Financial Performance - The company's operating revenue for the first half of 2024 reached ¥16,060,005,052.72, representing a 6.81% increase compared to ¥15,035,854,423.06 in the same period last year[9]. - Net profit attributable to shareholders was ¥983,530,909.56, a significant increase of 60.20% from ¥613,950,278.03 in the previous year[9]. - The net profit after deducting non-recurring gains and losses was ¥902,608,382.22, up 73.01% from ¥521,714,836.14 year-on-year[9]. - The basic earnings per share increased to ¥0.5041, reflecting a growth of 60.24% compared to ¥0.3146 in the same period last year[9]. - The diluted earnings per share rose to ¥0.4305, marking a 44.66% increase from ¥0.2976 in the previous year[9]. - The net cash flow from operating activities was ¥1,121,727,695.46, a significant recovery from a negative cash flow of -¥289,405,523.51 in the same period last year[9]. - Total assets at the end of the reporting period were ¥47,428,680,103.80, an increase of 1.83% from ¥46,578,044,988.89 at the end of the previous year[9]. - Net assets attributable to shareholders increased to ¥17,324,073,166.77, up 4.79% from ¥16,532,166,611.02 at the end of the previous year[9]. - The weighted average return on net assets was 5.87%, an increase of 2.04% compared to 3.83% in the previous year[9]. Business Strategy and Market Position - The company ranks 19th among global construction machinery manufacturers, maintaining a strong market position in the domestic earth-moving machinery sector[14]. - The domestic construction machinery industry is currently in a bottoming phase, but positive factors such as equipment renewal policies and government bond investments are stabilizing overall demand[14]. - The company has expanded its business scope beyond construction machinery to include agricultural machinery and concrete machinery, enhancing its market presence[16]. - The company has developed over 30 complete product lines, including earth-moving machinery, mining machinery, and industrial vehicles, establishing itself as a comprehensive solution provider[16]. - The company operates 25 manufacturing bases and 5 R&D centers globally, employing over 16,000 staff[17]. - The agricultural machinery market is expected to see steady demand growth due to supportive policies and modernization efforts in agriculture[15]. - The company is focusing on the integration of new energy machinery into its product offerings, reflecting a trend towards electrification and digitalization in the industry[14]. - The international market for construction machinery is facing increased uncertainty, impacting export growth rates[14]. - The company has successfully implemented a mixed-ownership reform, enhancing its competitive strength in the market[16]. Revenue and Sales Performance - The company achieved total revenue of 16.06 billion yuan, a year-on-year increase of 6.81%, with overseas revenue reaching 7.71 billion yuan, up 18.82%, accounting for 48.02% of total revenue[18]. - The domestic market's overall sales growth outperformed the industry by 8.8 percentage points, while overseas sales growth exceeded the industry by 21.8 percentage points[18]. - The internationalization strategy led to nearly 20% growth in overseas product revenue, with significant increases in sales and profits across key regions[20]. - The electric loader sales surged by 159%, maintaining a leading market share, and the company launched 15 new products to meet diverse market demands[22]. - The excavator domestic sales saw a year-on-year increase of 29.5%, significantly outperforming the industry, with market share rising by 3 percentage points[22]. - The small machinery business achieved nearly 50% year-on-year sales growth, with overseas loader sales increasing over 200%[23]. - The high-altitude machinery business saw domestic sales growth outperforming the industry by 27 percentage points, with overseas revenue increasing by 124% and sales volume by 138%[25]. Cost Management and Profitability - Manufacturing costs were reduced by 3.4%, and procurement costs decreased by 4.3%, contributing to enhanced profitability[19]. - The operating cost increased by 2.44% to ¥12,301,305,458.46 from ¥12,008,382,029.14, resulting in a gross profit margin improvement[45]. - The company reported a significant decrease in cash and cash equivalents, with a net decrease of ¥1,129,061,617.31, primarily due to investment and financing cash flow impacts[45]. - Other income increased by 40.28% to ¥22,010,706.21, mainly from government subsidies[45]. Environmental Responsibility - Guangxi Liugong Machinery Co., Ltd. is classified as a key pollutant discharge unit by environmental protection authorities[72]. - The company obtained its pollutant discharge permit on July 17, 2023, valid for five years[74]. - The total CODcr discharge for the first half of 2024 was 5.64 tons, with a permitted annual limit of 100 tons[75]. - The company reported a BOD5 discharge of 0.99 tons for the first half of 2024, adhering to the relevant discharge standards[75]. - The company has implemented various environmental protection laws, including the Environmental Protection Law and the Air Pollution Prevention Law[73]. - The company invested CNY 23.17 million in pollution control facilities, focusing on VOCs emission reduction, oil pollution remediation, and solid waste storage improvements[80]. - The environmental equipment reliability rate reached 99.4% in the first half of 2024, with no environmental pollution incidents reported[80]. Corporate Governance and Compliance - The company has published its first ESG report, reflecting its commitment to corporate social responsibility and sustainability[30]. - The company has established risk control measures for derivative investments, including regular audits and risk assessment models[58]. - The company has not reported any litigation situations during the reporting period[58]. - The company has committed to maintaining its independence post-transaction, ensuring independent operations and management[92]. - The company has pledged not to reduce its shareholding in Liugong for one year from August 23, 2023[92]. Shareholder Information - The company has a total of 36,490,190.88 CNY in overdue rent and interest from Jianghang Industry and Trade Co., Ltd[94]. - The total number of shares before the change is 1,951,211,962, with a total number of shares after the change being 1,978,628,263[114]. - The company announced a share repurchase plan with a budget between RMB 100 million and RMB 200 million, with a maximum repurchase price of RMB 10.00 per share[115]. - As of July 19, 2024, the company repurchased a total of 19,320,440 shares, accounting for 0.98% of the total share capital, with a total transaction amount of RMB 199,981,886.96[116]. Future Outlook - The company plans to continue expanding its market presence and investing in new technologies to enhance operational efficiency and product offerings[141]. - The company plans to expand its market presence in engineering machinery and automation systems, focusing on technological advancements[157]. - The company’s operating revenue is expected to grow by 10% in the next quarter, driven by increased demand in the construction sector[157].

