Zoomlion(000157) 华创证券·2025-03-28 06:52Investment Rating - The report maintains a "Strong Buy" rating for the company with a target price of 9.3 CNY [2][4]. Core Insights - The company's 2024 annual report shows a revenue of 45.478 billion CNY, a year-on-year decrease of 3.39%, while the net profit attributable to shareholders is 3.520 billion CNY, a slight increase of 0.41% [2][4]. - The company has successfully diversified its product offerings and expanded its overseas operations, with overseas revenue growing over 30% year-on-year, now accounting for 51.41% of total revenue [7][8]. - Emerging business segments, including aerial work platforms and agricultural machinery, have shown significant growth, with revenues increasing by 19.74% and 122.29% respectively [7][8]. Financial Performance Summary - In Q4 2024, total revenue was 11.092 billion CNY, down 4.05% year-on-year, with a net profit of 381 million CNY, down 41.42% [2][4]. - The company’s total assets are valued at 123.746 billion CNY, with a debt-to-equity ratio of 53.4% [8]. - The projected revenues for 2025, 2026, and 2027 are 51.433 billion CNY, 59.023 billion CNY, and 68.743 billion CNY respectively, with expected growth rates of 13.1%, 14.8%, and 16.5% [8]. Emerging Business Segments - The new business segments now account for 39.92% of total revenue, with significant contributions from high-altitude work platforms and agricultural machinery [7][8]. - The company has launched 40 new energy products, including the world's largest 150-ton distributed electric drive crawler crane [7][8]. Market Position and Strategy - The company is positioned as a leader in the engineering machinery sector, leveraging its "end-to-end, digital, and localized" operational philosophy to accelerate global expansion [7][8]. - The report highlights the company's commitment to innovation, with ongoing investments in R&D and the introduction of intelligent machinery [7][8].