柳工：积极应对需求分化，市场竞争力提升

Investment Rating - The report maintains a "Recommended" investment rating for the company, consistent with the previous rating [1][7]. Core Insights - The company reported a revenue of 22.856 billion yuan for the first nine months of 2024, representing a year-on-year growth of 8.25%, and a net profit attributable to shareholders of 1.321 billion yuan, up 59.82% year-on-year [2]. - In Q3 2024, the company achieved a revenue of 6.796 billion yuan, with a year-on-year increase of 11.81%, and a net profit of 337 million yuan, reflecting a growth of 58.74% year-on-year [2]. - The overall gross margin improved by 2.84 percentage points to 23.48% due to effective cost reduction and product structure optimization [3]. - The net profit margin increased by 2 percentage points to 5.94%, indicating enhanced profitability [3]. Financial Performance Summary - For 2024, the company is projected to achieve revenues of 30.506 billion yuan, with a growth rate of 10.85%, and a net profit of 1.566 billion yuan, reflecting an 80.53% increase [8]. - The earnings per share (EPS) for 2024 is estimated at 0.79 yuan, with corresponding price-to-earnings (PE) ratios of 15.25, 11.59, and 9.56 for 2024, 2025, and 2026 respectively [7][9]. - The company’s total assets are expected to reach 50.430 billion yuan by 2024, with total liabilities of 31.070 billion yuan [8]. Market Position and Strategy - The company is actively responding to the differentiated demand in the construction machinery industry, enhancing its market competitiveness through a "three-full" strategy: comprehensive solutions, comprehensive intelligence, and comprehensive internationalization [4]. - The company has developed a diverse product matrix for electric machinery, with 11 product lines, and has maintained a leading market share in electric loaders since 2021 [5]. - The electricization rate for major enterprises in the industry reached 10.18% in the first nine months of 2024, an increase of 6.72 percentage points compared to the previous year [5].