Investment Rating - The report assigns a "Buy" rating for the company, marking the initial coverage [2]. Core Insights - The company's performance in Q1 2024 met expectations, with significant improvement in profitability. Revenue reached 7.939 billion yuan, a year-on-year increase of 1.88%, while net profit attributable to shareholders was 498 million yuan, up 58.03% year-on-year. The gross margin was 22.79%, an increase of 3.99 percentage points, and the net margin was 6.49%, up 2.33 percentage points [2][5]. Summary by Sections Performance Overview - In 2023, the company achieved a total revenue of 27.519 billion yuan, with a year-on-year growth of 3.9%. The net profit attributable to shareholders was 868 million yuan, reflecting a growth of 44.8% [5][15]. - The company has maintained a strong cash flow, with net cash flow from operating activities increasing by 69.90% to 1.629 billion yuan in 2023 [5]. Market Position - The domestic engineering machinery industry is currently in a downward cycle, yet the company outperformed the overall industry growth rate. The sales growth of earthmoving machinery products exceeded the industry average by 7%, while overseas market sales growth outpaced the industry by 20% [2][5]. International Expansion - The company has significantly enhanced its overseas performance, with total overseas sales reaching 114.62 billion yuan, a year-on-year increase of 41.18%, accounting for 41.65% of total revenue. The sales of electric loaders grew by 67%, maintaining the top market share [2][5]. Profitability Improvement - The company has shown a notable improvement in profitability, with a gross margin of 20.82% in 2023, an increase of 4.02 percentage points, and a net margin of 3.42%, up 0.98 percentage points [5][15]. Future Projections - Revenue forecasts for 2024, 2025, and 2026 are projected at 31.112 billion yuan, 34.400 billion yuan, and 37.766 billion yuan, respectively. The expected earnings per share (EPS) for the same years are 0.78 yuan, 0.93 yuan, and 1.07 yuan, with corresponding price-to-earnings (PE) ratios of 14, 11, and 10 times [5][15].

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Insights - The company is expected to achieve a revenue of 7.939 billion RMB in Q1 2024, representing a year-on-year increase of 1.88%. The net profit attributable to shareholders is projected to be 498 million RMB, up 58.03% year-on-year, and the net profit after deducting non-recurring gains and losses is expected to be 457 million RMB, reflecting a 67.08% increase year-on-year, exceeding market expectations [1] - The company's overseas revenue accounted for over 50% in Q1 2024, with significant growth in international markets, which enhances overall profitability. The gross margin for overseas markets reached 27.74% in 2023, surpassing domestic margins by 11.86 percentage points [2] - The company has diversified its business, reducing reliance on cyclical industries. The sales revenue from aerial work machinery increased by 112% year-on-year in 2023, and the share of earthmoving machinery revenue decreased from over 70% in 2020 to 58% in 2023 [2] - The company maintains a strong market position, with the loader market share remaining the highest in the industry and excavator sales growth outpacing the industry by over 20 percentage points, achieving a historical high in market share [2] Financial Forecasts and Valuation - The report adjusts the profit forecast, estimating revenues of 30.619 billion RMB, 34.282 billion RMB, and 38.921 billion RMB for 2024, 2025, and 2026 respectively. The net profit attributable to shareholders is projected to be 1.536 billion RMB, 1.982 billion RMB, and 2.490 billion RMB for the same years, corresponding to P/E ratios of 14, 11, and 8 times [2][6]

上海礼辉律师事务所 关于广西柳工机械股份有限公司 1 在本法律意见书内，除非上下文文义另有所指，下列词语具有下述含义： 公司、柳工 指 广西柳工机械股份有限公司 本计划、本次激励计划 指 广西柳工机械股份有限公司 2023 年股票期权激励计划 本次授予、预留授予 指 公司根据本次激励计划的安排，授出预留股票期权的行 为 《股票期权激励计划》 指 公司 2022 年度股东大会审议通过的《广西柳工机械股 份有限公司 2023 年股票期权激励计划（草案修订稿）》 股票期权、期权 指 公司授予激励对象在未来一定期限内以预先确定的价 格和条件购买公司一定数量股票的权利 激励对象 指 按照本计划获授股票期权的人员 标的股票 指 根据本次激励计划，激励对象行权时购买的公司股票 授予日 指 公司向激励对象授予股票期权的日期，必须为交易日 行权 指 激励对象按照本计划设定的条件购买标的股票的行为 行权价格 指 公司向激励对象授予股票期权时所确定的激励对象购 买公司股票的价格 《公司法》 指 《中华人民共和国公司法》（2018 年修正） 《证券法》 指 《中华人民共和国证券法》（2019 年修订） 《股权激励管理办法》 指 《上 ...

证券代码：000528 证券简称：柳 工 公告编号：2024-28 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 第九届监事会第十六次会议决议公告 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"）第九届监事会第十六次会议通知于 2024 年 4 月 15 日以电子邮件方式发出，会议于 2024 年 4 月 25 日在公司总部如期召 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： 一、审议通过《关于公司 2024 年第一季度计提资产减值准备的议案》 监事会认为：公司按照《企业会计准则》和有关规定，根据公司各项资产的实际情 况，对2024年一季度各项资产进行减值测试并计提减值准备净额共计 14,734.41万元。 计提减值准备后能够更加公允地反映公司截至 2024 年 3 月 31 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 会同意本次计提资产减值准备。 该项议案获 3 ...

