2025 年 03 月 26 日 公司点评 买入/维持 中联重科(000157) 目标价: 9.84 昨收盘:7.82 盈利能力持续提升，看好公司全球化、多元化发展 ◼ 走势比较 (30%) (18%) (6%) 6% 18% 30% 24/3/26 24/6/6 24/8/17 24/10/28 25/1/8 25/3/21 ◼ 股票数据 | 总股本/流通(亿股) | 86.78/70.7 | | --- | --- | | 总市值/流通(亿元) | 678.62/552.91 | | 12 个月内最高/最低价 | 9.53/5.72 | | (元) | | 相关研究报告 <<2021 年业绩承压，看好公司长期发 展>>--2022-03-31 <<公司各产品线市场地位持续提升， 2021Q1 业绩取得高增长>>--2021- 03-31 <<受益行业需求保持高景气，核心业 务板块持续高增长>>--2021-01-21 证券分析师：崔文娟 电话：021-58502206 E-MAIL：cuiwj@tpyzq.com 分析师登记编号：S1190520020001 证券分析师：刘国清 电话：021-613725 ...

Investment Rating - The report maintains a "Buy" rating for Zoomlion Heavy Industry Science and Technology Co., Ltd. (000157) with a target price of 9.84, compared to the last closing price of 7.82 [1]. Core Views - The company's profitability continues to improve, and there is optimism regarding its globalization and diversification strategies [1][7]. - The report highlights a decline in revenue for 2024, amounting to 454.78 billion yuan, a year-on-year decrease of 3.39%, while the net profit attributable to shareholders increased by 0.41% to 35.20 billion yuan [4][8]. Summary by Sections Financial Performance - In 2024, the company achieved a gross margin of 28.17% and a net margin of 8.81%, reflecting year-on-year increases of 0.63 percentage points and 0.80 percentage points, respectively [7]. - The company’s accounts receivable decreased by 10.26 billion yuan, a reduction of 20.16%, and inventory decreased by 1.76 billion yuan, a decline of 7.24% [7]. - The comprehensive collection rate reached 120.29%, an increase of 13.26 percentage points year-on-year [7]. Revenue and Profit Forecast - Revenue projections for 2025 to 2027 are 530.65 billion yuan, 624.63 billion yuan, and 718.32 billion yuan, respectively, with expected net profits of 50.23 billion yuan, 63.01 billion yuan, and 76.16 billion yuan [8]. - The expected revenue growth rates for these years are 16.7%, 17.7%, and 15.0%, respectively [8]. Market Position and Growth - The company’s traditional product lines, including concrete machinery and engineering cranes, are performing steadily, with overall export sales growing by over 35% [5]. - Emerging industries are also expanding, with significant growth in earth-moving machinery, agricultural machinery, and other new business segments [5]. - The company’s international strategy is progressing, with overseas revenue reaching 233.80 billion yuan in 2024, a year-on-year increase of 30.58%, accounting for 51.41% of total revenue [6]. Stock Data - The total share capital is 8.678 billion shares, with a total market capitalization of 678.62 billion yuan [3]. - The stock has seen a 12-month high of 9.53 yuan and a low of 5.72 yuan [3].

丨证券研究报告丨 公司研究丨点评报告丨中联重科（000157.SZ） [Table_Title] 中联重科 2024 年报点评：海外业务延续快增， 多品类毛利率提升 报告要点 [Table_Summary] 24 年公司海外收入延续快速增长，同比+31%，海外收入占比达 51%，同比提升 13pct。分区 域看，伴随欧美、澳新、拉非印等新兴区域市场逐步突破，公司海外区域市场结构更加多元化。 国内方面，24 年收入或受混凝土机械、起重机械影响有所下降。此外，公司起重机械、土方机 械、高空作业机械、农业机械等多个产品线毛利率均有所提升。展望 25 年，公司传统优势板块 混凝土机械、起重机械内需有望筑底修复，同时新兴业务有望持续贡献增量，叠加全球化布局 日益完善，海外业务增长有望持续，持续看好公司长期成长性。 分析师及联系人 [Table_Author] 赵智勇 臧雄 曹小敏 王硕 SAC：S0490517110001 SAC：S0490518070005 SAC：S0490521050001 SFC：BRP550 SFC：BVO790 请阅读最后评级说明和重要声明 %% %% %% %% research.955 ...

