柳工：国企改革释放利润弹性，Q3净利率提升明显

Investment Rating - The report maintains a "Buy" rating for the company [4][14]. Core Views - The company has shown significant improvement in profitability, with a notable increase in net profit margin due to state-owned enterprise reforms and successful overseas expansion [1][2]. - The domestic market has successfully bottomed out, with excavator sales showing positive growth rates in recent months, indicating potential for recovery [1][2]. - The overseas market presents substantial growth opportunities, with a gradual recovery in excavator exports and a strong demand in developing countries [2]. Financial Performance - For the first three quarters of 2024, the company achieved revenue of 22.856 billion yuan, a year-on-year increase of 8.25%, and a net profit of 1.32 billion yuan, up 59.82% [1]. - In Q3 2024, the company reported revenue of 6.796 billion yuan, a year-on-year increase of 11.81%, and a net profit of 337 million yuan, up 58.74% [1]. - The projected net profits for 2024-2026 are 1.626 billion yuan, 2.257 billion yuan, and 2.693 billion yuan, respectively, with corresponding P/E ratios of 15, 11, and 9 [2][3]. Market Outlook - The domestic excavator market is expected to recover due to low base effects and policy support, with sales growth rates turning positive [1][2]. - The overseas market is showing signs of recovery, with a significant potential for market share expansion, particularly in Europe and developing countries along the Belt and Road Initiative [2][3].