Financial Performance - The company's operating revenue for 2024 reached ¥30,062,709,198.12, representing a 9.24% increase compared to ¥27,519,122,309.99 in 2023[18] - Net profit attributable to shareholders for 2024 was ¥1,327,039,490.08, a significant increase of 52.92% from ¥867,811,519.99 in 2023[18] - The net profit after deducting non-recurring gains and losses was ¥1,137,811,327.38, which is a 100.10% increase from ¥568,623,375.22 in 2023[18] - Basic earnings per share for 2024 were ¥0.6824, up 53.42% from ¥0.4448 in 2023[20] - Total assets at the end of 2024 amounted to ¥47,907,158,015.10, reflecting a 2.85% increase from ¥46,578,044,988.89 at the end of 2023[20] - The net assets attributable to shareholders increased by 6.27% to ¥17,569,435,459.68 from ¥16,532,166,611.02 in 2023[20] - The cash flow from operating activities for 2024 was ¥1,327,100,919.70, a decrease of 18.53% from ¥1,628,961,753.49 in 2023[18] - The weighted average return on equity for 2024 was 7.93%, an increase of 2.53 percentage points from 5.40% in 2023[20] Market and Industry Position - The company ranked 19th among global construction machinery manufacturers, according to the Yellow Table 2024 by KHL Group[34] - The domestic market for construction machinery is currently stabilizing, with opportunities and challenges coexisting, driven by equipment replacement demand and new infrastructure projects[35] - The international construction machinery market is experiencing regional disparities, with high inflation and interest rates affecting the European and American markets, while emerging markets present growth opportunities[35] - The company has a significant presence in the domestic market for earth-moving machinery, maintaining a leading position in sales and market share[34] Product Development and Innovation - The company has a diverse product line with over 30 complete machine product lines, including earthmoving machinery, mining machinery, and agricultural machinery, positioning itself as a global leader in equipment and technology solutions[40] - The company has successfully developed a comprehensive risk control process for credit sales, ensuring effective management of credit risks associated with dealers and end customers[45] - The penetration rate of new energy engineering machinery continues to rise, indicating a significant trend towards electrification and digitalization in the industry[36] - The company has been focusing on internationalization, with key overseas markets becoming crucial for balancing domestic market fluctuations[36] - The company has successfully launched its comprehensive solution 2.0, covering 21 application scenarios across 7 major industries, enhancing its service offerings[62] - The company has launched 29 electric products and plans to release over 20 more in 2024, with a total of over 90 electric products developed across 11 product lines, achieving a 60%-70% reduction in usage costs and a 20% increase in operational efficiency[73] - The company has successfully developed 236 new product projects in the last three years, including large-scale products such as a 90-ton electric excavator and a globally first electric drive rigid dump truck[75] Research and Development - The company has maintained a research and development investment ratio of over 3% for several consecutive years, receiving 3 National Science and Technology Progress Awards and 64 provincial and ministerial-level science and technology awards in the past five years[51] - The company reported a research and development (R&D) investment of ¥1,237,978,931.67 in 2024, an increase of 18.24% compared to ¥1,047,035,925.05 in 2023, representing 4.11% of operating revenue[109] - The number of R&D personnel increased to 2,169 in 2024, up by 10.72% from 1,959 in 2023, with a higher proportion of bachelor's degree holders at 1,394, reflecting a 21.53% increase[109] International Expansion - The company has set up four overseas manufacturing bases in India, Brazil, Argentina, and Indonesia, significantly enhancing its international business presence[54] - The overseas business has achieved substantial growth, becoming a crucial safeguard against industry cyclical fluctuations, with a significant increase in its proportion of total revenue[54] - The company is actively pursuing international market growth while ensuring a balanced risk profile between domestic and international operations[152] - The company is implementing a comprehensive internationalization strategy to deepen its presence in key overseas markets[152] Corporate Governance and Management - The company has established a robust ESG framework, integrating environmental, social, and governance strategies into its sustainable development initiatives[60] - The company’s management team is recognized for its international experience and commitment to sustainable practices, contributing to long-term value creation[56] - The company has implemented a series of governance improvements, including optimizing decision-making processes and enhancing employee engagement through incentive mechanisms[59] - The company has established an independent HR management department and a financial department to maintain operational independence from the controlling shareholder[168][169] - The company has a complete and independent supply, production, sales, and R&D system, ensuring operational autonomy[172] Financial Management - The company has ongoing significant non-equity investments, with a total actual investment of ¥227,901,226.24 during the reporting period[123] - The company has established risk control measures including a dedicated team for risk assessment and management of derivative investments[128] - The company has not engaged in speculative derivative investments during the reporting period[129] - The company has implemented regular audits and disclosures to ensure compliance with regulatory requirements[128] Future Outlook - The company aims to achieve a revenue of 34.6 billion CNY by 2025, with a target to increase the net profit margin by over 1 percentage point[147] - The company plans to enhance shareholder value through improved profitability, focusing on domestic marketing strategies and international market expansion[147] - The company anticipates challenges in the international market due to geopolitical risks and economic uncertainties, but sees potential growth in infrastructure projects along the Belt and Road Initiative[142] - Future outlook suggests continued growth, with performance guidance indicating a projected revenue increase of 15% year-over-year for the next fiscal year[193]

