Industry and Company Involved * **Industry**: Construction equipment, specifically excavators, loaders, and other heavy machinery. * **Company**: Liugong Group Co., Ltd. (CLG), a leading construction equipment manufacturer in China. Key Points and Arguments 1. **Russia's Import Tax on Construction Equipment**: * Russia is implementing a new import tax on construction equipment, including excavators and loaders, starting October 1, 2024. * The tax is expected to be between 5% to 6% of the purchase price, with the highest rate reaching 7% for certain models like loaders. * The tax will be applied to all manufacturers and importers, including local and foreign companies. * The purpose of the tax is to encourage local assembly and manufacturing of construction equipment in Russia. * The tax is expected to increase the cost of equipment by approximately 2% to 3% at the retail level. 2. **Impact on Liugong's Business**: * Liugong has successfully navigated similar tax adjustments in the past and expects minimal impact from this new tax. * The company has a strong presence in Russia and has established a comprehensive sales and service network. * The tax is unlikely to significantly impact sales volume due to the strong demand for construction equipment in Russia, particularly from mining companies. * Liugong's sales of mining equipment have seen significant growth, contributing to its overall profitability. 3. **Market Dynamics in Russia**: * The Russian construction equipment market is driven by the country's status as a major energy and mineral exporter. * The market has seen strong growth in recent years, particularly in the mining equipment segment. * The market is expected to remain stable in the coming years, with no major fluctuations expected. * Liugong has a strong competitive advantage in Russia due to its established presence and comprehensive sales and service network. 4. **Liugong's Sales Performance**: * Liugong's sales in Russia have experienced slight declines in volume but revenue and profitability have increased. * The company's product mix is shifting towards larger and more profitable models. * Liugong's sales in China have also seen growth, particularly in excavators and loaders. 5. **Liugong's Strategy**: * Liugong is focused on expanding its international presence, with a particular emphasis on emerging markets like Southeast Asia. * The company is investing in research and development to develop new products and improve its competitive position. * Liugong is committed to maintaining its strong financial position and delivering sustainable growth in the coming years.

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：2024-58 一、回购股份的实施情况 广西柳工机械股份有限公司 关于股份回购实施完成暨股份变动情况的公告 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。 广西柳工机械股份有限公司（以下简称"公司"）于 2024 年 3 月 27~28 日召开的第 九届董事会第十九次会议审议通过了《关于公司回购股份的议案》，同意公司使用自有 资金以集中竞价交易方式回购公司部分社会公众股份，用于新一期的股权激励或员工持 股计划。本次回购金额区间为不低于人民币 10,000 万元（含）且不超过人民币 20,000 万元（含），回购价格为不超过人民币 10.00 元/股（含）。具体回购股份的数量以回购 期满时实际回购的股份数量为准。 公司于 2024 年 6 月 13 日披露了《关于 2023 年度权益分派实施后调整股份回购价 格上限的公告》（公告编号：2024-47），根据公司《关于回购股份方案的公告》及《回 购股份报告书》的约定，公司在 2023 年度权益分派实施后股份回购价格上限由 ...

证券代码：000528 证券简称：柳 工 公告编号：2024-57 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 关于签署募集资金五方监管协议的公告 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。 一、募集资金基本情况 经中国证券监督管理委员会（以下简称"中国证监会"）《关于核准广西柳工机械股 份有限公司公开发行可转换公司债券的批复》（证监许可[2023]128 号）的核准，广西 柳工机械股份有限公司（以下简称"公司"）向不特定对象发行可转换公司债券（以下简 称"本次可转债"）3,000.00 万张，每张面值人民币 100.00 元，总额为人民币 30 亿 元，扣除各项发行费用（不含税）后的实际募集资金净额为人民币 2,993,696,226.63 元。本次可转债募集资金扣除保荐承销费后的余额已由主承销商华泰联合证券有限责 任公司（以下简称"华泰联合"）于 2023 年 3 月 31 日汇入公司开立的募集资金专用账 户。致同会计师事务所（特殊普通合伙）已于 2023 年 3 月 31 日对本次发行募集资金 到账情况进行了审验，并出具了《 ...

