拟投资扩产能，继续发力海外市场

Investment Rating - The report maintains a "Buy" rating for the company, with a reasonable value estimate of 69.17 CNY per share, compared to the current price of 56.10 CNY per share [4]. Core Insights - The company plans to invest in a new project to expand its production capacity, targeting an annual output of 20,000 units of new energy aerial work platforms. The total investment is projected to be 1.7 billion CNY, funded through self-raised capital, aimed at meeting the demand for electric products from rental companies. The project is expected to generate approximately 2.5 billion CNY in sales revenue upon reaching full capacity [2][3]. - The company is actively pursuing overseas market expansion, having announced a 100% acquisition of CMEC and divesting its stake in Magni to establish full autonomy in the European market. The U.S. market will continue to rely on CMEC for development, while the European subsidiaries are already well-positioned with established channels and production capacity. The anticipated output from the new factory will support steady growth, with high profit margins expected to persist due to favorable pricing and low material costs [2][3]. - Profit forecasts indicate that the company's net profit attributable to shareholders is expected to reach 1.85 billion CNY in 2023, 2.14 billion CNY in 2024, and 2.59 billion CNY in 2025, with corresponding EPS of 3.66 CNY, 4.23 CNY, and 5.12 CNY per share. The report maintains a valuation of 69.17 CNY per share, corresponding to a PE ratio of 19 times for 2024 [2][3]. Financial Summary - The company's revenue is projected to grow from 6.44 billion CNY in 2023 to 10.07 billion CNY in 2025, with growth rates of 18.3%, 23.5%, and 26.7% respectively [3][11]. - The EBITDA is expected to increase from 1.99 billion CNY in 2023 to 3.09 billion CNY in 2025, reflecting a strong upward trend in profitability [3][11]. - The return on equity (ROE) is forecasted to rise from 21.0% in 2023 to 19.6% in 2025, indicating sustained profitability and efficient use of equity [3][11].