Investment Rating - The investment rating for the company is "Buy" (maintained) [1][8] Core Views - The company's revenue for 2024 reached 30.06 billion yuan, a year-on-year increase of 9.2%, while the net profit attributable to shareholders was 1.33 billion yuan, up 52.9% year-on-year [2] - The gross margin improved to 22.5%, an increase of 1.7 percentage points year-on-year, and the net profit margin rose to 4.6%, up 1.2 percentage points year-on-year [2] - The company is focusing on strategic emerging business sectors to cultivate new growth drivers for high-quality development [4] Summary by Sections Recent Performance - The company's stock outperformed the CSI 300 index with a 12-month performance of 47.4% compared to the index's 10.4% [1] - The current stock price is 12.05 yuan, with a 52-week price range of 8.35 to 13.71 yuan [1] Business Segments - The earthmoving segment saw revenue of 17.94 billion yuan, a year-on-year increase of 12.8%, accounting for 59.7% of total revenue [4] - The company achieved a 15% year-on-year increase in global revenue from earthmoving products, with nearly 60% of revenue coming from overseas [4] - The sales of key products, including loaders and excavators, remained robust, contributing nearly 7 billion yuan in revenue [4] Overseas Market Expansion - The company's overseas revenue reached 13.76 billion yuan, a year-on-year increase of 20.1%, with overseas revenue accounting for 45.8% of total revenue [4] - The overseas gross margin was 28.6%, which is 11.2 percentage points higher than domestic margins [4] - The company has nearly 400 dealers and over 1,300 outlets, achieving a channel coverage rate of nearly 70% [4] Financial Forecast - Revenue projections for 2025, 2026, and 2027 are 35.38 billion yuan, 42.08 billion yuan, and 48.68 billion yuan, respectively, with corresponding net profits of 2.1 billion yuan, 2.63 billion yuan, and 3.27 billion yuan [6][7] - The company is expected to maintain a strong return on equity (ROE) of 11% in 2025, increasing to 15% by 2027 [8]

Investment Rating - The investment rating for the company is "Buy-A" with a 6-month target price of 15.6 CNY, compared to the current stock price of 12.05 CNY [6]. Core Views - The company's performance in 2024 met expectations, with total revenue reaching 30.063 billion CNY, a year-on-year increase of 9.24%, and net profit attributable to shareholders of 1.327 billion CNY, up 52.92% year-on-year [2][3]. - The company benefits from a steady growth in its core earthmoving machinery business and a strong export performance, with domestic sales growth outpacing industry averages [2][4]. - The company has implemented a three-pronged strategy that has enhanced its growth potential and operational efficiency [2]. Summary by Sections Product Segmentation - Earthmoving machinery generated revenue of 17.941 billion CNY, up 12.79% year-on-year, with domestic market share increasing by 1.3 percentage points and export revenue accounting for nearly 60% [3]. - Other engineering machinery and components achieved revenue of 9.079 billion CNY, a 2.96% increase year-on-year, with significant growth in mining machinery and high-altitude machinery exports [3]. - Prestressed machinery revenue reached 2.517 billion CNY, up 12.23% year-on-year, with notable increases in order amounts and overseas revenue [3]. Market Segmentation - Domestic revenue was 16.302 billion CNY, a 1.53% increase year-on-year, while overseas revenue reached 13.76 billion CNY, up 20.05% year-on-year, with emerging markets showing over 30% growth [4]. - The company's gross margin and net margin improved to 22.5% and 4.61%, respectively, driven by structural optimization and cost control measures [4]. Financial Projections - The company aims for a revenue target of 34.6 billion CNY in 2025, with net profit projected to reach 2.11 billion CNY, reflecting a growth rate of 58.9% [10]. - Revenue forecasts for 2025-2027 are 34.83 billion CNY, 40.85 billion CNY, and 48.79 billion CNY, with corresponding growth rates of 15.8%, 17.3%, and 19.4% [10][12]. - The projected PE ratios for the same period are 11.5X, 8.3X, and 6X, indicating a favorable valuation outlook [10].

