广西柳工机械股份有限公司 证券代码：000528 证券简称：柳 工 公告编号：2024-82 债券代码：127084 债券简称：柳工转2 第九届监事会第二十次会议决议公告 本公司及监事会全体成员保证公告内容的真实、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"）第九届监事会第二十次会议通知于 2024 年 11 月 22 日以电子邮件方式发出，会议于 2024 年 11 月 28 日在公司总部会议 室如期召开。会议应到监事三名，实到监事三名，符合《公司法》和《公司章程》关于 召开监事会的有关规定。会议经审议、表决，形成如下决议： 一、审议通过《关于公司回购股份方案（第二期）的议案》 第 1 页，共 2 页 柳工监事会公告 广西柳工机械股份有限公司监事会 2024 年 12 月 2 日 第 2 页，共 2 页 监事会认为：公司回购方案符合《中华人民共和国公司法》《中华人民共和国证券 法》《上市公司股份回购规则》《深圳证券交易所上市公司自律监管指引第 9 号——回 购股份》等相关法律、法规和规范性文件及《公司章程》的规定，本次回购股份用于新 一期的股权激励或员工持股 ...

采埃孚拥有超过百年历史，是世界500强企业，致力于为乘用车、商用车和工业领域提供移动出行产品和解决方案， 是全球重要的汽车零部件供应商，在中国各主要城市布局5家研发中心以及近50家制造工厂。柳工作为中国工程机械 行业的代表性企业，经过66年的踔厉奋发，如今已成为全球知名的装备与技术解决方案提供商。 1995年，柳工与采埃孚合资成立了传动部件公司—— 柳州采埃孚机械有限公司 ，这也是 采埃孚在中国投资开设的首 个制造基地 。30年来，柳州采埃孚发展成为行业高配置装载机和平地机传动部件的首选制造商， 累计销售12万台高 品质传动部件 ，为中国主流厂商整机配套的传动系统提供了稳定的供应链支持，并且以非凡的韧性与活力长期保持 稳健盈利能力，打造了行业中外合资企业的成功典范。 2023年，柳工与采埃孚在德国签署产品技术许可协议，为双方坚实合作创造更大发展空间注入了新动能。 扬帆再起航 互利共赢之路越走越宽广 11月25日，柳工与德国采埃孚集团（下称采埃孚）延续和深化合资合作签约仪式在上海举行。 双方将在30年精诚 合作的基础上，进一步强强联合，续写工程机械行业中外合作发展新篇章。 中国工程机械工业协会会长苏子孟；广西国 ...

Investment Rating - The report gives a "Buy" rating for the company, indicating a positive outlook for future performance [4]. Core Insights - The company is a leading player in the engineering machinery sector, showing significant improvement in profitability. It has a diverse product range including loaders and excavators, with a revenue growth of 4% in 2023 despite a 1.12% decline in the industry [2][3]. - The domestic demand for engineering machinery is on the rise, supported by favorable monetary and fiscal policies, while international markets present substantial growth opportunities [2][3][13]. - The company's ongoing business expansion and mixed-ownership reform are enhancing operational efficiency and market competitiveness [3][20]. Summary by Sections 1. Company Overview - The company is a well-established manufacturer in the engineering machinery sector, with a significant focus on earth-moving machinery, which accounted for 58% of its revenue in 2023 [2][24]. - It has a comprehensive product line that includes cranes, mining machinery, agricultural machinery, and forklifts, making it one of the few companies globally that can provide a full range of solutions [2][24]. 2. Industry Analysis - The domestic market for excavators has shown a year-on-year increase of 21.6% in October, with a cumulative growth of 9.8% from January to October 2023, indicating a recovery in demand [2][60]. - The global engineering machinery market is valued at approximately 2,434 billion USD in 2023, with a 5.6% year-on-year growth, highlighting the potential for Chinese companies to increase their market share internationally [2][3]. 3. Business Development - The company has successfully expanded its business into new areas, achieving a 159% year-on-year increase in electric product sales in the first half of 2024, and its excavator market share has reached over 14% [3][13]. - The mixed-ownership reform has improved decision-making and management efficiency, contributing to enhanced profitability [3][20]. 4. Financial Forecast and Investment Recommendations - The company is expected to achieve net profits of 1.506 billion CNY, 2.056 billion CNY, and 2.634 billion CNY for the years 2024 to 2026, respectively, with a corresponding PE ratio of 16.5x, 12.1x, and 9.5x [3][6]. - The report anticipates continued revenue and profit growth driven by domestic demand recovery and international expansion [3][6].

