主持人 大家好 我是中联重科的董事会秘书陶兆波欢迎大家来参加中联重科2024年三级报的业绩说明会我们现在在现场的还有我们公司的联席总裁王永祥先生以及我们公司的CFO杜一刚女士 首先感谢大家长期以来对公司的关注与支持我们今天这个会议会分为两个部分第一部分是由我这边先来给大家介绍一下公司三季度的经营和业绩的情况然后我们再来进入一个问答的环节我会分经营和财务两个部分来进行介绍 先说经营情况的总体业绩吧2024年以来公司的收入去结构和产品结构是在持续优化的境外收入的占比已经超过了51%新兴产业占比已经超过了50%同时与房地产关联度明显比较高的板块在国内收入的占比已经低于13%了公司的经营质量也是进一步优化 应收场口存货经营性现金流数额等核心指标都是在进一步优化那公司的前三季度的规模净利润是31.39亿元同比增长9.95%其中单三季度规模净利润8.51亿元同比增长4.42%那在剔除股份支付的影响之后呢公司的规模净利润 和扣非贵母金利润前三季度同比增长的分别是29.98%和17.14%那单三季度同比分别呢是增长了29.53%和35.92%那第二呢我们是一直都在坚定的推进全球化的战略公司当下呢是全面加速海外转型海外业务呢已 ...

Investment Rating - The report maintains a "Buy" rating for the company [4][16]. Core Views - The company has shown significant improvement in profitability, with emerging businesses and overseas markets driving growth. In the first three quarters of 2024, the company achieved a revenue of 34.386 billion yuan, a year-on-year decrease of 3.18%, while the net profit attributable to shareholders increased by 9.95% to 3.139 billion yuan [1][2]. - The company maintains a solid position in its core industries, particularly in concrete machinery and construction lifting machinery, with a leading global sales scale in construction lifting machinery [2]. - Emerging businesses, including mining machinery and emergency equipment, have seen rapid growth, with sales increasing by over 54% year-on-year in the first half of the year [2]. Financial Performance Summary - For the first three quarters of 2024, the gross profit margin was 28.37%, an increase of 0.6 percentage points year-on-year, and the net profit margin was 9.13%, up by 1.09 percentage points [1]. - The company expects net profits for 2024, 2025, and 2026 to be 4.5 billion yuan, 6 billion yuan, and 7.4 billion yuan, respectively, with growth rates of 30%, 32%, and 24% [2][3]. - The company's financial metrics indicate a positive trend, with the latest diluted EPS projected to be 0.52 yuan in 2024 and 0.69 yuan in 2025 [3][11]. Market Position and Growth Potential - The company has a strong foothold in the domestic market and is expanding its presence in overseas markets, with significant growth potential. The global market for construction machinery is projected to grow, with the company aiming to increase its market share in regions like Turkey, Central Asia, and Southeast Asia [2]. - The report highlights that the domestic market is expected to rebound, and the company's strong performance in international markets positions it well for future growth [2].

公司报告 | 季报点评 | --- | --- | --- | |--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|-----------------------------------------------------------------------|------------------------------------------------------------| | 中联重科（ 000157 ） | | 证券研究报告 20 ...

证券研究报告 非金融公司|公司点评|中联重科（000157） Q3 公司经营稳健，盈利能力增强 请务必阅读报告末页的重要声明 glzqdatemark1 2024年11月02日 证券研究报告 |报告要点 2024 年国内工程机械行业逐渐底部回暖，我们看好国内需求持续增长，海外市场仍有增长空 间，我们看好公司土方机械及农用机械等产品放量，我们预计公司 2024-2026 年营收分别为 526.62/598.71/683.26 亿元，归母净利润分别为 44.75/52.24/62.87 亿元，CAGR 为 21.49%。 EPS 分别为 0.52/0.60/0.72 元/股,考虑到国内工程机械行业景气度有望逐步回暖；多元化产 品有望为公司带来海外业务增量，维持"买入"评级。 |分析师及联系人 田伊依 SAC：S0590524070001 请务必阅读报告末页的重要声明 1 / 5 非金融公司|公司点评 glzqdatemark2 2024年11月02日 中联重科(000157) Q3 公司经营稳健，盈利能力增强 | --- | --- | |----------------------------|-------- ...