Industry Research - The industrial gas industry in China is developing rapidly, with continuous market expansion and a focus on companies with stable cash flow and revenue scale [3] - There is a significant wave of domestic substitution in the electronic specialty gas sector, prompting attention to the product development and capacity expansion of industrial gas companies entering this field [3] Company Research - LiuGong (000528.SZ), established in 1958, has evolved into a major manufacturer of various machinery, including excavators and loaders, and ranks 19th globally and 4th domestically in the engineering machinery sector [3][4] - In 2023, LiuGong achieved a revenue of 27.52 billion yuan, maintaining a leading market share in the domestic loader segment [3] - For the first three quarters of 2024, LiuGong reported a net profit attributable to shareholders of 1.32 billion yuan, reflecting a year-on-year growth of 59.8% [3]

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：2025-12 广西柳工机械股份有限公司 关于举行 2024 年年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。 广西柳工机械股份有限公司（以下简称"公司"）将于 2025 年 3 月 29 日披露《柳工 2024 年年度报告》及其摘要。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 2025 年 3 月 31 日（星期一）通过网络方式举办 2024 年年 度业绩说明会，与投资者进行沟通交流，具体情况如下： 一、业绩说明会召开时间和方式 召开时间：2025 年 3 月 31 日（星期一）15:00-16:30 召开方式：网络及电话会议 二、公司出席人员 （一）董事长兼 CEO 曾光安先生，独立董事李嘉明先生； （二）高级副总裁文武先生、高级副总裁罗国兵先生、董事会秘书黄华琳先生、总 工程师林明智先生、会计机构负责人樊丽君女士、电动技术与产品研究院院长赵明先生 及相关部门负责人。 三、投资者参与方式 （一）报名方式 ...

Investment Rating - The report gives a "Buy" rating for the company, indicating a positive outlook for its future performance [4][15][6]. Core Viewpoints - The company is a well-established state-owned enterprise in the engineering machinery sector, with a solid industry position and a diverse product line [25][26]. - The company is expected to benefit significantly from the recovery of industry demand driven by equipment upgrades and macroeconomic policies [1][45]. - The rapid electrification of loaders presents substantial growth opportunities for the company's revenue [2][3]. - The company has a strong potential for export growth, particularly in emerging markets, which will support its overall performance [3][13]. - The mixed-ownership reform has injected new growth momentum into the company, opening up new business lines [4][5]. Summary by Sections Company Overview - The company was founded in 1958 and has evolved into a major manufacturer of various types of machinery, achieving a revenue of 27.52 billion yuan in 2023, ranking 19th globally and 4th domestically in the engineering machinery sector [25][26]. - The company has a strong market share in loaders, with 19,000 units sold in 2023, maintaining its leading position in the domestic market [26][30]. Growth Logic - **Equipment Upgrades**: The engineering machinery industry is currently at a cyclical low, but demand is expected to recover as macro policies take effect, with significant support from equipment upgrades [1][45]. - **Loader Electrification**: The electrification of loaders is accelerating, with a projected sales growth of 212.1% in 2024, indicating a substantial market expansion opportunity [2][3]. - **Export Potential**: The export value of China's engineering machinery has grown significantly, with the company achieving overseas revenue of 11.46 billion yuan in 2023, representing a 41.7% share of total revenue [3][41]. - **Mixed-Ownership Reform**: The reform has improved operational efficiency and broadened the product range, with new business lines expected to contribute positively to overall performance [4][5]. Financial Forecast and Valuation - The company is projected to achieve net profits of 1.38 billion, 2.12 billion, and 2.74 billion yuan for the years 2024 to 2026, respectively, with corresponding P/E ratios of 19, 12, and 9 [4][15]. - The revenue growth rate is expected to be 9.83% in 2024, 17.57% in 2025, and 15.14% in 2026, indicating a robust growth trajectory [5][15].

