Summary of Conference Call Notes Company and Industry Overview - The discussion revolves around the engineering machinery industry, specifically focusing on a company referred to as "LiuGong" which is a leading player in this sector [doc id='17'][doc id='11']. Core Insights and Arguments 1. **Investment Strategy and Research Approach**: The company emphasizes the importance of continuity in investment perspectives and aims to publicly summarize its predictions and errors over time, indicating a commitment to transparency in research and investment decisions [doc id='1']. 2. **Domestic Demand Expectations**: The company expresses low expectations for domestic demand, particularly in real estate, which is viewed as a core driver for engineering machinery. Historical comparisons with Japan and the US support this view [doc id='2']. 3. **Flat Upward Cycle Concept**: The company introduces the idea of a "flat upward cycle" in demand, suggesting that while there may be growth, it will not reach previous highs, particularly in the context of real estate's influence [doc id='3']. 4. **Performance of Excavators**: There has been a notable increase in excavator sales, particularly in early 2023, with expectations of continued growth. However, this growth is viewed as different from historical trends driven by real estate [doc id='5'][doc id='6']. 5. **International Market Expansion**: The company highlights strong growth in the Asia, Africa, and Latin America regions, where Chinese companies are expanding their market share and product offerings [doc id='7']. 6. **Stock Performance and Market Sentiment**: The stock performance of state-owned enterprises has been strong, but the engineering machinery sector has seen a more subdued market reaction despite positive data expectations [doc id='8']. 7. **Profitability and Management Reforms**: The company discusses ongoing management reforms aimed at improving profitability and operational efficiency, which are expected to yield long-term benefits [doc id='10'][doc id='21']. 8. **Focus on Key Companies**: LiuGong is identified as a key player within the engineering machinery sector, with expectations for higher growth rates compared to its peers [doc id='11']. 9. **Export Growth and Challenges**: The company notes that while export growth has slowed, there are still opportunities in emerging markets, particularly in Southeast Asia and South America, driven by resource demands [doc id='29'][doc id='30']. 10. **Technological Advancements**: LiuGong has been proactive in adopting electric machinery, with significant advancements in electric excavators and loaders, positioning itself as a leader in this transition [doc id='33']. Additional Important Insights 1. **Financial Performance Metrics**: The company reports a significant increase in overseas revenue, with a 50% CAGR from 2020 to 2023, indicating strong international growth [doc id='18']. 2. **Market Dynamics**: The engineering machinery market is experiencing structural changes, with water conservancy projects seeing a 40% increase in investment, contrasting with more stable real estate investments [doc id='25']. 3. **Risk Factors**: Key risks include fluctuations in steel prices and exchange rates, which could impact profitability and operational costs [doc id='14']. 4. **Cash Flow Management**: The company has maintained stable cash flow management, although there are concerns about increasing accounts receivable due to longer collection cycles in overseas markets [doc id='24']. 5. **Future Outlook**: The company anticipates continued growth in EPS and profitability, driven by operational efficiencies and market expansion, despite potential valuation constraints [doc id='41']. This summary encapsulates the key points discussed in the conference call, providing a comprehensive overview of the company's strategic direction, market conditions, and financial performance.

