Zoomlion(000157) 申万宏源证券·2025-03-27 13:13Investment Rating - The investment rating for the company is "Buy" (maintained) [2] Core Insights - The agricultural machinery segment and overseas market performance are strong, leading to improved profitability [8] - The company reported a revenue of 454.78 billion yuan for 2024, a year-on-year decrease of 3.39%, while the net profit attributable to shareholders was 35.20 billion yuan, a year-on-year increase of 0.41% [5] - The report highlights a significant growth in agricultural machinery revenue, which increased by 122.29% year-on-year [8] Financial Data and Profit Forecast - Total revenue forecast for 2025 is 53.26 billion yuan, with a year-on-year growth rate of 17.1% [7] - The net profit attributable to shareholders for 2025 is projected to be 48.49 billion yuan, reflecting a growth rate of 37.7% [7] - The company’s gross margin for 2024 was reported at 28.17%, an increase of 0.63 percentage points year-on-year [8] Business Performance - The engineering machinery revenue was 403.56 billion yuan, a year-on-year decrease of 9.28%, while overseas revenue reached 233.80 billion yuan, a year-on-year increase of 30.58% [8] - The company has established a global service network with over 30 primary business airports and more than 390 secondary and tertiary outlets [8] - The company has successfully developed a domestic 120-ton electric drive dump truck, breaking the reliance on imports [8] Profitability Metrics - The company’s net profit margin for 2024 was 8.81%, an increase of 0.80 percentage points year-on-year [8] - The projected earnings per share for 2025 is 0.56 yuan [7] - The price-to-earnings ratio for 2025 is estimated at 14 times [7]