Investment Rating - The investment rating for the company is "Buy (Initiation)" [5]. Core Views - The company is a leading player in the loader market, particularly benefiting from its early advantage in electric loaders, successful overseas expansion, and the efficiency gains from mixed-ownership reform. The company's profitability is expected to continue improving [3][9]. - The engineering machinery industry is at an upward turning point, with domestic demand stabilizing and policies promoting equipment upgrades likely to drive a replacement trend [3][9]. - The trend towards electric loaders is promising due to the narrowing price gap between electric and fuel loaders, lower operational costs of electric loaders, and their compliance with high environmental standards [3][9]. - The company is well-positioned to benefit from the global and electric trends, with significant growth potential in overseas markets [3][9]. Summary by Sections 1. Company Overview - The company, founded in 1958, is the first listed engineering machinery company in China and has established itself as a leader in the loader market, with a consistent top sales position [15]. - The company has successfully expanded its international presence, with overseas revenue growing from 6 billion yuan in 2021 to 11.5 billion yuan in 2023, accounting for 42% of total revenue [7][9]. 2. Industry Analysis - The engineering machinery industry is currently experiencing a recovery phase, with domestic demand expected to rebound as the market stabilizes [10]. - The export of engineering machinery has increased significantly, with sales rising from approximately 270,000 units in 2020 to about 660,000 units in 2023, reflecting a compound annual growth rate (CAGR) of about 35% [10]. 3. Electric Loader Trend - The electric loader market is projected to grow, with expectations that by 2028, the global market size will reach approximately 299 billion yuan, with electric loaders accounting for about 25% of that market [10]. - The operational cost savings of electric loaders are substantial, with an estimated annual savings of about 280,000 yuan, leading to a total cost reduction of around 40% over a five-year lifecycle [10]. 4. Mixed-Ownership Reform and Globalization - The company's mixed-ownership reform, combined with stock incentives and convertible bonds, is expected to significantly enhance profitability [9][11]. - The company has maintained a globalization strategy for over 20 years, achieving over 10 billion yuan in overseas revenue in 2023, marking a new phase of growth driven by globalization and electrification [9][11]. 5. Financial Projections - Revenue projections for 2024-2026 are estimated at 30.39 billion yuan, 35.11 billion yuan, and 40.52 billion yuan, with year-on-year growth rates of approximately 10%, 16%, and 15% respectively [11]. - The net profit attributable to shareholders is expected to reach 1.54 billion yuan, 2.10 billion yuan, and 2.66 billion yuan for the same period, with growth rates of 77%, 37%, and 26% respectively [11].

＃assAuthor＃ 证券研究报告 ＃industryId＃ 机械设备 ＃investSuggestion＃ 增持 ( ＃ investSug gestionCh ange＃ 维持 ） 公 司 点 评 报 告 | --- | --- | |---------------------------------|-------------------------------------| | | | | 日期 | 2024-9-5 | | 收盘价（元） | 9.33 | | 总股本（百万股） | 1978.99 | | 流通股本（百万股） | 1440.69 | | 净资产（百万元） | 17324.07 | | 总资产（百万元） | 47428.68 | | 每股净资产（元） 来源： iFinD | 8.71 ，兴业证券经济与金融研究院整理 | ＃相关报告 relatedReport＃ ＃分析师： emailAuthor＃ 石康 shikang@xyzq.com.cn S1220517040001 郭亚男 guoyanan@xyzq.com.cn S0190522120004 ＃dyCompany＃ 柳工 （ ...

Investment Rating - The report maintains a "Buy" rating for the company with a target price of 14.1, compared to the last closing price of 9.58 [1]. Core Insights - The company's performance aligns with the forecast range, driven by reforms that enhance profitability [1]. - In H1 2024, the company achieved revenue of 16.06 billion, a year-on-year increase of 6.81%, and a net profit attributable to shareholders of 984 million, up 60.20% year-on-year [2]. - The core business of earth-moving machinery shows strong demand, with domestic excavator sales turning positive with a year-on-year growth of 29.5% [2]. - The company is advancing its internationalization strategy, with overseas revenue reaching 7.71 billion, an increase of 18.82% year-on-year [2]. - The company's gross margin improved to 23.40%, up 3.26 percentage points year-on-year, and the net profit margin increased to 6.33%, up 2.21 percentage points year-on-year [2]. Financial Projections - Revenue projections for 2024-2026 are 30.19 billion, 35.00 billion, and 41.16 billion respectively, with net profits of 1.55 billion, 2.10 billion, and 2.71 billion [3]. - The expected growth rates for revenue are 9.7% in 2024, 15.9% in 2025, and 17.6% in 2026 [3]. - The projected diluted earnings per share for 2024-2026 are 0.78, 1.06, and 1.37 respectively, with corresponding price-to-earnings ratios of 12.2, 9.0, and 7.0 [3].

