Zoomlion(SZ:000157) Tianfeng Securities·2024-11-03 06:09Investment Rating - The investment rating for the company is "Buy" with a target price of 7.13 CNY, maintaining the rating [1]. Core Views - The report highlights the company's steady performance in Q3 2024, with a focus on its globalization strategy and product diversification [1]. - The company reported a revenue of 34.386 billion CNY for the first three quarters of 2024, a year-on-year decrease of 3.18%, while the net profit attributable to shareholders increased by 9.95% to 3.14 billion CNY [1]. - The report emphasizes the improvement in key operational metrics, including a sales collection rate of 111.11%, up 10.73 percentage points year-on-year, and a significant increase in overseas revenue, which grew by 35.42% [1]. Financial Performance Summary - For Q3 2024, the company achieved a revenue of 9.85 billion CNY, a year-on-year decrease of 13.89% and a quarter-on-quarter decrease of 22.82% [1]. - The net profit for Q3 2024 was 851 million CNY, reflecting a year-on-year increase of 4.42% but a quarter-on-quarter decrease of 37.99% [1]. - The gross margin for Q3 2024 was 28.52%, an increase of 1.06 percentage points year-on-year, while the net margin was 9.65%, up 2.28 percentage points year-on-year [1]. Financial Forecasts - The company has adjusted its profit forecasts for 2024-2026, expecting net profits of 3.95 billion CNY, 5.15 billion CNY, and 6.28 billion CNY respectively, with corresponding valuations of 15.7, 12.0, and 9.9 times [1]. - The report indicates a projected revenue growth rate of 7.33% for 2024, followed by 13.98% and 14.97% in 2025 and 2026 respectively [2]. Key Financial Metrics - The company's total assets as of 2023 were 130.86 billion CNY, with total liabilities of 71.70 billion CNY, resulting in a debt-to-asset ratio of 54.79% [3]. - The earnings per share (EPS) for 2024 is projected to be 0.45 CNY, with a price-to-earnings (P/E) ratio of 15.68 [2][3].