Investment Rating - The report assigns a "Buy" rating for the company, marking its first coverage [1]. Core Views - The company is positioned as a leading loader manufacturer in China, with continuous improvement in profitability and a strong outlook for future growth driven by domestic demand recovery and high overseas export growth [1][12]. - The company has a comprehensive product layout, focusing on electric and international expansion, which is expected to enhance its competitive edge [1][4][5]. Summary by Sections 1. Domestic Loader Leader Moving Towards Globalization - The company covers a wide range of products including earth-moving machinery, engineering machinery components, and prestressed machinery, with a projected 11% growth in the loader industry in 2023 [1][12]. - The company achieved net profits of 1.34 billion, 1.79 billion, and 2.25 billion yuan for the years 2024, 2025, and 2026 respectively, with corresponding EPS of 0.68, 0.90, and 1.14 yuan [1][7]. - The current stock price corresponds to a PE ratio of 14.0, 10.5, and 8.3 for the years 2024, 2025, and 2026, indicating that the company's valuation is below the average level of comparable companies in the industry [1][7]. 2. Engineering Machinery Sector: Domestic Demand Recovery and High Overseas Growth - The company has seen a significant increase in overseas revenue, with 11.46 billion yuan in 2023, representing a year-on-year growth of 41% [5][21]. - The company’s sales revenue for earth-moving machinery, engineering machinery components, prestressed machinery, and financing leasing in 2023 were 15.91 billion, 8.82 billion, 2.24 billion, and 0.55 billion yuan respectively, with earth-moving machinery accounting for over half of the total revenue [19][20]. 3. Mixed Reform and Incentives Enhance Internal Dynamics - The company completed a mixed reform in 2022 and launched an employee stock option incentive plan in 2023, significantly boosting employee motivation [6][27]. - The company issued 3 billion yuan in convertible bonds to optimize production capacity, further enhancing its overall manufacturing capabilities [6][27]. 4. Research and Development Investment - The company has consistently increased its R&D investment, with expenditures rising from 418 million yuan in 2018 to 907 million yuan in 2023, reflecting a CAGR of 16.8% [24][25]. - The company has made significant advancements in electric and intelligent technologies, establishing research institutes focused on AI applications and electric technology [25][26]. 5. Market Outlook - The engineering machinery sector is expected to see continued improvement in demand, particularly in infrastructure and real estate, with construction investment maintaining growth [29][35]. - The company is well-positioned to benefit from the ongoing recovery in domestic demand and the expansion of its international market presence [1][5][21].

