XCMG(SZ:000425) Xin Lang Cai Jing·2025-05-11 10:40Core Viewpoint - The company reported a slight decline in revenue for 2024 but achieved a significant increase in net profit, indicating improved profitability despite revenue challenges [1] Group 1: Financial Performance - In 2024, the company achieved revenue of 91.66 billion yuan, a year-on-year decrease of 1.28%, while net profit attributable to shareholders was 5.976 billion yuan, an increase of 12.2% [1] - For Q1 2025, the company reported revenue of 26.815 billion yuan, a year-on-year increase of 10.92%, and a net profit of 2.022 billion yuan, up 26.37% year-on-year [1] Group 2: Business Segmentation - The company’s revenue from various machinery segments in 2024 included: - Crane Machinery: 18.898 billion yuan (-10.80%) - Earthmoving Machinery: 24.011 billion yuan (+6.43%) - Concrete Machinery: 9.408 billion yuan (-9.76%) - Piling Machinery: 5.023 billion yuan (+45.21%) - Aerial Work Machinery: 8.678 billion yuan (-2.31%) - Mining Machinery: 6.362 billion yuan (+8.55%) - Road Machinery: 4.063 billion yuan (+6.42%) - Other Engineering Machinery: 15.216 billion yuan (-8.63%) [2] - Domestic and overseas revenue were 49.972 billion yuan and 41.687 billion yuan, respectively, with year-on-year changes of -10.17% and +12.00% [2] - The overseas revenue accounted for 45.48% of total revenue, an increase of 5.39 percentage points year-on-year [2] Group 3: Profitability and Margins - The company’s gross margin and net margin for 2024 were 22.55% and 6.53%, respectively, reflecting increases of 0.17 and 0.89 percentage points year-on-year [3] - Gross margins by product category were as follows: - Crane Machinery: 22.35% (+0.61%) - Earthmoving Machinery: 26.20% (+1.75%) - Concrete Machinery: 14.99% (-2.71%) - Other Engineering Machinery: 19.07% (+3.72%) [3] - Domestic and overseas gross margins were 20.19% and 25.38%, with increases of 0.46 and 2.97 percentage points year-on-year [3] Group 4: Future Outlook - The company is expected to see revenue growth in the coming years, with projected revenues of 103.696 billion yuan, 116.058 billion yuan, and 130.096 billion yuan for 2025-2027, representing year-on-year growth of approximately 13%, 12%, and 12% [4] - Projected net profits for the same period are 7.786 billion yuan, 9.519 billion yuan, and 11.425 billion yuan, with year-on-year growth of approximately 30%, 22%, and 20% [4] - The company maintains a positive outlook on domestic equipment renewal and overseas market demand, supported by a diversified product portfolio and strategic focus on core and emerging businesses [4]