Zoomlion(SZ:000157) Guotou Securities·2024-10-18 08:03Investment Rating - The report maintains a "Buy-A" investment rating for the company [2][3] Core Views - The company's share buyback plan is expected to enhance shareholder returns and increase investment value by reducing total share capital and improving earnings per share [1] - Domestic demand is anticipated to recover due to government policies, while the company is expected to maintain strong export growth, particularly in emerging markets [1] - The company is projected to achieve revenue growth of 6.8%, 16.5%, and 17.3% for the years 2024, 2025, and 2026, respectively, with net profit growth of 14.2%, 35.7%, and 23.3% during the same period [2] Financial Projections - Revenue estimates for 2024, 2025, and 2026 are 502.7 billion, 585.6 billion, and 687 billion, respectively [2][9] - Net profit estimates for the same years are 40 billion, 54.3 billion, and 67 billion, respectively [2][9] - The projected price-to-earnings (PE) ratios for 2024, 2025, and 2026 are 15.5X, 11.4X, and 9.2X, respectively [2] Market Performance - The company's market capitalization is approximately 58.32 billion, with a circulating market value of about 47.51 billion [3] - The stock price as of October 17, 2024, is 6.72 yuan, with a 12-month price range of 5.75 to 9.35 yuan [3] Business Dynamics - The company is expected to benefit from a solid market share in traditional businesses and growth from emerging sectors such as earthmoving, aerial, agricultural, and mining machinery [2] - The "end-to-end" direct sales model is aiding the company in expanding its international market presence [2]