中联重科：2024 results below expectation; Still positive on the structural overseas growth trend-20250326

26 Mar 2025 CMB International Global Markets | Equity Research | Company Update Zoomlion (1157 HK/000157 CH) 2024 results below expectation; Still positive on the structural overseas growth trend Zoomlion's 2024 results were weaker than our expectation, due to a slowdown of overseas revenue growth (14%) in 4Q24, reduction of other income, and increase in inventory turnover days. While we revise down our 2025E/26E earnings forecast by 7%/8%, after incorporating lower sales volume growth and higher distributi ...