徐工机械：业绩保持稳健，资产质量持续优化

Investment Rating - The investment rating for the company is "Accumulate" and is maintained [1] Core Views - The company reported a stable performance in H1 2024, with revenue of 49.632 billion yuan, a decrease of 3.21% year-on-year, and a net profit attributable to shareholders of 3.706 billion yuan, an increase of 3.24% year-on-year [5] - The company has seen a significant increase in international revenue, which reached 21.901 billion yuan, up 4.80% year-on-year, accounting for 44% of total revenue [5] - The company is focusing on high-end and new energy products, with new energy product revenue growing by 26.76% year-on-year, and specific products like new energy loaders seeing revenue growth of nearly 100% [5] Summary by Sections Company Overview - The latest closing price is 6.37 yuan, with a total market capitalization of 75.3 billion yuan and a P/E ratio of 14.16 [1] Financial Performance - In H1 2024, the company achieved a gross margin of 22.89%, with variations across product lines [5] - The company’s operating expenses increased, with a total expense ratio of 15.07%, up 2.84 percentage points year-on-year [5] Revenue Breakdown - By product, earth-moving machinery revenue increased by 6.98% to 13.908 billion yuan, while crane machinery revenue decreased by 15.23% to 10.096 billion yuan [5] - Domestic revenue decreased by 8.72% to 27.731 billion yuan, while international revenue increased by 4.80% [5] Future Projections - Revenue projections for 2024-2026 are 95.411 billion, 104.184 billion, and 114.545 billion yuan, with corresponding growth rates of 2.76%, 9.20%, and 9.94% [6] - Net profit projections for the same period are 6.290 billion, 7.554 billion, and 8.904 billion yuan, with growth rates of 18.10%, 20.08%, and 17.87% [6]