Summary of the Conference Call on the Engineering Machinery Industry Industry Overview - The engineering machinery industry is showing signs of recovery, with expectations for both export and domestic demand to rebound. The excavator index is projected to turn positive year-on-year starting from Q1 2024, validating market expectations for a reversal in the sector [3][5][4]. Key Points and Arguments - **Market Recovery**: The engineering machinery industry is expected to continue its recovery, with various product categories, including excavators, anticipated to stabilize and rise. Increased market share in both domestic and international markets will attract more investment [3][5]. - **Leading Companies**: Sany Heavy Industry is highlighted as a leading company that will show significant elasticity during the industry's recovery phase. The company recently issued H-shares, indicating confidence in future growth, and has a relatively low institutional holding ratio, making it an attractive investment option [3][9]. - **Hydraulic Components**: Hengli Hydraulic, a key supplier of hydraulic components, has a positive production plan indicating favorable future expectations. The company is gaining market share globally and has significant growth potential in its core components business, presenting opportunities for both valuation and profit enhancement [3][6]. - **Government Policies**: Recent government reports indicate positive policy directions, including increased investment in infrastructure and a recovering real estate market. Initiatives such as the Belt and Road Initiative and post-conflict reconstruction needs are expected to create new opportunities for Chinese companies [3][7]. - **Financial Support**: The government has announced a deficit rate of 4%, an increase in funding by 1.6 trillion yuan, and an additional 500 billion yuan in local government special bonds to support infrastructure and real estate development. This has led to a sustained recommendation for the engineering machinery sector [3][8]. - **Profit Growth**: Leading companies in the sector are expected to see net profit growth of 20%-30% in Q1, further driving interest in the engineering machinery sector [3][8]. - **Emerging Technologies**: Companies like Hengli Hydraulic are making significant advancements in humanoid robotics and related components, while Zoomlion and Anhui Heli are also making strides in intelligent logistics robotics, which are worth monitoring [3][10]. Additional Important Insights - **Market Valuation**: The engineering machinery sector is currently undervalued, with most leading companies trading at 13-14 times earnings, except for Sany Heavy Industry, which is at about 20 times. This presents an attractive investment opportunity despite recent price increases [3][12]. - **Growth Drivers**: Future growth in the engineering machinery sector will be driven by increased domestic and international infrastructure demand, the initiation of equipment replacement cycles, and positive government policies aimed at stabilizing the economy [3][13]. - **Spring Market Outlook**: The spring market for 2025 is expected to be promising, with optimistic sales forecasts for excavators and other machinery based on production plans from leading suppliers [3][14]. - **Replacement Cycle Impact**: The replacement cycle is influenced by government policies, natural equipment aging, and the demand for second-hand machinery, collectively driving market growth [3][15]. - **Intelligent Logistics**: The integration of intelligent logistics robots into the forklift industry is becoming increasingly significant, with several companies innovating in this space [3][16]. - **International Market Performance**: The performance in South America, the Middle East, Africa, and Belt and Road countries has been strong, while the European and American markets are expected to recover in 2025 [3][20]. - **Valuation Impact from Robotics**: The humanoid robotics sector is positively influencing the valuation of related companies, with significant developments in logistics and automation [3][21]. - **Profitability Enhancement**: Main manufacturers are focusing on cost reduction, increasing export ratios, and improving profitability, which is expected to yield strong performance even in a stable market [3][22]. - **Company-Specific Strategies**: Each leading company has unique strategies for growth, such as XCMG's focus on asset repair and overseas market share, and Sany's strong cash flow and product structure [3][23]. - **Future Prospects for Liugong**: Liugong is expected to continue its growth trajectory, particularly in excavators, benefiting from overseas demand and market integration efforts [3][24]. - **Hengli Hydraulic's Developments**: Hengli Hydraulic is gaining attention for its capabilities in humanoid robotics and hydraulic systems, indicating strong growth potential [3][25]. - **Emerging Companies in Forklift Sector**: New entrants like Zhongli Co., Ltd. are noted for their innovative contributions and high internationalization, suggesting significant future potential [3][26]. - **Overall Sector Outlook**: The engineering machinery sector is viewed optimistically for 2025, with various companies expected to perform well as the cycle recovers [3][27].

