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]

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - The company is expected to achieve a net profit attributable to shareholders of 1.239 to 1.405 billion yuan for the first three quarters of 2024, representing a year-on-year increase of 50% to 70% [1] - The company has seen significant growth in overseas markets, with overseas revenue exceeding 45% in the first half of 2024, and a year-on-year increase of 18.82% to 7.712 billion yuan [1] - The domestic market for excavators and loaders is recovering, benefiting from the upward cycle of earth-moving machinery, with the company's revenue from this segment reaching 9.937 billion yuan in the first half of 2024, up 15.91% year-on-year [1] Summary by Sections Performance Overview - The company expects a net profit of 3.19 to 3.61 billion yuan for Q3 2024, a year-on-year increase of 50% to 70% [1] - The net profit after deducting non-recurring items for Q3 2024 is projected to be 2.88 to 3.30 billion yuan, reflecting a year-on-year increase of 182% to 224% [1] Operational Analysis - The company’s overseas market revenue accounted for 48.02% of total revenue in H1 2024, with excavator and loader sales growing over 200% year-on-year [1] - The domestic market for earth-moving machinery has seen a recovery, with excavator sales in Q2 and Q3 2024 increasing by 21% and 20% year-on-year, respectively [1] Profitability and Valuation - The company’s gross margins for domestic and overseas markets in H1 2024 were 29.09% and 18.15%, respectively, showing improvements of 1.12 and 3.88 percentage points year-on-year [1] - The report projects the company’s net profit margins to increase to 5.5%, 6.7%, and 7.6% for the years 2024, 2025, and 2026, respectively [1] - Revenue forecasts for 2024, 2025, and 2026 are set at 29.875 billion, 32.950 billion, and 36.853 billion yuan, with net profits of 1.633 billion, 2.208 billion, and 2.797 billion yuan, respectively [1]

Investment Rating - The report maintains a "Buy" rating for Liugong (000528 SZ) [1] Core Views - Liugong's Q3 2024 performance exceeded expectations with a significant year-over-year increase in net profit and non-GAAP net profit [1] - The company's overseas market expansion has been successful, with overseas revenue accounting for 48 02% of total revenue in H1 2024 [1] - Domestic market recovery in the earthmoving machinery sector has driven growth, particularly in excavators and loaders [1] - Improved profitability due to scale effects, with domestic and overseas gross margins increasing to 29 09% and 18 15% respectively in H1 2024 [1] Financial Performance - Q1-Q3 2024 net profit attributable to shareholders is expected to be RMB 1 239-1 405 billion, up 50-70% YoY [1] - Q3 2024 net profit attributable to shareholders is expected to be RMB 319-361 million, up 50-70% YoY [1] - Q3 2024 non-GAAP net profit is expected to be RMB 288-330 million, up 182-224% YoY [1] - H1 2024 overseas revenue reached RMB 7 712 billion, up 18 82% YoY [1] - H1 2024 earthmoving machinery revenue was RMB 9 937 billion, up 15 91% YoY [1] Market Performance - Domestic excavator sales in Q2-Q3 2024 increased by 21% and 20% YoY respectively [1] - Domestic loader sales in Q2-Q3 2024 increased by 12% and 9% YoY respectively [1] - Overseas sales of excavators and loaders grew by over 200% YoY in H1 2024 [1] - Overseas sales of wide-body vehicles grew by 55 7% YoY in H1 2024 [1] Valuation and Forecast - Revenue forecasts for 2024-2026 are RMB 29 875 billion, RMB 32 950 billion, and RMB 36 853 billion respectively [1] - Net profit forecasts for 2024-2026 are RMB 1 633 billion, RMB 2 208 billion, and RMB 2 797 billion respectively [1] - PE ratios for 2024-2026 are 15X, 11X, and 9X respectively [1] - Net profit margins are expected to be 5 5%, 6 7%, and 7 6% for 2024-2026 respectively [1] Historical Ratings - The company has consistently received "Buy" ratings from analysts over the past year [7] - Market sentiment analysis shows a strong preference for "Buy" recommendations, with a score of 1 00 indicating a consensus "Buy" rating [6]

