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柳工涨2.25%,成交额2.84亿元,主力资金净流入171.71万元
Xin Lang Cai Jing· 2025-09-29 02:46
Core Viewpoint - LiuGong's stock price has shown fluctuations with a year-to-date decline of 7.41%, while it has experienced a 10.41% increase over the past 60 days, indicating potential volatility in the market [1][2]. Financial Performance - For the first half of 2025, LiuGong achieved a revenue of 18.181 billion yuan, representing a year-on-year growth of 13.21%, and a net profit attributable to shareholders of 1.230 billion yuan, reflecting a growth of 25.05% [2]. - Cumulatively, LiuGong has distributed 5.102 billion yuan in dividends since its A-share listing, with 1.122 billion yuan distributed over the past three years [3]. Stock Market Activity - As of September 29, LiuGong's stock price was 10.92 yuan per share, with a trading volume of 284 million yuan and a turnover rate of 1.31%, resulting in a total market capitalization of 22.183 billion yuan [1]. - The stock has seen a net inflow of 1.717 million yuan from main funds, with significant buying and selling activities recorded [1]. Shareholder Structure - As of June 30, 2025, LiuGong had 79,900 shareholders, an increase of 29.79% from the previous period, with an average of 25,266 circulating shares per shareholder, a decrease of 22.95% [2][3]. - The second-largest circulating shareholder is Hong Kong Central Clearing Limited, holding 66.054 million shares, which decreased by 61.220 million shares compared to the previous period [3].
柳工(000528):业绩稳健增长 土方机械跑赢行业
Xin Lang Cai Jing· 2025-09-03 10:38
Core Viewpoint - The company reported strong revenue and profit growth in the first half of 2025, driven by significant performance in earthmoving machinery and strategic international expansion [1][2][3]. Financial Performance - In H1 2025, the company achieved revenue of 18.181 billion yuan, a year-on-year increase of 13.21% - The net profit attributable to shareholders was 1.230 billion yuan, up 25.05% - The net profit excluding non-recurring items was 1.146 billion yuan, an increase of 27.01% [1]. Segment Performance - Earthmoving machinery was the main growth driver, with revenue of 11.652 billion yuan, a year-on-year growth of 17.26% - Other segments included engineering machinery and components at 5.081 billion yuan (8.81% growth), prestressed machinery at 1.197 billion yuan (-0.61% decline), and rental business at 251 million yuan (0.88% growth) [2]. - Within earthmoving machinery, loader revenue grew by over 20%, and global sales of electric loaders surged by 193% - Excavator revenue increased by 25%, with domestic and overseas terminal sales growing by 31% and 22% respectively, leading to a 1.6 percentage point increase in domestic market share and a 0.5 percentage point increase in global market share [2]. Profitability Metrics - The company's gross margin decreased by 1.08 percentage points to 22.32% - Domestic gross margin decreased by 0.65 percentage points to 15.82%, while overseas gross margin increased by 1.49 percentage points to 29.69% - The total expense ratio decreased by 1.49 percentage points to 12.48%, with sales expense ratio down by 1.16 percentage points to 6.92% [2]. Strategic Developments - The company is experiencing high-quality growth in strategic emerging businesses, with significant advancements in the mining machinery sector, achieving a 42% increase in overseas sales - The aerial work machinery segment saw substantial growth in sales, revenue, and net profit, with net profit growth exceeding 100% - The industrial vehicle segment also reported double-digit growth in sales, revenue, and net profit, with both domestic and international revenue increasing [3]. - The company has entered a deep internationalization phase, establishing manufacturing bases in India, Brazil, Argentina, and Indonesia, and developing local supply chains for localized production [3]. Future Outlook - Revenue projections for 2025-2027 are 34.233 billion, 37.820 billion, and 41.361 billion yuan, with year-on-year growth rates of 13.87%, 10.48%, and 9.36% respectively - Net profit attributable to shareholders is expected to be 1.719 billion, 2.093 billion, and 2.518 billion yuan, with growth rates of 29.57%, 21.74%, and 20.31% respectively [4]. - The company's PE ratios for 2025-2027 are projected to be 12.86, 10.57, and 8.78, maintaining a "buy" rating [5].
柳工(000528):业绩稳健增长,土方机械跑赢行业
China Post Securities· 2025-09-03 10:35
Investment Rating - The report maintains a "Buy" rating for the company, expecting a relative increase in stock price of over 20% compared to the benchmark index within six months [2][14]. Core Insights - The company reported a robust performance in H1 2025, achieving revenue of 18.181 billion yuan, a year-on-year increase of 13.21%, and a net profit attributable to shareholders of 1.230 billion yuan, up 25.05% [4][5]. - The growth was primarily driven by the earth-moving machinery segment, with both domestic and overseas sales outpacing industry averages. Notably, the loader segment saw revenue growth exceeding 20%, and electric loader global sales surged by 193% [5][6]. - The company is entering a deep internationalization phase, establishing multiple overseas manufacturing bases and R&D institutions, enhancing local supply chains and production capabilities [6]. Financial Performance Summary - For H1 2025, the company reported a gross margin of 22.32%, a decrease of 1.08 percentage points year-on-year. Domestic gross margin decreased by 0.65 percentage points to 15.82%, while overseas gross margin increased by 1.49 percentage points to 29.69% [5]. - The company forecasts revenues of 34.233 billion yuan, 37.820 billion yuan, and 41.361 billion yuan for 2025, 2026, and 2027, respectively, with year-on-year growth rates of 13.87%, 10.48%, and 9.36% [7][10]. - The projected net profit attributable to shareholders for the same period is 1.719 billion yuan, 2.093 billion yuan, and 2.518 billion yuan, with growth rates of 29.57%, 21.74%, and 20.31% [7][10].