Summary of the Conference Call on the Engineering Machinery Sector Industry Overview - The domestic engineering machinery industry in China is experiencing an unexpected recovery in 2025, with significant growth in excavator sales. In February 2025, domestic excavator sales are expected to exceed 10,000 units, a year-on-year increase of approximately 70% compared to February 2024, which had sales of 5,837 units. The overall sales growth for January and February is projected to be between 30% and 40% year-on-year [3][12][15]. Key Company Insights: Liugong - Liugong has set a clear sales target of 120,000 to 130,000 excavators for 2025, representing a year-on-year growth of 20% to 30% compared to 100,000 units in 2024. The demand is driven by new rural construction, high-standard farmland projects, and water conservancy projects [4][10]. - The company aims to achieve a revenue target of 50 billion RMB by 2027, with a net profit margin of 8%, translating to a net profit of approximately 4 billion RMB. If valued at a 15x PE ratio, the future market capitalization could reach 60 billion RMB, significantly higher than the current market cap of 26 billion RMB [5][10]. - Liugong has made progress in the electric product sector, with positive feedback on electric products in the European market. The high unit price and gross margin of electric products in Europe are expected to enhance profitability through increased export sales [6][10]. - The company’s 350 horsepower agricultural tractor products show potential for rapid growth, with plans for small-scale production in 2025 and large-scale production in the following years. The high unit price and gross margin of these tractors are expected to improve overall profitability [7][10]. - Liugong is implementing cost-reduction measures through intelligent production, centralized procurement, and increased automation of components. An incentive system for excess profit has been introduced to enhance employee motivation and execution [8][10]. - Given the unexpected recovery in the domestic engineering machinery sector, Liugong, as a leading manufacturer with alpha attributes, is expected to see its valuation rise to 15x PE or higher. The projected revenue for 2025 is 34.6 billion RMB, with a net profit margin of 6%, resulting in a net profit of approximately 2 to 2.1 billion RMB [9][10]. Market Dynamics - The overseas demand for engineering machinery is expected to decline in 2025 but at a reduced rate, with a potential recovery in 2026. Demand in regions such as Africa, the Middle East, India, and South America is anticipated to grow, while demand in the Russian-speaking regions, Europe, and North America remains weak [3][13]. - The engineering machinery sector is witnessing a strong demand for large excavators driven by the metal and coal mining industries, with small excavators currently performing the best in terms of sales [18][19]. - The overall recovery of the engineering machinery industry is supported by strong demand from downstream projects, despite some discrepancies in construction activity and raw material prices [19][20]. Conclusion - The engineering machinery industry in China is on a robust recovery path in 2025, with Liugong positioned to capitalize on this growth through strategic initiatives and market demand. The company's focus on electric products and high-margin machinery is expected to enhance its profitability and market valuation in the coming years [3][10][20].

中国资产午后走强。 5日，A股午后在金融板块的带动下发力拉升，上证50指数涨0.77%，北证50指数大涨近3%；港股走势强劲，恒生指数涨近3%，恒生科技指数大涨超4%。个 股方面，同程旅行涨超10%，小米集团、华虹半导体、京东健康涨超7%，京东集团、腾讯控股涨约3%。 具体来看，沪指午后在金融板块的带动下发力上攻，深证成指、创业板指翻红，北证50指数表现强势。截至收盘，沪指涨0.53%报3341.96点，深证成指涨 0.28%报10709.46点，创业板指涨0.01%报2190.36点，上证50指数涨0.77%，北证50指数涨2.82%，沪深北三市合计成交15459亿元，较昨日增加659亿元。 银行、保险、券商板块集体上扬，成都银行涨超3%，中信银行、招商银行等涨超2%；工程机械板块大幅拉升，山东矿机、柳工、山推股份等涨停；6G概念 爆发，本川智能、三维通信、兴森科技等涨停；人形机器人概念热度不减，一博科技、隆盛科技续创新高，捷昌驱动、兆威机电、智微智能等斩获两连板； 算力概念走高，元道通信、拓维信息、纵横通信等涨停，并行科技大涨超17%。 金融板块拉升 银行板块盘中发力拉升，截至收盘，成都银行涨超3%，中信 ...

