Industry Research - The industrial gas industry in China is developing rapidly, with continuous market expansion and a focus on companies with stable cash flow and revenue scale [3] - There is a significant wave of domestic substitution in the electronic specialty gas sector, prompting attention to the product development and capacity expansion of industrial gas companies entering this field [3] Company Research - LiuGong (000528.SZ), established in 1958, has evolved into a major manufacturer of various machinery, including excavators and loaders, and ranks 19th globally and 4th domestically in the engineering machinery sector [3][4] - In 2023, LiuGong achieved a revenue of 27.52 billion yuan, maintaining a leading market share in the domestic loader segment [3] - For the first three quarters of 2024, LiuGong reported a net profit attributable to shareholders of 1.32 billion yuan, reflecting a year-on-year growth of 59.8% [3]

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：2025-12 广西柳工机械股份有限公司 关于举行 2024 年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 2025 年 3 月 29 日披露《柳工 2024 年年度报告》及其摘要。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 2025 年 3 月 31 日（星期一）通过网络方式举办 2024 年年 度业绩说明会，与投资者进行沟通交流，具体情况如下： 一、业绩说明会召开时间和方式 召开时间：2025 年 3 月 31 日（星期一）15:00-16:30 召开方式：网络及电话会议 二、公司出席人员 （一）董事长兼 CEO 曾光安先生，独立董事李嘉明先生； （二）高级副总裁文武先生、高级副总裁罗国兵先生、董事会秘书黄华琳先生、总 工程师林明智先生、会计机构负责人樊丽君女士、电动技术与产品研究院院长赵明先生 及相关部门负责人。 三、投资者参与方式 （一）报名方式 ...

Investment Rating - The report gives a "Buy" rating for the company, indicating a positive outlook for its future performance [4][15][6]. Core Viewpoints - The company is a well-established state-owned enterprise in the engineering machinery sector, with a solid industry position and a diverse product line [25][26]. - The company is expected to benefit significantly from the recovery of industry demand driven by equipment upgrades and macroeconomic policies [1][45]. - The rapid electrification of loaders presents substantial growth opportunities for the company's revenue [2][3]. - The company has a strong potential for export growth, particularly in emerging markets, which will support its overall performance [3][13]. - The mixed-ownership reform has injected new growth momentum into the company, opening up new business lines [4][5]. Summary by Sections Company Overview - The company was founded in 1958 and has evolved into a major manufacturer of various types of machinery, achieving a revenue of 27.52 billion yuan in 2023, ranking 19th globally and 4th domestically in the engineering machinery sector [25][26]. - The company has a strong market share in loaders, with 19,000 units sold in 2023, maintaining its leading position in the domestic market [26][30]. Growth Logic - **Equipment Upgrades**: The engineering machinery industry is currently at a cyclical low, but demand is expected to recover as macro policies take effect, with significant support from equipment upgrades [1][45]. - **Loader Electrification**: The electrification of loaders is accelerating, with a projected sales growth of 212.1% in 2024, indicating a substantial market expansion opportunity [2][3]. - **Export Potential**: The export value of China's engineering machinery has grown significantly, with the company achieving overseas revenue of 11.46 billion yuan in 2023, representing a 41.7% share of total revenue [3][41]. - **Mixed-Ownership Reform**: The reform has improved operational efficiency and broadened the product range, with new business lines expected to contribute positively to overall performance [4][5]. Financial Forecast and Valuation - The company is projected to achieve net profits of 1.38 billion, 2.12 billion, and 2.74 billion yuan for the years 2024 to 2026, respectively, with corresponding P/E ratios of 19, 12, and 9 [4][15]. - The revenue growth rate is expected to be 9.83% in 2024, 17.57% in 2025, and 15.14% in 2026, indicating a robust growth trajectory [5][15].

