Zoomlion(SZ:000157) SINOLINK SECURITIES·2025-03-25 07:53Investment Rating - The report maintains a "Buy" rating for the company, expecting a price increase of over 15% in the next 6-12 months [4][12]. Core Insights - The company reported a revenue of 45.478 billion yuan for the year 2024, a decrease of 3.39% year-on-year, while the net profit attributable to shareholders was 3.520 billion yuan, an increase of 0.41% year-on-year [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 yuan, a year-on-year increase of 30.6% [2][3]. - The company is diversifying its product offerings, with significant growth in high-end machinery and agricultural machinery, achieving revenues of 6.83 billion yuan and 4.65 billion yuan respectively, representing year-on-year increases of 19.74% and 122.29% [3]. - The company is actively developing embodied intelligence technologies and has launched 162 new products, with 198 of them being leading-edge products in the domestic and international markets [3]. Summary by Sections Performance Review - For Q4 2024, the company achieved a revenue of 11.092 billion yuan, down 4.05% year-on-year, and a net profit of 0.851 billion yuan, up 4.42% year-on-year, aligning with expectations [2]. Operational Analysis - The gross profit margins for overseas and domestic markets were 32.05% and 24.06% respectively, indicating that the overseas market has a gross margin nearly 8 percentage points higher than the domestic market [2]. - The overall gross margin for the company in 2024 was 28.17%, an increase of 0.63 percentage points year-on-year, with expectations for gross margins to reach 29.3%, 29.6%, and 29.9% from 2025 to 2027 [2]. Profit Forecast and Valuation - Revenue projections for 2025-2027 are estimated at 53.235 billion yuan, 62.232 billion yuan, and 72.983 billion yuan, with net profits expected to be 5.080 billion yuan, 6.531 billion yuan, and 8.081 billion yuan respectively [4].