证券代码：000528 证券简称：柳 工 公告编号：2024-60 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 年半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 2024 年 8 月 29 日披露《柳工 2024 年半年度报告》。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 8 月 30 日（星期五）通过网络方式举办 2024 年半年度网 上业绩说明会。为广泛听取投资者的意见和建议，公司提前向投资者征集相关问题， 欢迎广大投资者于 2024 年 8 月 29 日（星期四）下午 17:30 前将关注的问题通过电子邮 件的形式发送至公司邮箱：stock@liugong.com，公司将在业绩说明会上对投资者普遍 关注的问题进行统一回复。 一、业绩说明会召开时间和方式 （一）独立董事黄志敏女士。 （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、 国内业务高级总监宁健图先生、国际业 ...

证券研究报告·公司点评报告·工程机械 柳工（000528） 电动化小微挖引领工程机械电动化浪潮 2024 年 08 月 01 日 买入（维持） | --- | --- | --- | --- | --- | --- | |------------------------------|---------|--------|----------|----------|----------| | 盈利预测与估值 [Table_EPS] | 2022A | 2023A | 2024E | 2025E | 2026E | | 营业总收入（百万元） | 26480 | 27519 | 30657 | 35433 | 41666 | | 同比（ % ） | (7.74) | 3.93 | 11.40 | 15.58 | 17.59 | | 归母净利润（百万元） | 599.33 | 867.81 | 1,456.28 | 1,938.38 | 2,727.72 | | 同比（ % ） | (39.90) | 44.80 | 67.81 | 33.10 | 40.72 | | EPS- 最新摊薄（元 / 股） | 0.30 ...

柳工董事会公告 | 资产支持证券简称 | 发行规模 | 每份面值 | 票面利率 | 预期到期日 | 信用评级 | | --- | --- | --- | --- | --- | --- | | | （万元） | （元） | | | | | 中恒 07A1 | 30,000.00 | 100 | 2.03% | 2025/7/17 | AAA | | 中恒 07A2 | 17,400.00 | 100 | 2.14% | 2026/4/17 | AAA | | 中恒 07 次 | 2,500.00 | 100 | - | 2026/7/17 | —— | | 合计（万元） | 49,900.00 | | | | | | 差额支付承诺人 | 广西柳工机械股份有限公司 | | | | | | 推广对象 | 符合《管理规定》以及《上海证券交易所债券市场投资者 | | | | | | | 适当性管理办法》的合格投资者 | | | | | | 监管银行 | 昆仑银行股份有限公司大庆分行 | | | | | | 托管银行 | 中国邮政储蓄银行股份有限公司北京分行 | | | | | | 登记机构 | 中国证券登记结算有限责 ...

柳工 20240722_原文 2024 年 07 月 22 日 22:31 发言人 00:00 水平情况。那么这个税的大致因为可能不是很,不一定所有都清楚这个税大概在我们这个价格的浮动比例 大概是个什么水平,跟大家有个了解,就这个增值这个报废税占整个采购的进口价格大概还会占到多少呢 大概会占到 5%到 6%,主要的机型包括状态,当然每个机型不一样,它的这个税不一样。就是像装载机, 像我们最大的一类产品就是装载机了,大概会占到 5%到 6%或者最高到 7 左右这样的一个水平。这个是采 购价格在终端价格的影响,可能在就是说它占整个终端价格的这个产比大概在 2%到 3%左右,大致是这样 的一个水平。那么这个政策是是说是在 10 月 1 号,要实施。那具体现在俄罗斯政府也在讨论,要是具体到 什么时间点实施,实施的力度到底怎么样。现在的这个还没有一个最终的一个定论,我们也在研究。 发言人 01:20 第二个就是这个政策,它是对所有的厂家,对所有的不管是进口商还是当地的本地制造商,他是一视同仁 大家都需要交这个税。所以说根据我们所有往常以前调整了很多次了,已经不是第一次了。这个调整就是 所有的进口商,所有的生产在俄罗斯当 ...

