财报透露，公司业务结构有两大变化：一是通过产业多元化转型，降低业务周期属性。去年，公司与国内房地产关联度较高业务的国内营收占比进一步降至约13%，新兴板块收入占比已突破48%。高空机械、矿山机械、农业机械等正成为公司新的业务增长板块。① Last year's revenue and Net income attributable to the parent company were basically flat compared to the previous year. ② Last year, the company's overseas revenue ratio rose to 51.41%, accelerating the Global transformation. The company plans to engage in multi-channel financing and optimize its Assets and Institutions.
On March 25, the Financial Associated Press reported (Reporter Huang Lu) that overseas revenue has surpassed domestic revenue for the first time. ZOOMLION (000157.SZ) expects 2024 revenue and Net income to be roughly the same as last year, but the company's Business structure is undergoing a transformation, and the Global transformation is advancing.
On the evening of March 24, ZOOMLION released its 2024 Annual Report, achieving revenue of 45.478 billion yuan, a year-on-year decrease of 3.39%; Net income attributable to the parent company was 3.52 billion yuan, a year-on-year increase of 0.41%. The company’s stock payment expenses for 2024 amounted to 0.866 billion yuan, an increase of 0.587 billion yuan compared to the previous year, which affected the year-on-year growth rate of Net income.
The Earnings Reports reveal two major changes in the company’s Business structure: first, through industrial diversification transformation to reduce the cyclical nature of its Business. Last year, the company’s domestic revenue proportion related to domestic Real Estate decreased further to about 13%, while the revenue proportion from emerging Sectors has surpassed 48%. Aerial work platforms, mining machinery, Agricultural Machinery, and more are becoming new growth Sectors for the company.
Second, the proportion of the company's overseas revenue has exceeded half for the first time. Last year, the company achieved overseas revenue of 23.38 billion yuan, a year-on-year increase of 30.58%, with the overseas revenue proportion rising to 51.41%, an increase of 13.37 percentage points year-on-year. By the end of 2024, ZOOMLION will have established over 400 overseas locations by accelerating the expansion of its Global sales network, owning over 210 service parts warehouses, and covering more than 170 countries and regions. The total number of local employees overseas is 4,400.
At the same time, to accelerate the expansion and upgrading of its overseas research and manufacturing bases, the company has established 11 overseas production bases in eight countries: Italy, Germany, India, Mexico, Belarus, Brazil, Turkey, and the USA. ZOOMLION has revealed that its Hungarian factory is accelerating progress, with total overseas manufacturing capacity exceeding ten billion.
During a previous survey by Institutions, ZOOMLION stated that in the initial phase of its overseas expansion, it mainly focused on breakthroughs in one or two product categories. Over the past two years, the company has been accelerating the certification of more products overseas and improving its product models. Additionally, by increasing the construction of overseas locations, regional coverage will be enhanced. The enormous space in the overseas market will provide business increments for the company.
On the same day, ZOOMLION also published several announcements, proposing to apply for an asset securitization project totaling no more than 10 billion yuan; proposed to issue ultra-short-term financing bonds (not exceeding 12 billion yuan); and proposed to issue medium-term notes (not exceeding 5 billion yuan).
Previously, another leading company in Construction Machinery announced plans to list in Hong Kong, and its financing plan is aimed at better advancing its Global Strategy and optimizing its capital structure. Currently, domestic leading companies in Construction Machinery are competing for overseas "blue oceans." As ZOOMLION has already achieved A+H shares listing, the aforementioned multi-channel financing efforts prepare ample "supplies" in advance, which may also be aimed at further optimizing the Assets structure and widening the Business landscape more steadily.
Today, after hitting the high near 24,000 in the early session and entering bearish positions, the index fell sharply by nearly over 600 points, immediately recouping yesterday's losses significantly.
Moreover, today it broke the new high again, reaching a maximum of 24,076, but by the end of the market, it fell back by about 70 points, producing a bearish candle. The current trend has not yet been broken, but from the previous low until now, it has risen close to 6,000 points. It is believed that those with positions can continue to hold until there is a clear trend reversal for profit-taking. Those without positions can wait for a pullback to get in. Actually, it is hoped for a quick pullback, as it allows for entry and also provides a healthy breath.
Currently, the outlook remains the same as before. It is believed that even if there is a pullback, it shouldn't be too deep. However, if Futures fail to stabilize and close below 22,350, there may still be room for decline. The chance of Futures falling below 21,400 in the short term should be low, so it is considered that if a significant pullback occurs, it presents a good opportunity to incrementally go long. Recently, there has been a consistent approach to not hold positions overnight, only focusing on immediate trades, as there is no high chasing and no casual short selling.
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