Zoomlion(SZ:000157) Changjiang Securities·2025-03-26 10:12Investment Rating - The investment rating for the company is "Buy" and is maintained [9] Core Viewpoints - The company's overseas revenue continued to grow rapidly, increasing by 31% year-on-year, with overseas revenue accounting for 51% of total revenue, up 13 percentage points year-on-year [2][11] - The domestic revenue in 2024 is expected to decline due to impacts from concrete machinery and lifting machinery, but recovery is anticipated in 2025 [2][11] - The company has seen improvements in gross margins across multiple product lines, including lifting machinery and earth-moving machinery [2][11] - The outlook for 2025 remains positive, with traditional segments expected to stabilize and new businesses contributing to growth, supported by an increasingly globalized layout [2][11] Summary by Sections Financial Performance - In 2024, the company achieved revenue of 45.478 billion yuan, a decrease of 3.39% year-on-year, and a net profit attributable to shareholders of 3.520 billion yuan, an increase of 0.41% year-on-year [6][11] - The fourth quarter of 2024 saw revenue of 11.092 billion yuan, down 4.05% year-on-year, and a net profit of 0.381 billion yuan, down 41.42% year-on-year [6][11] Overseas Business Growth - The company’s overseas business continues to expand, with significant growth in regions such as Europe, Australia, New Zealand, and emerging markets in Africa and Latin America [2][11] - The export sales of major product lines, including concrete machinery and lifting machinery, have increased by over 35% year-on-year [11] Domestic Market Outlook - The domestic market faced challenges in 2024, with significant declines in the sales of various lifting machinery types [11] - However, there is an expectation for recovery in 2025, particularly in the demand for concrete mixers and cranes driven by new energy trends [11] Profitability and Shareholder Returns - The company’s overall gross margin improved in 2024, benefiting from structural optimization and cost reduction efforts [11] - A cash dividend of 3.00 yuan per 10 shares is proposed for 2024, totaling approximately 2.6 billion yuan, with a payout ratio of 74% [11] Future Growth Prospects - The company is expected to achieve net profits of 5.005 billion yuan and 6.076 billion yuan in 2025 and 2026, respectively, with corresponding price-to-earnings ratios of 14 times and 11 times [11]