证券代码：000528 证券简称：柳 工 公告编号：2024-78 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 2024 年第三季度计提资产减值准备公告 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 10 月 21 日召开的第九 届董事会第二十五次会议审议通过了《关于公司 2024 年第三季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》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 9 月 30 日应收款项、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 2024 年第三季度各项资产计提减值准备净额共计 7,011.37 万元。其中，应收 账款坏账准备计提净额 2,396.78 万元，其他应收坏账准备计提净额 2,337.53 万元，长 期应收坏账 ...

证券代码：000528 证券简称：柳 工 公告编号：2024-76 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 第九届监事会第十九次会议决议公告 本公司及监事会全体成员保证公告内容的真实、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"）第九届监事会第十九次会议通知于 2024 年 10 月 11 日以电子邮件方式发出，会议于 2024 年 10 月 21 日在公司总部会议 室如期召开。会议应到监事三名，实到监事三名，符合《公司法》和《公司章程》关于 召开监事会的有关规定。会议经审议、表决，形成如下决议： 第 1 页，共 2 页 监事会认为：公司按照《企业会计准则》和监管有关规定，根据公司各项资产的实 际情况，对 2024 年三季度各项资产进行减值测试并计提减值准备。计提减值准备后能 够更加公允地反映公司截至 2024 年 9 月 30 日的资产状况。该项议案的决策程序符合 相关法律法规的规定，不存在损害公司和中小股东利益的情况，监事会同意本次计提资 柳工监事会公告 产减值准备。 该项议案获 3 票赞成，0 票反对，0 票弃权。 该议案具 ...

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：2024-75 广西柳工机械股份有限公司 第九届董事会第二十五次会议决议公告 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 11 日以电 子邮件方式发出召开第九届董事会第二十五次会议的通知，会议于 2024 年 10 月 21 日 采取现场（公司总部会议室）+通讯的方式如期召开。会议应到会董事 11 人，实到会董 事 11 人（其中外部董事苏子孟先生、董佳讯先生、王建胜先生、独立董事李嘉明先生、 陈雪萍女士采取通讯方式参会）。公司监事会所有监事列席了会议。董事长曾光安先生 主持此次会议。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 2024 年第三季度报告的议案》 该议案具体内容详见公司同时在《中国证券报》《证券时报》及巨潮资讯网 （www.cninfo.com.cn）披露的《柳工 2024 年第三季度报告 ...

证 券 2024 年 10 月 21 日 研 告 | --- | --- | --- | |-------------------------------------------------------------|-------------------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------ ...

证券代码：000528 证券简称：柳 工 公告编号：2024-74 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 年三季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。 二、公司出席人员 （一）独立董事陈雪萍女士 （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、 会计机构负责人樊丽君女士、国内业务高级总监宁健图先生、副总工程师蔡登胜先生、 新能源总经理赵明先生及相关部门负责人。 三、投资者问题征集及方式 广西柳工机械股份有限公司（以下简称"公司"）将于 2024 年 10 月 23 日披露《2024 年三季度报告》。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 10 月 25 日（星期五）通过网络方式举办 2024 年三季度网上业 绩说明会。 一、业绩说明会召开时间和方式 召开时间：2024 年 10 月 25 日（星期五）15:00-16:30 召开方式：网络方式及电话会议 第 1 页，共 3 页 柳工董事会公告 为广泛听取投 ...

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 | ...