惊呆！48亿市值A股建设机械，预亏超20亿元！

Core Viewpoint - Construction Machinery is expected to continue its losses in 2025, with a projected net profit attributable to shareholders of -2.072 billion yuan, marking an increase in the loss compared to previous years [3][15]. Financial Performance - In 2024, Construction Machinery reported a net profit of -988 million yuan and a non-recurring net profit of -1.001 billion yuan [5][16]. - The company's revenue has been declining, with figures of 3.888 billion yuan in 2022, 3.228 billion yuan in 2023, and 2.727 billion yuan in 2024 [7][17]. Market Conditions - The domestic tower crane rental market is experiencing insufficient downstream demand, attributed to a decrease in new construction area and project commencement rates, leading to low equipment utilization and rental prices [5][16]. - The construction machinery rental industry primarily serves sectors such as real estate, municipal engineering, transportation, and energy projects, all of which are currently facing reduced demand [7][16]. Company Structure and Operations - Construction Machinery, established in 2001 and listed in 2004, is controlled by Shaanxi Coal and Chemical Industry Group [7][16]. - The company operates five main business segments: rental, engineering construction, steel structure manufacturing and installation, equipment sales, and transportation, with rental services accounting for over 80% of revenue in the first half of 2025 [7][16]. Financial Health - The company's asset-liability ratio reached 74.81% in 2024, an increase of approximately 9.5 percentage points since 2021, influenced by rising accounts receivable [9][20]. - A planned capital increase to raise up to 1.265 billion yuan was announced in late 2023 to improve liquidity and reduce debt, but this plan was later terminated due to various considerations [9][20]. Current Market Valuation - As of January 23, the stock price of Construction Machinery was 3.81 yuan per share, with a total market capitalization of 4.789 billion yuan [10][20].