Zoomlion Heavy Industry Science and Technology Co., Ltd.
1157.HK · HKSE
Company research
Zoomlion Heavy Industry Science and Technology Co., Ltd. (1157.HK) is a China-based global leader in the research, development, manufacturing, and sale of construction and agricultural machinery, founded in 1992 and headquartered at Zoomlion Science Park in Changsha, Hunan Province. The company operates through three core segments — Construction Machinery, Agricultural Machinery, and Financial Services — offering an extensive portfolio that includes concrete machinery, cranes, earthmoving equipment, aerial work platforms, tractors, grain harvesters, and drying machines, spanning 18 major product categories across 170 countries and regions. Zoomlion holds the distinction of being China's first construction machinery company listed on both the Shenzhen and Hong Kong Stock Exchanges, and ranks among the world's top construction machinery enterprises. Beyond manufacturing, the company also provides financial services including equipment leasing, commercial factoring, and bond issuance, while continuing to invest heavily in digital technology and innovation to drive its strategic transformation into a high-end equipment manufacturing enterprise.
Research reports
CMBI reviews Zoomlion’s 1Q26 results, noting 7% year‑on‑year revenue growth to RMB12.9bn with overseas sales up 13% and now 57% of revenue, while FX losses temporarily compressed gross margin and net profit. The report maintains a BUY rating and slightly lowers 2026E–27E earnings and target prices (A-share RMB11.8, H-share HK$9.1), emphasizing attractive structural overseas growth and capex focused on mining and agricultural machinery, with key risks around weaker China demand and overseas slowdown.
CMB International Global Markets Limited (CMBI) · March 31, 2026Zoomlion (1157 HK/000157 CH) – First take: 2025 earnings +36% in‑line; overseas revenue surged 60% in 4Q25This “first take” note highlights 2025 net profit growth of 36% year‑on‑year to about RMB4.8bn, with 4Q25 overseas revenue surging 60% and reaching roughly 62% of total sales, and a 72% dividend payout ratio via RMB0.4 per share in total dividends. CMBI reiterates a BUY rating with unchanged target prices (A-share RMB12.0, H-share HK$9.2), arguing that aggressive overseas expansion across a full product range should drive continued earnings growth, while flagging risks such as potential weakness in domestic demand and execution challenges in global expansion.
CMB International Global Markets Limited (CMBI) · August 17, 2025Zoomlion Heavy Industry – H (1157 HK) – Margin risk priced in; Good buying opportunityThis company research note argues that concerns about margin pressure were overdone following strong 2020 and 1Q21 earnings, with 3Q20 net profit up 85% year‑on‑year and robust segment growth in concrete machinery, cranes, excavators and aerial work platforms. The analysts slightly cut 2020E–22E earnings by 2–4% on more conservative margin assumptions but maintain a BUY rating and adjust the H‑share target price from HK$11.2 to HK$10.5 (10x 2021E P/E), citing solid infrastructure and property investment, rising industry concentration, and improving margins as key positives, while acknowledging risks around product mix, input cost inflation and execution in new growth areas.