Zoomlion(SZ:000157) Huaan Securities·2024-11-11 05:55Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company reported a revenue of 34.386 billion yuan for the first three quarters of 2024, a decrease of 3.18% year-on-year, while the net profit attributable to shareholders was 3.139 billion yuan, an increase of 9.95% [3] - The company has improved its profitability, with a gross margin of 28.37% and a net margin of 10.16% for the first three quarters of 2024, both showing an increase compared to the same period last year [3] - The company continues to expand its international market presence, with overseas revenue reaching 17.644 billion yuan, a year-on-year increase of 35.42% [3] - The company has revised its revenue forecasts for 2024-2026 to 44.832 billion yuan, 51.557 billion yuan, and 60.942 billion yuan respectively, with net profit forecasts of 3.779 billion yuan, 5.077 billion yuan, and 6.991 billion yuan [3] Financial Performance Summary - For the first three quarters of 2024, the company achieved a net cash flow from operating activities of 1.208 billion yuan, with a significant increase of 82% year-on-year in the third quarter [3] - The company’s total market capitalization is 64.477 billion yuan, with a circulating market value of 52.534 billion yuan [1] - The diluted EPS for 2024-2026 is projected to be 0.44 yuan, 0.59 yuan, and 0.81 yuan respectively, with corresponding P/E ratios of 17, 13, and 9 [3][4]