Zoomlion(SZ:000157) SINOLINK SECURITIES·2025-03-25 08:53Investment Rating - The report maintains a "Buy" rating for the company, expecting a price increase of over 15% in the next 6-12 months [4][13]. Core Insights - The company reported a revenue of 45.478 billion RMB for the year 2024, a decrease of 3.39% year-on-year, while the net profit attributable to shareholders was 3.520 billion RMB, a slight increase of 0.41% [2]. - The overseas market contributed significantly to the company's revenue, accounting for 51.41% of total income, with overseas revenue reaching 23.38 billion RMB, up 30.6% year-on-year [2]. - The company is diversifying its product offerings, with significant growth in high-end machinery and agricultural machinery, achieving revenues of 6.83 billion RMB and 4.65 billion RMB respectively, representing increases of 19.74% and 122.29% [3]. - The company is actively developing embodied intelligence technologies and has launched 162 new products, including 198 models of advanced robots [3]. - The company aims for high-quality growth by reducing accounts receivable and inventory, achieving a comprehensive collection rate of 120.29%, an increase of 13.26 percentage points year-on-year [3]. Financial Projections - Revenue projections for 2025-2027 are 53.235 billion RMB, 62.232 billion RMB, and 72.983 billion RMB respectively, with net profits expected to be 5.080 billion RMB, 6.531 billion RMB, and 8.081 billion RMB [4][9]. - The company's gross margin is projected to improve, reaching 29.3%, 29.6%, and 29.9% over the next three years [2][4].