证 券 研 究 报 告 [ReportFinancialIndex] 中联重科（000157）2024 年三季报点评 强推（维持） Q3 业绩超预期，海外表现亮眼 目标价：8.9 元 当前价：7.13 元 事项： ❖ 公司发布 2024 年第三季度报告，2024 年前三季度实现营收 343.9 亿元，同比 下降 3.2%，归母净利润 31.4 亿元，同比增长 9.9%，扣非归母净利润 21.9 亿 元，同比下降 7.3%。单三季度实现营收 98.5 亿元，同比下降 13.9%，归母净 利润 8.5 亿元，同比增长 4.4%，扣非归母净利润 7.1 亿元，同比增长 5.5%。 评论： ❖ 三季度利润率同比提升，剔除股份支付费用归母净利润同比增长 29.5%。2024 年三季度，国内地产基建开工端尚未明显好转，对应的中大挖、起重机械、混 凝土机械等产品需求相对较弱，受国内行业下滑拖累，收入增速同比转负。低 毛利率产品收入占比下降，叠加公司智慧产业城逐步投产，公司盈利能力稳步 提升，三季度综合毛利率、净利率分别为 28.5%、9.7%，分别同比+1.1pct、 +2.3pct。公司期间费用率同比下降，销售、管理、研 ...

Investment Rating - The report maintains a "Buy" investment rating for the company [4] Core Views - The company has shown resilience in its overseas business, achieving a revenue of 17.644 billion yuan in the first three quarters of 2024, representing a year-on-year increase of 35.42% [2] - The company is actively integrating traditional and emerging industries, with significant growth in new business segments such as earthmoving machinery, aerial work platforms, and agricultural machinery [2][3] - The company's gross profit margin for overseas operations was 32.13% in the first half of 2024, which is 7.5 percentage points higher than the domestic gross profit margin [2] Summary by Sections Financial Performance - For the first three quarters of 2024, the company reported a revenue of 34.386 billion yuan, a decrease of 3.18% year-on-year, while net profit attributable to shareholders was 3.139 billion yuan, an increase of 9.95% year-on-year [2] - The company’s revenue for Q3 2024 was 9.850 billion yuan, down 13.89% year-on-year, but net profit increased by 4.42% to 0.851 billion yuan [2] Emerging Business Growth - The company’s new business segments showed remarkable growth in H1 2024, with revenues of 3.516 billion yuan for earthmoving machinery (up 19.89%), 3.955 billion yuan for aerial work platforms (up 17.75%), and 2.343 billion yuan for agricultural machinery (up 112.51%) [2] - The integration of traditional and emerging industries is expected to enhance the company's profitability [2][3] Global Strategy and Market Expansion - The company is committed to a global strategy, utilizing a direct sales approach that is end-to-end, digital, and localized, which has led to significant achievements in overseas markets [2] - The company’s overseas revenue is expected to continue its rapid growth trajectory, particularly in regions such as the Middle East, Southeast Asia, and Central Asia, which have outperformed the industry [2][3] Profitability and Cash Flow - The company’s gross margin for the first three quarters of 2024 was 28.37%, an increase of 0.61 percentage points year-on-year, while the net profit margin was 10.16%, up 1.54 percentage points year-on-year [3] - Operating cash flow for the first three quarters of 2024 was 1.208 billion yuan, a year-on-year increase of 5.74%, indicating improved cash flow from operations [3]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - Q3 performance exceeded expectations, with a 29.5% year-on-year increase in net profit attributable to shareholders after excluding share-based payment expenses [2] - The company is expected to maintain high growth in revenue and profitability due to the recovery of domestic business and continuous expansion in overseas markets [4] - The company has demonstrated good cost control, with an increase in profitability and quality [3] Financial Performance Summary - For the first three quarters of 2024, the company achieved revenue of 34.39 billion yuan, a year-on-year decrease of 3.2%, and a net profit of 3.14 billion yuan, a year-on-year increase of 9.9% [2] - In Q3 alone, the company reported revenue of 9.85 billion yuan, a year-on-year decrease of 13.9%, and a net profit of 850 million yuan, a year-on-year increase of 4.4% [2] - The gross profit margin for the first three quarters of 2024 was 28.4%, an increase of 0.6 percentage points year-on-year, while the net profit margin was 9.1%, an increase of 1.1 percentage points year-on-year [3] - The company’s operating cash flow for the first three quarters of 2024 increased by 5.74% year-on-year, with a significant growth of 81.57% in Q3 [3] Future Outlook - The domestic market is expected to recover, particularly in the crane and concrete sectors, which have seen significant declines [4] - The company’s overseas business is expanding, with new segments contributing to revenue growth, indicating potential for continued high growth in the future [4] - The profit forecasts for 2024-2026 have been adjusted to 3.904 billion, 5.037 billion, and 6.243 billion yuan respectively, reflecting a decrease from previous estimates [4]

