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 4 月 27 日，公司发布 24 年一季报，24Q1 公司预计实现收入 79.39 亿元，同比+1.88%；归母净利润 4.98 亿元，同比+58.03%；扣非 后归母净利润 4.57 亿元，同比+67.08%，超出市场预期。 经营分析 海外：重视出口机遇，24Q1 海外收入占比超过 50%。根据公告， 21-23 年公司海外收入分别为 59.8/86.9/114.6 亿元，收入占比达 20.8%/32.8%/41.7%，根据公告，24Q1 公司国际市场收入占比提升 至 50%；海外市场盈利能力明显超过国内市场，23 年公司海外市 场毛利率达到 27.74%，比国内市场毛利率高出 11.86pcts，海外 收入占比提升有望进一步优化公司整体盈利能力。 多因素驱动，盈利能力明显提升。根据公告，24Q1 公司毛利率、 净利率分别为 22.79%、6.49%，同比+3.99、2.33pcts。盈利能力 大幅提升主要得益于：1）海外市场收入占比提升带动盈利能力提 升；2）前期减值计提充分，助力 24 年业绩释放：24Q1 资产减 ...

Financial Performance - Operating cash flow for the current period was -41.34 million yuan, a decrease of 106.29% compared to the same period last year[1][5] - Net profit attributable to shareholders of the listed company was 497.89 million yuan, an increase of 58.03% year-on-year[5] - Revenue for the current period was 7.94 billion yuan, a year-on-year increase of 1.88%[5] - The weighted average return on equity was 2.99%, an increase of 1.01 percentage points year-on-year[5] - The company's investment income for the reporting period was -12,831,300.98, a decrease of 177.13% compared to the same period last year, mainly due to the impact of financial asset termination[23] - The fair value change income was -5,497,847.97, a decrease of 125.04% compared to the same period last year, mainly due to the fair value change of forward foreign exchange business[23] - The company's total revenue for the first quarter of 2024 was 7,938,822,313.26 yuan, compared to 7,792,217,512.41 yuan in the same period last year[40] - The total cost of operations for the first quarter of 2024 was 7,198,682,512.67 yuan, compared to 7,324,949,681.44 yuan in the same period last year[40] - The company's net profit attributable to the parent company for the first quarter of 2024 was 8,038,816,611.82 yuan, compared to 7,540,922,805.22 yuan in the same period last year[40] - Net profit for the period was 515.46 million yuan, up from 323.88 million yuan in the previous period[66] - Operating profit rose to 645.40 million yuan from 424.02 million yuan[66] - R&D expenses increased to 220.12 million yuan from 198.93 million yuan[66] - Total comprehensive income: 489,676,154.71 (current period) vs 303,198,623.63 (previous period)[68] - Comprehensive income attributable to owners of the parent company: 472,102,664.28 (current period) vs 294,446,830.35 (previous period)[68] - Basic earnings per share: 0.2552 (current period) vs 0.1615 (previous period)[68] - Diluted earnings per share: 0.2159 (current period) vs 0.1613 (previous period)[68] - Cash received from sales of goods and services: 8,413,657,504.25 (current period) vs 8,143,907,030.75 (previous period)[68] - Tax refunds received: 312,905,900.01 (current period) vs 326,062,738.44 (previous period)[68] Assets and Liabilities - Total assets at the end of the reporting period were 46.84 billion yuan, an increase of 0.57% compared to the end of the previous year[5] - Cash and cash equivalents at the end of the period were 8.05 billion yuan, a decrease of 1.4 billion yuan compared to the beginning of the period[1] - The company's trading financial assets decreased by 52.89% to 62,630,542.87, mainly due to the reduction in financial products[23] - The company's accounts receivable financing increased by 62.50% to 254,734,589.86, mainly due to the increase in retained bills at the end of the period[23] - The company's current liabilities due within one year increased by 33.05% to 653,789,384.21, mainly due to the increase in long-term loans due within one year[23] - The company's total liabilities as of March 31, 2024, were 28,343,721,745.23 yuan, compared to 28,581,431,638.39 yuan at the end of the previous quarter[40] - The company's total equity as of March 31, 2024, was 18,498,361,744.30 yuan, compared to 17,996,613,350.50 yuan at the end of the previous quarter[40] - The company's total assets as of March 31, 2024, were 46,842,083,489.53 yuan, compared to 46,578,044,988.89 yuan at the end of the previous quarter[40] - The company's construction in progress as of March 31, 2024, was 701,900,466.11 yuan, compared to 586,050,438.58 yuan at the end of the previous quarter[37] - The company's long-term payables as of March 31, 2024, were 172,812,379.07 yuan, compared to 184,219,779.98 yuan at the end of the