Financial Performance - Net profit attributable to shareholders of the listed company for the first three quarters of 2024 is expected to be between 1,239.45 million yuan and 1,404.71 million yuan, representing a year-on-year increase of 50% to 70%[1] - Net profit attributable to shareholders of the listed company after deducting non-recurring gains and losses for the first three quarters of 2024 is expected to be between 1,128.26 million yuan and 1,293.52 million yuan, representing a year-on-year increase of 81% to 107%[1] - Basic earnings per share for the first three quarters of 2024 is expected to be between 0.6371 yuan/share and 0.7221 yuan/share[1] - Net profit attributable to shareholders of the listed company for the third quarter of 2024 is expected to be between 318.53 million yuan and 360.99 million yuan, representing a year-on-year increase of 50% to 70%[2] - Net profit attributable to shareholders of the listed company after deducting non-recurring gains and losses for the third quarter of 2024 is expected to be between 288.25 million yuan and 330.72 million yuan, representing a year-on-year increase of 182% to 224%[2] - Basic earnings per share for the third quarter of 2024 is expected to be between 0.1637 yuan/share and 0.1856 yuan/share[2] Market Demand and Trends - Domestic demand for earthmoving machinery has shown a bottoming-out recovery trend, while demand for other construction machinery sub-sectors remains sluggish[4] - International construction machinery market demand is significantly differentiated, with faster growth in most developing countries and regions, but declining demand in developed economies such as Europe and the US[4] Operational Efficiency and Market Share - The company's overall operating efficiency has significantly improved, with both international and domestic market sales growth outperforming the industry, and market share continues to increase[4]

广西柳工机械股份有限公司 章 程 二〇二三年 4 月 | 第一章 总 | 则 | 1 | | --- | --- | --- | | 第二章 | 经营宗旨和范围 | 2 | | 第三章 | 股份 | 3 | | 第一节 | 股份发行 | 3 | | 第二节 | 股份增减和回购 | 3 | | 第三节 | 股份转让 | 4 | | 第四章 | 党委 | 5 | | 第五章 | 股东和股东大会 | 6 | | 第一节 | 股东 | 6 | | 第二节 | 股东大会的一般规定 | 10 | | 第三节 | 股东大会的召集 | 13 | | 第四节 | 股东大会的提案与通知 | 15 | | 第五节 | 股东大会的召开 | 17 | | 第六节 | 股东大会的表决和决议 | 20 | | 第六章 | 董事会 | 25 | | 第一节 | 董事 | 25 | | 第二节 | 独立董事 | 29 | | 第三节 | 董事会 | 33 | | 第七章 | 首席执行官及其他高级管理人员 | 42 | | 第八章 | 监事会 | 49 | | 第一节 | 监事 | 49 | | 第二节 | 监事会 | 50 | | 第九章 | ...

证券代码：000528 证券简称：柳 工 公告编号：2024-70 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 关于不提前赎回柳工转 2 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。 重要内容提示： 1．自 2024 年 9 月 11 日至 2024 年 10 月 10 日，广西柳工机械股份有限公司（以下 简称"公司"）股票价格已有 15 个交易日的收盘价不低于"柳工转 2"当期转股价格（即 7.57 元/股）的 130%（含 130%，即 9.84 元/股）。根据《深圳证券交易所股票上市规则》（以 下简称"《上市规则》"）等有关规定和《柳工向不特定对象，发行可转换公司债券募集说 明书》（以下简称"《募集说明书》"）约定，已触发"柳工转 2"的有条件赎回条款，2024 年 10 月 10 日公司第九届董事会第二十四次（临时）会议作出决议：同意公司暂不行使"柳 工转 2"的提前赎回权利，不提前赎回"柳工转 2"。 2．自本次董事会审议通过后 12 个月内（即 2024 年 10 月 11 日至 2025 年 10 月 10 日 ...