Summary of Key Points from the Conference Call Industry Overview - The engineering machinery industry experienced significant market changes in 2024, with unexpected positive growth in excavator sales starting in March, leading to improved performance in Q1 reports and a notable stock price increase in May [2][4] - The domestic demand in China is expected to exceed expectations in early 2025, reversing the downward trend in main engine manufacturers' revenues from 2021 to 2024, with scale effects likely to enhance gross and net profit margins [2][4] - Key factors influencing the engineering machinery industry's development include the sustainability of domestic market recovery, the impact of the real estate cycle, and the expansion of Chinese enterprises in Africa and Latin America [2][5] Company-Specific Insights: Liugong - Liugong has achieved significant results through reforms aimed at cost reduction and efficiency improvement, with a stable management team and strong reform momentum indicating an optimistic future outlook [2][6] - The company has maintained its leading position in the electric charging pile market, with a market share of 25% and a significant year-on-year increase in sales [2][12] - Liugong's revenue and profit are expected to grow in the context of a recovering domestic market, with a focus on continuous reform and improvement in profitability [2][9] Market Trends and Financial Performance - The engineering machinery sector has seen a loosening of capital flow recently, but upcoming events such as the Two Sessions and sales data releases may lead to a rebound in stock performance [2][7] - The company has shown improved profitability, but the sustainability of this improvement remains to be observed [2][7] - Liugong's revenue and profitability have been positively impacted by the ongoing national enterprise reform, which has injected operational vitality and improved efficiency [2][18] Future Outlook and Investment Opportunities - The engineering machinery industry is projected to achieve positive growth in 2025, with small-tonnage equipment remaining resilient and significant growth in water conservancy infrastructure investment [2][19] - Key investment opportunities include companies like Liugong, XCMG, SANY, and Zoomlion, each with unique investment value and strategic focuses [2][15] - The overseas market demand is expected to vary, with Southeast Asia, South America, and the Middle East showing positive trends, while North America and Europe may experience weaker demand [2][20] Risks and Challenges - The industry faces risks related to the sustainability of domestic demand recovery and the influence of the real estate cycle on machinery demand [2][5] - Fluctuations in exchange rates and raw material prices, particularly steel, could impact profit margins [2][14] - The need for supply chain optimization and monitoring of overseas market conditions, especially in Eastern Europe, is crucial for future growth [2][14] Conclusion - Liugong's strong technological foundation and proactive approach to reforms position it well for future growth, with expectations of continued revenue and profit increases [2][10][18] - The engineering machinery industry is at a pivotal point, with potential for recovery and growth driven by domestic demand and international market expansion [2][19][20]

证券代码：000528 证券简称：柳 工 公告编号：2025-09 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 广西柳工机械股份有限公司（以下简称"公司"）于 2024 年 11 月 28 日召开第九届 董事会第二十六次（临时）会议，审议通过了《关于公司回购股份方案（第二期）的 议案》，同意公司使用自有资金及股票回购专项贷款资金通过集中竞价的方式回购部 分公司已发行的人民币普通股（A 股）股票，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 30,000 万元（含）且不超过人民币 60,000 万元 （含），回购价格为不超过人民币 18.20 元/股（含），该价格不高于董事会通过回购 决议前三十个交易日公司股票交易均价的 150%。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。上述具体内容详见公司于 2024 年 12 月 3 日在巨潮资讯网 （www.cninfo.com.cn）披露的《公司第九届董事会第二十六次（临时）会议决议公告》 （公告编号：2024-81）、《公司关于回购股份方案（第二期）暨取得金融机构股份回 购专项贷款承诺函的公告》（公告编 ...

Investment Rating - The report maintains an "Overweight" rating for the engineering machinery industry [6]. Core Insights - The excavator sales in January 2025 showed resilience during the traditionally slow season, with domestic sales of 5,405 units and exports of 7,107 units, reflecting a year-on-year growth of 0% and 2% respectively [2]. - The report highlights a positive trend in domestic demand for excavators, particularly small excavators, driven by the aging workforce and the need for machinery to replace labor [3]. - The rapid growth of second-hand excavator exports is expected to support domestic demand for new machines, as seen in the historical context of Japan's machinery market [4]. Summary by Sections Section 1: Market Performance - In January 2025, excavator domestic sales were stable compared to the same period in 2024, while loaders and cranes saw declines of 20% and 18% respectively [2]. - The operating hours for Komatsu China showed a year-on-year increase in late 2024, indicating a recovery in equipment utilization rates [2]. Section 2: Small Excavator Growth - Small excavators accounted for 75,000 units sold in 2024, marking a 21% increase year-on-year, while larger excavators saw declines [3]. - Price adjustments for small excavators have been noted, with several manufacturers increasing prices, indicating a potential easing of price competition in the future [3]. Section 3: Recommendations - The report recommends leading manufacturers with a higher proportion of excavator sales, specifically SANY Heavy Industry, XCMG, and LiuGong, as key investment opportunities [5]. - The expected recovery in domestic demand for engineering machinery is anticipated to benefit these companies significantly [5]. Section 4: Target Prices and Valuations - Target prices for recommended stocks are set as follows: SANY Heavy Industry at 19.49 CNY, XCMG at 9.42 CNY, and LiuGong at 15.30 CNY, all with a "Buy" rating [9][21].

