证券代码：000528 证券简称：柳 工 公告编号：2025-29 债券代码：127084 债券简称：柳工转2 关于 2025 年第一季度可转债转股情况的公告 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。 重要提示： 广西柳工机械股份有限公司 柳工转债（债券代码：127084）转股期为 2023 年 10 月 9 日至 2029 年 3 月 26 日。截止目前，转股价格为 7.57 元/股。 根据《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 15 号——可转换公司债券》《深圳证券交易所可转换公司债券业务实施细则》的有关规 定，广西柳工机械股份有限公司（以下简称"公司"）现将 2025 年第一季度可转换公司债 券（以下简称"可转债"）转股及公司股份变动情况公告如下： 一、可转换公司债券基本情况 （一）可转债发行情况 经中国证券监督管理委员会（以下简称"中国证监会"）《关于核准广西柳工机械股 份有限公司公开发行可转换公司债券的批复》（证监许可〔2023〕128 号）核准，公司 于 2023 年 3 月 27 日向不特定对象发行了 3,00 ...

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]

Group 1: Industry Outlook and Performance Expectations - The domestic engineering machinery market is expected to see a significant increase in demand in 2025, with a projected revenue of CNY 34.6 billion and a net profit margin improvement of over 1% [3] - Overseas demand is anticipated to continue declining, but at a reduced 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 the gross margin is expected to improve under previous accounting policies [3] - The company achieved a 20% revenue growth in overseas markets, with emerging markets seeing a 30% increase [4] Group 3: Strategic Development and Product Lines - The company plans to launch a 200-ton mining excavator in H1 2025 and has developed a comprehensive mining equipment matrix [6] - The company aims to enhance its electric loader's gross margin and expects a 500% increase in overseas sales of electric loaders in 2024 [4] Group 4: Cost Management and Profitability - A strategic cost control system will be established to lower operational costs, 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, the company reported credit and asset impairment losses of CNY 579 million, accounting for 2% of revenue, with a significant improvement from 2023 [9] - The company plans to enhance risk management and optimize asset quality as key operational goals for 2025 [9]

长江商报消息 ●长江商报记者 徐阳 得益于海外业务规模快速扩张，柳工（000528.SZ）业绩稳步增长。 回顾往年，2016年至2020年期间，行业景气度持续提升，柳工的业绩进入上行通道。公司的营业收入由 2016年的70.05亿元不间断增长至2020年的259.8亿元，整体增幅达2.7倍；对应的净利润由4926万元不间 断增长至14.40亿元，整体增幅超28倍。 受市场环境等多重因素影响，柳工的盈利能力连续两年承压。2021年和2022年，公司实现营业收入分别 为287亿元、264.8亿元，同比变动10.48%、-7.74%；同期的净利润分别为9.97亿元、5.99亿元，同比下 降30.76%、39.90%。 2023年以来，柳工的经营情况得到大幅改善。2023年和2024年，公司实现营业收入分别为275.2亿元、 300.6亿元，同比分别增长3.93%、9.24%；同期的净利润分别为8.68亿元、13.27亿元，同比分别增长 44.80%、52.92%，净利润增幅显著高于当期营业收入。 值得一提的是，柳工在2024年的营收规模首次突破300亿元，达300.6亿元，而净利润也重新回到10亿元 规模之上。 根 ...

事件描述 公司发布年报，2024 年公司实现营收300.63 亿元，同比+9.24%；实现归母净利润13.27 亿元，同比 +52.92%。据此计算，24Q4 公司实现营收72.07 亿元，同比+12.52%；实现归母净利润0.06 亿元，同 比-84.55%。 事件评论 1、基建、地产投资增速低于预期； 2、海外市场拓展不及预期。 矿山及其他产品线增长强劲，电动化产品大幅放量。24 年公司矿山机械收入同比+60%，净利润同比大 幅增长，其中国内市占率提升1pct，海外市占率提升3pct，市场地位稳步提升。同时，24 年公司叉车、 高机、起重机、小型机板块净利润同比分别+20%、+27%、+120%、+190%，多产品线业绩增量贡献显 著。此外，公司电动化产品大幅放量，24 年电装全球销量同比+194%，市占率保持行业领先地位，有 望持续贡献收入及业绩。 预计2025-2026 年公司分别实现归母净利润21.43 亿、28.99 亿元，对应PE 分别为11倍、8 倍，维持"买 入"评级。 风险提示 24Q4 利润或受减值计提等非经营因素影响，但公司经营侧稳步向好，24 年境内、境外毛利率双提升。 24Q4 公 ...