Industry and Company Involved * **Industry**: Construction equipment, specifically excavators, loaders, and other heavy machinery. * **Company**: Liugong Group Co., Ltd. (CLG), a leading construction equipment manufacturer in China. Key Points and Arguments 1. **Russia's Import Tax on Construction Equipment**: * Russia is implementing a new import tax on construction equipment, including excavators and loaders, starting October 1, 2024. * The tax is expected to be between 5% to 6% of the purchase price, with the highest rate reaching 7% for certain models like loaders. * The tax will be applied to all manufacturers and importers, including local and foreign companies. * The purpose of the tax is to encourage local assembly and manufacturing of construction equipment in Russia. * The tax is expected to increase the cost of equipment by approximately 2% to 3% at the retail level. 2. **Impact on Liugong's Business**: * Liugong has successfully navigated similar tax adjustments in the past and expects minimal impact from this new tax. * The company has a strong presence in Russia and has established a comprehensive sales and service network. * The tax is unlikely to significantly impact sales volume due to the strong demand for construction equipment in Russia, particularly from mining companies. * Liugong's sales of mining equipment have seen significant growth, contributing to its overall profitability. 3. **Market Dynamics in Russia**: * The Russian construction equipment market is driven by the country's status as a major energy and mineral exporter. * The market has seen strong growth in recent years, particularly in the mining equipment segment. * The market is expected to remain stable in the coming years, with no major fluctuations expected. * Liugong has a strong competitive advantage in Russia due to its established presence and comprehensive sales and service network. 4. **Liugong's Sales Performance**: * Liugong's sales in Russia have experienced slight declines in volume but revenue and profitability have increased. * The company's product mix is shifting towards larger and more profitable models. * Liugong's sales in China have also seen growth, particularly in excavators and loaders. 5. **Liugong's Strategy**: * Liugong is focused on expanding its international presence, with a particular emphasis on emerging markets like Southeast Asia. * The company is investing in research and development to develop new products and improve its competitive position. * Liugong is committed to maintaining its strong financial position and delivering sustainable growth in the coming years.

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：2024-58 一、回购股份的实施情况 广西柳工机械股份有限公司 关于股份回购实施完成暨股份变动情况的公告 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"）于 2024 年 3 月 27~28 日召开的第 九届董事会第十九次会议审议通过了《关于公司回购股份的议案》，同意公司使用自有 资金以集中竞价交易方式回购公司部分社会公众股份，用于新一期的股权激励或员工持 股计划。本次回购金额区间为不低于人民币 10,000 万元（含）且不超过人民币 20,000 万元（含），回购价格为不超过人民币 10.00 元/股（含）。具体回购股份的数量以回购 期满时实际回购的股份数量为准。 公司于 2024 年 6 月 13 日披露了《关于 2023 年度权益分派实施后调整股份回购价 格上限的公告》（公告编号：2024-47），根据公司《关于回购股份方案的公告》及《回 购股份报告书》的约定，公司在 2023 年度权益分派实施后股份回购价格上限由 ...

证券代码：000528 证券简称：柳 工 公告编号：2024-57 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 关于签署募集资金五方监管协议的公告 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《 ...

Investment Rating - The investment rating for the company is "Buy" with a maintained rating for the next six months [5]. Core Views - The company is expected to achieve a net profit attributable to shareholders of between 390 to 550 million yuan in Q2 2024, representing a year-on-year increase of 31% to 83%, with a midpoint of 470 million yuan, which is a 57% increase year-on-year [2]. - The company is actively addressing unfavorable factors in both international and domestic markets, focusing on "profit growth, business growth, and capability enhancement" as its core tasks, leading to significant improvements in operational efficiency and market share [2]. - The company has announced a share buyback plan to enhance shareholder value, with a total buyback amount ranging from 100 million to 200 million yuan [3]. - The company has reported strong performance in overseas markets, with overseas sales revenue exceeding 10 billion yuan in 2023, marking a year-on-year growth of over 41% [3]. Financial Summary - The company forecasts a net profit attributable to shareholders of 890 to 1,040 million yuan for the first half of 2024, reflecting a year-on-year increase of 45% to 70%, with a midpoint of 970 million yuan, which is a 57% increase year-on-year [8]. - Revenue projections for 2024 to 2026 are estimated at 30,189 million, 35,405 million, and 42,102 million yuan, respectively, with year-on-year growth rates of 9.7%, 17.28%, and 18.91% [9]. - The net profit attributable to shareholders for 2024 to 2026 is projected to be 1,425 million, 2,011 million, and 2,721 million yuan, respectively, with year-on-year growth rates of 64.2%, 41.13%, and 35.31% [9]. - The company’s total assets are expected to grow from 46,578 million yuan in 2023 to 55,614 million yuan by 2026 [13].