Investment Rating - The report maintains a **Buy-A** rating for the company with a 12-month target price of **14.7 CNY** [4] Core Views - The company, a state-owned enterprise in the engineering machinery sector, has shown strong performance post-state-owned enterprise (SOE) reforms, with significant improvements in profitability and operational efficiency [1] - The company's gross margin increased to **23.5%** in the first three quarters of 2024, up by **2.8 percentage points** year-over-year, while the net margin rose to **5.9%**, up by **2 percentage points** [1] - The company is focusing on a "three-pronged strategy" (comprehensive solutions, comprehensive intelligence, and comprehensive internationalization) to drive long-term growth and profitability [1] State-Owned Enterprise Reforms - The company has completed a series of SOE reforms, including equity incentives, mixed-ownership reforms, and a full listing, which have significantly improved its operational efficiency and profitability [2] - The company issued a **3 billion CNY** convertible bond in 2023 to upgrade its production lines and expand capacity, further enhancing its manufacturing capabilities [2] - The dividend payout ratio has increased steadily, reaching **45%** in 2023, reflecting the company's commitment to shareholder returns [2] Electric Transformation - The company is a leader in the electrification of construction machinery, particularly in the loader segment, with a **10.18%** electrification rate in the first nine months of 2024, up by **7.2 percentage points** year-over-year [3] - The company's electric loader sales grew by **159%** in the first half of 2024, maintaining a leading market share in the industry [3] - The company has been a pioneer in electric technology since 2014 and is the first in the industry to achieve full-series electric technology application [3] Diversification Strategy - The company is diversifying its product portfolio, expanding into agricultural machinery, forklifts, and aerial work platforms, with its sugarcane harvester becoming the top domestic brand [7] - The company's international revenue grew by **41.18%** in 2023, reaching **11.46 billion CNY**, driven by its global expansion strategy [8] - The company's revenue from mining machinery increased by **71%** in the first half of 2024, highlighting its success in diversifying into high-end mining equipment [7] Financial Performance - The company's revenue for 2024 is projected to be **30.41 billion CNY**, with a year-over-year growth of **10.5%**, and net profit is expected to reach **1.54 billion CNY**, a **77.3%** increase [9] - The company's PE ratio is expected to drop to **8.9X** by 2026, reflecting strong growth potential [9] - The company's overseas revenue accounted for **48.02%** of total revenue in the first half of 2024, with a gross margin of **29.09%**, significantly higher than domestic operations [74] Industry Trends - The construction machinery industry is undergoing a significant shift towards electrification, driven by policy support, rising diesel prices, and declining lithium battery costs [83][84] - The company is well-positioned to benefit from this trend, with its early investment in electric technology and strong market position in loaders and excavators [3][7] - The company's international strategy, particularly in mature markets like Europe and North America, has been a key driver of growth, with overseas revenue reaching **11.46 billion CNY** in 2023 [8]

Investment Rating - The report assigns a "Buy" rating to the company, indicating an expected return that exceeds the CSI 300 Index by more than 15% [13]. Core Insights - The company has shown continuous revenue growth and significant profit increases in the first three quarters of 2024, with revenue reaching 22.86 billion yuan (up 8.3% year-on-year) and net profit attributable to shareholders at 1.32 billion yuan (up 59.8% year-on-year) [6][9]. - The "Three Full" strategy has led to a notable improvement in profit margins, with gross and net profit margins at 23.5% and 9.2% respectively for the first three quarters of 2024 [7]. - The company has successfully optimized its customer and product structures, leading to increased sales in high-margin products and a significant rise in overseas revenue [7][8]. Financial Performance Summary - For the first three quarters of 2024, the company reported total revenue of 22.86 billion yuan, a year-on-year increase of 8.3%, and a net profit of 1.32 billion yuan, reflecting a year-on-year growth of 59.8% [6][9]. - The gross profit margin improved by 2.8 percentage points year-on-year to 23.5%, while the net profit margin increased by 0.6 percentage points to 9.2% [7]. - The company’s earnings per share (EPS) for 2024 is projected to be 0.83 yuan, with a price-to-earnings (P/E) ratio of 14.52 [5][9]. Strategic Developments - The company has made significant advancements in electric product technology, reducing operational costs by 60%-70% and increasing efficiency by 20% [8]. - The internationalization and lithium battery business are expected to continue driving growth, with net profits projected to reach 1.64 billion yuan in 2024, an increase of 88.9% year-on-year [9].