Investment Rating - The report gives a "Buy" rating for the company, indicating a positive outlook for its future performance [4][15][6]. Core Viewpoints - The company is a well-established state-owned enterprise in the engineering machinery sector, with a solid industry position and a diverse product line [25][26]. - The company is expected to benefit significantly from the recovery of industry demand driven by equipment upgrades and macroeconomic policies [1][45]. - The rapid electrification of loaders presents substantial growth opportunities for the company's revenue [2][3]. - The company's international expansion and export potential remain strong, with significant growth in overseas revenue [3][41]. - The mixed-ownership reform has injected new growth momentum into the company, broadening its product offerings [4][5]. Summary by Sections Company Overview - The company was founded in 1958 and has evolved into a major manufacturer of various types of machinery, achieving a revenue of 27.52 billion yuan in 2023, ranking 19th globally and 4th domestically in the engineering machinery sector [25][26]. - The company has a strong market share in the domestic loader market, with 19,000 units sold in 2023 [26]. Growth Logic - **Equipment Upgrades**: The engineering machinery industry is at a cyclical low, but demand is expected to recover as infrastructure and real estate sectors improve. The company is projected to benefit from this recovery [1][45]. - **Loader Electrification**: The electrification of loaders is accelerating, with a projected sales growth of 212.1% in 2024. The market size for electric loaders could reach 501.1 billion yuan by 2026 [2][3]. - **Export Potential**: From 2014 to 2024, China's engineering machinery export value increased from 19.79 billion USD to 52.86 billion USD, with the company achieving 11.46 billion yuan in overseas revenue in 2023, a 41.2% increase [3][41]. - **Mixed-Ownership Reform**: The reform has improved operational efficiency and expanded product categories, with new business lines expected to contribute significantly to overall performance [4][5]. Financial Forecast and Valuation - The company is projected to achieve net profits of 1.38 billion yuan, 2.12 billion yuan, and 2.74 billion yuan for the years 2024 to 2026, respectively, with corresponding P/E ratios of 19, 12, and 9 [4][15]. - The revenue growth rate is expected to be 9.83% in 2024, 17.57% in 2025, and 15.14% in 2026, indicating a positive trend in financial performance [5][15].

证券代码：000528 证券简称：柳 工 公告编号：2025-11 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 关于可转换公司债券 2025 年付息的公告 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。 重要提示： 1. 柳工转 2（转债代码：127084）将于 2025 年 3 月 27 日按面值支付第二年利 息，每 10 张"柳工转 2"（面值 1,000.00 元）利息为 4 元（含税）； 2. 债权登记日：2025 年 3 月 26 日（星期三）； 3. 除息日：2025 年 3 月 27 日（星期四）； 4. 付息日：2025 年 3 月 27 日（星期四）； 5. "柳工转 2"票面利率：第一年 0.20%，第二年 0.40%，第三年 1.00%，第四年 1.50%，第五年 2.30%，第六年 3.00%； 6. "柳工转 2"本次付息的债权登记日为 2025 年 3 月 26 日，凡在 2025 年 3 月 26 日（含）前买入并持有本期债券的投资者享有本次派发的利息。2025 年 3 月 26 日卖出 本期债券的投资者 ...

证券代码：000528 证券简称：柳 工 公告编号：2025-10 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 关于续签募集资金监管协议的公告 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《广西 ...

培训情况报告 根据《深圳证券交易所上市公司自律监管指引第 13 号——保荐业务》的要 求，参加本次培训的人员为董事、监事、高级管理人员、中层以上管理人员及上 市公司控股股东代表等相关人员等。 2025 年 2 月 26 日，华泰联合证券相关人员按照《深圳证券交易所上市公司 自律监管指引第 13 号——保荐业务》的要求完成了对柳工的董事、监事、高级 管理人员、中层以上管理人员及公司控股股东代表等相关人员的持续培训工作， 特向贵所报送培训工作报告。 一、培训的主要内容 2025 年 2 月 26 日，保荐代表人和培训工作小组根据通过采取线下与线上结 合授课以及发放课件的方式对董事、监事、高级管理人员、中层以上管理人员及 公司控股股东代表等相关人员培训。本次培训重点介绍了资本市场近况、并购重 组最新政策和上市公司规范运作的相关内容，并结合相关案例进行讲解。本次培 训促使上述对象增强对资本市场、相关政策和法律法规的理解、重视上市公司运 作的规范性，强化法制观念和诚信意识，切实理解作为上市公司关键少数、核心 人员在公司规范运作等方面所应承担的责任和义务。 1 华泰联合证券有限责任公司 关于广西柳工机械股份有限公司 持续 ...