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company reported a revenue of 16.06 billion yuan in the first half of 2024, representing a year-on-year increase of 6.81%, with a net profit attributable to shareholders of 984 million yuan, up 60.20% [2] - The company is actively pursuing reforms and internationalization strategies, achieving significant growth in overseas revenue, which reached 7.71 billion yuan, a year-on-year increase of 18.82%, accounting for 48% of total revenue [2] - Emerging business segments are accelerating development, with the mining machinery business seeing a revenue increase of 71%, and the aerial work machinery business achieving a 124% growth in overseas revenue [2][3] Financial Performance Summary - For 2024, the company forecasts revenue of 30.04 billion yuan, a 9.2% increase from 2023, and a net profit of 1.48 billion yuan, reflecting a 70.9% increase [4] - The gross profit margin is expected to improve to 22.6% in 2024, up from 20.8% in 2023 [4] - The diluted EPS is projected to be 0.75 yuan for 2024, with a corresponding P/E ratio of 12.54 [4][5]

本报告仅供 Choice 东方财富 使用，请勿传阅。 2024 年 09 月 02 日 柳工(000528.SZ) 中报业绩表现优异，盈利能力持续优化 事件：柳工发布 2024 年半年报，上半年，公司实现营业收入 160.6 亿元，同比+6.81%，实现归母净利润 9.84 亿元，同比+60.2%； 单 Q2，公司实现营业收入 81.21 亿元，同比+12.11%，实现归母 净利润 4.86 亿元，同比+62.48%。公司上半年业绩表现优异，超 过此前预告中枢值。 坚定做强土方主业，国际化增长动能延续。2024 年上半年，行 业层面：根据工程机械工业协会，中国挖机总销量 10.32 万台， 同比-5.15%，其中内销 5.34 万台，同比+4.66%，出口 4.98 万台， 同比-13.81%。挖机行业筑底背景下，得益于土石方核心主业跑赢 行业、国际化开拓持续贡献增长，公司收入保持稳健增长。 1）产品层面：上半年，公司核心主业土石方机械实现营收 99.37 亿元，同比+15.91%，收入占比 61.87%，同比+4.85pct。其中，装 载机海外销量持续增长，市占率提升 2pct，电装销量同比+159%， 挖 ...

Investment Rating - The report maintains a "Recommended" investment rating for the company [2][7]. Core Views - The company achieved a revenue of 16.06 billion yuan in H1 2024, representing a year-on-year growth of 6.81%, with a net profit attributable to shareholders of 984 million yuan, up 60.20% year-on-year [3][7]. - The company is deepening its international business, with overseas revenue growing by 18.82% to 7.712 billion yuan in H1 2024, accounting for 48.02% of total revenue, an increase of 4.85 percentage points year-on-year [3][4]. - The engineering machinery segment showed stable revenue growth, with a 7.24% increase to 14.607 billion yuan in H1 2024, despite a challenging domestic market [3][4]. Summary by Sections Financial Performance - In Q2 2024, the company reported revenue of 8.121 billion yuan, a 12.11% increase year-on-year, and a net profit of 486 million yuan, up 62.48% year-on-year [3][7]. - The overall gross margin improved by 3.27 percentage points to 23.40% in H1 2024, driven by cost reductions and a higher proportion of value-added overseas business [4][7]. Business Segments - The engineering machinery segment's revenue rose by 7.24% to 14.607 billion yuan, with earth-moving machinery revenue increasing by 15.91% to 9.937 billion yuan, accounting for 61.87% of total revenue [3][4]. - The company launched 62 international products in H1 2024, enhancing its market share in emerging markets [3][4]. Profitability Forecast - The report projects EPS for 2024, 2025, and 2026 to be 0.74 yuan, 0.97 yuan, and 1.19 yuan respectively, with corresponding dynamic P/E ratios of 12.95, 9.88, and 8.05 times based on the closing price of 9.58 yuan on August 30 [7][8].

Group 1: Financial Performance - The company's domestic gross profit increased by 3.97% year-on-year, attributed to supplier structure optimization, cost reduction, and improved product structure [4] - Operating cash flow for the first half of the year was 1.12 billion CNY, aligning with expected targets, driven by profit management and asset optimization [5] - The company achieved a dividend payout ratio of 45% for the 2023 fiscal year, maintaining a high level of shareholder returns [5] Group 2: Market Expansion - The overseas market revenue grew by nearly 20% in the first half of the year, with all regions achieving profitability [2] - Emerging markets, particularly Africa and South Asia, saw significant revenue growth, with market share increasing by 9.4 percentage points and 3.0 percentage points, respectively [2] - The company anticipates a 10% decline in the overall market for the second half of the year, with regional performance showing divergence [2] Group 3: Product Development and Innovation - The company is the first in the industry to apply full-series electric technology, with 11 product lines covering various machinery types [4] - Significant progress has been made in the field of electric and autonomous construction machinery, with three national standards for electric engineering machinery established [4] - The company plans to enhance its excavator component system by focusing on core technology development and establishing a standardized parts framework [5] Group 4: Strategic Responses to Market Challenges - The company is addressing potential impacts from tariffs and trade barriers in the European and American markets by diversifying its layout and optimizing its supply chain [4] - The competitive landscape for electric loaders is intense, with the company emphasizing the importance of technological innovation over price competition [4] - The company aims to maintain a high level of operational efficiency and profitability through continuous reforms and improvements in its business model [5]

