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 ...

Investment Rating - The report maintains a "Buy" rating for the company [4][14]. Core Views - The company has shown significant improvement in profitability, with a notable increase in net profit margin due to state-owned enterprise reforms and successful overseas expansion [1][2]. - The domestic market has successfully bottomed out, with excavator sales showing positive growth rates in recent months, indicating potential for recovery [1][2]. - The overseas market presents substantial growth opportunities, with a gradual recovery in excavator exports and a strong demand in developing countries [2]. Financial Performance - For the first three quarters of 2024, the company achieved revenue of 22.856 billion yuan, a year-on-year increase of 8.25%, and a net profit of 1.32 billion yuan, up 59.82% [1]. - In Q3 2024, the company reported revenue of 6.796 billion yuan, a year-on-year increase of 11.81%, and a net profit of 337 million yuan, up 58.74% [1]. - The projected net profits for 2024-2026 are 1.626 billion yuan, 2.257 billion yuan, and 2.693 billion yuan, respectively, with corresponding P/E ratios of 15, 11, and 9 [2][3]. Market Outlook - The domestic excavator market is expected to recover due to low base effects and policy support, with sales growth rates turning positive [1][2]. - The overseas market is showing signs of recovery, with a significant potential for market share expansion, particularly in Europe and developing countries along the Belt and Road Initiative [2][3].

1 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 | --- | --- | --- | --- | |--------------------------|---------------------------------------------|-------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- ...

Investment Rating - The report maintains a "Buy" rating for the company [7][5]. Core Insights - The company reported a significant increase in net profit for Q3 2024, achieving 337 million yuan, a year-on-year increase of 58.74%. The non-recurring net profit reached 307 million yuan, up 200.22% year-on-year [4][5]. - The company's revenue for the first three quarters of 2024 was 22.856 billion yuan, reflecting an 8.25% year-on-year growth, with Q3 revenue at 6.796 billion yuan, up 11.81% year-on-year [4][5]. - The company is benefiting from strong growth in the domestic and international sales of excavators and loaders, with domestic excavator sales increasing by 20% and loader sales by 9% in Q3 [5]. - Emerging strategic segments such as mining machinery, high-altitude machinery, agricultural machinery, and industrial vehicles are expected to continue contributing to revenue growth [5]. - The company's gross margin improved to 23.67%, up 1.75 percentage points year-on-year, while the net margin reached 5.02%, an increase of 1.52 percentage points year-on-year, attributed to cost reduction and efficiency improvements [5]. Summary by Sections Financial Performance - For Q3 2024, the company achieved a net profit of 337 million yuan, a 58.74% increase year-on-year, and a non-recurring net profit of 307 million yuan, up 200.22% year-on-year [4][5]. - The total revenue for the first three quarters of 2024 was 22.856 billion yuan, with Q3 revenue at 6.796 billion yuan, reflecting an 11.81% year-on-year increase [4][5]. Market Dynamics - The domestic and international sales of the company's core products, excavators and loaders, showed positive growth, with domestic excavator sales increasing by 20% and loader sales by 9% in Q3 [5]. - The company is expanding its emerging strategic segments, with mining machinery revenue growing by 71% year-on-year in the first half of 2024 [5]. Profitability - The company's gross margin improved to 23.67%, and the net margin reached 5.02%, indicating enhanced profitability due to ongoing cost control and structural optimization [5].

证券代码：000528 证券简称：柳 工 公告编号：2024-79 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 关于召开 2024 年第一次临时股东大会的提示性公告 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 10 月 11 日在《中国证券 报》《证券时报》及巨潮资讯网（www.cninfo.com.cn）披露了《柳工关于召开 2024 年第 一次临时股东大会的通知》（公告编号：2024-72），公司将于 2024 年 10 月 29 日召 开 2024 年第一次临时股东大会，现将本次股东大会的有关事项提示如下： 一、召开会议的基本情况 1、股东大会届次：公司 2024 年第一次临时股东大会。 2、股东大会的召集人：公司董事会。2024年10月10日，公司第九届董事会第二十 四次（临时）会议审议通过《关于召开公司2024年第一次临时股东大会的议案》。 3、会议召开的合法、合规性：本次股东大会的召集、召开程序符合有关法律、行 政法规、部门规章、规范性文件、深圳证券交易所业 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company reported a continuous improvement in profitability, driven by electrification and international expansion, which supports high growth [4] - For the first three quarters of 2024, the company achieved operating revenue of 22.856 billion yuan, a year-on-year increase of 8.25%, and a total profit of 1.573 billion yuan, up 43.77% year-on-year [3] - The net profit attributable to the parent company reached 1.321 billion yuan, reflecting a year-on-year growth of 59.82% [3] - The third quarter of 2024 saw an operating revenue of 6.796 billion yuan, a year-on-year increase of 11.81%, with a net profit of 337 million yuan, up 58.74% year-on-year [3] Financial Performance Summary - The company’s revenue and profit both showed growth, with the revenue growth attributed to recovering market demand and enhanced product competitiveness [4] - The gross margin and net margin for Q3 2024 were 23.67% and 5.02%, respectively, both showing year-on-year increases [4] - The company’s earnings forecasts for 2024-2026 have been adjusted, with net profit estimates raised to 1.613 billion yuan, 2.165 billion yuan, and 2.772 billion yuan for the respective years [5] - The diluted EPS is projected to be 0.81 yuan, 1.09 yuan, and 1.40 yuan for 2024, 2025, and 2026, respectively [5] - The current stock price corresponds to P/E multiples of 15, 11, and 9 for the next three years [5] Market Outlook - The company is expected to benefit from the implementation of loose monetary and fiscal policies, which may stabilize the domestic market and improve industry demand [4] - The company is committed to high-quality development and has taken measures to protect investor interests, which reflects confidence in future growth [5]

