Zoomlion(SZ:000157) GOLDEN SUN SECURITIES·2025-03-26 01:23Investment Rating - The report maintains a "Buy" rating for the company [4][6]. Core Views - The company achieved a revenue of 45.478 billion yuan in 2024, a decrease of 3.39% year-on-year, while the net profit attributable to shareholders was 3.520 billion yuan, a slight increase of 0.41% year-on-year [1]. - The gross margin for 2024 was 28.17%, indicating an improvement in operational performance, despite a decline in net profit margin in Q4 due to increased financial costs and reduced asset disposal gains [1]. - The company is expected to see significant growth in net profit over the next few years, with projections of 5 billion yuan in 2025, 6.1 billion yuan in 2026, and 7 billion yuan in 2027, reflecting growth rates of 42%, 21%, and 16% respectively [4]. Summary by Sections Financial Performance - In 2024, the company reported a revenue of 45.478 billion yuan, with a year-on-year growth rate of -3.4% [5]. - The net profit attributable to shareholders was 3.520 billion yuan, with a year-on-year growth rate of 0.4% [5]. - The gross margin improved to 28.17%, while the net profit margin was 8.81%, an increase of 0.8 percentage points year-on-year [1]. Business Segments - The earthmoving machinery segment generated revenue of 6.67 billion yuan in 2024, with a year-on-year growth of 0.34% and a gross margin of 30.2%, up 2.67 percentage points [2]. - The high-altitude operation machinery segment saw a revenue increase of 19.7% year-on-year, reaching 6.83 billion yuan, with a gross margin of 29.7%, up 7.75 percentage points [3]. - The agricultural machinery segment experienced a remarkable growth of 122.3%, achieving revenue of 4.65 billion yuan [3]. Market Position and Strategy - The company has established a strong market position in the domestic and international markets, particularly in the earthmoving and concrete machinery sectors, with significant growth in export sales [2][3]. - The company is focusing on enhancing its product portfolio and expanding its market share in both domestic and overseas markets, with a notable increase in international sales [2][3]. Future Outlook - The company is expected to benefit from a rebound in domestic demand and strong growth in overseas markets, which could lead to a higher valuation and growth premium [4]. - The report anticipates that the company will continue to leverage its strengths in traditional product lines while developing new growth engines in emerging sectors [4].