徐工机械事件点评：申请续接200亿ABN降表内应收，关注需求复苏力度

Investment Rating - The investment rating for the company is "Accumulate" with a target price of 8.22 CNY, while the current price is 7.67 CNY [4][10]. Core Views - The company, as a leader in the domestic engineering machinery industry, has revitalized its operations post-mixed ownership reform and is successfully expanding into overseas markets. With the recovery of demand in both domestic and international engineering machinery sectors in the second half of the year, the company is expected to benefit significantly [1][10]. Financial Summary - Revenue: - 2022A: 93,817 million CNY - 2023A: 92,848 million CNY (down 1.0% YoY) - 2024E: 91,226 million CNY (down 1.7% YoY) - 2025E: 102,835 million CNY (up 12.7% YoY) - 2026E: 115,453 million CNY (up 12.3% YoY) [2] - Net Profit (attributable to parent): - 2022A: 4,312 million CNY - 2023A: 5,326 million CNY (up 23.5% YoY) - 2024E: 6,300 million CNY (up 18.3% YoY) - 2025E: 7,882 million CNY (up 25.1% YoY) - 2026E: 9,774 million CNY (up 24.0% YoY) [2] - Earnings Per Share (EPS): - 2022A: 0.36 CNY - 2023A: 0.45 CNY - 2024E: 0.53 CNY - 2025E: 0.67 CNY - 2026E: 0.83 CNY [2] - Return on Equity (ROE): - 2022A: 8.1% - 2023A: 9.5% - 2024E: 10.3% - 2025E: 12.0% - 2026E: 13.7% [2] - Price-to-Earnings Ratio (P/E): - 2022A: 21.02 - 2023A: 17.02 - 2024E: 14.39 - 2025E: 11.50 - 2026E: 9.27 [2] Market Performance - The company has seen a significant increase in domestic excavator sales in September, with a total of 7,610 units sold, representing a 21.5% increase. Meanwhile, overseas sales also showed a positive trend with 8,221 units sold, reflecting a 2.5% year-on-year increase [10]. Strategic Developments - The mixed ownership reform has led to improved operational efficiency, with the company's ROE in the first half of 2024 reaching 6.4%, surpassing that of peer companies. The company's global market share stands at 5.3%, with overseas revenue amounting to 27.7 billion CNY, accounting for 44% of total revenue [10]. - The company is also planning to issue an asset-backed securities project with a total amount not exceeding 20 billion CNY, which aims to improve its asset-liability structure and enhance cash flow [10].