Investment Rating - The investment rating for the company is "Buy (Maintain)" [5] Core Views - The company has shown significant growth in revenue and profit, with a 9.24% increase in revenue to 30.063 billion yuan and a 52.92% increase in net profit to 1.327 billion yuan in 2024. The company is expected to continue this growth trajectory, with projected net profits of 2.123 billion yuan, 2.812 billion yuan, and 3.733 billion yuan for 2025, 2026, and 2027 respectively [9][10] - The company is well-positioned in the engineering machinery industry, with strong market shares in loader and excavator segments, and is experiencing rapid growth in emerging markets and new product lines such as electric loaders and mining machinery [2][3][4] Summary by Sections Financial Performance - In 2024, the company achieved a gross margin of 22.5%, up 1.68 percentage points year-on-year, and a net margin of 4.61%, up 1.19 percentage points year-on-year. However, in Q4 2024, the gross margin decreased to 19.38% and the net margin to 0.4% [1] - The company’s revenue for 2024 was 30.063 billion yuan, with a year-on-year growth of 9.2%, and the net profit was 1.327 billion yuan, reflecting a year-on-year growth of 52.9% [10] Market Position - The company maintains the largest market share in the domestic loader market and has seen rapid growth in sales of autonomous and smart loader products. The global sales of electric loaders increased by 194%, maintaining a leading market position [2] - The excavator business outperformed the industry growth rate by 27 percentage points, with overall profitability improving and a 48% increase in profits [2] Emerging Business Segments - The company’s new business segments, including mining machinery, aerial work platforms, and agricultural machinery, are rapidly developing, with mining machinery sales increasing by over 60% year-on-year [3] - The agricultural machinery segment has made significant advancements, including the successful launch of a 200-horsepower power-shift tractor, marking a breakthrough in technology [3] Global Expansion - The company is actively expanding its overseas market presence, with overseas sales growth outpacing the industry by 22 percentage points and overseas revenue increasing by 20.05% year-on-year [4] - The electric product line has become a new growth driver, with revenue from electric products increasing by over 380% [4]

Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook for future performance [2][9]. Core Insights - The company's 2024 performance met market expectations, with total revenue reaching 30.06 billion yuan, a year-on-year increase of 9.2%, and net profit attributable to shareholders at 1.33 billion yuan, up 52.9% [2][3]. - The report highlights the company's successful international expansion and product diversification strategies, which are expected to continue driving growth [2][3]. - In Q4 2024, the company reported revenue of 7.21 billion yuan, a 12.5% increase year-on-year, although net profit for the quarter decreased by 84.6% due to impairment losses and increased expenses [2][3]. Revenue Breakdown - Domestic revenue for 2024 was 16.30 billion yuan, a 1.5% increase, while overseas revenue reached 13.76 billion yuan, growing by 20.1% [2]. - The company saw significant growth in its earthmoving machinery segment, with revenue of 17.94 billion yuan, up 12.8%, and an increase in market share for excavators [2][3]. - The report notes strong performance in other machinery and components, with revenue of 9.08 billion yuan, a 3.0% increase, and a 12.2% increase in revenue from prestressed machinery [2][3]. Profitability and Cost Management - The company's gross margin improved to 22.5%, up 2.8 percentage points year-on-year, while net profit margin increased to 4.6%, up 1.2 percentage points [3]. - Cost management efforts led to a 5.1% reduction in procurement costs, and the company achieved a product cost reduction rate of 4.3% [3]. - The report emphasizes the potential for long-term profitability improvements through continued cost control and efficiency enhancements [3]. Future Outlook - The company plans to achieve a revenue target of 34.6 billion yuan in 2025, representing a 15% year-on-year increase, with an expected improvement in net profit margin [3]. - The report indicates that the company's diversification efforts in various machinery segments are expected to mitigate cyclical fluctuations in performance [3]. - The company has implemented stock buybacks and equity incentives, reflecting confidence in its long-term growth prospects [3].

