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].

Investment Rating - The investment rating for the company is "Buy" and is maintained [4][6]. Core Views - The company's performance in Q1-Q3 2024 met expectations, with revenue of 22.86 billion yuan, a year-on-year increase of 8%, and a net profit attributable to shareholders of 1.32 billion yuan, a year-on-year increase of 60% [2][6]. - The company is expected to achieve revenues of 30.39 billion yuan, 35.11 billion yuan, and 40.52 billion yuan for the years 2024-2026, representing year-on-year growth of approximately 10%, 16%, and 15% respectively [2][6]. - The net profit attributable to shareholders is projected to be 1.54 billion yuan, 2.10 billion yuan, and 2.66 billion yuan for the same period, with year-on-year growth rates of 77%, 37%, and 26% respectively [2][6]. Financial Performance Summary - For Q3 2024, the company reported a single-quarter revenue of 6.80 billion yuan, a year-on-year increase of 12% but a quarter-on-quarter decrease of 16% [2][6]. - The net profit for Q3 2024 was 340 million yuan, a year-on-year increase of 59% and a quarter-on-quarter decrease of 31% [2][6]. - The company’s market share in the loader segment was approximately 27% in 2023, maintaining its position as the leader in the domestic market [6]. Business Development Insights - The demand for earthmoving machinery is recovering, with significant growth in the loader and excavator segments [6]. - The company has initiated a mixed-ownership reform, enhancing its long-term competitiveness through equity incentives and convertible bonds [6]. - The penetration rate of electric loaders has increased from 1% in 2022 to over 10% in the first nine months of 2024, indicating a strong growth trajectory in this segment [6]. Financial Projections - The company’s projected financials for 2024-2026 include revenues of 30.39 billion yuan, 35.11 billion yuan, and 40.52 billion yuan, with corresponding net profits of 1.54 billion yuan, 2.10 billion yuan, and 2.66 billion yuan [7][9]. - The expected earnings per share (EPS) for 2024, 2025, and 2026 are 0.77 yuan, 1.06 yuan, and 1.34 yuan respectively [7][9]. - The company’s asset-liability ratio is reported at 59.49% [4].

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]

证券代码：000528 证券简称：柳 工 公告编号：2024-78 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 2024 年第三季度计提资产减值准备公告 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 21 日召开的第九 届董事会第二十五次会议审议通过了《关于公司 2024 年第三季度计提资产减值准备的 议案》。现将相关情况公告如下： 一、计提资产减值准备概述 根据《企业会计准则》及公司会计政策等文件的相关规定，本着谨慎性原则，公司 及下属子公司对截至 2024 年 9 月 30 日应收款项、存货、固定资产、在建工程、投资 性房地产、无形资产等进行了减值测试，判断其是否存在可能发生减值的迹象。经测试， 公司对发生资产减值的应收款项、存货等资产进行了减值计提。 公司 2024 年第三季度各项资产计提减值准备净额共计 7,011.37 万元。其中，应收 账款坏账准备计提净额 2,396.78 万元，其他应收坏账准备计提净额 2,337.53 万元，长 期应收坏账 ...

证券代码：000528 证券简称：柳 工 公告编号：2024-76 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 第九届监事会第十九次会议决议公告 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"）第九届监事会第十九次会议通知于 2024 年 10 月 11 日以电子邮件方式发出，会议于 2024 年 10 月 21 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： 第 1 页，共 2 页 监事会认为：公司按照《企业会计准则》和监管有关规定，根据公司各项资产的实 际情况，对 2024 年三季度各项资产进行减值测试并计提减值准备。计提减值准备后能 够更加公允地反映公司截至 2024 年 9 月 30 日的资产状况。该项议案的决策程序符合 相关法律法规的规定，不存在损害公司和中小股东利益的情况，监事会同意本次计提资 柳工监事会公告 产减值准备。 该项议案获 3 票赞成，0 票反对，0 票弃权。 该议案具 ...

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：2024-75 广西柳工机械股份有限公司 第九届董事会第二十五次会议决议公告 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。 广西柳工机械股份有限公司（以下简称"公司"）董事会于 2024 年 10 月 11 日以电 子邮件方式发出召开第九届董事会第二十五次会议的通知，会议于 2024 年 10 月 21 日 采取现场（公司总部会议室）+通讯的方式如期召开。会议应到会董事 11 人，实到会董 事 11 人（其中外部董事苏子孟先生、董佳讯先生、王建胜先生、独立董事李嘉明先生、 陈雪萍女士采取通讯方式参会）。公司监事会所有监事列席了会议。董事长曾光安先生 主持此次会议。本次会议通知及召开符合有关法律、法规、规章及《公司章程》的规定， 合法有效。经会议审议，形成如下决议： 一、审议通过《关于公司 2024 年第三季度报告的议案》 该议案具体内容详见公司同时在《中国证券报》《证券时报》及巨潮资讯网 （www.cninfo.com.cn）披露的《柳工 2024 年第三季度报告 ...