Investment Rating - The report maintains a "Buy" rating for the company [1][3]. Core Views - The company's Q3 performance met expectations, with a significant year-on-year increase in revenue and net profit, driven by strong domestic and export sales, and continuous improvement in market share [2][3]. - The company has shown notable improvements in profitability due to cost reduction and efficiency enhancement initiatives following its mixed-ownership reform [2][3]. - The ongoing focus on electrification and internationalization is expected to contribute to revenue and profit growth, with electric loader sales increasing by 159% year-on-year [3]. Financial Performance Summary - For the first three quarters of 2024, the company achieved total revenue of 22.86 billion yuan, a year-on-year increase of 8.3%, and a net profit attributable to shareholders of 1.32 billion yuan, up 59.8% [2]. - The gross profit margin for Q1 to Q3 2024 was 23.5%, an increase of 2.8 percentage points year-on-year, while the net profit margin was 5.9%, up 2.0 percentage points [2][3]. - The company forecasts net profits of 1.57 billion yuan, 1.98 billion yuan, and 2.73 billion yuan for 2024, 2025, and 2026 respectively, with corresponding P/E ratios of 16, 12, and 9 times [3].

Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook for the next six months [1]. Core Views - The company reported strong performance in Q3 2024, with revenue reaching 68.0 billion yuan, a year-on-year increase of 11.8%, and a net profit of 3.4 billion yuan, up 58.7% year-on-year. The overall revenue for Q1-Q3 2024 was 228.6 billion yuan, reflecting an 8.3% increase year-on-year, and a net profit of 13.2 billion yuan, which is a 59.8% increase year-on-year [1][2]. - The company's strategic focus on quality improvement and efficiency enhancement has led to significant operational improvements, with a gross margin of 23.5% for Q1-Q3 2024, up 2.8 percentage points year-on-year. The net profit margin also improved to 5.9%, an increase of 2.0 percentage points year-on-year [1][2]. - The company is expected to benefit from the recovery of domestic demand in the construction machinery sector, with excavator sales showing positive growth and the penetration rate of electric loaders increasing rapidly [2]. Summary by Sections Financial Performance - For Q1-Q3 2024, the company achieved a gross margin of 23.5% and a net profit margin of 5.9%. In Q3 alone, the gross margin was 23.7% and the net profit margin was 5.0% [1]. - The company forecasts net profits of 13.8 billion yuan, 18.1 billion yuan, and 22.5 billion yuan for 2024, 2025, and 2026 respectively, with a compound annual growth rate of 37% [2][3]. Market Position and Growth Drivers - The company has a robust product portfolio, including loaders and excavators, and is expanding into electric machinery, which is expected to drive future growth. The domestic market for excavators has shown a year-on-year increase of 8.6% in sales [2]. - The global construction machinery market remains vast, providing significant opportunities for international expansion [2]. Valuation Metrics - The report provides projected PE ratios of 18, 14, and 11 for the years 2024, 2025, and 2026 respectively, indicating a favorable valuation compared to expected earnings growth [2][3].

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 年三季报，24Q1-Q3 公司实现营业收入 228.56 亿元，同比+8.25%；其中单 Q3 实现收入 67.96 亿元，同比 +11.81%。；24Q1-3 公司实现归母净利润 13.21 亿元，同比+59.82%； 扣非后归母净利润 12.09 亿元，同比+93.89%；其中单 Q3 实现实 现归母净利润为 3.37 亿元，同比+58.74%，单 Q3 实现扣非后归母 净利润 3.07 亿元，同比+200.61%。 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 ...

Investment Rating - The report maintains a "Buy" rating for the company, with a target price indicating a potential upside of over 20% within the next six months [6][13]. Core Insights - The company reported strong performance in Q3 2024, with total revenue of 22.856 billion yuan, representing a year-over-year increase of 8.25%. The net profit attributable to shareholders reached 1.321 billion yuan, up 59.82% year-over-year [2]. - The company is committed to sustainable high-quality development and is steadily advancing its internationalization strategy, achieving nearly 20% revenue growth in the first half of the year [4]. - The company has decided not to exercise the early redemption rights for its convertible bonds, thereby protecting investor interests [3]. Financial Performance Summary - For the first three quarters of 2024, the company achieved a revenue of 22.856 billion yuan, with a gross margin of 23.48% and a net margin of 5.94% [2]. - The company’s net profit for the first three quarters was 1.321 billion yuan, with a significant increase in the net profit margin compared to the previous year [2]. - The report projects the company's net profit for 2024 to be 1.579 billion yuan, reflecting an 81.97% year-over-year growth, with corresponding P/E ratios of 15.9 for 2024 [5][9]. Financial Data and Valuation - The company’s total revenue is projected to grow from 27.519 billion yuan in 2023 to 30.189 billion yuan in 2024, with a growth rate of 9.70% [8][9]. - The net profit attributable to shareholders is expected to increase from 867.81 million yuan in 2023 to 1.579 billion yuan in 2024, with a projected P/E ratio of 15.88 [8][9]. - The company’s total assets are forecasted to rise from 46.578 billion yuan in 2023 to 47.304 billion yuan in 2024 [8].