Investment Rating - The investment rating for the company is "Buy" (maintained) [2][9] Core Views - The company's performance in 2024 met market expectations, with a revenue of 30.06 billion yuan, a year-on-year increase of 9.2%, and a net profit attributable to shareholders of 1.33 billion yuan, up 52.9% year-on-year. The fourth quarter of 2024 saw a revenue of 7.21 billion yuan, a 12.5% increase year-on-year, but a net profit of 0.06 billion yuan, down 84.6% year-on-year, primarily due to impairments and increased expenses [2][3] - The company is optimistic about its international expansion and product diversification strategies, with domestic revenue of 16.3 billion yuan (up 1.5% year-on-year) and overseas revenue of 13.76 billion yuan (up 20.1% year-on-year) in 2024. The company expects significant growth in overseas markets in the long term [2][3] - The gross profit margin for 2024 was 22.5%, an increase of 2.8 percentage points year-on-year, while the net profit margin was 4.6%, up 1.2 percentage points year-on-year. The company achieved a reduction in procurement costs by 5.1% year-on-year [3] Summary by Sections Financial Performance - In 2024, the company achieved total revenue of 30.06 billion yuan, with a year-on-year growth of 9.24%. The net profit attributable to shareholders was 1.33 billion yuan, reflecting a 52.92% increase year-on-year. The earnings per share (EPS) for 2024 was 0.66 yuan [2][10] - The company forecasts revenue of 34.6 billion yuan for 2025, representing a 15% year-on-year increase, with a projected net profit of 2.07 billion yuan, up 35% year-on-year [9][10] Product and Market Analysis - The company reported a revenue of 17.94 billion yuan from earthmoving machinery in 2024, a 12.8% increase year-on-year, with a steady increase in market share for excavators and loaders. The sales of electric loaders increased by 194% year-on-year [2][3] - The company is diversifying its product offerings, with significant growth in other machinery and components, and a 60% increase in mining machinery revenue [3] Cost Management and Profitability - The company has effectively reduced costs, achieving a gross margin of 22.5% in 2024, with domestic gross margin at 17.4% and overseas gross margin at 28.6%. The company is focused on enhancing profitability through cost control and efficiency improvements [3][10] - The company has implemented stock buybacks and equity incentives to boost employee motivation and expand capacity, reflecting confidence in long-term growth [3]

广西柳工机械股份有限公司 第九届独立董事专门会议2025年第一次会议决议 广西柳工机械股份有限公司（简称"公司"）第九届独立董事专门会议 2025 年第 一次会议通知于 2025 年 3 月 16 日通过邮件送达给全体独立董事，在 2025 年 3 月 19 日采取视频的方式如期召开。会议应到独立董事 4 人，实到独立董事 4 人，本次会议的 召开符合《公司法》《上市公司独立董事管理办法》《深圳证券交易所股票上市规则》 及《公司章程》的相关规定，全体独立董事对拟提交公司第九届董事会第二十八次会议 的相关议案进行审议并发表如下审核意见： 一、《关于公司2024年度利润分配预案的议案》 独立董事认为：公司 2024 年度利润分配议案符合利润分配原则，保持了分红的稳 定性，全体股东得以共享公司的发展成果，并兼顾保障了公司的正常经营和长期发展需 求。全体独立董事一致同意议案内容并同意将该议案提交公司董事会审议。 第 1页，共 2页 柳工独立董事专门会议 公司独立董事： 李嘉明、陈雪萍、邓腾江、黄志敏 广西柳工机械股份有限公司 独立董事专门会议 表决结果：同意 4 票，反对 0 票，弃权 0 票。 二、《关于公司确认2 ...

