Investment Rating - The report maintains an "Accumulate" rating for the company [4][6]. Core Views - The company is expected to achieve rapid growth in 2024, with a projected net profit of approximately 1.26 billion to 1.48 billion yuan, representing a year-on-year increase of 45% to 70% [1]. - The industry demand is recovering, driven by domestic machinery updates and policies, with excavator and loader sales expected to grow by 11.7% and decline by 3.9%, respectively [2]. - The company is enhancing its profitability through dual drivers of electrification and internationalization, with overseas revenue increasing significantly from 3.38 billion yuan in 2020 to 11.46 billion yuan in 2023 [3]. Summary by Sections Financial Forecast - For 2024-2026, the company is projected to achieve revenues of 28.89 billion, 31.66 billion, and 35.17 billion yuan, with year-on-year growth rates of 5.0%, 9.6%, and 11.1% respectively [10]. - The net profit is expected to be 1.43 billion, 1.80 billion, and 2.20 billion yuan for the same period, with growth rates of 64.9%, 25.5%, and 22.7% respectively [10]. - The company's earnings per share (EPS) is forecasted to increase from 0.44 yuan in 2023 to 1.13 yuan in 2026 [10]. Industry Analysis - The domestic demand for earth-moving machinery is stabilizing, with a recovery trend observed in the market [2]. - The company is responding to both domestic and international market opportunities by enhancing operational efficiency and implementing strategic innovations [2]. Internationalization and Electrification - The company is deepening its international presence through local production and R&D facilities, resulting in a significant increase in overseas revenue share [3]. - The sales of electric loaders in China are projected to grow by 211.8% in 2024, with the market share rising from 3.5% in 2023 to 10.4% in 2024 [3].

证券代码：000528 证券简称：柳 工 公告编号：2025-07 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 关于股份回购（第二期）进展情况的公告 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 11 月 28 日召开第九届 董事会第二十六次（临时）会议，审议通过了《关于公司回购股份方案（第二期）的 议案》，同意公司使用自有资金及股票回购专项贷款资金通过集中竞价的方式回购部 分公司已发行的人民币普通股（A 股）股票，用于新一期的股权激励或员工持股计划。 本次回购金额区间为不低于人民币 30,000 万元（含）且不超过人民币 60,000 万元 （含），回购价格为不超过人民币 18.20 元/股（含），该价格不高于董事会通过回购 决议前三十个交易日公司股票交易均价的 150%。具体回购股份的数量以回购期满时 实际回购的股份数量为准。上述具体内容详见公司于 2024 年 12 月 3 日在巨潮资讯网 （www.cninfo.com.cn）披露的《公司第九届董事会第二十六次（临 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company's Q4 profit fell short of expectations primarily due to accelerated impairment provisions and rising expenses. The forecast for 2024 indicates a net profit of 1.26 to 1.48 billion yuan, representing a year-on-year increase of 45% to 70%, with a median estimate of 1.37 billion yuan, reflecting a 58% increase [8] - The company is expected to see significant profit growth in 2025, driven by improved domestic and international sales in earthmoving machinery, supported by infrastructure projects and a recovery in the construction sector. The anticipated revenue for 2025 is approximately 34.64 billion yuan, with a net profit margin exceeding 6%, leading to a profit of 2.08 billion yuan, indicating a growth rate of over 50% compared to 2024 [8] - The company has initiated a second share buyback program to support long-term stock prices and ensure sustainable performance, with a total buyback amount between 300 million and 600 million yuan [8] Summary by Sections Financial Forecasts and Valuation - Total revenue is projected to increase from 27.52 billion yuan in 2023 to 30.63 billion yuan in 2024, and further to 34.64 billion yuan in 2025, reflecting a year-on-year growth of 11.29% in 2024 and 13.11% in 2025 [1][9] - The net profit attributable to shareholders is expected to rise from 867.81 million yuan in 2023 to 1.37 billion yuan in 2024, and to 2.07 billion yuan in 2025, with growth rates of 58.08% and 51.01% respectively [1][9] - The latest diluted EPS is forecasted to be 0.68 yuan in 2024 and 1.03 yuan in 2025, with corresponding P/E ratios of 17.16 and 11.36 [1][9] Market Data - The closing price of the stock is 10.65 yuan, with a market capitalization of approximately 21.50 billion yuan [5] - The company has a price-to-book ratio of 1.21 and a debt-to-asset ratio of 59.49% [6][5] Operational Insights - The company is focusing on reducing risks in its concrete machinery business and is in the promotion phase for its agricultural machinery, which may involve some inventory and bad debt risk provisions [8] - Increased R&D investments in large-scale products and electrification are expected to enhance future product offerings [8]

