惊呆！48亿市值A股，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 loss compared to previous years [1][3]. Financial Performance - In 2024, the company reported a net profit attributable to shareholders of -988 million yuan and a non-recurring net profit of -1.001 billion yuan [3]. - Revenue figures for the years 2022 to 2024 were 3.888 billion yuan, 3.228 billion yuan, and 2.727 billion yuan respectively, with net profits of -44.69 million yuan, -745 million yuan, and -988 million yuan [4]. Business Operations - The company operates primarily in five segments: leasing, engineering construction, steel structure manufacturing and installation, equipment sales, and transportation, with leasing being the core business, accounting for over 80% of revenue in the first half of 2025 [3]. - The leasing business is led by the subsidiary Pangyuan Leasing, which focuses on construction hoisting machinery leasing, assembly, and maintenance, positioning itself as a leader in the domestic market [3]. Market Conditions - The domestic tower crane leasing market is experiencing insufficient downstream demand due to reduced new construction area and low project commencement rates, leading to low equipment utilization and rental prices [3]. - The construction machinery leasing industry is primarily influenced by sectors such as real estate, municipal engineering, transportation, and energy projects, all of which are currently facing declining demand [3]. Financial Health - The company's asset-liability ratio reached 74.81% in 2024, an increase of approximately 9.5 percentage points from 2021, influenced by rising accounts receivable [7]. - A planned capital increase to raise up to 1.265 billion yuan was announced to improve liquidity and reduce debt, but the company later decided to terminate this plan due to various factors including macroeconomic conditions [7]. Stock Performance - As of January 23, the stock price was 3.81 yuan per share, with a total market capitalization of 4.789 billion yuan [7].