previous quarter[40] - The company's deferred income as of March 31, 2024, was 749,353,514.38 yuan, compared to 759,450,905.26 yuan at the end of the previous quarter[40] - Total assets increased to 46.84 billion yuan from 46.58 billion yuan at the beginning of the period[61][63] - Accounts receivable grew to 10.03 billion yuan from 8.18 billion yuan[61] - Short-term borrowings decreased to 6.07 billion yuan from 6.97 billion yuan[63] - Fixed assets declined slightly to 6.02 billion yuan from 6.12 billion yuan[61] - Cash and cash equivalents decreased to 8.80 billion yuan from 10.35 billion yuan[61] - Long-term receivables increased to 2.48 billion yuan from 2.27 billion yuan[61] - Total liabilities remained stable at 22.21 billion yuan compared to 22.27 billion yuan at the beginning of the period[63] Shareholder Information - The company's largest shareholder, Guangxi Liugong Group Co., Ltd., holds 25.92% of the shares[9] - The top 10 shareholders hold a significant portion of the company's shares, with Guangxi Zhaogong Service Trade Investment Partnership holding 99,665,868 shares (5.10%)[11] - Hong Kong Securities Clearing Company Limited holds 86,106,731 shares (4.41%)[11] - Guoxin Shuangbai No. 1 (Hangzhou) Equity Investment Partnership holds 75,538,496 shares (3.87%)[11] - National Manufacturing Transformation and Upgrade Fund Co., Ltd. holds 54,084,549 shares (2.77%)[11] - CCB Financial Asset Investment Co., Ltd. holds 49,814,716 shares (2.55%)[11] Legal and Recovery Actions - The company successfully recovered 9.9432 million yuan in December 2021 and 1.0296 million yuan in February 2023 from the execution of a case involving Hainan Wuzhishan Group[30] - In May 2023, the company auctioned a property and recovered 398,000 yuan, and in December 2023, initiated bankruptcy proceedings against Jianghang Industrial and Trade Company[30] - As of December 31, 2023, the company had cumulatively recovered 6.72 million yuan from the execution of a case involving Jiangsu Jianchen[30] - In the case against Xinjiang Juhua, the company recovered 1.15 million yuan from the defendant's bank account in August 2023[32] - The company successfully auctioned a property belonging to Xinjiang Juhua for 11.319 million yuan in November 2023, with 9.0557 million yuan being credited to the court account in December 2023[32] - The company filed a lawsuit against Xinjiang Juhua for 73.4137 million yuan, including 66.1836 million yuan for loaders, 774,600 yuan for parts, and 6.4554 million yuan in penalties[32] - The company's subsidiary, Liugong Excavator Co., Ltd., filed a lawsuit against Jiangsu Jianchen for 36.6098 million yuan, including 34.5484 million yuan in unpaid货款 and 2.0614 million yuan in违约金[30] - The company's case against Xinjiang Juhua was divided into a main case and a parts case due to jurisdictional issues, with the main case being heard by the Liuzhou Intermediate Court and the parts case by the Liunan District Court[32] - The company's case against Xinjiang Juhua was supported by the Guangxi High Court, which ruled that Xinjiang Juhua should pay 1.15 million yuan in律师费 and that the defendants should承担连带清偿责任[32] Financing and Investments - The company received 1.25 billion yuan in loans during the reporting period, a significant decrease compared to 5.9 billion yuan in the same period last year[1] - The company's investment activities resulted in a net cash outflow of 96.44 million yuan, an improvement compared to the 160.9 million yuan outflow in the same period last year[1] - The company issued 3,000,000 convertible bonds with a total value of 3 billion yuan on March 27, 2023, and as of March 29, 2024, 752 bonds were converted into 9,638 shares[52] Other Financial Metrics - Non-recurring gains and losses amounted to 41.18 million yuan, mainly from government subsidies and debt restructuring[5] - Other equity instrument investment fair value change: -7,466,543.49 (current period) vs -12,061,200.75 (previous period)[68] - Other comprehensive income that can be reclassified to profit or loss: -18,324,598.83 (current period) vs -8,554,231.71 (previous period)[68] - Comprehensive income attributable to minority shareholders: 11,536.62 (current period) vs -61,138.70 (previous period)[68] - The company's first quarter report for 2024 is unaudited[72]