Investment Rating - The report maintains a "Buy" rating for the company, with a current price of 9.36 CNY and a target price not specified for the next six months [1]. Core Insights - The company reported a significant performance increase in H1 2024, achieving revenue of 16.06 billion CNY, a year-on-year increase of 6.8%, and a net profit attributable to shareholders of 9.8 billion CNY, up 60.2% year-on-year [1]. - The company's gross margin improved to 23.4%, up 3.27 percentage points year-on-year, driven by business structure optimization and effective cost control across the value chain [1]. - The company’s overseas revenue reached 7.71 billion CNY, a year-on-year increase of 18.8%, with a gross margin of 29.1% [1]. Summary by Sections Financial Performance - In Q2 2024, the company achieved revenue of 8.12 billion CNY, a 12.1% increase year-on-year, and a net profit of 4.9 billion CNY, up 62.5% year-on-year [1]. - The net profit forecast for 2024-2026 is 1.38 billion CNY, 1.81 billion CNY, and 2.25 billion CNY, respectively, with a compound annual growth rate of 37% [1][2]. Business Segments - The earthmoving machinery segment generated revenue of 9.94 billion CNY in H1 2024, a 15.9% increase year-on-year, with a gross margin of 26.2% [1]. - The company’s product mix and comprehensive solutions have led to strong performance in both domestic and international markets, with domestic revenue at 8.35 billion CNY, down 2.3% year-on-year [1]. Market Position - The company’s key products, including loaders and excavators, showed steady growth, with loader sales increasing significantly in overseas markets [1]. - The market share for excavators in China increased by 3 percentage points, with domestic sales growing by 29.5% year-on-year [1]. Valuation Metrics - The company’s price-to-earnings (PE) ratio is projected to be 13, 10, and 8 for the years 2024, 2025, and 2026, respectively [2]. - The return on equity (ROE) is expected to rise from 5.23% in 2023 to 10.48% by 2026 [2].

来源：公司年报、国金证券研究所 柳工 (000528.SZ) 买入(维持评级) 业绩简评 8 月 28 日，公司发布 24 年半年报告，24H1 公司收入 160.60 亿元， 同比+6.81%；归母净利润 9.84 亿元，同比+60.20%；其中单 Q2 实 现收入 81.21 亿元，同比+12.11%；归母净利润 4.86 亿元，同比 +62.48%，单季度归母净利润超出业绩预告中值，略超市场预期。 经营分析 海外：重视出口机遇，24H1 公司海外收入超过 45%。根据公告， 24H1 公司海外市场实现收入 77.12 亿元，同比+18.82%，海外市场 收入占比达 48.02%（同比+4.85pcts）；从核心产品来看，24H1 公 司挖机装载机销量同比增速超过 200%，宽体车海外销量增速为 55.7%；多个品类放量助力公司拓展海外市场，打开收入天花板。 多因素共振，盈利能力持续提升。24Q2 公司毛利率为 24.01%，同 比+2.44pcts、环比+1.22pcts，单季度毛利率创 20 年以来新高； 24Q2 公司净利率为 6.17%，同比+2.10pcts。公司盈利能力明显提 升主要得益于：1 ...

合规管理体系标准化管理手册 1 适用范围 本文件规定了广西柳工机械股份有限公司法律合规管理的组织环境、领导作 用、支持保障、制度建设、运行机制、检查与改进等方面的要求。 本文件适用于公司及纳入合规体系管理要求的各级境内外分/子公司。本文 件的应用程度取决于公司及各子公司的性质、发展规模和阶段、合规管理适应性、 法律合规人员配置等。 广西柳工机械股份有限公司 合规管理体系标准化管理手册 2024 年 8 月 | 1 | | | 适用范围 1 | | --- | --- | --- | --- | | 2 | 手册管理与说明 1 | | | | | 2.1 | 规范性引用文件 1 | | | | 2.2 | | 编写和发布 2 | | | 2.3 | | 发放 2 | | | 2.4 | | 修订与回收 2 | | | 2.5 | | 保管 3 | | | 2.6 | | 引出程序 3 | | 3 | 术语和定义 3 | | | | 4 | 组织环境 6 | | | | | 4.1 | | 理解组织及其环境 6 | | | 4.2 | | 理解利益相关方的需要和期望 6 | | | 4.3 | | 确定合规管理体 ...