Zoomlion(SZ:000157) Soochow Securities·2024-10-20 23:30Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - The company plans to repurchase up to 10% of its H shares for cancellation, which is expected to enhance earnings per share and improve investor returns, thereby boosting investor confidence [4] - The company is positioned to benefit from a gradual recovery in infrastructure and real estate sectors, supported by loose monetary and fiscal policies [4] - The company has seen significant growth in overseas markets, with overseas revenue increasing by 43.9% year-on-year in the first half of 2024, outpacing domestic revenue which declined by 20.5% [5] - The company is diversifying its product offerings in emerging sectors such as earthmoving machinery, agricultural machinery, and aerial work platforms, which are expected to enhance its competitive edge [6] - The profit forecast for the company is set at 45.06 billion, 56.27 billion, and 68.81 billion yuan for 2024, 2025, and 2026 respectively, with corresponding P/E ratios of 13x, 10x, and 8x [6] Financial Summary - Total revenue for 2022 was 41.631 billion yuan, with a projected increase to 55.117 billion yuan in 2024, reflecting a year-on-year growth of 17.08% [2] - The net profit attributable to the parent company is expected to rise from 3.506 billion yuan in 2023 to 4.506 billion yuan in 2024, representing a growth rate of 28.52% [2] - The latest diluted EPS is projected to increase from 0.40 yuan in 2023 to 0.52 yuan in 2024 [2] - The company's gross margin is expected to improve from 27.54% in 2023 to 28.40% in 2024 [12]