XCMG(000425) 民生证券·2024-08-29 08:40Investment Rating - The report maintains a "Recommended" rating for the company [2]. Core Insights - The company achieved a revenue of 49.63 billion yuan in H1 2024, a year-on-year decrease of 3.2%, while the net profit attributable to shareholders was 3.71 billion yuan, an increase of 3.2% year-on-year [1]. - The company's international business revenue reached 21.9 billion yuan in H1 2024, growing by 4.8% year-on-year, accounting for 44% of total revenue [1]. - The domestic construction machinery market shows signs of bottoming out, with excavator sales in March to June 2024 showing continuous year-on-year growth [1]. - The company's operational quality continues to improve, with operating cash flow increasing by 11% year-on-year and a reduction in the debt-to-asset ratio to 63.3% [1]. Financial Forecasts - The company is projected to achieve net profits of 6.53 billion yuan, 8.41 billion yuan, and 10.57 billion yuan for the years 2024, 2025, and 2026, respectively, with corresponding PE ratios of 12, 9, and 7 times [2][5]. - The revenue forecast for 2024 is 100.99 billion yuan, with a growth rate of 8.8% [5]. - The gross profit margin is expected to improve gradually, reaching 23% by 2026 [5].