招银国际：中联重科（000157）-Firsttake:2025earnings+36%in-line;overseasrevenuesurged60%in4Q25

中联重科(000157) Zoomlion’snetprofitin2025grew36%YoYtoRMB4.8bn,whichis2%aboveourestimatesandin-linewithBloombergconsensus.Theresultimpliesnetprofitgrowthof>1.2xYoYin4Q25.Overseasrevenuein4Q25surged60%YoYtoRMB9.2bn(acceleratedfrom34%YoYin3Q25),whichaccountedfor~62%oftotalrevenue.ZoomlionproposedfinaldividendofRMB0.2/share.This,togetherwiththeinterimdividendofRMB0.2/share,impliesafull-yearpayoutratioof72%.WecontinuetolikeZoomlion’saggressiveoverseasexpansionplanonthebackoffullrangeofproducts.OurTPforZ