Zoomlion(000157) 光大证券·2025-03-27 06:25Investment Rating - The report maintains a "Buy" rating for both A-shares and H-shares of the company [4][5]. 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 [1]. - The engineering machinery segment generated revenue of 40.36 billion yuan, down 9.3% year-on-year, with traditional concrete machinery and lifting machinery revenues declining by 6.8% and 23.4% respectively. Despite these declines, the company maintained its leading position in the industry [2]. - 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 [3]. Summary by Sections Financial Performance - In 2024, the company reported a gross margin of 28.2%, up 1.0 percentage points year-on-year, and a net margin of 8.8%, up 0.8 percentage points year-on-year. Earnings per share (EPS) stood at 0.41 yuan [1][11]. - The forecast for net profit for 2025 and 2026 is adjusted to 5.00 billion yuan and 6.22 billion yuan respectively, with EPS projected at 0.58 yuan and 0.72 yuan [4][9]. Business Segments - The traditional business segments faced short-term pressure due to the real estate sector, but the company retained its industry-leading status in various categories, including concrete machinery and lifting machinery [2]. - Emerging business segments showed resilience, with earth-moving machinery revenue increasing by 0.34% to 6.67 billion yuan, and aerial work machinery revenue rising by 19.7% to 6.83 billion yuan. Agricultural machinery revenue surged by 122.3% to 4.65 billion yuan [2]. International Expansion - The company has diversified its international market 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 industrial ecosystem [3].