Investment Rating - The report maintains a "Buy" rating for the company, with a target price of 11.13 yuan [7] Core Views - The company announced a second share repurchase plan within the year, with a repurchase amount ranging from 300 million to 600 million yuan, at a price not exceeding 18.20 yuan per share, demonstrating confidence in long-term sustainable development [1][2] - The company decided not to exercise the early redemption right for "Liugong Convertible Bond 2" to protect investor interests [3] - The company achieved a 20% YoY growth in revenue in the first half of the year, with overseas gross margin reaching 29.09%, significantly higher than the domestic gross margin of 18.15% [4] - The company is expected to achieve net profits of 1.58 billion, 2.23 billion, and 3.00 billion yuan in 2024, 2025, and 2026, respectively, with YoY growth rates of 82.0%, 41.0%, and 34.7% [5] Financial Data and Valuation - Revenue is projected to grow from 27.52 billion yuan in 2023 to 43.81 billion yuan in 2026, with a CAGR of 20.75% [6] - Net profit attributable to the parent company is expected to increase from 867.81 million yuan in 2023 to 3.00 billion yuan in 2026, with a CAGR of 34.74% [6] - The company's PE ratio is forecasted to decrease from 25.78 in 2023 to 7.45 in 2026, indicating potential undervaluation [6] Operational Performance - The company's overseas gross margin reached 29.09% in the first half of the year, up 1.12 percentage points YoY, driven by market strategy optimization and product structure adjustments [4] - The company's EBITDA is expected to grow from 3.51 billion yuan in 2023 to 5.38 billion yuan in 2026, reflecting strong operational efficiency [6] Share Repurchase and Investor Protection - The company plans to repurchase shares worth 300-600 million yuan, with a maximum price of 18.20 yuan per share, to be used for employee stock ownership or equity incentive plans [1] - The company has secured a loan commitment of up to 420 million yuan from ICBC Guangxi Branch to support the repurchase, with a loan interest rate of 1.96% [1] - The company decided not to exercise the early redemption right for "Liugong Convertible Bond 2" to protect investor interests, with a commitment not to redeem within 12 months [3] Internationalization and Market Strategy - The company has been focusing on both domestic and international markets, with a significant increase in overseas profitability [4] - The company's product portfolio and comprehensive solutions have been continuously optimized, leading to a 20% YoY growth in revenue in the first half of the year [4]

广西柳工机械股份有限公司 证券代码：000528 证券简称：柳 工 公告编号：2024-82 债券代码：127084 债券简称：柳工转2 第九届监事会第二十次会议决议公告 本公司及监事会全体成员保证公告内容的真实、准确、完整，没有虚假记载、误导 性陈述或重大遗漏。 广西柳工机械股份有限公司（以下简称"公司"）第九届监事会第二十次会议通知于 2024 年 11 月 22 日以电子邮件方式发出，会议于 2024 年 11 月 28 日在公司总部会议 室如期召开。会议应到监事三名，实到监事三名，符合《公司法》和《公司章程》关于 召开监事会的有关规定。会议经审议、表决，形成如下决议： 一、审议通过《关于公司回购股份方案（第二期）的议案》 第 1 页，共 2 页 柳工监事会公告 广西柳工机械股份有限公司监事会 2024 年 12 月 2 日 第 2 页，共 2 页 监事会认为：公司回购方案符合《中华人民共和国公司法》《中华人民共和国证券 法》《上市公司股份回购规则》《深圳证券交易所上市公司自律监管指引第 9 号——回 购股份》等相关法律、法规和规范性文件及《公司章程》的规定，本次回购股份用于新 一期的股权激励或员工持股 ...

| 证券代码：000528 | 证券简称：柳 | 工 | 公告编号：2024-81 | | --- | --- | --- | --- | | 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 第九届董事会第二十六次（临时）会议决议公告 本公司及董事会全体成员保证信息披露内容的真实、准确、完整，没有虚假记载、 误导性陈述或重大遗漏。 广西柳工机械股份有限公司（以下简称"公司"）董事会于 2024 年 11 月 22 日以电 子邮件方式发出召开第九届董事会第二十六次（临时）会议的通知，会议于 2024 年 11 月 28 日采取通讯方式召开。会议应到会董事 11 人，实到会董事 11 人。会议由董事长 曾光安先生主持。公司监事会全体监事了解了会议全过程。本次会议通知及召开符合有 关法律、法规、规章及《公司章程》的规定，合法有效。经会议审议，形成如下决议： 一、审议通过了《关于公司回购股份方案（第二期）的议案》（逐项表决） 根据《中华人民共和国公司法》、《中华人民共和国证券法》、《上市公司股份回 购规则》、《深圳证券交易所股票上市规则》、《深圳证券交易所上市公司自律监管指 引第 ...

