Zoomlion(000157) 华鑫证券·2024-11-01 10:34Investment Rating - The report maintains a "Buy" investment rating for the company [4] Core Views - The company has shown resilience in its overseas business, achieving a revenue of 17.644 billion yuan in the first three quarters of 2024, representing a year-on-year increase of 35.42% [2] - The company is actively integrating traditional and emerging industries, with significant growth in new business segments such as earthmoving machinery, aerial work platforms, and agricultural machinery [2][3] - The company's gross profit margin for overseas operations was 32.13% in the first half of 2024, which is 7.5 percentage points higher than the domestic gross profit margin [2] Summary by Sections Financial Performance - For the first three quarters of 2024, the company reported a revenue of 34.386 billion yuan, a decrease of 3.18% year-on-year, while net profit attributable to shareholders was 3.139 billion yuan, an increase of 9.95% year-on-year [2] - The company’s revenue for Q3 2024 was 9.850 billion yuan, down 13.89% year-on-year, but net profit increased by 4.42% to 0.851 billion yuan [2] Emerging Business Growth - The company’s new business segments showed remarkable growth in H1 2024, with revenues of 3.516 billion yuan for earthmoving machinery (up 19.89%), 3.955 billion yuan for aerial work platforms (up 17.75%), and 2.343 billion yuan for agricultural machinery (up 112.51%) [2] - The integration of traditional and emerging industries is expected to enhance the company's profitability [2][3] Global Strategy and Market Expansion - The company is committed to a global strategy, utilizing a direct sales approach that is end-to-end, digital, and localized, which has led to significant achievements in overseas markets [2] - The company’s overseas revenue is expected to continue its rapid growth trajectory, particularly in regions such as the Middle East, Southeast Asia, and Central Asia, which have outperformed the industry [2][3] Profitability and Cash Flow - The company’s gross margin for the first three quarters of 2024 was 28.37%, an increase of 0.61 percentage points year-on-year, while the net profit margin was 10.16%, up 1.54 percentage points year-on-year [3] - Operating cash flow for the first three quarters of 2024 was 1.208 billion yuan, a year-on-year increase of 5.74%, indicating improved cash flow from operations [3]