事件: 柳工2025 年3 月28 日发布年报：2024 年，公司实现营收300.6 亿元，同比+9.2%；归母净利润13.3 亿 元，同比+52.9%；毛利率22.5%，yoy+1.7pct；净利率4.6%，yoy+1.2pct。 投资要点: 土方板块量价齐升，国内外均打开新高度：1）土方板块营收毛利双增长：2024 年公司土方板块实现营 收179.4 亿元，同比+12.8%，营收占比达到59.7%，毛利率yoy+0.22pct，土方机械产品销量增速优于行 业水平13%。2）国内外营收双提升：出口来看，土方产品全球累计收入同比+15%，实现国际市场增 长，海外收入占比近六成；国内来看，土方机械产品国内市场份额突破新高度，同比提升1.3%。 3）拳头产品持续做强：装载机、挖掘机两大拳头产品销量保持稳健增长，合计收入近70 亿元。装载机 业务继续保持业绩规模最大贡献，国内市场份额稳居第一，电动装载机全球销量同比+194%，市场占有 率保持行业领先地位；挖掘机业务销量增速优于行业27%，出口销量增速优于行业15%，海内外市场份 额再创新高。 海外营收显著增长，海外拓展边表现亮眼：1）公司出海效果显著： 坚持做大战 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1][8] Core Views - The company's revenue for 2024 reached 30.06 billion yuan, a year-on-year increase of 9.2%, while the net profit attributable to shareholders was 1.33 billion yuan, up 52.9% year-on-year [2] - The gross margin improved to 22.5%, an increase of 1.7 percentage points year-on-year, and the net profit margin rose to 4.6%, up 1.2 percentage points year-on-year [2] - The company is focusing on strategic emerging business sectors to cultivate new growth drivers for high-quality development [4] Summary by Sections Recent Performance - The company's stock outperformed the CSI 300 index with a 12-month performance of 47.4% compared to the index's 10.4% [1] - The current stock price is 12.05 yuan, with a 52-week price range of 8.35 to 13.71 yuan [1] Business Segments - The earthmoving segment saw revenue of 17.94 billion yuan, a year-on-year increase of 12.8%, accounting for 59.7% of total revenue [4] - The company achieved a 15% year-on-year increase in global revenue from earthmoving products, with nearly 60% of revenue coming from overseas [4] - The sales of key products, including loaders and excavators, remained robust, contributing nearly 7 billion yuan in revenue [4] Overseas Market Expansion - The company's overseas revenue reached 13.76 billion yuan, a year-on-year increase of 20.1%, with overseas revenue accounting for 45.8% of total revenue [4] - The overseas gross margin was 28.6%, which is 11.2 percentage points higher than domestic margins [4] - The company has nearly 400 dealers and over 1,300 outlets, achieving a channel coverage rate of nearly 70% [4] Financial Forecast - Revenue projections for 2025, 2026, and 2027 are 35.38 billion yuan, 42.08 billion yuan, and 48.68 billion yuan, respectively, with corresponding net profits of 2.1 billion yuan, 2.63 billion yuan, and 3.27 billion yuan [6][7] - The company is expected to maintain a strong return on equity (ROE) of 11% in 2025, increasing to 15% by 2027 [8]

Investment Rating - The investment rating for the company is "Buy-A" with a 6-month target price of 15.6 CNY, compared to the current stock price of 12.05 CNY [6]. Core Views - The company's performance in 2024 met expectations, with total revenue reaching 30.063 billion CNY, a year-on-year increase of 9.24%, and net profit attributable to shareholders of 1.327 billion CNY, up 52.92% year-on-year [2][3]. - The company benefits from a steady growth in its core earthmoving machinery business and a strong export performance, with domestic sales growth outpacing industry averages [2][4]. - The company has implemented a three-pronged strategy that has enhanced its growth potential and operational efficiency [2]. Summary by Sections Product Segmentation - Earthmoving machinery generated revenue of 17.941 billion CNY, up 12.79% year-on-year, with domestic market share increasing by 1.3 percentage points and export revenue accounting for nearly 60% [3]. - Other engineering machinery and components achieved revenue of 9.079 billion CNY, a 2.96% increase year-on-year, with significant growth in mining machinery and high-altitude machinery exports [3]. - Prestressed machinery revenue reached 2.517 billion CNY, up 12.23% year-on-year, with notable increases in order amounts and overseas revenue [3]. Market Segmentation - Domestic revenue was 16.302 billion CNY, a 1.53% increase year-on-year, while overseas revenue reached 13.76 billion CNY, up 20.05% year-on-year, with emerging markets showing over 30% growth [4]. - The company's gross margin and net margin improved to 22.5% and 4.61%, respectively, driven by structural optimization and cost control measures [4]. Financial Projections - The company aims for a revenue target of 34.6 billion CNY in 2025, with net profit projected to reach 2.11 billion CNY, reflecting a growth rate of 58.9% [10]. - Revenue forecasts for 2025-2027 are 34.83 billion CNY, 40.85 billion CNY, and 48.79 billion CNY, with corresponding growth rates of 15.8%, 17.3%, and 19.4% [10][12]. - The projected PE ratios for the same period are 11.5X, 8.3X, and 6X, indicating a favorable valuation outlook [10].

