Zoomlion(000157) 方正证券·2024-08-11 04:11Investment Rating - The report maintains a "Recommend" rating for Zoomlion Heavy Industry Science & Technology Co Ltd (000157) [2][5] Core Views - Zoomlion is a leading comprehensive engineering machinery enterprise in China, with dominant products in cranes, concrete machinery, and aerial work platforms [3] - The company has diversified its product portfolio and accelerated globalization, which helps smooth cyclical fluctuations in revenue [4] - Emerging businesses like aerial work platforms, earthmoving machinery, and agricultural machinery are flourishing, contributing to revenue diversification [4] - Zoomlion has achieved rapid growth in overseas markets, with overseas revenue CAGR of approximately 67% from 2020 to 2023 [4] Business Segments Traditional Businesses - Crane business: Zoomlion ranks 3rd globally in crane manufacturing and 1st in tower crane manufacturing [3] - Concrete machinery: The company is a global leader in concrete machinery, with a strong position in the Chinese market [3] Emerging Businesses - Aerial work platforms: Zoomlion ranks 7th globally in 2022, up from 14th in 2020 [4] - Earthmoving machinery: The company has achieved rapid growth in medium and large excavators [4] - Agricultural machinery: Zoomlion has a comprehensive product portfolio and leads in grain harvesters, balers, and dryers [4] Financial Performance - Revenue is expected to grow from RMB 56.8 billion in 2024 to RMB 81.5 billion in 2026 [5] - Net profit is projected to increase from RMB 4.48 billion in 2024 to RMB 7.28 billion in 2026 [5] - Overseas revenue accounted for 38% of total revenue in 2023, up from 8.6% in 2021 [4] Global Expansion - Zoomlion has adopted a high-start internationalization strategy through acquisitions and overseas factory construction [4] - The company has manufacturing bases in Italy, Germany, India, Brazil, Mexico, and Belarus [4] - Overseas revenue grew from RMB 5.79 billion in 2021 to RMB 17.91 billion in 2023 [4]