Investment Rating - The report maintains a "Recommended" investment rating for the company, consistent with the previous rating [1][7]. Core Insights - The company reported a revenue of 22.856 billion yuan for the first nine months of 2024, representing a year-on-year growth of 8.25%, and a net profit attributable to shareholders of 1.321 billion yuan, up 59.82% year-on-year [2]. - In Q3 2024, the company achieved a revenue of 6.796 billion yuan, with a year-on-year increase of 11.81%, and a net profit of 337 million yuan, reflecting a growth of 58.74% year-on-year [2]. - The overall gross margin improved by 2.84 percentage points to 23.48% due to effective cost reduction and product structure optimization [3]. - The net profit margin increased by 2 percentage points to 5.94%, indicating enhanced profitability [3]. Financial Performance Summary - For 2024, the company is projected to achieve revenues of 30.506 billion yuan, with a growth rate of 10.85%, and a net profit of 1.566 billion yuan, reflecting an 80.53% increase [8]. - The earnings per share (EPS) for 2024 is estimated at 0.79 yuan, with corresponding price-to-earnings (PE) ratios of 15.25, 11.59, and 9.56 for 2024, 2025, and 2026 respectively [7][9]. - The company’s total assets are expected to reach 50.430 billion yuan by 2024, with total liabilities of 31.070 billion yuan [8]. Market Position and Strategy - The company is actively responding to the differentiated demand in the construction machinery industry, enhancing its market competitiveness through a "three-full" strategy: comprehensive solutions, comprehensive intelligence, and comprehensive internationalization [4]. - The company has developed a diverse product matrix for electric machinery, with 11 product lines, and has maintained a leading market share in electric loaders since 2021 [5]. - The electricization rate for major enterprises in the industry reached 10.18% in the first nine months of 2024, an increase of 6.72 percentage points compared to the previous year [5].

上海礼辉律师事务所 关于广西柳工机械股份有限公司 2024 年第一次临时股东大会的 法律意见书 二〇二四年十月 地址：上海市黄浦区淮海中路 918 号久事复兴大厦 10 楼 A 座 邮编：200020 电话：021-64338299 上海礼辉律师事务所 关于广西柳工机械股份有限公司 2024 年第一次临时股东大会的 法律意见书 致：广西柳工机械股份有限公司 上海礼辉律师事务所（下称"本所"）接受广西柳工机械股份有限公司 （下称"公司"）委托，根据《中华人民共和国公司法》（下称《公司法》）、 《上市公司股东大会规则（2022 修订）》（下称《股东大会规则》）等现行有 效的法律、行政法规、规章、规范性文件及《广西柳工机械股份有限公司章程》 （下称《公司章程》）的有关规定，指派律师出席了公司于 2024 年 10 月 29 日 召开的 2024 年第一次临时股东大会（下称"本次股东大会"），并就本次股东 大会相关事项出具本法律意见书。 为出具本法律意见书，本所律师审查了公司提供的以下文件，包括但不限 于： 1. 现行有效的《公司章程》； 8. 公司本次股东大会的网络投票结果； 9. 公司本次股东大会议案及涉及相关议 ...

