公司报告 | 季报点评 相关报告 三季报业绩表现优异，持续看好公司后续表现 公司发布 2024 年三季度报告，业绩表现优异。其中： 1）收入端：前三季度收入 228.56 亿元、yoy+8.25%；单三季度收入 67.96 亿元、yoy+11.81%。 2）利润端：前三季度归母净利润 13.21 亿元、yoy+59.82%，扣非归母 12.09 亿元、yoy+93.89%；毛利率、净利率分别为 23.48%、5.94%，yoy+2.83pct、 +2pct。 单三季度归母 3.37 亿元、yoy+58.74%，扣非归母 3.07 亿元、yoy+200.61%； 毛利率、净利率分别为 23.67%、5.02%，yoy+1.75pct、+1.53pct。 3）费用端：前三季度期间费用率 15.02%，yoy+0.81pct，其中销售/管理/ 财务/研发费用率分别+0.96/-0.1/-0.16/+0.11pct。 单三季度期间费用率 17.51%，yoy+0.03pct，其中销售/管理/财务/研发费用 率分别+1.31/-0.09/-1.51/+0.32pct。 不提前赎回可转债保护投资者利益： 公司于 10 月 ...

证券研究报告 非金融公司|公司点评|柳工（000528） 2024 年三季报点评：业绩符合预期， 混改&电装持续兑现业绩 请务必阅读报告末页的重要声明 glzqdatemark1 2024年10月22日 证券研究报告 |报告要点 2024Q1-Q3 公司实现营收 228.6 亿元，同比+8%，归母净利润 13.2 亿元，同比+60%；2024Q3 单 季度营收 68.0 亿元，同比+12%，环比-16%，归母净利润为 3.4 亿元，同比+59%，环比-31%。 我们预计公司 2024-2026 年的营业收入分别为 303.9/351.1/405.2 亿元，分别同比 +10%/16%/15%；归母净利润分别为 15.4/21.0/26.6 亿元，分别同比+77%/37%/26%，维持"买 入"评级。 |分析师及联系人 0528 刘晓旭 蒙维洒 SAC：S0590524040006 请务必阅读报告末页的重要声明 1 / 5 非金融公司|公司点评 glzqdatemark2 2024年10月22日 柳工(000528) 2024 年三季报点评：业绩符合预期，混改&电 装持续兑现业绩 | --- | --- | |- ...

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

%% %% 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 ...

证券研究报告·公司点评报告·工程机械 柳工（000528） 2024 年三季度业绩预告点评：Q3 归母净利 润预计增长 50%-70%，盈利持续高增 2024 年 10 月 14 日 买入（维持） | --- | --- | --- | --- | --- | --- | |------------------------------|---------|--------|----------|----------|----------| | 盈利预测与估值 [Table_EPS] | 2022A | 2023A | 2024E | 2025E | 2026E | | 营业总收入（百万元） | 26480 | 27519 | 30913 | 35012 | 39165 | | 同比（ % ） | (7.74) | 3.93 | 12.33 | 13.26 | 11.86 | | 归母净利润（百万元） | 599.33 | 867.81 | 1,568.58 | 2,033.94 | 2,811.72 | | 同比（ % ） | (39.90) | 44.80 | 80.75 | 29.67 | 38.24 | ...

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 年三季度业绩预告，24Q1-Q3 公司预计 实现归母净利润 12.39-14.05 亿元，同比+50-70%；扣非后归母净 利润 11.28-12.94 亿元，同比+81%-107%；其中单 Q3 实现实现归 母净利润为 3.19-3.61 亿元，同比+50%-70%，单 Q3 实现扣非后归 母净利润 2.88-3.30 亿元，同比+182-224%，超出我们预期。 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。 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 公司土石方铲运机械板 块收入占比达到 61.88%，其中该板块 ...

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 年三季度业绩预告，24Q1-Q3 公司预计 实现归母净利润 12.39-14.05 亿元，同比+50-70%；扣非后归母净 利润 11.28-12.94 亿元，同比+81%-107%；其中单 Q3 实现实现归 母净利润为 3.19-3.61 亿元，同比+50%-70%，单 Q3 实现扣非后归 母净利润 2.88-3.30 亿元，同比+182-224%，超出我们预期。 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。 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 公司土石方铲运机械板 块收入占比达到 61.88%，其中该板块 ...

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]

相对沪深 300 表现 2024/09/13 | --- | --- | --- | |-----------------------|--------------------------------------|----------| | 2024 | 年 09 月 13 日 | 公司研究 | | 研究所： 证券分析师： | 姚健 S0350522030001 yaoj@ghzq.com.cn | | | 联系人 ： | 梅朔 S0350123070010 meis@ghzq.com.cn | ——柳工（ | 评级：买入(首次覆盖) [Table_Title] 优势业务引领增长，电动化+国际化成果显著 000528）动态研究 事件: 最近一年走势 柳工 9 月 5 日在微信公众号更新产品交付进展：8 月 30 日，16 台柳工电 动装载机成功批量交付某实力矿山企业。 柳工 8 月 29 日公告 2024 年半年报：2024H1，公司实现营业收入 160.60 亿元，同比+6.81%；实现归母净利润 9.84 亿元，同比+60.20%；实现扣 非归母净利润 9.03 亿元，同比+73.01%。 投资要点: | ...