LIUGONG(000528) 湘财证券·2025-02-09 12:23Investment Rating - The report maintains an "Accumulate" rating for the company [4][6]. Core Views - The company is expected to achieve rapid growth in 2024, with a projected net profit of approximately 1.26 billion to 1.48 billion yuan, representing a year-on-year increase of 45% to 70% [1]. - The industry demand is recovering, driven by domestic machinery updates and policies, with excavator and loader sales expected to grow by 11.7% and decline by 3.9%, respectively [2]. - The company is enhancing its profitability through dual drivers of electrification and internationalization, with overseas revenue increasing significantly from 3.38 billion yuan in 2020 to 11.46 billion yuan in 2023 [3]. Summary by Sections Financial Forecast - For 2024-2026, the company is projected to achieve revenues of 28.89 billion, 31.66 billion, and 35.17 billion yuan, with year-on-year growth rates of 5.0%, 9.6%, and 11.1% respectively [10]. - The net profit is expected to be 1.43 billion, 1.80 billion, and 2.20 billion yuan for the same period, with growth rates of 64.9%, 25.5%, and 22.7% respectively [10]. - The company's earnings per share (EPS) is forecasted to increase from 0.44 yuan in 2023 to 1.13 yuan in 2026 [10]. Industry Analysis - The domestic demand for earth-moving machinery is stabilizing, with a recovery trend observed in the market [2]. - The company is responding to both domestic and international market opportunities by enhancing operational efficiency and implementing strategic innovations [2]. Internationalization and Electrification - The company is deepening its international presence through local production and R&D facilities, resulting in a significant increase in overseas revenue share [3]. - The sales of electric loaders in China are projected to grow by 211.8% in 2024, with the market share rising from 3.5% in 2023 to 10.4% in 2024 [3].