证券代码：000528 证券简称：柳 工 公告编号：2024-83 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 关于回购股份方案（第二期） 暨取得金融机构股份回购专项贷款承诺函的公告 本公司及董事会全体成员保证信息披露内容的真实、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. 公司回购股份基本情况 （1）回购股份的种类：公司已发行的人民币普通股（A 股）股票。 （2）回购股份的用途：拟用于股权激励或员工持股计划。 （3）回购股份资金总额：不低于人民币 30,000 万元（含），不超过人民币 60,000 万元（含），具体回购资金以实际使用的资金总额为准。 （4）回购股份的价格：不超过 18.20 元/股，该价格不高于董事会通过回购股份决 议前三十个交易日公司股票交易均价的 150%。 （5）回购资金来源：本次回购资金来源为公司自有资金及股票回购专项贷款资金。 截止本公告披露日，公司已经取得了中国工商银行广西分行出具的《贷款承诺函》，承 诺为公司本次回购 A 股股票提供专项贷款支持，贷款金额不超过 42,000 万元人民币（不 超过股票回购金额上限的 70%） ...

Investment Rating - The report gives a "Buy" rating for the company, indicating a positive outlook for future performance [4]. Core Insights - The company is a leading player in the engineering machinery sector, showing significant improvement in profitability. It has a diverse product range including loaders and excavators, with a revenue growth of 4% in 2023 despite a 1.12% decline in the industry [2][3]. - The domestic demand for engineering machinery is on the rise, supported by favorable monetary and fiscal policies, while international markets present substantial growth opportunities [2][3][13]. - The company's ongoing business expansion and mixed-ownership reform are enhancing operational efficiency and market competitiveness [3][20]. Summary by Sections 1. Company Overview - The company is a well-established manufacturer in the engineering machinery sector, with a significant focus on earth-moving machinery, which accounted for 58% of its revenue in 2023 [2][24]. - It has a comprehensive product line that includes cranes, mining machinery, agricultural machinery, and forklifts, making it one of the few companies globally that can provide a full range of solutions [2][24]. 2. Industry Analysis - The domestic market for excavators has shown a year-on-year increase of 21.6% in October, with a cumulative growth of 9.8% from January to October 2023, indicating a recovery in demand [2][60]. - The global engineering machinery market is valued at approximately 2,434 billion USD in 2023, with a 5.6% year-on-year growth, highlighting the potential for Chinese companies to increase their market share internationally [2][3]. 3. Business Development - The company has successfully expanded its business into new areas, achieving a 159% year-on-year increase in electric product sales in the first half of 2024, and its excavator market share has reached over 14% [3][13]. - The mixed-ownership reform has improved decision-making and management efficiency, contributing to enhanced profitability [3][20]. 4. Financial Forecast and Investment Recommendations - The company is expected to achieve net profits of 1.506 billion CNY, 2.056 billion CNY, and 2.634 billion CNY for the years 2024 to 2026, respectively, with a corresponding PE ratio of 16.5x, 12.1x, and 9.5x [3][6]. - The report anticipates continued revenue and profit growth driven by domestic demand recovery and international expansion [3][6].

