XCMG(SZ:000425) Huaan Securities·2024-11-08 05:54Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company is enhancing its profitability through ongoing internationalization and high-end product development [1][4] - In the first three quarters of 2024, the company achieved operating revenue of 687.26 billion yuan, a year-on-year decrease of 4.11%, while net profit attributable to shareholders increased by 9.71% to 53.09 billion yuan [3][4] - The gross margin for the third quarter of 2024 reached 25.54%, an increase of 2.53 percentage points year-on-year, driven by overseas market expansion and contributions from new products [4] - The company’s international revenue grew approximately 9% year-on-year, with overseas market revenue accounting for 46.66% of total revenue [5] - The company plans to issue up to 20 billion yuan in asset securitization projects to improve its financial structure and asset turnover efficiency [4] Financial Performance Summary - For 2024, the company is projected to achieve operating revenue of 904.53 billion yuan, with net profit attributable to shareholders expected to be 60.46 billion yuan [5][6] - The earnings per share (EPS) for 2024 is forecasted at 0.51 yuan, with a price-to-earnings (P/E) ratio of 16 [6][7] - The company’s operating cash flow for the first three quarters of 2024 was 20.44 billion yuan, reflecting a year-on-year increase of 24.45% [4][8] - The company’s total assets are projected to reach 221.14 billion yuan by 2026, with a debt-to-equity ratio of 63.69% [7][8]