柳工24Q3业绩点评：Q3业绩延续高增，盈利能力提升显著

Investment Rating - The report maintains a "Buy" rating for the company [7][5]. Core Insights - The company reported a significant increase in net profit for Q3 2024, achieving 337 million yuan, a year-on-year increase of 58.74%. The non-recurring net profit reached 307 million yuan, up 200.22% year-on-year [4][5]. - The company's revenue for the first three quarters of 2024 was 22.856 billion yuan, reflecting an 8.25% year-on-year growth, with Q3 revenue at 6.796 billion yuan, up 11.81% year-on-year [4][5]. - The company is benefiting from strong growth in the domestic and international sales of excavators and loaders, with domestic excavator sales increasing by 20% and loader sales by 9% in Q3 [5]. - Emerging strategic segments such as mining machinery, high-altitude machinery, agricultural machinery, and industrial vehicles are expected to continue contributing to revenue growth [5]. - The company's gross margin improved to 23.67%, up 1.75 percentage points year-on-year, while the net margin reached 5.02%, an increase of 1.52 percentage points year-on-year, attributed to cost reduction and efficiency improvements [5]. Summary by Sections Financial Performance - For Q3 2024, the company achieved a net profit of 337 million yuan, a 58.74% increase year-on-year, and a non-recurring net profit of 307 million yuan, up 200.22% year-on-year [4][5]. - The total revenue for the first three quarters of 2024 was 22.856 billion yuan, with Q3 revenue at 6.796 billion yuan, reflecting an 11.81% year-on-year increase [4][5]. Market Dynamics - The domestic and international sales of the company's core products, excavators and loaders, showed positive growth, with domestic excavator sales increasing by 20% and loader sales by 9% in Q3 [5]. - The company is expanding its emerging strategic segments, with mining machinery revenue growing by 71% year-on-year in the first half of 2024 [5]. Profitability - The company's gross margin improved to 23.67%, and the net margin reached 5.02%, indicating enhanced profitability due to ongoing cost control and structural optimization [5].