徐工机械：资产质量提升，业绩符合预期

Investment Rating - The report maintains a "Buy" rating for XCMG Machinery (000425.SZ) [2] Core Views - In H1 2024, the company reported revenue of 49.632 billion RMB, a year-on-year decrease of 3.21%, while net profit attributable to shareholders was 3.706 billion RMB, an increase of 3.24% [2] - The company is focusing on international markets, with overseas revenue accounting for over 40% of total revenue, showing a year-on-year growth of 4.8% [2] - The gross margin for overseas markets reached 24.41%, which is 2.72 percentage points higher than the domestic market, indicating potential for overall profit margin improvement [2] - The company is emphasizing high-end markets, with high-end product revenue accounting for over 32% of total revenue, growing more than 10% year-on-year [2] Summary by Sections Performance Analysis - In Q2 2024, the company achieved revenue of 25.458 billion RMB, a year-on-year decrease of 7.31%, and a net profit of 2.105 billion RMB, an increase of 1.89% [2] - The company’s operating cash flow improved to 1.706 billion RMB, a year-on-year increase of 11% [2] - The asset-liability ratio improved to 63.27%, a decrease of 4.18 percentage points year-on-year, indicating better asset quality [2] Product and Market Development - The company’s international revenue reached 21.9 billion RMB in H1 2024, with a 44% share of total revenue, up 3.37 percentage points year-on-year [2] - High-end products, particularly in the new energy sector, saw significant growth, with new energy loaders' revenue doubling year-on-year and sales of new energy forklifts increasing by 80.6% [2] - The company is expanding its production capacity in countries like Brazil, Germany, and India, which helps in controlling costs [2] Profit Forecast and Valuation - The forecast for revenue from 2024 to 2026 is 96.584 billion RMB, 106.299 billion RMB, and 118.582 billion RMB, respectively, with net profits projected at 6.781 billion RMB, 8.824 billion RMB, and 11.172 billion RMB [2] - The corresponding price-to-earnings ratios are expected to be 12, 9, and 7 times for the respective years [2]