＃assAuthor＃ 证券研究报告 ＃industryId＃ 机械设备 ＃investSuggestion＃ 增持 ( ＃ investSug gestionCh ange＃ 维持 ） 公 司 点 评 报 告 | --- | --- | |---------------------------------|-------------------------------------| | | | | 日期 | 2024-9-5 | | 收盘价（元） | 9.33 | | 总股本（百万股） | 1978.99 | | 流通股本（百万股） | 1440.69 | | 净资产（百万元） | 17324.07 | | 总资产（百万元） | 47428.68 | | 每股净资产（元） 来源： iFinD | 8.71 ，兴业证券经济与金融研究院整理 | ＃相关报告 relatedReport＃ ＃分析师： emailAuthor＃ 石康 shikang@xyzq.com.cn S1220517040001 郭亚男 guoyanan@xyzq.com.cn S0190522120004 ＃dyCompany＃ 柳工 （ ...

%% %% 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 24H1 中报点评：电动化、国际化卓有成效， 盈利能力持续提升 | --- | --- | |-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------|-------| | | | | 报告要点 | | | [Table_Summary] 公司国际化收入增长持续， 24H1 境外业务收入同比 +18.82% ，收入占比同比提升 4.85pct 至 | | | 48.02% ，土方机械板块海外销量增速跑赢行业 21.8pct 。公司上半年国内整体销量增速优于行 | | | 业，挖掘机内销台量同比 +29.5% ，市场份额提升 3pct 再创历史新高。结构优化及降本增效持 续推进，带动公司盈利能力持续提升。往后来看，公 ...

Investment Rating - The report maintains a "Buy" rating for the company with a target price of 14.1, compared to the last closing price of 9.58 [1]. Core Insights - The company's performance aligns with the forecast range, driven by reforms that enhance profitability [1]. - In H1 2024, the company achieved revenue of 16.06 billion, a year-on-year increase of 6.81%, and a net profit attributable to shareholders of 984 million, up 60.20% year-on-year [2]. - The core business of earth-moving machinery shows strong demand, with domestic excavator sales turning positive with a year-on-year growth of 29.5% [2]. - The company is advancing its internationalization strategy, with overseas revenue reaching 7.71 billion, an increase of 18.82% year-on-year [2]. - The company's gross margin improved to 23.40%, up 3.26 percentage points year-on-year, and the net profit margin increased to 6.33%, up 2.21 percentage points year-on-year [2]. Financial Projections - Revenue projections for 2024-2026 are 30.19 billion, 35.00 billion, and 41.16 billion respectively, with net profits of 1.55 billion, 2.10 billion, and 2.71 billion [3]. - The expected growth rates for revenue are 9.7% in 2024, 15.9% in 2025, and 17.6% in 2026 [3]. - The projected diluted earnings per share for 2024-2026 are 0.78, 1.06, and 1.37 respectively, with corresponding price-to-earnings ratios of 12.2, 9.0, and 7.0 [3].

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company reported a revenue of 16.06 billion yuan in the first half of 2024, representing a year-on-year increase of 6.81%, with a net profit attributable to shareholders of 984 million yuan, up 60.20% [2] - The company is actively pursuing reforms and internationalization strategies, achieving significant growth in overseas revenue, which reached 7.71 billion yuan, a year-on-year increase of 18.82%, accounting for 48% of total revenue [2] - Emerging business segments are accelerating development, with the mining machinery business seeing a revenue increase of 71%, and the aerial work machinery business achieving a 124% growth in overseas revenue [2][3] Financial Performance Summary - For 2024, the company forecasts revenue of 30.04 billion yuan, a 9.2% increase from 2023, and a net profit of 1.48 billion yuan, reflecting a 70.9% increase [4] - The gross profit margin is expected to improve to 22.6% in 2024, up from 20.8% in 2023 [4] - The diluted EPS is projected to be 0.75 yuan for 2024, with a corresponding P/E ratio of 12.54 [4][5]

本报告仅供 Choice 东方财富 使用，请勿传阅。 2024 年 09 月 02 日 柳工(000528.SZ) 中报业绩表现优异，盈利能力持续优化 事件：柳工发布 2024 年半年报，上半年，公司实现营业收入 160.6 亿元，同比+6.81%，实现归母净利润 9.84 亿元，同比+60.2%； 单 Q2，公司实现营业收入 81.21 亿元，同比+12.11%，实现归母 净利润 4.86 亿元，同比+62.48%。公司上半年业绩表现优异，超 过此前预告中枢值。 坚定做强土方主业，国际化增长动能延续。2024 年上半年，行 业层面：根据工程机械工业协会，中国挖机总销量 10.32 万台， 同比-5.15%，其中内销 5.34 万台，同比+4.66%，出口 4.98 万台， 同比-13.81%。挖机行业筑底背景下，得益于土石方核心主业跑赢 行业、国际化开拓持续贡献增长，公司收入保持稳健增长。 1）产品层面：上半年，公司核心主业土石方机械实现营收 99.37 亿元，同比+15.91%，收入占比 61.87%，同比+4.85pct。其中，装 载机海外销量持续增长，市占率提升 2pct，电装销量同比+159%， 挖 ...