Investment Rating - The report maintains a "Recommend" rating for Zoomlion Heavy Industry Science & Technology Co Ltd (000157 SZ) [1][3] Core Views - Zoomlion's operating quality has steadily improved, with globalization and diversification strategies reducing cyclical impacts [1] - Domestic construction machinery market shows signs of bottoming out, with excavators leading the recovery [1] - The company's overseas revenue reached 12 05 billion yuan in H1 2024, accounting for 49 1% of total revenue, up 11 1 percentage points YoY [1] - Emerging business segments (earthmoving, aerial work platforms, agricultural machinery, mining) contributed 9 815 billion yuan in H1 2024, representing 40% of total revenue [1] Financial Performance - Q1-Q3 2024 revenue reached 34 385 billion yuan, down 3 18% YoY, while net profit attributable to parent company increased 9 95% YoY to 3 139 billion yuan [1] - Gross profit margin improved to 28 37%, up 0 61 percentage points YoY [1] - Net profit margin increased to 10 16%, up 1 54 percentage points YoY [1] - Operating cash flow for Q1-Q3 2024 was 1 208 billion yuan, up 5 78% YoY [1] Market Outlook - Domestic construction machinery demand is stabilizing, supported by trillion-yuan special bond projects and equipment renewal policies [1] - Excavator domestic sales reached 74 000 units in Jan-Sep 2024, up 8 6% YoY, while crane sales declined 35 9% [1] - The industry is expected to gradually recover as equipment renewal cycles approach and infrastructure projects accelerate [1] Strategic Development - The company is implementing a comprehensive globalization strategy covering R&D, manufacturing, supply chain, products, services, and talent [1] - Emerging business segments are showing strong growth, with revenue increasing 32 73% YoY in H1 2024 [1] - The company is enhancing operational efficiency through end-to-end digitalization [1] Financial Forecasts - 2024-2026 net profit is projected to be 3 86 billion, 5 07 billion, and 6 37 billion yuan respectively [1] - 2024-2026 EPS is forecasted at 0 40, 0 45, and 0 58 yuan [4] - 2024-2026 PE ratios are estimated at 16, 12, and 9 times [1][4] Key Financial Indicators - 2024-2026 revenue growth is projected at 13 08%, 2 06%, and 15 14% [4] - Gross margin is expected to remain stable around 28% [4] - ROE is forecasted to increase from 6 22% in 2023 to 9 93% in 2026 [4] - Debt-to-asset ratio is expected to remain around 54% [4]

来源：公司年报、国金证券研究所 中联重科 (000157.SZ) 增持(维持评级) 业绩简评 公司 2024 年 10 月 30 日发布 24 年三季报，实现营业收入 343.86 亿元，同比下滑 3.18%；实现归母净利润 31.39 亿元，同比增长 9.95%。其中 3Q24 实现营业收入 98.50 亿元,同比下滑 13.89%；实 现归母净利润 8.51 亿元,同比增长 4.42%，业绩符合我们预期。 经营分析 海外占比接近 5 成，带动盈利能力持续提升。根据公告，24Q3 公 司毛利率、净利率分别达 28.52%/9.65%，同比+1.06/2.28pcts， 盈利能力明显提升主要得益于境外收入占比提升；根据公告，24H1 公司境外市场 120.48 亿元，同比+43.90%，境外收入占比达到 49.10%，相比 23 年底提升 11.06pcts。其中 24H1 公司境外市场毛 利率达到 32.13%，比国内高出 7.50pcts；海外市场占比持续提升， 为公司盈利能力维持高位提供保障。 产品实现多元化发展，挖机、高机、农机发展迅速。根据公告， 24H1 公司土方机械、高机、农业机械分别实现 35 ...

中联重科股份有限公司 2024 年第三季度报告 证券代码：000157 证券简称：中联重科 公告编号：2024－048 号 中联重科股份有限公司 2024 年第三季度报告 2024 年 10 月 1 中联重科股份有限公司 2024 年第三季度报告 中联重科股份有限公司 2024 年第三季度报告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假记载、误 导性陈述或重大遗漏。 重要内容提示： 1.董事会、监事会及董事、监事、高级管理人员保证季度报告的真实、准确、完整，不存在虚假记载、误导性陈述或重 大遗漏，并承担个别和连带的法律责任。 2.公司负责人、主管会计工作负责人及会计机构负责人(会计主管人员)声明：保证季度报告中财务信息的真实、准确、 完整。 3.第三季度报告是否经过审计 □是 否 2 中联重科股份有限公司 2024 年第三季度报告 一、主要财务数据 （一） 主要会计数据和财务指标 公司是否需追溯调整或重述以前年度会计数据 | --- | --- | --- | --- | --- | --- | |--------------|----------------------------- ...