证券研究报告 分析师： 郭亚男 国企改革焕发活力，持续优化产业布局 ＃ ＃2024 年 4 月 24 日 公 司 点 评 报 告 请务必阅读正文之后的信息披露和重要声明 - 2 - 信息披露 本公司在知晓的范围内履行信息披露义务。客户可登录 www.xyzq.com.cn 内幕交易防控栏内查询静默期安排和关联公司 持股情况。 | --- | --- | --- | |------------------------------------------|-----------------------------------------|------------------------------------------| | | 上 海 北 京 深 圳 | | | 地址：上海浦东新区长柳路36号兴业证券大厦 | 地址：北京市朝阳区建国门大街甲6号SK大厦 | 地址：深圳市福田区皇岗路5001号深业上城T2 | | 15层 | 32层01-08单元 | 座52楼 | | 邮编：200135 | 邮编：100020 | 邮编：518035 | | 邮箱：research@xyzq.com.cn | 邮箱：resea ...

本次电话会议仅服务于长江证券研究所白名单客户未经长江证券事先书面许可任何机构或个人不得以任何形式对外公布、复制、刊载、转载、转发、引用本次会议相关内容否则由此造成的一切后果及法律责任由该机构或个人承担长江证券保留追究其法律责任的权利 好的各位投资大家好我是长安街主的张雄欢迎大家参加我们供应机械的第38期电脑会议主要是对整个供应机械的一些一个近况包括扭功率的深度我们做一个汇报在整个扭功率的汇报之前的话我们还是先去更新一下目前的话整个这种行业的快递的变化情况 那么从整体来说说明说目前的话国内的话我们就肯定说目前从整体这个关系一个很难看一方面它是体现在就是国内的一个这个预期端其实相比之前的其实是有些种新的一个这个变化在的那么从整个挖掘的这个国内销量来看我们可能就说其实去年的话整挖掘的国内销量大概是接近9万产品销量相比20年高点的话下滑了接近百分之 其实左右一些 其实在整个年底的时候大家整个市场对今年的话其实还是偏谨慎 偏这个闭关的态度你觉得就是说因为目前整个今年竞争竞争竞争竞争竞争竞争竞争竞争竞争竞争竞争竞争竞争竞争竞争 但目前的话其实我们也看到点就是说在三月份的时候就整个挖机间国内的这个销量增速其实出现了一个同比 ...

本次电话会议仅服务于长江证券研究所白名单客户未经长江证券事先书面许可任何机构或个人不得以任何形式对外公布、复制、刊载、转载、转发、引用本次会议相关内容否则由此造成的一切后果及法律责任由该机构或个人承担长江证券保留追究其法律责任的权利 各位投资大家好我是长安街主的张雄欢迎大家参加我们关于机械的第38期电话会议主要是对整个关于机械的一些近况包括铝工的深度我们做一个汇报在整个铝工的汇报之前的话我们还是先去更新一下目前的话整个这种行业的变化情况那么从整体来说说目前的话国内的话我们就可能就说目前 从整体过程界一个看一方面体现在国内的预期端其实相对于之前其实是有一些种新的一个变化在的那么从整个挖机的国内销量来看我们看到就是说其实去年的话挖机的国内销量大概是接近几万台的销量相比20年高点的话下滑了接近2% 其实在整个年纪的时候大家整个市场对今年的话其实还是偏谨慎偏悲观的态度你觉得因为目前整个基建竞争竞争竞争竞争竞争竞争竞争竞争竞争竞争竞争竞争竞争竞争竞争 久了一个增长那么从目前整个我们对整个主营厂商包括产业链这边经销商的一个调研来看应该是说整个4月份的一个情况来看应该是国力的一个挖掘销量应该继续能够实现一个继续转正的情况包 ...

公司研究丨深度报告丨柳工（000528.SZ） [Table_Title] 国改激发新动能，国际化、多元化驱动成长 丨证券研究报告丨 丨证券研究报告丨 2024-04-19 柳工（000528.SZ） cjzqdt11111 [Table_Summary2] 国内周期触底修复，全球竞争力增强出海持续 国企改革+股权激励激发活力，"新柳工"新征程 聚焦土方机械，多元化+电动化打造新成长动力 国际化布局带动出口表现高增，海外增长仍有较大空间 风险提示 3、盈利预测假设不成立或不及预期的风险。 目录 出海：工程机械海外市场空间广阔，全球竞争力提升带动出海新机遇 …………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………… 8 国改注入新动能，提质增效盈利能力弹性明显…………………………………………………………………………………………………………………………………………………………………………………………………………………………………… ...

