Zoomlion(SZ:000157) Soochow Securities·2025-03-25 07:54Investment 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, with significant growth in high-tech and agricultural machinery 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, up 0.4% year-on-year [2] - The company's overseas revenue grew by 30.6% year-on-year, accounting for 51.4% of total revenue, indicating successful overseas expansion [2] - The traditional product lines showed a decline, with concrete machinery revenue down 6.8% and lifting machinery down 23.4%, while new sectors like agricultural machinery saw a remarkable growth of 122.3% [2][3] Financial Performance - The company's gross profit margin for 2024 was 28.2%, an increase of 0.6 percentage points year-on-year, and the net profit margin was 8.8%, up 0.8 percentage points [3] - The company maintained good cost control, with sales, management, financial, and R&D expense ratios at 8.2%, 4.9%, 0.1%, and 6.1% respectively [3] - The forecast for attributable net profit for 2025-2027 is adjusted to 50.38 billion yuan, 60.95 billion yuan, and 73.77 billion yuan respectively, with corresponding P/E ratios of 14, 11, and 9 times [10] Market Trends - The sales of domestic automotive cranes and crawler cranes showed a significant improvement in early 2025, indicating a stabilization trend in the market [4] - The company has achieved full coverage of excavator products from 1.5 to 400 tons, ranking among the top three in the domestic market for over 100-ton mining excavators [4] - The agricultural machinery segment is expanding rapidly, with the company holding the top position in domestic dryer sales and second in wheat machinery [4]