Investment Rating - The report maintains a "Recommended" investment rating for the company [2][7]. Core Views - The company achieved a revenue of 16.06 billion yuan in H1 2024, representing a year-on-year growth of 6.81%, with a net profit attributable to shareholders of 984 million yuan, up 60.20% year-on-year [3][7]. - The company is deepening its international business, with overseas revenue growing by 18.82% to 7.712 billion yuan in H1 2024, accounting for 48.02% of total revenue, an increase of 4.85 percentage points year-on-year [3][4]. - The engineering machinery segment showed stable revenue growth, with a 7.24% increase to 14.607 billion yuan in H1 2024, despite a challenging domestic market [3][4]. Summary by Sections Financial Performance - In Q2 2024, the company reported revenue of 8.121 billion yuan, a 12.11% increase year-on-year, and a net profit of 486 million yuan, up 62.48% year-on-year [3][7]. - The overall gross margin improved by 3.27 percentage points to 23.40% in H1 2024, driven by cost reductions and a higher proportion of value-added overseas business [4][7]. Business Segments - The engineering machinery segment's revenue rose by 7.24% to 14.607 billion yuan, with earth-moving machinery revenue increasing by 15.91% to 9.937 billion yuan, accounting for 61.87% of total revenue [3][4]. - The company launched 62 international products in H1 2024, enhancing its market share in emerging markets [3][4]. Profitability Forecast - The report projects EPS for 2024, 2025, and 2026 to be 0.74 yuan, 0.97 yuan, and 1.19 yuan respectively, with corresponding dynamic P/E ratios of 12.95, 9.88, and 8.05 times based on the closing price of 9.58 yuan on August 30 [7][8].

证券代码：000528 证券简称：柳 工 债券代码：127084 债券简称：柳工转2 柳工投资者关系活动记录表 | --- | --- | --- | --- | |--------------------------|---------------------------------------------------|-------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------| | | 【请在您选择的方式的"（ | | ）"中打 ...

[Table_StockInfo] 2024 年 08 月 28 日 证券研究报告•2024 年半年报点评 买入 （维持） 当前价：9.36 元 柳 工（000528）机械设备 目标价：——元（6 个月） 24H1 业绩高增长超预期，盈利能力持续提升 [Table_Summary] 事件：公司发布 2024 年半年报，24H1 实现营收 160.6 亿元，同比+6.8%；归 母净利润 9.8亿元，同比+60.2%；单 24Q2实现营收 81.2亿元，同比+12.1%； 实现归母净利润 4.9亿元，同比+62.5%。24H1业绩高增长超预期，盈利能力持 续提升。 业务结构优化、全价值链有效降本控费，公司盈利能力持续提升。2024H1公司 综合毛利率为 23.4%，同比+3.27pp，毛利率提升主要系业务结构优化、全价值 链有效降本控费；净利率为 6.3%，同比+2.21pp；期间费用率为 14.0%，同比 +1.08pp；其中，销售、管理、研发和财务费用率分别为 8.1%、2.4%、3.0%、 0.5%，研发费用率同比持平，销售、管理和财务费用率分别同比+0.80pp、 -0.12pp、+0.38pp。单 20 ...

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 8 月 28 日，公司发布 24 年半年报告，24H1 公司收入 160.60 亿元， 同比+6.81%；归母净利润 9.84 亿元，同比+60.20%；其中单 Q2 实 现收入 81.21 亿元，同比+12.11%；归母净利润 4.86 亿元，同比 +62.48%，单季度归母净利润超出业绩预告中值，略超市场预期。 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。 多因素共振，盈利能力持续提升。24Q2 公司毛利率为 24.01%，同 比+2.44pcts、环比+1.22pcts，单季度毛利率创 20 年以来新高； 24Q2 公司净利率为 6.17%，同比+2.10pcts。公司盈利能力明显提 升主要得益于：1 ...

