Zoomlion(000157) 华西证券·2024-09-06 06:03Investment Rating - The report assigns a "Buy" rating to Zoomlion Heavy Industry Science & Technology Co Ltd (000157) [1][2] Core Views - Zoomlion's H1 2024 results met expectations with steady performance and rapid growth in overseas markets [1] - Overseas revenue grew 43 9% YoY in H1 2024 accounting for 49 1% of total revenue [1] - The company's product structure continues to optimize with emerging sectors like earthmoving machinery and aerial work platforms showing strong growth [1][4] - Digital transformation and smart manufacturing initiatives are driving high-quality development [1] Financial Performance - H1 2024 revenue reached 24 54 billion yuan up 1 9% YoY while net profit attributable to shareholders grew 12 2% to 2 29 billion yuan [1] - Q2 2024 revenue was 12 76 billion yuan down 6 5% YoY but net profit increased 11 6% to 1 37 billion yuan [1] - Overseas business gross margin reached 32 1% in H1 2024 while domestic business gross margin was 24 6% [1] - Operating cash flow reached 8 44 billion yuan in H1 2024 significantly exceeding net profit [1] Business Segments - Earthmoving machinery revenue grew over 19% YoY in H1 2024 reaching 3 52 billion yuan [4] - Concrete machinery revenue declined 7 6% YoY to 4 21 billion yuan in H1 2024 [4] - Crane revenue the largest segment fell 17 7% YoY to 8 27 billion yuan in H1 2024 [4] - Aerial work platform revenue grew over 17% while agricultural machinery revenue surged over 110% in H1 2024 [1] Future Projections - Revenue is projected to grow to 54 1/62 8/73 3 billion yuan in 2024/2025/2026 [2] - Net profit attributable to shareholders is expected to reach 4 33/5 83/7 23 billion yuan in 2024/2025/2026 [2] - EPS is forecasted at 0 50/0 67/0 83 yuan for 2024/2025/2026 [2] - PE ratios are estimated at 12 1/9 0/7 2x for 2024/2025/2026 based on the closing price of 6 02 yuan on September 5 2024 [2] Industry Position - Zoomlion is a leading player in the construction machinery industry with strong product capabilities [4] - The company has maintained high export growth in recent years [4] - Its global presence is expanding with diversified regional sales structure [1] - The company has built 12 smart factories and over 230 smart production lines as of H1 2024 [1]