sntonly(834599) 开源证券·2024-02-29 16:00Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected performance that will exceed the market by over 20% [18][11]. Core Views - The company is projected to achieve a revenue of 5.922 billion yuan in 2023, representing a 14% increase year-on-year, and a net profit of 598 million yuan, reflecting a 28% growth [3][5]. - The domestic market for open-pit coal mining has significant growth potential, currently accounting for only 23% of total coal production, with a target of 30% by the end of the 14th Five-Year Plan [4][21]. - The company is focusing on the development of larger and new energy vehicles, with models over 125 tons currently in the research and trial production phase [4][22]. Financial Summary - The company expects to see a net profit of 5.98 billion yuan in 2023, with projections of 6.56 billion yuan in 2024 and 7.09 billion yuan in 2025, corresponding to EPS of 1.32, 1.45, and 1.57 yuan per share respectively [3][5]. - The projected P/E ratios for 2023, 2024, and 2025 are 7.6, 6.9, and 6.4 respectively, indicating a favorable valuation compared to earnings growth [5][8]. - The company’s gross margin is expected to improve, with a forecasted gross margin of 20.4% in 2023, slightly decreasing to 20.1% by 2025 [5][8]. Market Expansion - The company plans to expand its overseas market presence by increasing the number of distributors from over 20 to more than 50 in the next 2-3 years [4][21]. - The introduction of new products in the large-scale and new energy sectors is expected to enhance profitability due to higher margins [3][4]. Research and Development Focus - The company is prioritizing automation, large-scale production, and new energy technologies in its R&D efforts, with significant advancements expected in the coming years [4][22]. - The development of 125-ton and above models is currently underway, aimed at meeting the demands of both domestic and international markets [4][22].