中联重科：事件点评：拟进行股票回购并注销，每股价值有望提升

Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook for future performance [8][26]. Core Views - The company plans to repurchase and cancel part of its H shares, which is expected to enhance per-share value and improve shareholder returns [5]. - The company's performance is anticipated to continue growing, driven by a recovery in industry sales and an increase in emerging business segments [6][7]. - The company is positioned as a leader in the engineering machinery industry, with significant competitive advantages in crane and concrete machinery [26]. Summary by Sections Company Overview - The company announced a plan to repurchase H shares to enhance investor confidence and increase earnings per share [5]. Industry Performance - In September, the sales of major products showed signs of improvement, with excavators increasing by 10.8%, while other categories experienced varying declines [6]. - The real estate sector is stabilizing, with a slight recovery in sales area and investment completion rates [6]. Financial Projections - Revenue projections for 2024-2026 are estimated at 501.1 billion, 557.2 billion, and 635.7 billion yuan, with year-on-year growth rates of 6.4%, 11.2%, and 14.1% respectively [8][10]. - Net profit is expected to reach 42.1 billion, 51.9 billion, and 65.1 billion yuan for the same period, reflecting growth rates of 20.1%, 23.3%, and 25.3% [8][10]. Emerging Business Growth - The company is rapidly expanding its emerging business segments, with significant growth in earthmoving machinery and high-altitude equipment, contributing to a 20% increase in revenue for earthmoving machinery [7][26]. - The share of emerging business revenue has increased to 40% of total revenue, up from 31.7% in 2023 [7]. Valuation Metrics - The report indicates a price-to-earnings ratio of 14.3, 11.6, and 9.2 for the years 2024, 2025, and 2026 respectively, suggesting a favorable valuation compared to historical performance [8][10].