Investment Rating - The investment rating for the company is "Buy (Maintain)" [5] Core Views - The company has shown significant growth in revenue and profit, with a 9.24% increase in revenue to 30.063 billion yuan and a 52.92% increase in net profit to 1.327 billion yuan in 2024. The company is expected to continue this growth trajectory, with projected net profits of 2.123 billion yuan, 2.812 billion yuan, and 3.733 billion yuan for 2025, 2026, and 2027 respectively [9][10] - The company is well-positioned in the engineering machinery industry, with strong market shares in loader and excavator segments, and is experiencing rapid growth in emerging markets and new product lines such as electric loaders and mining machinery [2][3][4] Summary by Sections Financial Performance - In 2024, the company achieved a gross margin of 22.5%, up 1.68 percentage points year-on-year, and a net margin of 4.61%, up 1.19 percentage points year-on-year. However, in Q4 2024, the gross margin decreased to 19.38% and the net margin to 0.4% [1] - The company’s revenue for 2024 was 30.063 billion yuan, with a year-on-year growth of 9.2%, and the net profit was 1.327 billion yuan, reflecting a year-on-year growth of 52.9% [10] Market Position - The company maintains the largest market share in the domestic loader market and has seen rapid growth in sales of autonomous and smart loader products. The global sales of electric loaders increased by 194%, maintaining a leading market position [2] - The excavator business outperformed the industry growth rate by 27 percentage points, with overall profitability improving and a 48% increase in profits [2] Emerging Business Segments - The company’s new business segments, including mining machinery, aerial work platforms, and agricultural machinery, are rapidly developing, with mining machinery sales increasing by over 60% year-on-year [3] - The agricultural machinery segment has made significant advancements, including the successful launch of a 200-horsepower power-shift tractor, marking a breakthrough in technology [3] Global Expansion - The company is actively expanding its overseas market presence, with overseas sales growth outpacing the industry by 22 percentage points and overseas revenue increasing by 20.05% year-on-year [4] - The electric product line has become a new growth driver, with revenue from electric products increasing by over 380% [4]

Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook for future performance [2][9]. Core Insights - The company's 2024 performance met market expectations, with total revenue reaching 30.06 billion yuan, a year-on-year increase of 9.2%, and net profit attributable to shareholders at 1.33 billion yuan, up 52.9% [2][3]. - The report highlights the company's successful international expansion and product diversification strategies, which are expected to continue driving growth [2][3]. - In Q4 2024, the company reported revenue of 7.21 billion yuan, a 12.5% increase year-on-year, although net profit for the quarter decreased by 84.6% due to impairment losses and increased expenses [2][3]. Revenue Breakdown - Domestic revenue for 2024 was 16.30 billion yuan, a 1.5% increase, while overseas revenue reached 13.76 billion yuan, growing by 20.1% [2]. - The company saw significant growth in its earthmoving machinery segment, with revenue of 17.94 billion yuan, up 12.8%, and an increase in market share for excavators [2][3]. - The report notes strong performance in other machinery and components, with revenue of 9.08 billion yuan, a 3.0% increase, and a 12.2% increase in revenue from prestressed machinery [2][3]. Profitability and Cost Management - The company's gross margin improved to 22.5%, up 2.8 percentage points year-on-year, while net profit margin increased to 4.6%, up 1.2 percentage points [3]. - Cost management efforts led to a 5.1% reduction in procurement costs, and the company achieved a product cost reduction rate of 4.3% [3]. - The report emphasizes the potential for long-term profitability improvements through continued cost control and efficiency enhancements [3]. Future Outlook - The company plans to achieve a revenue target of 34.6 billion yuan in 2025, representing a 15% year-on-year increase, with an expected improvement in net profit margin [3]. - The report indicates that the company's diversification efforts in various machinery segments are expected to mitigate cyclical fluctuations in performance [3]. - The company has implemented stock buybacks and equity incentives, reflecting confidence in its long-term growth prospects [3].