证券代码：000528 证券简称：柳 工 公告编号：2024-72 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通知 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、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、深圳证券交易所业务规则及《公司章程》的规定。 4、会议召开的日期、时间： （1）现场会议时间：2024 年 10 月 29 日 14:15； （2）网络投票时间：2024 年 10 月 29 日。 于股权登记日下午收市时在中国结算深圳分公司登记在册的公司全体普通股股东 均有权出席股东大会，并可以以书面形式委托代理人出席会议和参加表决，该股东代 理人不必是本公司股东。授权委托书见附件2。 通过 ...

| 证券代码：000528 | 证券简称：柳 | 工 | 公告编号：2024-69 | | --- | --- | --- | --- | | 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 第九届董事会第二十四次（临时）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 1 日以电子 邮件方式发出召开第九届董事会第二十四次（临时）会议的通知，会议于 2024 年 10 月 10 日采取通讯方式召开。会议应到会董事 11 人，实到会董事 11 人。会议由董事长曾 光安先生主持。公司监事会全体监事了解了会议全过程。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《关于公司不提前赎回"柳工转 2"的议案》 同意公司暂不行使"柳工转 2"的提前赎回权利，不提前赎回"柳工转 2"。同时决定自 本次董事会审议通过后 12 个月内（即 2024 年 10 月 11 日至 2025 ...

核查意见 一、可转换公司债券基本情况 2023 年 3 月 27 日，经中国证券监督管理委员会"证监许可〔2023〕128 号" 文核准，公司成功向不特定对象发行 3,000 万张可转换公司债券，每张面值 100 元，发行总额 30.00 亿元，期限 6 年。经深交所同意，本期可转换公司债券于 2023 年 4 月 20 日起在深交所挂牌交易，债券简称"柳工转 2"，债券代码"127084.SZ"。 2023 年 6 月 21 日，公司实施 2022 年度权益分派方案，每 10 股派 1 元人民 币现金（含税），根据规定，柳工转 2 的转股价格于 2023 年 6 月 21 日起由 7.87 元/股调整为 7.77 元/股。 2023 年 10 月 9 日，根据《募集说明书》的相关规定，柳工转 2 进入转股期， 转股期间为 2023 年 10 月 9 日至 2029 年 3 月 26 日，转股价为 7.77 元/股。 2024 年 6 月 20 日，公司实施 2023 年度权益分派方案，每 10 股派 2 元人民 币现金（含税），根据规定，柳工转 2 的转股价格于 2024 年 6 月 20 日起由 7.77 ...

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：2024-71 广西柳工机械股份有限公司 关于修订《公司章程》的公告 柳工董事会公告 | 人安装、维修；工业机器人销售；特殊作业机器人制 | 物料搬运装备销售；环境保护专用设备制造；环境保护专 | | --- | --- | | 造；人工智能行业应用系统集成服务；信息系统集成服 | 用设备销售；装卸搬运；汽车零部件及配件制造；智能机 | | 务；物联网技术研发；技术服务、技术开发、技术咨 | 器人的研发;工业机器人制造;工业机器人安装、维修;工业 | | 询、技术交流、技术转让、技术推广；软件开发；特种 | 机器人销售;特殊作业机器人制造;人工智能行业应用系统 | | 作业人员安全技术培训；导航终端制造；导航终端销 | 集成服务;信息系统集成服务；物联网技术研发;技术服 | | 售；工业互联网数据服务；互联网数据服务；工程和技 | 务、技术开发、技术咨询、技术交流、技术转让、技术推 | | 术研究和试验发展；信息技术咨询服务；信息咨询服务 | 广;软件开发;特种作业人员安全技术培训;导航终端制造 ; | | （不含 ...