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：2024-80 广西柳工机械股份有限公司 2024 年第一次临时股东大会决议公告 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。 特别提示： 一、会议召开的情况 通过深圳证券交易所互联网投票系统投票的时间：2024 年 10 月 29 日 9:15~15:00。 通过深圳证券交易所交易系统进行网络投票的时间：2024 年 10 月 29 日 9:15～9:25； 9:30~11:30 和 13:00～15:00。 第 1 页，共 4 页 1．本次股东大会未出现否决议案的情形。 2．本次股东大会不涉及变更前次股东大会决议的情形。 1. 召开时间： （1）现场会议时间：2024 年 10 月 29 日（星期二）14 时 15 分。 （2）网络投票时间：2024 年 10 月 29 日。 2. 召开地点：广西柳州市柳太路 1 号广西柳工机械股份有限公司 106 会议室。 3. 召开方式：本次股东大会采取现场投票与网络投票相结合的方式召开。 4. 召集人：公司董事会。 5. ...

Investment Rating - The report maintains a "Buy" investment rating for the company [2][4]. Core Insights - The company's performance has significantly improved due to its quality enhancement and efficiency improvement strategy, with a notable increase in revenue and profit margins [2][3]. - The construction machinery market, particularly the excavator and loader segments, is experiencing a recovery, which has positively impacted the company's financial results [2][3]. - The company is actively expanding its overseas market presence, achieving substantial growth in international sales [2][3]. Summary by Relevant Sections Financial Performance - For the first three quarters of 2024, the company reported a revenue of 22.856 billion yuan, a year-on-year increase of 8.25%, and a net profit of 1.321 billion yuan, up 59.82% year-on-year [2]. - In Q3 2024 alone, the company achieved a revenue of 6.796 billion yuan, reflecting an 11.81% year-on-year growth, and a net profit of 337 million yuan, which is a 58.74% increase year-on-year [2]. - The company's gross margin for Q1-Q3 2024 was 23.48%, an increase of 2.83 percentage points year-on-year, while the net margin was 5.94%, up 2.00 percentage points year-on-year [3]. Market Trends - The construction machinery market is recovering, with excavator sales increasing by 10.8% year-on-year and loader sales growing by 4.98% year-on-year as of September 2024 [2]. - The company's construction machinery segment accounted for 61.87% of its revenue in H1 2024, with this segment's revenue reaching 9.937 billion yuan, a 15.91% increase year-on-year [2]. International Expansion - The company reported overseas revenue of 7.712 billion yuan in H1 2024, marking an 18.82% year-on-year increase, with growth in both mature and emerging markets [2]. - The gross margin for overseas operations was 29.09%, which is 10.94 percentage points higher than the domestic gross margin, indicating a strong performance in international markets [2][3]. Profit Forecast - The company is projected to achieve revenues of 30.034 billion yuan, 35.024 billion yuan, and 38.921 billion yuan for the years 2024, 2025, and 2026, respectively [4]. - The earnings per share (EPS) are forecasted to be 0.75 yuan, 1.05 yuan, and 1.29 yuan for the same years, with corresponding price-to-earnings (P/E) ratios of 16.0, 11.3, and 9.2 [4].

感谢大家参加本次会议会议即将开始请稍后 感谢大家参加本次会议会议即将开始请稍后 感谢大家参加本次会议会议即将开始请稍候 大家好欢迎参加柳工2024年第三季度业绩说明会目前所有参会者均处于静音状态下面开始播报声明本次会议仅服务于邀请参会的广大投资者会议音频及文字记录的内容仅供参会者内部使用不得公开发布柳工未授权任何媒体转发本次会议相关内容 未经允许和授权的转载转发均属侵权六公将保留追究其法律责任的权利六公不承担因转载转发而产生的任何损失和责任市场有风险投资需谨慎提醒广大投资者谨慎做出投资决策在会议开始前我们提示各位投资者在主讲嘉宾发言结束后将留有提问时间接下来有请公司领导发言谢谢 尊敬的各位投资者大家好欢迎各位参加六公二零一四年第三季度议题顺民会我是公司总监王万明首先向议事支持帮助的公司和各位投资者分析师们表示衷心的感谢接下来我先向大家介绍一下公司参会的所有领导公司独立董事陈雪平董事 公司高级副总裁罗国斌同志各位同志好罗国斌同志公司财务负责人刘学军同志大家好公司国内营销业务总监高级总监易建卓同志大家好国内营销易建卓同志公司财务总监樊玉军同志大家好我是樊玉军 公司建设技术与产品研究院院长同时兼科研研究所总经理赵明 ...