现场检查报告 华泰联合证券有限责任公司 关于广西柳工机械股份有限公司 2024 年现场检查报告 根据中国证监会《证券发行上市保荐业务管理办法》和《深圳证券交易所上 市公司自律监管指引第 13 号——保荐业务》等有关法律法规的要求，华泰联合 证券有限责任公司作为广西柳工机械股份有限公司（以下简称"柳工"或"公司"） 向不特定对象发行可转换公司债券的保荐人，于 2025 年 2 月 26-27 日对广西柳 工机械股份有限公司 2024 年有关情况进行了现场检查，报告如下： | 保荐人名称：华泰联合证券有限责任公司 被保荐公司简称：柳工 | | | | | --- | --- | --- | --- | | 保荐代表人姓名：杨铭 联系电话：0755-81902000 | | | | | 保荐代表人姓名：杨柏龄 联系电话：0755-81902000 | | | | | 现场检查人员姓名：杨柏龄 | | | | | 现场检查对应期间：2024 年度 | | | | | 现场检查时间：2025 年 2 月 26-27 日 | | | | | 一、现场检查事项 现场检查意见 | | | | | （一）公司治理 是 | 否 ...

Summary of Conference Call Notes Company and Industry Overview - The discussion revolves around the engineering machinery industry, specifically focusing on a company referred to as "LiuGong" which is a leading player in this sector [doc id='17'][doc id='11']. Core Insights and Arguments 1. **Investment Strategy and Research Approach**: The company emphasizes the importance of continuity in investment perspectives and aims to publicly summarize its predictions and errors over time, indicating a commitment to transparency in research and investment decisions [doc id='1']. 2. **Domestic Demand Expectations**: The company expresses low expectations for domestic demand, particularly in real estate, which is viewed as a core driver for engineering machinery. Historical comparisons with Japan and the US support this view [doc id='2']. 3. **Flat Upward Cycle Concept**: The company introduces the idea of a "flat upward cycle" in demand, suggesting that while there may be growth, it will not reach previous highs, particularly in the context of real estate's influence [doc id='3']. 4. **Performance of Excavators**: There has been a notable increase in excavator sales, particularly in early 2023, with expectations of continued growth. However, this growth is viewed as different from historical trends driven by real estate [doc id='5'][doc id='6']. 5. **International Market Expansion**: The company highlights strong growth in the Asia, Africa, and Latin America regions, where Chinese companies are expanding their market share and product offerings [doc id='7']. 6. **Stock Performance and Market Sentiment**: The stock performance of state-owned enterprises has been strong, but the engineering machinery sector has seen a more subdued market reaction despite positive data expectations [doc id='8']. 7. **Profitability and Management Reforms**: The company discusses ongoing management reforms aimed at improving profitability and operational efficiency, which are expected to yield long-term benefits [doc id='10'][doc id='21']. 8. **Focus on Key Companies**: LiuGong is identified as a key player within the engineering machinery sector, with expectations for higher growth rates compared to its peers [doc id='11']. 9. **Export Growth and Challenges**: The company notes that while export growth has slowed, there are still opportunities in emerging markets, particularly in Southeast Asia and South America, driven by resource demands [doc id='29'][doc id='30']. 10. **Technological Advancements**: LiuGong has been proactive in adopting electric machinery, with significant advancements in electric excavators and loaders, positioning itself as a leader in this transition [doc id='33']. Additional Important Insights 1. **Financial Performance Metrics**: The company reports a significant increase in overseas revenue, with a 50% CAGR from 2020 to 2023, indicating strong international growth [doc id='18']. 2. **Market Dynamics**: The engineering machinery market is experiencing structural changes, with water conservancy projects seeing a 40% increase in investment, contrasting with more stable real estate investments [doc id='25']. 3. **Risk Factors**: Key risks include fluctuations in steel prices and exchange rates, which could impact profitability and operational costs [doc id='14']. 4. **Cash Flow Management**: The company has maintained stable cash flow management, although there are concerns about increasing accounts receivable due to longer collection cycles in overseas markets [doc id='24']. 5. **Future Outlook**: The company anticipates continued growth in EPS and profitability, driven by operational efficiencies and market expansion, despite potential valuation constraints [doc id='41']. This summary encapsulates the key points discussed in the conference call, providing a comprehensive overview of the company's strategic direction, market conditions, and financial performance.