Zoomlion(SZ:000157) Guolian Securities·2024-11-03 04:01Investment Rating - The investment rating for the company is "Buy" (maintained) [4] Core Views - The report indicates that the domestic engineering machinery industry is gradually recovering from the bottom, with expectations for continued growth in domestic demand and potential growth in overseas markets. The company is expected to see increased sales in earth-moving machinery and agricultural machinery. Revenue projections for the company from 2024 to 2026 are estimated at 52.662 billion, 59.871 billion, and 68.326 billion yuan, respectively, with net profit attributable to the parent company projected at 4.475 billion, 5.224 billion, and 6.287 billion yuan, representing a CAGR of 21.49% [2][6]. Financial Performance Summary - For the first three quarters of 2024, the company achieved revenue of 34.386 billion yuan, a year-on-year decrease of 3.18%, while net profit attributable to the parent company was 3.139 billion yuan, an increase of 9.95%. In Q3 2024, revenue was 9.85 billion yuan, down 13.89%, with a net profit of 851 million yuan, up 4.42% [6]. - The company has effectively reduced accounts receivable and inventory, with accounts receivable decreasing by 5.21% compared to the beginning of 2024, and inventory reduced by 7.81% [6]. - The gross margin and net margin for the first three quarters of 2024 were 28.37% and 10.16%, respectively, showing improvements of 0.61 and 1.54 percentage points year-on-year. In Q3 2024, the gross margin was 28.52%, and the net margin was 9.65%, reflecting increases of 1.06 and 2.28 percentage points year-on-year [6]. Revenue and Profit Forecast - The company is expected to achieve revenues of 52.662 billion, 59.871 billion, and 68.326 billion yuan from 2024 to 2026, with corresponding net profits of 4.475 billion, 5.224 billion, and 6.287 billion yuan. The projected EPS for the same period is 0.52, 0.60, and 0.72 yuan per share, respectively [2][6][7].