Investment Rating - The report maintains a "Buy" rating for both A-shares and H-shares of the company [5][6]. Core Insights - The company achieved a total revenue of 45.48 billion yuan in 2024, a decrease of 3.4% year-on-year, while the net profit attributable to shareholders was 3.52 billion yuan, an increase of 0.4% year-on-year. Excluding share-based payment expenses, the net profit grew by 18.4% year-on-year [2][3]. - The company's engineering machinery business revenue was 40.36 billion yuan, down 9.3% year-on-year, but it maintained a leading position in the industry. The new potential businesses, such as earth-moving machinery and aerial work machinery, showed growth, with revenues of 6.67 billion yuan and 6.83 billion yuan, respectively [3][4]. - The overseas market revenue reached 23.38 billion yuan, a year-on-year increase of 30.6%, with overseas revenue accounting for 51.4% of total revenue, up 13.4 percentage points year-on-year [4]. Summary by Sections Financial Performance - In 2024, the company reported a revenue of 45.48 billion yuan and a net profit of 3.52 billion yuan, with a gross margin of 28.2% and a net margin of 8.8% [2][3]. - The earnings per share (EPS) for 2024 was 0.41 yuan, with projected EPS for 2025, 2026, and 2027 at 0.58, 0.72, and 0.85 yuan, respectively [5][10]. Business Segments - The traditional business segments, including concrete machinery and lifting machinery, faced revenue declines of 6.8% and 23.4%, respectively, due to pressures from the real estate sector. However, the company maintained its leading market positions in various categories [3]. - Emerging businesses, particularly in agricultural machinery, saw significant growth, with a 122.3% increase in revenue to 4.65 billion yuan [3]. International Expansion - The company has expanded its international presence, with over 4,400 local employees and more than 210 service parts warehouses globally. It has established 11 overseas production bases in eight countries, enhancing its international operational capabilities [4].
中联重科(000157):2024年年报点评:新兴潜力业务稳健发展,海外市场持续突破