Investment Rating - The investment rating for the company is "Buy" with a maintained rating for the next six months [5]. Core Views - The company is expected to achieve a net profit attributable to shareholders of between 390 to 550 million yuan in Q2 2024, representing a year-on-year increase of 31% to 83%, with a midpoint of 470 million yuan, which is a 57% increase year-on-year [2]. - The company is actively addressing unfavorable factors in both international and domestic markets, focusing on "profit growth, business growth, and capability enhancement" as its core tasks, leading to significant improvements in operational efficiency and market share [2]. - The company has announced a share buyback plan to enhance shareholder value, with a total buyback amount ranging from 100 million to 200 million yuan [3]. - The company has reported strong performance in overseas markets, with overseas sales revenue exceeding 10 billion yuan in 2023, marking a year-on-year growth of over 41% [3]. Financial Summary - The company forecasts a net profit attributable to shareholders of 890 to 1,040 million yuan for the first half of 2024, reflecting a year-on-year increase of 45% to 70%, with a midpoint of 970 million yuan, which is a 57% increase year-on-year [8]. - Revenue projections for 2024 to 2026 are estimated at 30,189 million, 35,405 million, and 42,102 million yuan, respectively, with year-on-year growth rates of 9.7%, 17.28%, and 18.91% [9]. - The net profit attributable to shareholders for 2024 to 2026 is projected to be 1,425 million, 2,011 million, and 2,721 million yuan, respectively, with year-on-year growth rates of 64.2%, 41.13%, and 35.31% [9]. - The company’s total assets are expected to grow from 46,578 million yuan in 2023 to 55,614 million yuan by 2026 [13].

| --- | --- | |---------------------------------------------------------------------------------------------------------------------------------------------------------------|-------| | 报告要点 | | | [Table_Summary] 公司业绩预告超预期， 2024 年上半年预计实现归母净利润 8.90-10.44 亿元，同比增长 45%- | | | 70% ；预计实现扣非归母净利润 8.26-9.79 亿元，同比增长 58%-88% ；对应 Q2 归母净利润、 | | | | | | 扣非归母净利润预计同比均大幅增长。今年上半年国内挖机和装载机行业率先复苏，公司装挖 | | | 核心业务或充分受益，下半年增长趋势有望延续；伴随国际化布局日益完善，公司全球竞争力 | | | 不断增强，国际业务有望延续较快增长。此外，公司电动化产品技术和市场地位领先，有望受 益行业电动化渗透率提升，叠加降本提效持续推进，公司收入及业绩有望 ...

证券研究报告·公司点评报告·工程机械 柳工（000528） 2024 年半年度业绩预告点评：Q2 业绩符合 预期，电动化出海逻辑持续验证 2024 年 07 月 15 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 | 30657 | 35433 | 41666 | | 同比（ % ） | (7.74) | 3.93 | 11.40 | 15.58 | 17.59 | | 归母净利润（百万元） | 599.33 | 867.81 | 1,456.28 | 1,938.38 | 2,727.72 | | 同比（ % ） | (39.90) | 44.80 | 67.81 | 33.10 | 40.72 | | EPS ...

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：2024-56 广西柳工机械股份有限公司 关于首次回购公司股份的公告 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。 广西柳工机械股份有限公司（以下简称"公司"）于 2024 年 3 月 27~28 日召开的第 九届董事会第十九次会议审议通过了《关于公司回购股份的议案》，同意公司使用自有 资金以集中竞价交易方式回购公司部分社会公众股份，用于新一期的股权激励或员工持 股计划。本次回购金额区间为不低于人民币 10,000 万元（含）且不超过人民币 20,000 万元（含），回购价格为不超过人民币 10.00 元/股（含）。具体回购股份的数量以回购 期满时实际回购的股份数量为准。 公司于 2024 年 6 月 13 日披露了《关于 2023 年度权益分派实施后调整股份回购价 格上限的公告》（公告编号：2024-47），根据公司《关于回购股份方案的公告》及《回 购股份报告书》的约定，公司在 2023 年度权益分派实施后股份回购价格上限由不超过 人民币 10 元/股调整为不超 ...

