柳工 20250605 摘要 柳工管理层顺利换届，罗国斌接任总裁，曾光安转任高级顾问，旨在培 养新一代领导人，并继续指导公司战略，确保领导力平稳过渡。 公司十四五战略规划（2023-2027 年实现 500 亿人民币目标）保持不 变，并已着手制定更具挑战性的十五五战略，目标是到 2032 年实现 100 亿美元收入，净利率维持在 8%-9%。 柳工通过股权激励、股票期权及现金股票等长效激励机制，打破"大锅 饭"现象，并根据 KPI 考核严格执行高管市场化激励，确保持续变革创 新。 国内工程机械行业预计到 2027-2028 年温和增长，土方机械销量约为 27-28 万台，柳工受益于土方机械占比高，国内市场收入增长率约为 15%-20%。 柳工国际业务 1-5 月保持两位数增长，每月平均增幅达十几个百分点， 符合预期。未来海外市场开拓重点包括欧洲和北美，并加强二手机出口。 公司重视后市场业务，借鉴卡特彼勒经验，要求经销商和直营公司使用 柳工零部件，提升客户满意度，并计划与战略合作伙伴共同开拓租赁服 务。 公司通过产品研发、供应链管理、智能制造以及产品结构优化等措施降 本控费，目标是 2025 年净利率提高一个百 ...

证券之星消息，2025年5月28日柳 工（000528）发布公告称鹏华基金、太平资产、中国人寿、博睿乾远私 募基金、星石投资、中信建投证券、华泰证券、中金公司、国泰海通证券、银河证券、天风证券、汇添富 基金、长江证券、东方证券、国联民生证券、国投证券、国金证券、财通证券、申万宏源证券、兴业证 券、华创证券、华安证券、工银安盛资管、东亚前海证券、投资者、西部利得基金、国泰基金、国金基 金、建信基金、开思基金、中信证券资管于2025年5月27日调研我司。 具体内容如下： 问：郑津董事长对本次董事会换届工作的解读： 答：新一届董事会和高管层基本保持稳定，公司本年的预算目标不变，并将继续贯彻"全面国际化、全面 智能化、全面解决方案"战略，推动公司的业务增长、盈利增长、能力成长和品质提升。同时公司正在制 定"十五·五"战略，从工程机械与非工程机械、强周期与弱周期业务、优势业务与新兴业务、国内市场与 国际市场、整机与零部件、开源与节流等六大策略规划公司未来的成长，新管理层也将制定更高的挑战目 标，通过精益管理及创新激励，激发员工活力，推动加快发展公司的优势主业、提升国内行业地位并突破 巩固海外重点区域的优势。公司正在朝着 ...

债券代码：127084 债券简称：柳工转 2 广西柳工机械股份有限公司 投资者关系记录表 证券代码：000528 证券简称：柳工 | | 【请在您选择的方式的"（ ）"中打"√"，下同】 （ √ ）特定对象调研 （ ）分析师会议 | | | | --- | --- | --- | --- | | 投资者关系 | （ ）媒体采访 | ）业绩说明会 | （ | | 活动类别 | （ ）新闻发布会 （ ）路演活动 | | | | | （ ）现场参观 | | | | | （ ）其他 （请文字说明其他活动内容） | | | | 参与单位名称 | 机构投资者、券商分析师、个人投资者等 52 位参会人员： | | | | | 鹏华基金、汇添富基金、工银安盛资管、西部利得基金、国泰基金、国金基金、 | | | | | 建信基金、开思基金、中信证券资管、太平资产、中国人寿、博睿乾远私募基 | | | | 及人员姓名 | 金、星石投资、中信建投证券、华泰证券、中金公司、国泰海通证券、银河证 | | | | | 券、天风证券、长江证券、东方证券、国联民生证券、国投证券、国金证券、 | | | | | 财通证券、申万宏源证券、兴业证 ...

Group 1: Strategic Planning and Governance - The new board and management will continue the established "14th Five-Year" strategy, focusing on stable governance and long-term development [3][4] - The company aims to deepen internal incentive systems and organizational changes to promote sustainable high-quality growth [3] Group 2: Incentive and Compensation Plans - The 2023 stock option incentive plan will proceed as originally planned, with preparations for future incentives already in place [4] - A new executive compensation scheme has been approved, designed to enhance market competitiveness and align management interests with long-term company value [4] Group 3: Internationalization Strategy - The "15th Five-Year" internationalization strategy emphasizes transitioning from comprehensive internationalization to globalization, focusing on localizing operations overseas [5] - The goal is to elevate the company from a high-end Chinese brand to a globally recognized high-value brand [5] Group 4: Research and Development Focus - The company maintains a leading position in R&D intensity and efficiency within the industry, with a focus on smart and electric products [6] - Future R&D will prioritize agricultural machinery, mining machinery, and key components, leveraging an advanced innovation design system [6] Group 5: Cost Reduction and Efficiency Improvement - The company employs a comprehensive approach to cost reduction, optimizing the entire value chain from R&D to manufacturing [6] - Future strategies include enhancing asset quality and reducing expense ratios, aiming for improved gross margins and net profit rates [6] Group 6: Electric Product Internationalization - The company is a pioneer in electric loader and excavator manufacturing, with higher profit margins for electric products overseas [7] - A dual model of "subsidiary + local agents" will be used to enhance global market coverage and customer support [7] Group 7: Competitive Response to Domestic Market Cycles - The company has made significant progress in R&D, manufacturing, and operational management since the mixed-ownership reform [8] - With a strong domestic market foundation, the company is well-positioned to capitalize on the upcoming market cycle [8]

Group 1: Industry Outlook and Performance Expectations - The domestic engineering machinery market is expected to enter a new upward cycle in 2025, driven by natural equipment updates and favorable policies, with a projected revenue of CNY 34.6 billion and an increase in net profit margin by over 1 percentage point [3] - Overseas demand is anticipated to continue declining but at a slower rate, with emerging markets maintaining moderate to high growth [3] Group 2: Financial Performance and Margins - The company's gross margin decreased in Q4 2024 due to new accounting standards, but it is expected to improve under previous accounting policies [3] - The company achieved a 20% increase in overseas revenue in 2024, outperforming the industry by 22 percentage points [3] Group 3: Strategic Development and Market Position - The company has a comprehensive mining equipment matrix and plans to launch a 200-ton mining excavator in H1 2025, with a focus on internationalization and intelligent solutions [6] - The company maintains a leading market share in electric loaders, with a projected 500% increase in overseas sales in 2024 [4] Group 4: Cost Management and Profitability - A strategic cost control system will be established to enhance profitability, focusing on R&D, procurement, and manufacturing [7] - The company aims to maintain a dividend payout ratio of over 40%, with a 2023 dividend rate of 45% [8] Group 5: Risk Management and Asset Quality - In 2024, credit and asset impairment losses were CNY 579 million, accounting for 2% of revenue, showing significant improvement from 2023 [9] - The company plans to enhance risk management and optimize asset quality as key operational goals for 2025 [9]