XCMG Machinery: Expected Revenue Growth of over 5% in 2024, with Electrification And International Market Becoming Highlights

  XCMG Machinery revealed its future business priorities and development plans in a targeted survey held on May 23, with an expected revenue growth of over 5% in 2024. The company points out that the expansion of electrified products and international markets is its business highlight.

 The company stated that its current products include various traditional and emerging equipment such as lifting machinery, concrete machinery, and mining machinery, among which lifting machinery ranks first in the global market. In addition, road machinery, piling machinery, and concrete machinery also rank among the top three globally, with 16 core products maintaining a leading position in the domestic market. In the international market, XCMG Machinery's marketing network covers over 190 countries and regions, and its international revenue accounted for 40% of the company's total revenue in 2023. The company expects that as the penetration rate of domestic brands in overseas markets increases, international revenue will continue to grow. At the same time, the company emphasized the continuous release of demand from major regional markets and the continuous improvement of domestic brands' competitiveness overseas. Regarding electrified products, XCMG Machinery mentioned its leading position in this field, including significant progress in electrification of products such as forklifts, aerial work platforms, and loaders. In 2023, the company's revenue from new energy products doubled year-on-year, and the market share of some electrified products ranked first in the industry.

  In the high-altitude operation platform sector, XCMG has achieved multiple major technological breakthroughs in product safety, environmental protection, and ease of operation through years of technological accumulation, equipment intelligence, production automation, component modularization, management digitization, and lean flexible manufacturing. We strive to meet different high-altitude operation needs and always lead the industry at the forefront of industrial development. XCMG's entire range of high-altitude work platforms have achieved the most stringent European CE certification, North American ANSI certification, and Australian AS/NZS1418 certification. They are simple, efficient, safe, and reliable, with excellent performance, and can fully meet the differentiated needs of global users. The products cover more than 60 countries and regions worldwide. In the recently released "2023 Global Top 20 High Altitude Work Machinery Manufacturing Enterprises" list (Access M20), XCMG remains the first in China and the top three in the world. XCMG's high-altitude operation machinery sector has grown against the trend and maintained a high position, which not only demonstrates the firm pace of "Made in China" globalization development, but also injects a source of power into the high-quality development of the industry.

In 2024, XCMG Machinery plans to further increase its gross profit margin through measures such as stabilizing revenue growth, reducing costs, and optimizing product structure. At present, the gross profit margin and profit margin of overseas business are higher than those of domestic business, and the company will increase the proportion of overseas business revenue. In addition, based on the increase in gross profit margin in 2023, the company plans to continue to increase gross profit margin in 2024.