Investment Rating - The report maintains a **Buy-A** rating for the company with a 12-month target price of **14.7 CNY** [4] Core Views - The company, a state-owned enterprise in the engineering machinery sector, has shown strong performance post-state-owned enterprise (SOE) reforms, with significant improvements in profitability and operational efficiency [1] - The company's gross margin increased to **23.5%** in the first three quarters of 2024, up by **2.8 percentage points** year-over-year, while the net margin rose to **5.9%**, up by **2 percentage points** [1] - The company is focusing on a "three-pronged strategy" (comprehensive solutions, comprehensive intelligence, and comprehensive internationalization) to drive long-term growth and profitability [1] State-Owned Enterprise Reforms - The company has completed a series of SOE reforms, including equity incentives, mixed-ownership reforms, and a full listing, which have significantly improved its operational efficiency and profitability [2] - The company issued a **3 billion CNY** convertible bond in 2023 to upgrade its production lines and expand capacity, further enhancing its manufacturing capabilities [2] - The dividend payout ratio has increased steadily, reaching **45%** in 2023, reflecting the company's commitment to shareholder returns [2] Electric Transformation - The company is a leader in the electrification of construction machinery, particularly in the loader segment, with a **10.18%** electrification rate in the first nine months of 2024, up by **7.2 percentage points** year-over-year [3] - The company's electric loader sales grew by **159%** in the first half of 2024, maintaining a leading market share in the industry [3] - The company has been a pioneer in electric technology since 2014 and is the first in the industry to achieve full-series electric technology application [3] Diversification Strategy - The company is diversifying its product portfolio, expanding into agricultural machinery, forklifts, and aerial work platforms, with its sugarcane harvester becoming the top domestic brand [7] - The company's international revenue grew by **41.18%** in 2023, reaching **11.46 billion CNY**, driven by its global expansion strategy [8] - The company's revenue from mining machinery increased by **71%** in the first half of 2024, highlighting its success in diversifying into high-end mining equipment [7] Financial Performance - The company's revenue for 2024 is projected to be **30.41 billion CNY**, with a year-over-year growth of **10.5%**, and net profit is expected to reach **1.54 billion CNY**, a **77.3%** increase [9] - The company's PE ratio is expected to drop to **8.9X** by 2026, reflecting strong growth potential [9] - The company's overseas revenue accounted for **48.02%** of total revenue in the first half of 2024, with a gross margin of **29.09%**, significantly higher than domestic operations [74] Industry Trends - The construction machinery industry is undergoing a significant shift towards electrification, driven by policy support, rising diesel prices, and declining lithium battery costs [83][84] - The company is well-positioned to benefit from this trend, with its early investment in electric technology and strong market position in loaders and excavators [3][7] - The company's international strategy, particularly in mature markets like Europe and North America, has been a key driver of growth, with overseas revenue reaching **11.46 billion CNY** in 2023 [8]

Investment Rating - The report assigns a "Buy" rating to the company, indicating an expected return that exceeds the CSI 300 Index by more than 15% [13]. Core Insights - The company has shown continuous revenue growth and significant profit increases in the first three quarters of 2024, with revenue reaching 22.86 billion yuan (up 8.3% year-on-year) and net profit attributable to shareholders at 1.32 billion yuan (up 59.8% year-on-year) [6][9]. - The "Three Full" strategy has led to a notable improvement in profit margins, with gross and net profit margins at 23.5% and 9.2% respectively for the first three quarters of 2024 [7]. - The company has successfully optimized its customer and product structures, leading to increased sales in high-margin products and a significant rise in overseas revenue [7][8]. Financial Performance Summary - For the first three quarters of 2024, the company reported total revenue of 22.86 billion yuan, a year-on-year increase of 8.3%, and a net profit of 1.32 billion yuan, reflecting a year-on-year growth of 59.8% [6][9]. - The gross profit margin improved by 2.8 percentage points year-on-year to 23.5%, while the net profit margin increased by 0.6 percentage points to 9.2% [7]. - The company’s earnings per share (EPS) for 2024 is projected to be 0.83 yuan, with a price-to-earnings (P/E) ratio of 14.52 [5][9]. Strategic Developments - The company has made significant advancements in electric product technology, reducing operational costs by 60%-70% and increasing efficiency by 20% [8]. - The internationalization and lithium battery business are expected to continue driving growth, with net profits projected to reach 1.64 billion yuan in 2024, an increase of 88.9% year-on-year [9].

