从产品结构看，公司以土石方机械为主，装载机和挖掘机是公司核心产品。财报显示，2023年公司土石方产品毛利率为23.38%，同比上年提升了5.56个百分点。主要因公司内部变革降本，期间，其营收同比增长2.24%，营业成本同比减4.68%。① Last year, Liugong's revenue and net profit increased by 3.93% and 44.80%, respectively. ② The company's overseas revenue was 11.46 billion yuan, up 41.18% year on year, accounting for more than 40%. ③ Some projects of the Liugong excavator smart factory project have been completed, and the project reached the scheduled state of use at the end of July this year.
Financial Services Association, March 30 (Reporter Huang Lu) The share of overseas revenue increased, with revenue exceeding 10 billion yuan for the first time, compounding the increase in gross margin of the company's products. Liugong (000528.SZ)'s net profit growth rate last year was higher than revenue.
Liugong disclosed its 2023 annual report. The company achieved revenue of 27.52 billion yuan, a year-on-year increase of 3.93%, and achieved net profit of 868 million yuan to mother, an increase of 44.80% over the previous year.
Judging from the product structure, the company mainly focuses on earthmoving machinery, and loaders and excavators are the company's core products. Financial reports show that in 2023, the company's gross margin for earthwork products was 23.38%, up 5.56 percentage points from the previous year. Mainly due to the company's internal changes and cost reduction, during this period, its revenue increased 2.24% year over year, and operating costs decreased 4.68% year over year.
The company said on the investor interactive platform that the company will continue to rank first in the industry in 2023. The domestic market share of excavators exceeded 11%, an increase of 3-4 percentage points over the previous year. Earlier, a person from the company's securities department told the Financial Federation reporter that the company has optimized the excavator series product structure, effectively increasing the sales ratio of medium and large excavators, and that gross profit was increased after optimizing the variety structure.
By region, the company's domestic revenue decreased by 12.55% year on year, while the share of high-margin overseas business revenue increased. Last year, the company's overseas revenue was 11.46 billion yuan, up 41.18% year on year, accounting for 41.65% of revenue (30.66% in 2022).
Liugong said that the company has now entered a stage of deep internationalization and has set up four overseas manufacturing bases in India, Poland, Brazil and Argentina. The company has achieved localized production through the development of local supply chains. Last year, sales of the company's core products, loaders and excavators, maintained steady growth; products such as bulldozers, graders, and small machines achieved rapid growth. The sales revenue of non-construction machinery products increased by 70%, and the revenue from the overseas parts business increased by 69%, becoming a new profit growth point for the company's international business.
It is worth mentioning that the company's cumulative net impairment provisions for various assets in 2023 totaled about 786 million yuan, of which the net amount of inventory depreciation reserves was 218 million yuan. According to financial reports, the company's inventory of construction machinery in 2023 was 12,527 units, an increase of 54.86% over the previous year.
The annual report revealed that part of the Liugong excavator smart factory project has been completed; Zhongyuan Hydraulic's new plant planning and construction project is progressing according to plan. The two major fund-raising projects are expected to be ready for use by the end of July this year. According to information, after completion, the company's smart excavator factory project will have an annual production capacity of more than 20,000 sets of medium- and large-scale diesel-powered and electro-hydraulic excavators; in addition, the new Zhongyuan Hydraulic plant will support Liugong's hydraulic excavator business.