证券代码：000528 证券简称：柳 工 公告编号：2025-08 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 关于非公开发行股份部分解除限售上市流通的提示性公告 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。 特别提示： 2022 年 3 月 31 日、2023 年 2 月 22 日，公司分别完成部分 2018 年限制性股票 回购注销，总股本由 1,955,019,991 股减少为 1,951,261,261 股。 2023 年 7 月 28 日，公司基于吸收合并交易业绩承诺实现情况及补偿方案完成广 西柳工集团有限公司（以下简称"柳工集团"）业绩补偿股份的回购注销，总股本由 1,951,261,261 股减少为 1,951,205,775 股。 1、本次解除限售上市流通的股份数量为 537,484,776 股，占广西柳工机械股份有 限公司（以下简称"柳工"或"公司"）截止 2 月 21 日股本总额的 26.6183%。 2、本次限售股上市流通日期为 2025 年 3 月 4 日。 一、公司非公开发行股份的基本情况 经中国证券监督管理 ...

中信证券股份有限公司 关于广西柳工机械股份有限公司吸收合并 （一）本次限售股核准情况 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向广西柳工集团有限公司等发行股份吸收合并广西柳工集 团机械有限公司的批复》（证监许可[2021]4021 号）核准，广西柳工机械股份 有限公司向 9 名投资者非公开发行 A 股股票合计 991,782,278 股，具体发行情 况如下： | 序号 | 发行对象 | 发行股份数量（股） | 限售期 | | --- | --- | --- | --- | | 1 | 广西柳工集团有限公司 | 505,809,038 | 个月 36 | | 2 | 广西招工服贸投资合伙企业（有限合伙） | 150,867,425 | 个月 12 | | 3 | 国新双百壹号（杭州）股权投资合伙企业 | 99,845,895 | 12 个月 | 广西柳工集团机械有限公司暨关联交易 之部分限售股解禁上市流通的核查意见 中信证券股份有限公司（以下简称"中信证券"或"独立财务顾问"）作为 广西柳工机械股份有限公司（以下简称"柳工"、"公司"或"上市公司"）吸 收合并广西柳 ...

Investment Rating - The report maintains a "Buy" rating for the company with a target price of 14.85 CNY based on a 14x PE for 2025 [4]. Core Views - The company is leveraging reforms to drive growth, with significant profit releases observed. The integration of various business segments post-reform is expected to enhance operational efficiency and profitability [1][25]. - Domestic and international demand for construction machinery is anticipated to rise, with excavator sales in China projected to reach 100,500 units in 2024, reflecting an 11.7% year-on-year increase [2][43]. - The company is focusing on modularization and standardization of excavator components, which is expected to boost market share and revenue growth in both domestic and international markets [3][50]. Summary by Sections 1. Reform-Driven Growth - The company has undergone significant structural changes, including the introduction of mixed ownership and the absorption of subsidiaries, which have optimized its equity structure and operational efficiency [1][12]. - A second round of stock incentives was launched in 2023, with a total of 58.54 million shares allocated, aimed at enhancing ROE and profit growth [21][25]. - The company has diversified its product offerings, reducing reliance on earth-moving machinery and integrating pre-stressed and agricultural machinery to mitigate cyclical fluctuations [16][18]. 2. Demand Outlook - Domestic excavator sales are expected to stabilize, with a recovery in the replacement cycle supporting ongoing demand growth [2][43]. - Internationally, demand is projected to rebound, particularly in mature markets and emerging regions, driven by economic stimulus measures [2][30]. 3. Excavator Market Dynamics - The company is enhancing its market position in the excavator segment, with a continuous increase in market share expected through 2024 [3][44]. - The global market share remains low, indicating substantial growth potential, especially as overseas demand improves [3][50]. 4. Financial Projections - Revenue forecasts for 2024-2026 are estimated at 30.135 billion, 35.027 billion, and 40.786 billion CNY, with net profits projected at 1.371 billion, 2.141 billion, and 2.882 billion CNY respectively [4][7]. - The company's net profit margin is expected to improve, with a significant increase in profitability observed in recent quarters [28][33].