Zoomlion(000157) 财信证券·2024-11-13 03:18Investment Rating - The report upgrades the investment rating to "Buy" [1] Core Views - The company has shown a mixed performance in revenue and profit, with a slight decline in revenue but an increase in net profit for the first three quarters of 2024 [4][5] - The company is experiencing strong growth in its emerging business segments, with international operations expanding significantly [6][7] - The company maintains a strong focus on shareholder returns through dividends and share buybacks [7] Financial Summary - For the first three quarters of 2024, the company achieved revenue of 343.9 billion yuan, a year-over-year decrease of 3.2%, while net profit increased by 10.0% to 31.4 billion yuan [4][9] - The gross margin and net margin for the first three quarters of 2024 were 28.4% and 9.1%, respectively, showing improvements compared to the previous year [5][9] - The company forecasts net profits of 40.6 billion yuan, 55.3 billion yuan, and 64.2 billion yuan for 2024, 2025, and 2026, respectively, indicating a strong growth trajectory [8][12] Business Performance - The company has seen significant growth in its concrete machinery exports and has improved its market share in various segments, including construction machinery [5][6] - The emerging business segments, such as high-altitude machinery and agricultural machinery, have contributed to over 50% of total revenue, showcasing a diversified product structure [6][7] - The international business has grown rapidly, with overseas revenue reaching 176.4 billion yuan in the first three quarters of 2024, a year-over-year increase of 35.4% [6][7] Shareholder Returns - The company distributed nearly 28 billion yuan in cash dividends in the third quarter of 2024 and has a history of significant share buybacks, totaling approximately 48 billion yuan over the past five years [7]