XCMG(000425) 银河证券·2025-04-29 07:49Investment Rating - The report assigns a "Neutral" investment rating to the company, indicating that the expected performance is within a range of -5% to 5% relative to the benchmark index [12]. Core Insights - The company is projected to experience a revenue growth rate of -1.28% in 2024, followed by a recovery with growth rates of 13.35%, 12.93%, and 13.95% in the subsequent years [8]. - Net profit attributable to the parent company is expected to grow from 5,976.12 million yuan in 2024 to 12,669.31 million yuan by 2027, reflecting a compound annual growth rate (CAGR) of approximately 23.99% [8]. - The gross margin is anticipated to improve from 22.55% in 2024 to 24.56% in 2027, indicating enhanced operational efficiency [8]. Financial Summary Income Statement - Revenue is forecasted to increase from 91,659.76 million yuan in 2024 to 133,696.80 million yuan in 2027 [8]. - Operating profit is projected to rise from 6,529.33 million yuan in 2024 to 13,907.27 million yuan in 2027 [8]. - The net profit margin is expected to improve from 6.52% in 2024 to 9.48% in 2027 [8]. Balance Sheet - Total assets are expected to grow from 160,969.81 million yuan in 2024 to 205,666.51 million yuan in 2027 [7]. - The company's total liabilities are projected to increase from 100,508.07 million yuan in 2024 to 125,997.50 million yuan in 2027 [7]. - Shareholder equity attributable to the parent company is expected to rise from 59,308.74 million yuan in 2024 to 78,478.06 million yuan in 2027 [7]. Cash Flow Statement - Operating cash flow is forecasted to increase significantly from 5,719.89 million yuan in 2024 to 15,483.28 million yuan in 2027 [7]. - The net cash increase is expected to turn positive, reaching 7,891.64 million yuan by 2027, after a negative cash flow in 2024 [7]. Key Financial Ratios - The Price-to-Earnings (P/E) ratio is projected to decrease from 17.72 in 2024 to 8.36 in 2027, indicating a potentially undervalued stock as earnings grow [8]. - The Return on Equity (ROE) is expected to improve from 10.08% in 2024 to 16.14% in 2027, reflecting better profitability for shareholders [8]. - The company's debt-to-equity ratio is projected to decrease, indicating a strengthening balance sheet and reduced financial risk [8].