Investment Rating - The report maintains a "Buy" rating for the company, expecting a relative price increase of over 15% in the next six months [11][17]. Core Views - The company's revenue is projected to slightly decline by 3.39% year-on-year in 2024, primarily due to a downturn in the domestic cycle, while overseas markets are expected to grow by over 30%, with revenue contribution surpassing 50% [1][9]. - The company is experiencing stable improvement in profitability, with a 14% year-on-year increase in net profit after excluding share-based payment expenses [1][9]. - The engineering machinery industry is anticipated to witness a simultaneous upward trend in both domestic and overseas markets, driven by the company's ongoing diversification and internationalization efforts [1][10]. Revenue Summary - In 2024, the company's total revenue is expected to be 454.78 billion yuan, a decrease of 3.39% year-on-year [2][3]. - Revenue breakdown by business segments includes: - Concrete machinery: 80.13 billion yuan, down 6.80% year-on-year, with a gross margin of 22.68% [3]. - Lifting machinery: 147.86 billion yuan, down 23.35% year-on-year, with a gross margin of 32.41% [3]. - Earth-moving machinery: 66.71 billion yuan, up 0.34% year-on-year, with a gross margin of 30.18% [3]. - Aerial work machinery: 68.33 billion yuan, up 19.74% year-on-year, with a gross margin of 29.71% [3]. - Agricultural machinery: 46.50 billion yuan, up 122.29% year-on-year, with a gross margin of 12.25% [3]. Profitability Summary - The company's net profit for 2024 is projected to be 35.20 billion yuan, a slight increase of 0.41% year-on-year [2][9]. - After excluding share-based payment impacts, the adjusted net profit is expected to be 42.56 billion yuan, reflecting a year-on-year growth of 13.72% [9]. - The overall gross margin for 2024 is estimated at 28.17%, an increase of 0.62 percentage points year-on-year, while the net margin is expected to rise to 8.81%, up 0.80 percentage points year-on-year [9][12]. Industry Outlook - The engineering machinery sector is expected to see a recovery in domestic demand, with various investment areas such as rural, water conservancy, and renewable energy showing positive trends [10]. - The overseas market is projected to maintain a growth rate of around 15%, particularly in regions like Africa, Southeast Asia, and Europe [10]. - The company is actively pursuing diversification, with its revenue from emerging sectors exceeding 48%, reducing reliance on traditional real estate-related businesses [10].

26 Mar 2025 CMB International Global Markets | Equity Research | Company Update Zoomlion (1157 HK/000157 CH) 2024 results below expectation; Still positive on the structural overseas growth trend Zoomlion's 2024 results were weaker than our expectation, due to a slowdown of overseas revenue growth (14%) in 4Q24, reduction of other income, and increase in inventory turnover days. While we revise down our 2025E/26E earnings forecast by 7%/8%, after incorporating lower sales volume growth and higher distributi ...

中联重科（000157.SZ） 2024 年毛利率提升，公司经营趋势向好，股东回报优秀 公司发布 2024 年年度报告。2024 年实现营业收入 454.78 亿元，同比减少 3.39%； 归母净利润 35.20 亿元，同比增长 0.41%（剔除股份支付费用影响后净利润同比增长 18.39%）；扣非归母净利润 25.54 亿元，同比减少 5.7%。2024 年单 4 季度营业收入 110.92 亿元，同比减少 4.05%；归母净利润 3.81 亿元，同比减少 41.42%；扣非归母 净利润 3.64 亿元，同比增加 4.86%。公司 2024 年毛利率为 28.17%，2024 年净利率 8.81%，同比提升 0.8pct。2024 年 4 季度毛利率为 27.53%，同比提升 0.6pct；2024 年净利率 4.66%，同比降低 1.5pct。2024 年公司毛利率提升明显，表明公司经营情况 趋势向好，Q4 净利率下降主要原因是受汇率波动等影响，财务费用同比增加 1.74 亿 元，同时资产处置收益同比减少 2.53 亿元。此外，公司 2024 年向全体股东每 10 股派 发现金红利 3.00 元（含税）， ...