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

证券代码：000528 证券简称：柳 工 公告编号：2024-74 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 关于举行 2024 年三季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。 二、公司出席人员 （一）独立董事陈雪萍女士 （二）高级副总裁罗国兵先生、财务负责人刘学斌先生、董事会秘书黄华琳先生、 会计机构负责人樊丽君女士、国内业务高级总监宁健图先生、副总工程师蔡登胜先生、 新能源总经理赵明先生及相关部门负责人。 三、投资者问题征集及方式 广西柳工机械股份有限公司（以下简称"公司"）将于 2024 年 10 月 23 日披露《2024 年三季度报告》。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 2024 年 10 月 25 日（星期五）通过网络方式举办 2024 年三季度网上业 绩说明会。 一、业绩说明会召开时间和方式 召开时间：2024 年 10 月 25 日（星期五）15:00-16:30 召开方式：网络方式及电话会议 第 1 页，共 3 页 柳工董事会公告 为广泛听取投 ...

Investment Rating - The report maintains a "Buy" rating for the company [5][7]. Core Views - The company is expected to achieve a significant increase in net profit for Q3 2024, with estimates ranging from 1.239 to 1.405 billion yuan, representing a year-on-year growth of 50% to 70%. The non-recurring net profit is projected to be between 1.128 to 1.294 billion yuan, indicating a growth of 81% to 107% [4][5]. - The domestic excavator and loader industry continues to show strong growth, with the company's domestic business expected to improve significantly. The international business is also anticipated to see revenue growth due to improved exports [4][5]. - The company's electric products are expected to contribute positively to revenue growth, alongside ongoing cost reduction and efficiency improvement initiatives [5]. Summary by Sections Company Performance - For Q3 2024, the company anticipates a net profit of 319 to 361 million yuan, with a year-on-year increase of 50% to 70%. The median estimate is 340 million yuan, corresponding to a 60% growth rate. The non-recurring net profit is expected to be between 288 to 331 million yuan, with a year-on-year growth of 182% to 224%, and a median of 309 million yuan, indicating a 203% growth [4][5]. Domestic Market - The domestic earth-moving machinery industry is recovering, with significant growth in domestic sales. From July to September, domestic sales of excavators increased by 21.9%, 18.1%, and 21.5% year-on-year, driven by factors such as low base effects and ongoing infrastructure projects [4][5]. - The loader market also showed improvement, with a year-on-year increase of 8.7% in Q3. The company's core business, which includes excavators and loaders, is expected to benefit from this recovery [4][5]. International Market - The export of excavators has shown signs of recovery after 14 months of decline, with year-on-year increases of 7.0% and 2.5% in August and September, respectively. The company is expected to outperform the industry in overseas sales, particularly in emerging markets [4][5]. Electric Products - The company has a competitive advantage in electric products, with a significant increase in electric loader sales. In September 2024, electric loader sales reached 937 units, a year-on-year increase of 115%, with a penetration rate of 11.6% [5]. Financial Projections - The company is projected to achieve net profits of 1.607 billion yuan and 2.001 billion yuan in 2024 and 2025, respectively, with corresponding price-to-earnings ratios of 15 times and 12 times [5].

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - The company's net profit attributable to shareholders is expected to grow by 50%-70% in Q3 2024, aligning with market expectations, with a median estimate of 1.32 billion to 1.40 billion yuan, representing a year-on-year increase of 60% [2] - The company is benefiting from strong sales growth in both domestic and export markets, leading to an increase in market share and improved profitability due to cost reduction and efficiency enhancement initiatives [2] - The company is focusing on electrification and internationalization, with electric loader sales expected to increase by 159% in H1 2024, and significant growth in overseas revenues for various machinery categories [2] - The completion of the mixed-ownership reform has enhanced operational quality, with stock incentives and private placements aimed at expanding capacity and upgrading smart factories [3] - The profit forecast for 2024-2026 has been revised upwards, with projected net profits of 1.57 billion, 2.03 billion, and 2.81 billion yuan respectively, corresponding to P/E ratios of 16, 12, and 9 times [3] Summary by Sections Earnings Forecast and Valuation - Total revenue is projected to increase from 27.52 billion yuan in 2023 to 39.17 billion yuan in 2026, with a compound annual growth rate (CAGR) of approximately 11.86% [1] - Net profit attributable to shareholders is expected to rise from 867.81 million yuan in 2023 to 2.81 billion yuan in 2026, reflecting a CAGR of 38.24% [1] - The latest diluted EPS is forecasted to grow from 0.44 yuan in 2023 to 1.42 yuan in 2026 [1] Market Data - The closing price of the stock is 12.40 yuan, with a market capitalization of approximately 24.60 billion yuan [4] - The stock has a price-to-book ratio of 1.42 [4] Financial Data - The company has a total asset value of 46.58 billion yuan in 2023, projected to increase to 60.74 billion yuan by 2026 [8] - The debt-to-asset ratio is reported at 60.34% [5]