Investment Rating - The investment rating for the company is "Accumulate" (maintained) [2] Core Views - The company reported a revenue of 30.371 billion yuan in the first half of 2025, representing a year-on-year growth of 26.71%, and a net profit attributable to shareholders of 777 million yuan, up 87.57% year-on-year [7] - The gross margin decreased year-on-year, while the expense ratio saw a decline: the gross margin for the first half of 2025 was 10.31%, down 1.96 percentage points [7] - The company achieved a sales volume of 327,000 vehicles (including Foton Daimler) in the first half of the year, a year-on-year increase of 9.1%, with a market share of 15.4%, up 0.9 percentage points [7] - The company is committed to advancing its internationalization strategy and enhancing its product layout, focusing on heavy trucks, pickups, and buses, while also promoting its new energy product matrix [7] - The forecast for net profit attributable to shareholders for 2025-2027 is 1.146 billion, 1.281 billion, and 1.672 billion yuan, respectively, with corresponding PE ratios of 19.1, 17.1, and 13.1 [7] Financial Performance Summary - Revenue forecast (in million yuan): 2023A: 56,097; 2024A: 47,698; 2025E: 53,112; 2026E: 58,948; 2027E: 64,666 [6] - Net profit forecast (in million yuan): 2023A: 909; 2024A: 81; 2025E: 1,146; 2026E: 1,281; 2027E: 1,672 [6] - EPS forecast: 2023A: 0.12; 2024A: 0.01; 2025E: 0.14; 2026E: 0.16; 2027E: 0.21 [6] - ROE forecast: 2023A: 6.4%; 2024A: 0.6%; 2025E: 7.7%; 2026E: 7.9%; 2027E: 9.4% [6]

2024年，柳工营收净利双增。数据显示，柳工当期实现营收300.63亿元，同比增长9.24%；归母净利润为 13.27亿元，同比增长52.92%。 2024年，柳工海内外营收均实现不同程度增长，其中 海外业绩表现尤为突出 。 数据显示，2024年，柳工境内营收约为163.02亿元，同比增长1.53%；海外营收137.60亿元，同比增长 20.05%。柳工表示，当期公司国内销量增速整体跑赢行业，土方机械产品销量增速优于行业水平13个百分 点；海外销量增速跑赢行业22个百分点。 国内房地产市场持续调整背景下， 广西柳工机械股份有限公司（000528.SZ，以下简称"柳工"）正加速出 海 。 日前，柳工发布2024年年报。年报显示， 2024年度，柳工营收净利双增，海外营收增超20%。同时，该 公司应收账款规模已连续8年增长，2024年年末已超百亿 。 " 根据目前规划，公司到2027年国内外营收会各占50%左右。 "柳工方面近日接受《中国经营报》记者采 访时表示，公司自2002年前后就开始注重全球市场开拓，近年来海外业绩持续增长，对海外不同地区市场，公 司已制定和执行针对性的策略，以保障未来海外收入的稳健增长。 ...