证券研究报告 | 年报点评报告 gszqdatemark 2025 03 26 年 月 日 土方机械全球布局进展顺利。公司 2024 年土方机械实现收入 66.7 亿元，同比增长 0.34%，毛利率 30.2%，同比+2.67pct。公司土方机械快速补齐超大挖、微小挖产品型 谱，实现 1.5-400 吨产品型谱全覆盖，打造形成完备的产品矩阵，各项产品关键性能行 业领先，展现出强大的市场竞争力。国内市场方面，聚焦矿山开采场景深度开发，100 吨以上矿用挖机市场份额跃居行业前三。海外市场方面，整合研发、供应链及渠道等优 势资源，成功实现优势市场的深耕与新兴市场的突破，达成双跨越发展格局。2024 年， 出口销售规模同比增幅超过 27%，进一步提升了品牌的国际影响力。 混凝土、起重机械市场地位稳固。公司混凝土机械、工程起重机械、建筑起重机械三大 传统优势产品线坚守稳健的发展战略，强化风险管控与资源的优化配置，全方位提升公 司的运营质量与抗风险能力，实现高质量发展。混凝土机械、工程起重机械、建筑起重 机械国内市场地位稳固，海外业务规模与市场地位持续提升，三大产品线整体出口销售 规模同比增长超过 35%。 高空作业机械 ...

证券研究报告·公司点评报告·工程机械 中联重科（000157） 2024 年报点评：扣除股份支付费用后净利润 同比+18%，新兴板块成长性凸显 买入（维持） 2024 年公司销售毛利率为 28.2%，同比+0.6pct，销售净利率为 8.8%，同 比+0.8pct。分国内外来看，2024 年公司国内毛利率 24.1%，同比-0.6pct；海外 毛利率 32.0%，同比-0.2pct，海外毛利率较国内高 8.0pct，海外占比提升带动 盈利能力不断提升。费用端来看，2024 年公司销售/管理/财务/研发费用率分别 为 8.2%/4.9%/0.1%/6.1%，同比+0.6/+0.9/+0.7/-1.2pct，整体费用控制良好，财 务费用提升主要受巴西雷亚尔、欧元汇率影响，同比增长 3.2 亿元。随着中联 智慧产业城的逐步投产、产品结构持续改善，公司盈利能力、盈利质量将持续 提升。 ◼ 非挖底部企稳趋势明显，新兴业务板块开拓卓有成效 2025 年 1-2 月国内汽车起重机/履带起重机/随车起重机销量同比分别- 13%/-13%/+14%，下滑幅度相较 2024 年大幅好转，底部企稳趋势明显。新兴 业务板块来看，①土 ...

业绩简评 公司 2025 年 3 月 24 日发布 24 年年报，实现营业收入 454.78 亿 元，同比下滑 3.39%；实现归母净利润 35.20 亿元，同比增长 0.41%。 其中 4Q24 实现营业收入 110.92 亿元,同比下滑 4.05%；实现扣非 后归母净利润 8.51 亿元,同比增长 4.42%，业绩符合我们预期。 经营分析 下游地产、基建需求不及预期、海外市场竞争加剧、原材料价格 上涨风险、汇率波动风险。 海外占比超过 5 成，带动全年盈利能力持续提升。根据公告，24 年公司海外市场实现收入 233.8 亿元，同比+30.6%；24 年海外收 入占比达到 51.41%，超过国内收入占比，公司全球化战略推进顺 利。从盈利能力来看，24 年海外市场和国内市场毛利率分别为 32.05%、24.06%，海外市场比国内市场毛利率高近 8pcts； 24 年 公司全年毛利率为 28.17%，同比+0.63pcts；随着海外收入占比持 续提升，公司整体利润率有望持续提升。我们预计 25-27 年公司 毛利率有望达到 29.3%/29.6%/29.9%。 产品实现多元化发展，高机、农机发展迅速。根据公告， ...

中联重科（000157） 2024 年报点评：扣除股份支付费用后净利润 同比+18%，新兴板块成长性凸显 买入（维持） 证券研究报告·公司点评报告·工程机械 | [Table_EPS] 盈利预测与估值 | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业总收入（百万元） | 47075 | 45478 | 54637 | 63391 | 72492 | | 同比（%） | 13.08 | (3.39) | 20.14 | 16.02 | 14.36 | | 归母净利润（百万元） | 3506 | 3520 | 5038 | 6095 | 7377 | | 同比（%） | 52.04 | 0.41 | 43.10 | 20.98 | 21.04 | | EPS-最新摊薄（元/股） | 0.40 | 0.41 | 0.58 | 0.70 | 0.85 | | P/E（现价&最新摊薄） | 19.85 | 19.77 | 13.82 | 11.42 | 9.43 | [Table_Tag] [投Tab ...