买入(维持评级) 经营分析 海外：重视出口机遇，24Q1 海外收入占比超过 50%。根据公告， 21-23 年公司海外收入分别为 59.8/86.9/114.6 亿元，收入占比达 20.8%/32.8%/41.7%，并且公司在 24 年海外海外市场拓展顺利， 24Q1 公司国际市场收入占比提升至 50%；海外市场盈利能力明显 超过国内市场，23 年公司海外市场毛利率达到 27.74%，比国内市 场毛利率高出 11.86pcts，海外收入占比提升有望进一步优化公司 整体盈利能力。23 年公司毛利率、净利率分别达 20.82%、3.42%， 同比提升 4.02pcts、0.98pcts，盈利水平明显改善，随着公司海 外占比持续提升，预计公司整体盈利能力有望进一步改善，预计 23-25 年公司净利率为 5.2%/6.0%/6.6%。 多元化发展，平滑周期波动。公司大力发展矿山机械、高空机械、 农业机械、工业车辆等战略新业务及成长业务，23 年公司高空机 械业务销售收入同比+112%；通过多元化发展，公司土方机械收入 占比从 20 年 70+%降低到 23 年的 58%，不断弱化行业周期对于公 司收入波动的影响。 多 ...

52 周内最高/最低价 8.76 / 6.19 证券研究报告：机械设备|公司点评报告 最新收盘价（元） 8.76 多元化+国际化持续推进，国企改革成效显现 预计公司 2024-2026 年营业收入为 312.77、354.78、396.22 亿 元，同比增速为 13.66%、13.43%、11.68%；归母净利润为 11.22、14.24、 17.44 亿元，同比增速为 29.26%、26.97%、22.48%。公司 2024-2026 年业绩对应 PE 分别为 15.24、12.00、9.80 倍，首次覆盖，给予"增 持"评级。 ⚫ 风险提示： 海外市场开拓不及预期风险；国内市场持续下行；市场竞争加剧 风险；原材料价格波动。 ◼ 盈利预测和财务指标 资料来源：公司公告，中邮证券研究所 中邮证券投资评级说明 免责声明 中邮证券及其所属关联机构可能会持有报告中提到的公司所发行的证券头寸并进行交易，也可能为这些公司提供或 者计划提供投资银行、财务顾问或者其他金融产品等相关服务。 中邮证券有限责任公司，2002 年 9 月经中国证券监督管理委员会批准设立，注册资本 50.6 亿元人民币。中邮 证券是中国邮政集团有限 ...

年 宏 观 研 究 证 券 研 究 报 告 | --- | --- | |-----------------------------|----------------| | | | | | | | 总股本（百万股）： | 1951.22 | | 流通股本（百万股）： | 1413.73 | | 流通 A 股市值（亿元）： | 121.44 | | 每股净资产（元）： | 8.47 | | 资产负债率（ % ）： | 61.36 | | 公司近一年股价与沪深 300 | 指数相对涨跌幅 | 相关报告 w[Table_Title] 柳工[Table_RepTitle] （000528）：持续优化产业布局，海外渠道建设 进一步完善 综合毛利率提高，期间费用率上升。2023年公司综合毛利率同比上 升4.02个百分点至20.82%，分行业来看，工程机械板块毛利率同比 上升4.12个百分点至19.91%；预应力业务毛利率同比上升4.19个百 分点至24.75%；租赁业务毛利率同比减少1.47个百分点至45.56%。 2023年公司期间费用率同比上升2.24个百分点至14.98%，其中，销 售费用率同比上升1.30个百分点 ...

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 3 月 30 日，公司发布 23 年年报，23 年全年公司实现营业收入 275.19 亿元，同比+3.93%；归母净利润 8.68 亿元，同比+44.8%； 其中 Q4 单季度实现营业收入 64.05 亿元，同比-0.64%；实现归母 净利 0.42 亿元，同比+212.59%，符合市场预期。 经营分析 海外：重视出口机遇，23 年出口增速亮眼。根据公告，21-23 年 公司海外 收入分 别为 59.8/86.9/114.6 亿元 ，收入 占比达 20.8%/32.8%/41.7%，海外市场拓展顺利；海外市场盈利能力明显 超过国内市场，23 年公司海外市场毛利率达到 27.74%，比国内市 场毛利率高出 11.86pcts，海外收入占比提升有望进一步优化公司 整体盈利能力。23 年公司毛利率、净利率分别达 20.82%、3.42%， 同比提升 4.02pcts、0.98pcts，盈利水平明显改善，随着公司海 外占比持续提升，预计公司整体盈利能力有望进一步改善，预计 23-25 年公司净利率为 4.4%/5.3%/6.0% ...