increase of 18.82% to 7.712 billion yuan [1] - The domestic market for excavators and loaders is recovering, benefiting from the upward cycle of earth-moving machinery, with the company's revenue from this segment reaching 9.937 billion yuan in the first half of 2024, up 15.91% year-on-year [1] Summary by Sections Performance Overview - The company expects a net profit of 3.19 to 3.61 billion yuan for Q3 2024, a year-on-year increase of 50% to 70% [1] - The net profit after deducting non-recurring items for Q3 2024 is projected to be 2.88 to 3.30 billion yuan, reflecting a year-on-year increase of 182% to 224% [1] Operational Analysis - The company’s overseas market revenue accounted for 48.02% of total revenue in H1 2024, with excavator and loader sales growing over 200% year-on-year [1] - The domestic market for earth-moving machinery has seen a recovery, with excavator sales in Q2 and Q3 2024 increasing by 21% and 20% year-on-year, respectively [1] Profitability and Valuation - The company’s gross margins for domestic and overseas markets in H1 2024 were 29.09% and 18.15%, respectively, showing improvements of 1.12 and 3.88 percentage points year-on-year [1] - The report projects the company’s net profit margins to increase to 5.5%, 6.7%, and 7.6% for the years 2024, 2025, and 2026, respectively [1] - Revenue forecasts for 2024, 2025, and 2026 are set at 29.875 billion, 32.950 billion, and 36.853 billion yuan, with net profits of 1.633 billion, 2.208 billion, and 2.797 billion yuan, respectively [1]

Investment Rating - The report maintains a "Buy" rating for Liugong (000528 SZ) [1] Core Views - Liugong's Q3 2024 performance exceeded expectations with a significant year-over-year increase in net profit and non-GAAP net profit [1] - The company's overseas market expansion has been successful, with overseas revenue accounting for 48 02% of total revenue in H1 2024 [1] - Domestic market recovery in the earthmoving machinery sector has driven growth, particularly in excavators and loaders [1] - Improved profitability due to scale effects, with domestic and overseas gross margins increasing to 29 09% and 18 15% respectively in H1 2024 [1] Financial Performance - Q1-Q3 2024 net profit attributable to shareholders is expected to be RMB 1 239-1 405 billion, up 50-70% YoY [1] - Q3 2024 net profit attributable to shareholders is expected to be RMB 319-361 million, up 50-70% YoY [1] - Q3 2024 non-GAAP net profit is expected to be RMB 288-330 million, up 182-224% YoY [1] - H1 2024 overseas revenue reached RMB 7 712 billion, up 18 82% YoY [1] - H1 2024 earthmoving machinery revenue was RMB 9 937 billion, up 15 91% YoY [1] Market Performance - Domestic excavator sales in Q2-Q3 2024 increased by 21% and 20% YoY respectively [1] - Domestic loader sales in Q2-Q3 2024 increased by 12% and 9% YoY respectively [1] - Overseas sales of excavators and loaders grew by over 200% YoY in H1 2024 [1] - Overseas sales of wide-body vehicles grew by 55 7% YoY in H1 2024 [1] Valuation and Forecast - Revenue forecasts for 2024-2026 are RMB 29 875 billion, RMB 32 950 billion, and RMB 36 853 billion respectively [1] - Net profit forecasts for 2024-2026 are RMB 1 633 billion, RMB 2 208 billion, and RMB 2 797 billion respectively [1] - PE ratios for 2024-2026 are 15X, 11X, and 9X respectively [1] - Net profit margins are expected to be 5 5%, 6 7%, and 7 6% for 2024-2026 respectively [1] Historical Ratings - The company has consistently received "Buy" ratings from analysts over the past year [7] - Market sentiment analysis shows a strong preference for "Buy" recommendations, with a score of 1 00 indicating a consensus "Buy" rating [6]

Financial Performance - Net profit attributable to shareholders of the listed company for the first three quarters of 2024 is expected to be between 1,239.45 million yuan and 1,404.71 million yuan, representing a year-on-year increase of 50% to 70%[1] - Net profit attributable to shareholders of the listed company after deducting non-recurring gains and losses for the first three quarters of 2024 is expected to be between 1,128.26 million yuan and 1,293.52 million yuan, representing a year-on-year increase of 81% to 107%[1] - Basic earnings per share for the first three quarters of 2024 is expected to be between 0.6371 yuan/share and 0.7221 yuan/share[1] - Net profit attributable to shareholders of the listed company for the third quarter of 2024 is expected to be between 318.53 million yuan and 360.99 million yuan, representing a year-on-year increase of 50% to 70%[2] - Net profit attributable to shareholders of the listed company after deducting non-recurring gains and losses for the third quarter of 2024 is expected to be between 288.25 million yuan and 330.72 million yuan, representing a year-on-year increase of 182% to 224%[2] - Basic earnings per share for the third quarter of 2024 is expected to be between 0.1637 yuan/share and 0.1856 yuan/share[2] Market Demand and Trends - Domestic demand for earthmoving machinery has shown a bottoming-out recovery trend, while demand for other construction machinery sub-sectors remains sluggish[4] - International construction machinery market demand is significantly differentiated, with faster growth in most developing countries and regions, but declining demand in developed economies such as Europe and the US[4] Operational Efficiency and Market Share - The company's overall operating efficiency has significantly improved, with both international and domestic market sales growth outperforming the industry, and market share continues to increase[4]

| 证券代码：000528 | 证券简称：柳 | 工 | 公告编号：2024-69 | | --- | --- | --- | --- | | 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 第九届董事会第二十四次（临时）会议决议公告 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"）董事会于 2024 年 10 月 1 日以电子 邮件方式发出召开第九届董事会第二十四次（临时）会议的通知，会议于 2024 年 10 月 10 日采取通讯方式召开。会议应到会董事 11 人，实到会董事 11 人。会议由董事长曾 光安先生主持。公司监事会全体监事了解了会议全过程。本次会议通知及召开符合有关 法律、法规、规章及《公司章程》的规定，合法有效。经会议审议，形成如下决议： 一、审议通过《关于公司不提前赎回"柳工转 2"的议案》 同意公司暂不行使"柳工转 2"的提前赎回权利，不提前赎回"柳工转 2"。同时决定自 本次董事会审议通过后 12 个月内（即 2024 年 10 月 11 日至 2025 ...

证券代码：000528 证券简称：柳 工 公告编号：2024-70 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 关于不提前赎回柳工转 2 的公告 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。 重要内容提示： 1．自 2024 年 9 月 11 日至 2024 年 10 月 10 日，广西柳工机械股份有限公司（以下 简称"公司"）股票价格已有 15 个交易日的收盘价不低于"柳工转 2"当期转股价格（即 7.57 元/股）的 130%（含 130%，即 9.84 元/股）。根据《深圳证券交易所股票上市规则》（以 下简称"《上市规则》"）等有关规定和《柳工向不特定对象，发行可转换公司债券募集说 明书》（以下简称"《募集说明书》"）约定，已触发"柳工转 2"的有条件赎回条款，2024 年 10 月 10 日公司第九届董事会第二十四次（临时）会议作出决议：同意公司暂不行使"柳 工转 2"的提前赎回权利，不提前赎回"柳工转 2"。 2．自本次董事会审议通过后 12 个月内（即 2024 年 10 月 11 日至 2025 年 10 月 10 日 ...