Zoomlion(SZ:000157) Soochow Securities·2025-03-25 08:55Investment Rating - The investment rating for the company is "Buy" [2][10] Core Insights - In 2024, the company's net profit, excluding share-based payment expenses, increased by 18% year-on-year, highlighting the growth potential of emerging sectors [2] - The company achieved total revenue of 45.48 billion yuan in 2024, a decrease of 3.4% year-on-year, while the attributable net profit was 3.52 billion yuan, a slight increase of 0.4% [2] - The company's overseas revenue grew by 30.6% year-on-year, accounting for 51.4% of total revenue, indicating successful international expansion [2] - Emerging business segments, particularly agricultural machinery, showed significant growth, with revenue increasing by 122.3% year-on-year [2][4] Financial Performance Summary - The company's total revenue for 2023 was 47.075 billion yuan, with a projected decline to 45.478 billion yuan in 2024, followed by a recovery to 54.637 billion yuan in 2025 [2][11] - The attributable net profit is expected to rise from 3.52 billion yuan in 2024 to 5.038 billion yuan in 2025, reflecting a growth rate of 43.1% [2][11] - The earnings per share (EPS) is projected to increase from 0.41 yuan in 2024 to 0.58 yuan in 2025 [2][11] Cost Management and Profitability - The company maintained a gross profit margin of 28.2% in 2024, an increase of 0.6 percentage points year-on-year, with a net profit margin of 8.8%, up by 0.8 percentage points [3] - The overseas gross profit margin was 32.0%, which is 8.0 percentage points higher than the domestic margin, contributing to improved profitability [3] Emerging Business Development - The company has made significant progress in emerging business sectors, with a notable increase in sales of agricultural machinery and high-altitude work machinery [4] - The domestic market for excavators has seen the company achieve a top-three position in the market share for products over 100 tons [4]