Investment Rating - The investment rating for the company is "Buy - A" with a target price of 13.14 CNY, corresponding to a dynamic PE of 18X for 2024 [4][7]. Core Insights - The company is expected to maintain high growth in performance, with a gross margin of 20.82% and a net margin of 3.42% for 2023, showing year-on-year increases of approximately 4 percentage points and 1 percentage point respectively [2]. - The company is focusing on "profit growth, business growth, and capability growth" as its core tasks for 2024, aiming for significant improvements in operational efficiency and profitability [2]. - The electric loader penetration rate is rapidly increasing, with sales growth of electric loaders expected to continue leading the industry [3]. - The company has adjusted its revenue forecasts for 2024-2026, expecting revenues of 304.1 billion CNY, 345.3 billion CNY, and 404.3 billion CNY, with corresponding net profits of 14.5 billion CNY, 20.0 billion CNY, and 26.7 billion CNY [3]. Financial Performance Summary - The company's revenue for 2023 is projected at 275.2 billion CNY, with net profit expected to reach 8.7 billion CNY [8]. - The earnings per share (EPS) for 2024 is estimated to be 0.73 CNY, with a net profit margin of 4.8% [10][30]. - The company’s return on equity (ROE) is projected to improve from 5.2% in 2023 to 8.3% in 2024 [30]. Market Position and Trends - The company holds the largest market share in the domestic loader market and has successfully launched electric and "National IV" products [3]. - The domestic demand for earth-moving equipment is recovering, and the company is expected to benefit from the positive trends in the excavator and loader markets [16].

欢迎参加这双机械就是两文化军有工经营近况交流会目前所有参会者均处于静音状态现在开始播放免责声明声明播放完毕后主持人可直接开始发言谢谢 智商证券研究所提醒您一本次电话会与紧密向智商证券研究所签约的机构投资者以及受邀客户第三方嘉宾发言内容请代表其个人观点所有信息或所表述的意见均不构成对具体证券在具体价位具体时点具体市场表现的判断或投资建议二嘉宾所说 三、依照监管要求和保密原则未经合法授权严禁录音、记录、转发 感谢您的理解和配合若本次交流内容不慎流出或涉嫌违反上述决定的我们将保留追究法律责任的权利再次感谢您对这张证券的理解和配合谢谢 好的各位领导大家早上好我是这三阵线机械国防行业首席分析师王华军今天我们非常荣幸的邀请到了柳宫的董事秘书王总曾教授代表邓总两位领导来给我们介绍一下柳宫的经营的近况那么今天跟我一起主持的还有我们这三阵线优秀的机械行业研究员徐增熙老师 主持人李克勤議員 那么二季度单季度的这个业绩增速的中枢的话是在57%左右那么应该讲柳公应该讲我们讲在工程机械的几大主机厂里面柳公大概率是这个增速最快的一个这个主机厂的龙头企业之一那么柳公的话我们讲我们看好公司的核心逻辑 包括公司一段就是作为风改之后,那么营利能 ...

柳工近况20240713_导读 2024年07月13日 23:24 关键词 柳工 电动装载机 挖掘机 市占率 混改 盈利能力 净利率 欧洲 北美 电动化 智能化 电动化产品 零部件体系 竞争格局 贸易摩擦 经营情况 技术品质 价格 毛利 市场占有率 问答回顾 发言人 问：柳工上半年业绩增长情况如何？ 发言人 答：根据最新的业绩预告，柳工上半年业绩同比增长约45%至70%，其中扣除非经常性损益后的 净利润同比增长58%至88%。在工程机械五大主机厂中，柳工的增速可能是最快的。 发言人 问：柳工在海外市场有何优势？ 发言人 答：柳工作为中国土方机械的龙头企业之一和工程机械行业第一家上市公司，其海外布局良 好，海外利润占比超过了60%，甚至部分超过70%以上。特别是在电动装载机和挖掘机领域取得了较高的 市占率，并且在全球范围内积极推动电动化，电动装载机的比例高于行业平均水平，增速更快。 发言人 问：黄总能否简要介绍柳工的整体情况及当前经营策略？ 发言人 答：黄总首先强调了柳工在混改之后员工工作热情高涨，积极解决公司短板问题，并通过开源 节流和技术创新提升盈利能力。他表示，柳工当前的工作重点在于提升自身核心竞争力，以 ...