Group 1 - The core of mixed-ownership reform is to allow different types of capital to integrate and complement each other, focusing on strategic collaboration with partners that have advantages in technology, market, and management, regardless of their ownership type or region [1] - Mechanism reform is crucial for the in-depth development of mixed-ownership reform, emphasizing the importance of engaging active shareholders and exploring employee stock ownership plans to align employee interests with corporate development [2] - On the operational level, companies should enhance refined management and continuous innovation capabilities, potentially through partnerships that introduce advanced technology and market resources, thereby improving product quality and market share [2] Group 2 - Looking ahead, state-owned enterprise mixed-ownership reform will continue to expand in breadth and depth, further stimulating corporate operational vitality [3]

Core Viewpoint - LiuGong has undergone significant transformation and modernization, leveraging mixed-ownership reform to enhance its operational efficiency and market competitiveness, leading to substantial growth in revenue and profitability [2][4][7]. Group 1: Company History and Development - LiuGong was established in 1958, evolving from a small factory to a leading engineering machinery manufacturer in China, with its first products including the 80-horsepower crawler bulldozer and the first wheeled loader in China [2]. - The company went public in 1993, becoming the first listed company in the engineering machinery sector in China [2]. Group 2: Technological Advancements - LiuGong has embraced smart manufacturing, with significant upgrades in its production processes, resulting in a 20% reduction in labor costs, a 71% decrease in quality feedback rates, and a 48% reduction in order delivery times [3]. - The company has invested in research and development, launching its first electric loader in 2019 and focusing on electric, digital, and automated machinery to meet evolving industry standards [6][8]. Group 3: Mixed-Ownership Reform - The mixed-ownership reform initiated in 2018 has been pivotal for LiuGong, allowing the company to attract strategic investors and restructure its governance, leading to a more market-oriented decision-making process [4][5]. - The reform resulted in a new shareholding structure, with LiuGong Group holding approximately 51%, external investors about 45.8%, and employees around 3.2% [5]. Group 4: Financial Performance - LiuGong's revenue grew from 7.01 billion to 27.52 billion from 2016 to 2023, reflecting a compound annual growth rate (CAGR) of approximately 22% [7]. - The company forecasts a net profit of 1.258 billion to 1.475 billion for 2024, representing a year-on-year growth of 45% to 70% [7]. Group 5: Market Position and Product Diversification - LiuGong has increased its market share in excavators to over 14% domestically and remains the leader in the loader market, including electric loaders [8]. - The company is diversifying its product offerings beyond traditional machinery to include aerial work platforms, agricultural machinery, and industrial vehicles, transitioning from a single product focus to a comprehensive solution provider [8].

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected price increase of over 15% in the next 6-12 months [4][12]. Core Insights - The company is projected to achieve a net profit attributable to shareholders of RMB 12.58 to 14.75 billion for the year 2024, representing a year-on-year increase of 45% to 70%. The net profit after deducting non-recurring items is expected to be between RMB 10.66 to 12.83 billion, reflecting a growth of 88% to 126% [1]. - The company has outlined a revenue target of RMB 346 billion for 2025, with an anticipated increase in sales profit margin by over 1 percentage point. The company is expected to achieve revenues of RMB 348 billion and a net profit of RMB 22.3 billion in 2025, continuing its high growth trajectory [2]. - The domestic excavator market is recovering, and the company is well-positioned to benefit from the upward cycle in the domestic earth-moving machinery sector, with its earth-moving machinery segment accounting for 61.88% of its revenue in the first half of 2024 [3]. Summary by Sections Performance Forecast - The company’s revenue is projected to be RMB 298.75 billion in 2024, RMB 348.33 billion in 2025, and RMB 404.30 billion in 2026. The net profit attributable to shareholders is expected to be RMB 13.90 billion in 2024, RMB 22.97 billion in 2025, and RMB 27.63 billion in 2026, with corresponding P/E ratios of 16, 10, and 8 times respectively [4]. Business Analysis - The company has shown significant quarterly growth in net profit, with year-on-year increases of 99.2%, 212.59%, 58.03%, 62.48%, and 58.74% for the quarters from Q3 2023 to Q3 2024. This trend indicates strong operational performance and market demand [2]. Market Position - The company is actively repurchasing shares to support employee stock ownership plans, demonstrating confidence in its long-term growth prospects. The second phase of the share repurchase plan involves an investment of between RMB 3 billion and RMB 6 billion [2].