Financial Performance - The company's operating revenue for the first half of 2024 reached ¥16,060,005,052.72, representing a 6.81% increase compared to ¥15,035,854,423.06 in the same period last year[9]. - Net profit attributable to shareholders was ¥983,530,909.56, a significant increase of 60.20% from ¥613,950,278.03 in the previous year[9]. - The net profit after deducting non-recurring gains and losses was ¥902,608,382.22, up 73.01% from ¥521,714,836.14 year-on-year[9]. - The basic earnings per share increased to ¥0.5041, reflecting a growth of 60.24% compared to ¥0.3146 in the same period last year[9]. - The diluted earnings per share rose to ¥0.4305, marking a 44.66% increase from ¥0.2976 in the previous year[9]. - The net cash flow from operating activities was ¥1,121,727,695.46, a significant recovery from a negative cash flow of -¥289,405,523.51 in the same period last year[9]. - Total assets at the end of the reporting period were ¥47,428,680,103.80, an increase of 1.83% from ¥46,578,044,988.89 at the end of the previous year[9]. - Net assets attributable to shareholders increased to ¥17,324,073,166.77, up 4.79% from ¥16,532,166,611.02 at the end of the previous year[9]. - The weighted average return on net assets was 5.87%, an increase of 2.04% compared to 3.83% in the previous year[9]. Business Strategy and Market Position - The company ranks 19th among global construction machinery manufacturers, maintaining a strong market position in the domestic earth-moving machinery sector[14]. - The domestic construction machinery industry is currently in a bottoming phase, but positive factors such as equipment renewal policies and government bond investments are stabilizing overall demand[14]. - The company has expanded its business scope beyond construction machinery to include agricultural machinery and concrete machinery, enhancing its market presence[16]. - The company has developed over 30 complete product lines, including earth-moving machinery, mining machinery, and industrial vehicles, establishing itself as a comprehensive solution provider[16]. - The company operates 25 manufacturing bases and 5 R&D centers globally, employing over 16,000 staff[17]. - The agricultural machinery market is expected to see steady demand growth due to supportive policies and modernization efforts in agriculture[15]. - The company is focusing on the integration of new energy machinery into its product offerings, reflecting a trend towards electrification and digitalization in the industry[14]. - The international market for construction machinery is facing increased uncertainty, impacting export growth rates[14]. - The company has successfully implemented a mixed-ownership reform, enhancing its competitive strength in the market[16]. Revenue and Sales Performance - The company achieved total revenue of 16.06 billion yuan, a year-on-year increase of 6.81%, with overseas revenue reaching 7.71 billion yuan, up 18.82%, accounting for 48.02% of total revenue[18]. - The domestic market's overall sales growth outperformed the industry by 8.8 percentage points, while overseas sales growth exceeded the industry by 21.8 percentage points[18]. - The internationalization strategy led to nearly 20% growth in overseas product revenue, with significant increases in sales and profits across key regions[20]. - The electric loader sales surged by 159%, maintaining a leading market share, and the company launched 15 new products to meet diverse market demands[22]. - The excavator domestic sales saw a year-on-year increase of 29.5%, significantly outperforming the industry, with market share rising by 3 percentage points[22]. - The small machinery business achieved nearly 50% year-on-year sales growth, with overseas loader sales increasing over 200%[23]. - The high-altitude machinery business saw domestic sales growth outperforming the industry by 27 percentage points, with overseas revenue increasing by 124% and sales volume by 138%[25]. Cost Management and Profitability - Manufacturing costs were reduced by 3.4%, and procurement costs decreased by 4.3%, contributing to enhanced profitability[19]. - The operating cost increased by 2.44% to ¥12,301,305,458.46 from ¥12,008,382,029.14, resulting in a gross profit margin improvement[45]. - The company reported a significant decrease in cash and cash equivalents, with a net decrease of ¥1,129,061,617.31, primarily due to investment and financing cash flow impacts[45]. - Other income increased by 40.28% to ¥22,010,706.21, mainly from government subsidies[45]. Environmental Responsibility - Guangxi Liugong Machinery Co., Ltd. is classified as a key pollutant discharge unit by environmental protection authorities[72]. - The company obtained its pollutant discharge permit on July 17, 2023, valid for five years[74]. - The total CODcr discharge for the first half of 2024 was 5.64 tons, with a permitted annual limit of 100 tons[75]. - The company reported a BOD5 discharge of 0.99 tons for the first half of 2024, adhering to the relevant discharge standards[75]. - The company has implemented various environmental protection laws, including the Environmental Protection Law and the Air Pollution Prevention Law[73]. - The company invested CNY 23.17 million in pollution control facilities, focusing on VOCs emission reduction, oil pollution remediation, and solid waste storage improvements[80]. - The environmental equipment reliability rate reached 99.4% in the first half of 2024, with no environmental pollution incidents reported[80]. Corporate Governance and Compliance - The company has published its first ESG report, reflecting its commitment to corporate social responsibility and sustainability[30]. - The company has established risk control measures for derivative investments, including regular audits and risk assessment models[58]. - The company has not reported any litigation situations during the reporting period[58]. - The company has committed to maintaining its independence post-transaction, ensuring independent operations and management[92]. - The company has pledged not to reduce its shareholding in Liugong for one year from August 23, 2023[92]. Shareholder Information - The company has a total of 36,490,190.88 CNY in overdue rent and interest from Jianghang Industry and Trade Co., Ltd[94]. - The total number of shares before the change is 1,951,211,962, with a total number of shares after the change being 1,978,628,263[114]. - The company announced a share repurchase plan with a budget between RMB 100 million and RMB 200 million, with a maximum repurchase price of RMB 10.00 per share[115]. - As of July 19, 2024, the company repurchased a total of 19,320,440 shares, accounting for 0.98% of the total share capital, with a total transaction amount of RMB 199,981,886.96[116]. Future Outlook - The company plans to continue expanding its market presence and investing in new technologies to enhance operational efficiency and product offerings[141]. - The company plans to expand its market presence in engineering machinery and automation systems, focusing on technological advancements[157]. - The company’s operating revenue is expected to grow by 10% in the next quarter, driven by increased demand in the construction sector[157].