第九届董事会独立董事专门会议 2024年第二次会议决议 广西柳工机械股份有限公司（简称"公司"）第九届董事会独立董事专门会议 2024 年 第二次会议于 2024 年 4 月 24 日在公司总部大楼 6E 会议室（现场+通讯）召开。会议 通知已于 2024 年 4 月 15 日通过邮件送达给全体独立董事，会议应到独立董事 4 人， 实到独立董事 4 人，本次会议的召开符合《公司法》《上市公司独立董事管理办法》《深 圳证券交易所股票上市规则》及《公司章程》的相关规定，全体独立董事对拟提交公司 第九届董事会第二十次会议的相关议案进行审议并发表如下审核意见： 一、《公司关于符合2023年股票期权激励计划预留授予条件并向激励对象授予预留 股票期权的议案》 经核查，2023 年股票期权激励计划已经按照相关法律、法规以及《公司章程》的要 求履行了必要的审批程序，公司的经营业绩、激励对象等实际情况均符合公司《2023 年 股票期权激励计划（草案修订稿）》的行权条件，本次预留股份授予条件已达成。 本次预留股份授予名单的激励对象具备《公司法》《证券法》《公司章程》等法律、 法规和规范性文件规定的任职资格，符合公司《2023 年 ...

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]

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： 1. 拟聘任的会计师事务所名称：安永华明会计师事务所（特殊普通合伙）（以下 简称"安永华明"） 广西柳工机械股份有限公司 关于聘请 2024 年度财务及内部控制审计机构的公告 证券代码：000528 证券简称：柳 工 公告编号：2024-32 债券代码：127084 债券简称：柳工转2 2. 原聘任的会计师事务所名称：致同会计师事务所（特殊普通合伙）（以下简称 "致同所"） 3. 变更会计师事务所的原因及情况说明：鉴于公司海外业务规模迅速增长，为更 好的落地"全面解决方案、全面国际化、全面智能化"的发展战略，综合考虑海外业务发 展及整体审计的需要，公司拟聘请安永华明为 2024 年度财务报告及内部控制审计机构。 本次聘任会计师事务所符合财政部、国务院国资委、证监会印发的《国有企业、上市公 司选聘会计师事务所管理办法》（财会〔2023〕4 号）的规定。 广西柳工机械股份有限公司（以下简称"公司"）于 2024 年 4 月 25 日召开的第九届 董事会第二十次会议审议通过了《关于公司聘请 2024 年度财 ...

二、本次资产减值准备计提情况 证券代码：000528 证券简称：柳 工 公告编号：2024-29 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 年第一季度计提资产减值准备的公告 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")于 2024 年 4 月 25 日召开的第九届董事 会第二十次会议审议通过了《关于公司 2024 年第一季度计提资产减值准备的议案》。现 将公司第一季度计提资产减值准备相关情况公告如下： 一、本次计提资产减值准备概述 根据《企业会计准则》《深圳证券交易所股票上市规则》及公司会计政策的相关规定， 本着谨慎性原则，公司及下属子公司对第一季度的应收款项、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 2024 年第一季度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 年第一季度各项资产累计计提减值准备净额共计 14,734.41 万元，主要如 下：金融资产坏账准备计提 8 ...

证券代码：000528 证券简称：柳 工 公告编号：2024-33 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 关于召开 2023 年度股东大会的通知 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、召开会议的基本情况 1、股东大会届次：公司 2023 年度股东大会。 2、股东大会的召集人：公司董事会。2024年4月25日，公司第九届董事会第二十 次会议审议通过《关于公司召开2023年度股东大会的议案》。 3、会议召开的合法、合规性：本次股东大会的召集、召开程序符合有关法律、行 政法规、部门规章、规范性文件、深圳证券交易所业务规则及《公司章程》的规定。 4、会议召开的日期、时间： （1）现场会议时间：2024 年 5 月 23 日 14:15； 公司将通过深圳证券交易所交易系统和互联网投票系统（http://wltp.cninfo.com.cn） 向公司股东提供网络形式的投票平台，股东可以在网络投票时间内通过上述系统行使 表决权。 （2）网络投票时间：2024 年 5 月 23 日。 同一表决权应选择现场投票、网络投票中的一种表决 ...

3、预留授予的股票期权行权价格：10.46 元/股； 根据《上市公司股权激励管理办法》（以下简称《管理办法》）、《国有控股上市 公司（境内）实施股权激励试行办法》等法律、法规和广西柳工机械股份有限公司（以 下简称"公司"）2022 年度股东大会审议通过的《公司 2023 年股票期权激励计划（草案 修订稿）》（以下简称《激励计划》）的相关规定以及公司 2022 年度股东大会的授权， 公司于 2024 年 4 月 25 日召开第九届董事会第二十次会议和第九届监事会第十六次会 议，审议通过了《公司关于符合 2023 年股票期权激励计划预留授予条件并向激励对象 授予预留股票期权的议案》，认为公司《2023 年股票期权激励计划》（以下简称"本次 激励计划"）的预留股份授予条件已经成就，同意以 2024 年 4 月 25 日为预留授予日， 并同意按 10.46 元/股的行权价格向符合授予条件的 147 名激励对象授予 278 万份预留 股票期权，剩余 262 万份预留股票期权未来将不再授予，尚未授予的所有权益失效。现 将有关事项说明如下： 证券代码：000528 证券简称：柳 工 公告编号：2024-31 债券代码：12 ...