证券代码：000528 证券简称：柳 工 公告编号：2025-15 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 关于公司 2024 年度计提资产减值准备的公告 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 2025 年 3 月 26 日~27 日召开的第九 届董事会第二十八次会议、第九届监事会第二十二次会议分别审议通过了《关于公司 2024 年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》《深圳证券交易所股票上市规则》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 12 月 31 日的应收款项、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。 公司截至 2024 年四季度末各项资产累计计提减值准备净额共计 59,722.54 万元。其 中：应收账款坏账准备计提净额 32,49 ...

广西柳工机械股份有限公司 2024 年度内部控制评价报告 广西柳工机械股份有限公司全体股东： 关规定的要求在所有重大方面保持了有效的财务报告内部控制。 根据《企业内部控制基本规范》及其配套指引的规定和其他内部控制监管要求（以 下简称企业内部控制规范体系），结合本公司（以下简称公司）内部控制制度和评价办 法，在内部控制日常监督和专项监督的基础上，我们对公司 2024 年 12 月 31 日（内部 控制评价报告基准日）的内部控制有效性进行了评价。 一、重要声明 按照企业内部控制规范体系的规定，建立健全和有效实施内部控制，评价其有效性， 并如实披露内部控制评价报告是公司董事会的责任。监事会对董事会建立和实施内部控 制进行监督。经理层负责组织领导企业内部控制的日常运行。公司董事会、监事会及董 事、监事、高级管理人员保证本报告内容不存在任何虚假记载、误导性陈述或重大遗漏， 并对报告内容的真实性、准确性和完整性承担个别及连带法律责任。 公司内部控制的目标是合理保证经营管理合法合规、资产安全、财务报告及相关信 息真实完整，提高经营效率和效果，促进实现发展战略。由于内部控制存在的固有局限 性，故仅能为实现上述目标提供合理保证 ...

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：2025-25 广西柳工机械股份有限公司 关于公司 2025 年度对下属子公司 及参股公司提供担保的公告 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、担保情况概述 （一）2025 年申请担保额度及 2024 年实际担保情况： 广西柳工机械股份有限公司（以下简称"公司"或"柳工股份"）2025 年 3 月 26 日~27 日召开的第九届董事会第二十八次会议、第九届监事会第二十二次会议分别审议通过了 《关于公司 2025 年度对下属子公司及参股公司提供担保的议案》，担保具体情况如下： 单位：万元 | 担保方 | 被担保方 | 担保方 | 被担保 | 2024 年批准担 | 截至 2024 | 2025 年申 | 担保额度占 上市公司最 | 是否 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | 持股比 | 方资产 | 保金额 | 年末实际 | 请担保金 | 近一期净资 | 关联 | | ...

广西柳工机械股份有限公司 2024 年度监事会工作报告 2024 年广西柳工机械股份有限公司（以下简称"公司"）监事会根据《中华人 民共和国公司法》（以下简称"《公司法》"）、《中华人民共和国证券法》（以 下简称"《证券法》"）、《深圳证券交易所股票上市规则》（以下简称"《上市规 则》"）、《深圳证券交易所上市公司自律监管指引第 1 号——主板上市公司规 范运作》（以下简称"《规范运作指引》"）等法律法规和《公司章程》的有关规 定，恪尽职守，积极开展相关工作，列席董事会会议和股东大会，并认真履行对 公司规范运作情况和公司董事、高级管理人员履职情况的监督职责，切实维护公 司及全体股东的权益，促进公司规范运作。现将本年度监事会履职情况报告如下： 一、监事会会议召开情况 报告期内，公司监事会共召开七次会议，公司监事均亲自出席了所有会议， 认真审议了每项议案并审慎进行表决。同时，公司监事还按规定列席了公司董事 会会议和出席了公司召开的股东大会。公司监事会报告期内召开会议和审议议案 的情况如下： | 序 | 监事会 | 召开日期 | 决议公告 | 审议事项 | | --- | --- | --- | --- | --- ...