Zoomlion(000157) 国盛证券·2024-11-03 06:23Investment Rating - The report maintains a "Buy" rating for the company [4][16]. Core Views - The company has shown significant improvement in profitability, with emerging businesses and overseas markets driving growth. In the first three quarters of 2024, the company achieved a revenue of 34.386 billion yuan, a year-on-year decrease of 3.18%, while the net profit attributable to shareholders increased by 9.95% to 3.139 billion yuan [1][2]. - The company maintains a solid position in its core industries, particularly in concrete machinery and construction lifting machinery, with a leading global sales scale in construction lifting machinery [2]. - Emerging businesses, including mining machinery and emergency equipment, have seen rapid growth, with sales increasing by over 54% year-on-year in the first half of the year [2]. Financial Performance Summary - For the first three quarters of 2024, the gross profit margin was 28.37%, an increase of 0.6 percentage points year-on-year, and the net profit margin was 9.13%, up by 1.09 percentage points [1]. - The company expects net profits for 2024, 2025, and 2026 to be 4.5 billion yuan, 6 billion yuan, and 7.4 billion yuan, respectively, with growth rates of 30%, 32%, and 24% [2][3]. - The company's financial metrics indicate a positive trend, with the latest diluted EPS projected to be 0.52 yuan in 2024 and 0.69 yuan in 2025 [3][11]. Market Position and Growth Potential - The company has a strong foothold in the domestic market and is expanding its presence in overseas markets, with significant growth potential. The global market for construction machinery is projected to grow, with the company aiming to increase its market share in regions like Turkey, Central Asia, and Southeast Asia [2]. - The report highlights that the domestic market is expected to rebound, and the company's strong performance in international markets positions it well for future growth [2].