Financial Performance - The estimated net profit attributable to shareholders is projected to be between 125,832.67 million and 147,527.96 million CNY, representing a year-on-year growth of 45% to 70%[3] - The estimated net profit attributable to shareholders after deducting non-recurring gains and losses is expected to be between 106,627.42 million and 128,322.71 million CNY, with a year-on-year growth of 88% to 126%[3] - The basic earnings per share are projected to be between 0.6471 CNY and 0.7587 CNY, compared to 0.4448 CNY in the same period last year[3] - Despite a decline in derivative income, the company's main business profitability has increased significantly, resulting in a substantial rise in net profit after deducting non-recurring gains and losses[6] Operational Efficiency - The company has experienced significant operational efficiency improvements, leading to substantial growth in business performance during the reporting period[6] - The domestic engineering machinery sector is showing signs of recovery, while international demand varies significantly across regions[6] Accounting Practices - The company adheres strictly to accounting policies and has made provisions for impairment of problem and risk assets to ensure financial statement robustness[6] - The performance forecast is based on preliminary calculations by the finance department and has not been audited by the accounting firm, with final data to be disclosed in the annual report[7]

上海礼辉律师事务所 关于广西柳工机械股份有限公司 2025 年第一次临时股东大会的 法律意见书 二〇二五年一月 地址：上海市黄浦区淮海中路 918 号久事复兴大厦 10 楼 A 座 邮编：200020 电话：021-64338299 上海礼辉律师事务所 关于广西柳工机械股份有限公司 2025 年第一次临时股东大会的 法律意见书 致：广西柳工机械股份有限公司 上海礼辉律师事务所（下称"本所"）接受广西柳工机械股份有限公司 （下称"公司"）委托，根据《中华人民共和国公司法》（下称《公司法》）、 《上市公司股东大会规则（2022 修订）》（下称《股东大会规则》）等现行有 效的法律、行政法规、规章、规范性文件及《广西柳工机械股份有限公司章程》 （下称《公司章程》）的有关规定，指派律师现场出席了公司于 2025 年 1 月 13 日召开的 2025 年第一次临时股东大会（下称"本次股东大会"），并就本 次股东大会相关事项出具本法律意见书。 为出具本法律意见书，本所律师审查了公司提供的以下文件，包括但不限 于： 1. 现行有效的《公司章程》； 2. 2024 年 12 月 18 日，公司刊登于深圳证券交易所网站的《广西柳 ...

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：2025-04 广西柳工机械股份有限公司 2025 年第一次临时股东大会决议公告 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。 特别提示： 一、会议召开的情况 通过深圳证券交易所互联网投票系统投票的时间：2025 年 1 月 13 日 9:15~15:00。 通过深圳证券交易所交易系统进行网络投票的时间：2025 年 1 月 13 日 9:15～9:25； 9:30~11:30 和 13:00～15:00。 第 1 页，共 7 页 1．本次股东大会未出现否决议案的情形。 2．本次股东大会不涉及变更前次股东大会决议的情形。 1. 召开时间： （1）现场会议时间：2025 年 1 月 13 日（星期一）14 时 15 分。 （2）网络投票时间：2025 年 1 月 13 日。 2. 召开地点：广西柳州市柳太路 1 号广西柳工机械股份有限公司 106 会议室。 3. 召开方式：本次股东大会采取现场投票与网络投票相结合的方式召开。 4. 召集人：公司董事会。 5. 主持人 ...

证券代码：000528 证券简称：柳 工 公告编号：2025-05 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 公司于 2024 年 12 月 20 日通过股份回购专用证券账户以集中竞价方式进行首次回 购，具体内容详见公司于 2024 年 12 月 21 日在巨潮资讯网披露的《公司关于首次回购 第 1 页 /共 2 页 公司股份（第二期）的公告》（公告编号：2024-86）。 截至 2025 年 1 月 10 日，公司通过股份回购专用证券账户以集中竞价方式累计回 购公司股份 20,859,426 股，约占公司目前总股本（即 2,019,231,263 股）的 1.03%，最 高成交价为 11.60 元/股，最低成交价为 10.82 元/股，成交总额为 23,376.44 万元（不 含交易费用）。 关于回购公司股份（第二期）比例达到 1%的进展公告 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 11 月 28 日召开第九届 董事会第二十六次（临时）会议，审议通过了《关于公司 ...