Investment Rating - The report gives a "Buy" rating for the company, indicating a positive outlook for its future performance [4][15][6]. Core Viewpoints - The company is a well-established state-owned enterprise in the engineering machinery sector, with a solid industry position and a diverse product line [25][26]. - The company is expected to benefit significantly from the recovery of industry demand driven by equipment upgrades and macroeconomic policies [1][45]. - The rapid electrification of loaders presents substantial growth opportunities for the company's revenue [2][3]. - The company's international expansion and export potential remain strong, with significant growth in overseas revenue [3][41]. - The mixed-ownership reform has injected new growth momentum into the company, broadening its product offerings [4][5]. Summary by Sections Company Overview - The company was founded in 1958 and has evolved into a major manufacturer of various types of machinery, achieving a revenue of 27.52 billion yuan in 2023, ranking 19th globally and 4th domestically in the engineering machinery sector [25][26]. - The company has a strong market share in the domestic loader market, with 19,000 units sold in 2023 [26]. Growth Logic - **Equipment Upgrades**: The engineering machinery industry is at a cyclical low, but demand is expected to recover as infrastructure and real estate sectors improve. The company is projected to benefit from this recovery [1][45]. - **Loader Electrification**: The electrification of loaders is accelerating, with a projected sales growth of 212.1% in 2024. The market size for electric loaders could reach 501.1 billion yuan by 2026 [2][3]. - **Export Potential**: From 2014 to 2024, China's engineering machinery export value increased from 19.79 billion USD to 52.86 billion USD, with the company achieving 11.46 billion yuan in overseas revenue in 2023, a 41.2% increase [3][41]. - **Mixed-Ownership Reform**: The reform has improved operational efficiency and expanded product categories, with new business lines expected to contribute significantly to overall performance [4][5]. Financial Forecast and Valuation - The company is projected to achieve net profits of 1.38 billion yuan, 2.12 billion yuan, and 2.74 billion yuan for the years 2024 to 2026, respectively, with corresponding P/E ratios of 19, 12, and 9 [4][15]. - The revenue growth rate is expected to be 9.83% in 2024, 17.57% in 2025, and 15.14% in 2026, indicating a positive trend in financial performance [5][15].

证券代码：000528 证券简称：柳 工 公告编号：2025-11 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 关于可转换公司债券 2025 年付息的公告 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。 重要提示： 1. 柳工转 2（转债代码：127084）将于 2025 年 3 月 27 日按面值支付第二年利 息，每 10 张"柳工转 2"（面值 1,000.00 元）利息为 4 元（含税）； 2. 债权登记日：2025 年 3 月 26 日（星期三）； 3. 除息日：2025 年 3 月 27 日（星期四）； 4. 付息日：2025 年 3 月 27 日（星期四）； 5. "柳工转 2"票面利率：第一年 0.20%，第二年 0.40%，第三年 1.00%，第四年 1.50%，第五年 2.30%，第六年 3.00%； 6. "柳工转 2"本次付息的债权登记日为 2025 年 3 月 26 日，凡在 2025 年 3 月 26 日（含）前买入并持有本期债券的投资者享有本次派发的利息。2025 年 3 月 26 日卖出 本期债券的投资者 ...

证券代码：000528 证券简称：柳 工 公告编号：2025-10 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 关于续签募集资金监管协议的公告 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《广西 ...

培训情况报告 根据《深圳证券交易所上市公司自律监管指引第 13 号——保荐业务》的要 求，参加本次培训的人员为董事、监事、高级管理人员、中层以上管理人员及上 市公司控股股东代表等相关人员等。 2025 年 2 月 26 日，华泰联合证券相关人员按照《深圳证券交易所上市公司 自律监管指引第 13 号——保荐业务》的要求完成了对柳工的董事、监事、高级 管理人员、中层以上管理人员及公司控股股东代表等相关人员的持续培训工作， 特向贵所报送培训工作报告。 一、培训的主要内容 2025 年 2 月 26 日，保荐代表人和培训工作小组根据通过采取线下与线上结 合授课以及发放课件的方式对董事、监事、高级管理人员、中层以上管理人员及 公司控股股东代表等相关人员培训。本次培训重点介绍了资本市场近况、并购重 组最新政策和上市公司规范运作的相关内容，并结合相关案例进行讲解。本次培 训促使上述对象增强对资本市场、相关政策和法律法规的理解、重视上市公司运 作的规范性，强化法制观念和诚信意识，切实理解作为上市公司关键少数、核心 人员在公司规范运作等方面所应承担的责任和义务。 1 华泰联合证券有限责任公司 关于广西柳工机械股份有限公司 持续 ...

现场检查报告 华泰联合证券有限责任公司 关于广西柳工机械股份有限公司 2024 年现场检查报告 根据中国证监会《证券发行上市保荐业务管理办法》和《深圳证券交易所上 市公司自律监管指引第 13 号——保荐业务》等有关法律法规的要求，华泰联合 证券有限责任公司作为广西柳工机械股份有限公司（以下简称"柳工"或"公司"） 向不特定对象发行可转换公司债券的保荐人，于 2025 年 2 月 26-27 日对广西柳 工机械股份有限公司 2024 年有关情况进行了现场检查，报告如下： | 保荐人名称：华泰联合证券有限责任公司 被保荐公司简称：柳工 | | | | | --- | --- | --- | --- | | 保荐代表人姓名：杨铭 联系电话：0755-81902000 | | | | | 保荐代表人姓名：杨柏龄 联系电话：0755-81902000 | | | | | 现场检查人员姓名：杨柏龄 | | | | | 现场检查对应期间：2024 年度 | | | | | 现场检查时间：2025 年 2 月 26-27 日 | | | | | 一、现场检查事项 现场检查意见 | | | | | （一）公司治理 是 | 否 ...

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].