Investment Rating - The report maintains a "Recommended" investment rating for the company, consistent with the previous rating [1][7]. Core Insights - The company reported a revenue of 22.856 billion yuan for the first nine months of 2024, representing a year-on-year growth of 8.25%, and a net profit attributable to shareholders of 1.321 billion yuan, up 59.82% year-on-year [2]. - In Q3 2024, the company achieved a revenue of 6.796 billion yuan, with a year-on-year increase of 11.81%, and a net profit of 337 million yuan, reflecting a growth of 58.74% year-on-year [2]. - The overall gross margin improved by 2.84 percentage points to 23.48% due to effective cost reduction and product structure optimization [3]. - The net profit margin increased by 2 percentage points to 5.94%, indicating enhanced profitability [3]. Financial Performance Summary - For 2024, the company is projected to achieve revenues of 30.506 billion yuan, with a growth rate of 10.85%, and a net profit of 1.566 billion yuan, reflecting an 80.53% increase [8]. - The earnings per share (EPS) for 2024 is estimated at 0.79 yuan, with corresponding price-to-earnings (PE) ratios of 15.25, 11.59, and 9.56 for 2024, 2025, and 2026 respectively [7][9]. - The company’s total assets are expected to reach 50.430 billion yuan by 2024, with total liabilities of 31.070 billion yuan [8]. Market Position and Strategy - The company is actively responding to the differentiated demand in the construction machinery industry, enhancing its market competitiveness through a "three-full" strategy: comprehensive solutions, comprehensive intelligence, and comprehensive internationalization [4]. - The company has developed a diverse product matrix for electric machinery, with 11 product lines, and has maintained a leading market share in electric loaders since 2021 [5]. - The electricization rate for major enterprises in the industry reached 10.18% in the first nine months of 2024, an increase of 6.72 percentage points compared to the previous year [5].

上海礼辉律师事务所 关于广西柳工机械股份有限公司 2024 年第一次临时股东大会的 法律意见书 二〇二四年十月 地址：上海市黄浦区淮海中路 918 号久事复兴大厦 10 楼 A 座 邮编：200020 电话：021-64338299 上海礼辉律师事务所 关于广西柳工机械股份有限公司 2024 年第一次临时股东大会的 法律意见书 致：广西柳工机械股份有限公司 上海礼辉律师事务所（下称"本所"）接受广西柳工机械股份有限公司 （下称"公司"）委托，根据《中华人民共和国公司法》（下称《公司法》）、 《上市公司股东大会规则（2022 修订）》（下称《股东大会规则》）等现行有 效的法律、行政法规、规章、规范性文件及《广西柳工机械股份有限公司章程》 （下称《公司章程》）的有关规定，指派律师出席了公司于 2024 年 10 月 29 日 召开的 2024 年第一次临时股东大会（下称"本次股东大会"），并就本次股东 大会相关事项出具本法律意见书。 为出具本法律意见书，本所律师审查了公司提供的以下文件，包括但不限 于： 1. 现行有效的《公司章程》； 8. 公司本次股东大会的网络投票结果； 9. 公司本次股东大会议案及涉及相关议 ...

债券代码：127084 债券简称：柳工转2 证券代码：000528 证券简称：柳 工 公告编号：2024-80 广西柳工机械股份有限公司 2024 年第一次临时股东大会决议公告 本公司及董事会全体成员保证信息披露内容的真实、准确、完整，没有虚假记载、误 导性陈述或重大遗漏。 特别提示： 一、会议召开的情况 通过深圳证券交易所互联网投票系统投票的时间：2024 年 10 月 29 日 9:15~15:00。 通过深圳证券交易所交易系统进行网络投票的时间：2024 年 10 月 29 日 9:15～9:25； 9:30~11:30 和 13:00～15:00。 第 1 页，共 4 页 1．本次股东大会未出现否决议案的情形。 2．本次股东大会不涉及变更前次股东大会决议的情形。 1. 召开时间： （1）现场会议时间：2024 年 10 月 29 日（星期二）14 时 15 分。 （2）网络投票时间：2024 年 10 月 29 日。 2. 召开地点：广西柳州市柳太路 1 号广西柳工机械股份有限公司 106 会议室。 3. 召开方式：本次股东大会采取现场投票与网络投票相结合的方式召开。 4. 召集人：公司董事会。 5. ...