盈利能力大幅提升，海外增速亮眼

Investment Rating - The report maintains a "Buy" rating for the company [2][3] Core Views - The company achieved a revenue of 27.519 billion RMB in 2023, a year-on-year increase of 3.93%, and a net profit of 868 million RMB, up 44.8% year-on-year [2] - The company has successfully expanded its overseas market, with revenue from overseas reaching 11.46 billion RMB in 2023, accounting for 41.7% of total revenue, and showing a significant increase in gross margin compared to the domestic market [2] - The diversification strategy has reduced the revenue dependency on earth-moving machinery, with its share decreasing from over 70% in 2020 to 58% in 2023, thus mitigating the impact of industry cycles [2] - The company has maintained a leading market position in key segments, with the loader market share remaining the highest in the industry and excavator sales growth outpacing the industry by over 20 percentage points [2] Summary by Sections Financial Performance - In Q4 2023, the company reported a revenue of 6.405 billion RMB, a slight decrease of 0.64% year-on-year, but a net profit of 42 million RMB, which is a significant increase of 212.59% year-on-year [2] - The gross margin and net margin for 2023 were 20.82% and 3.42%, respectively, reflecting improvements of 4.02 percentage points and 0.98 percentage points year-on-year [2] - The company forecasts revenues of 30.619 billion RMB, 34.282 billion RMB, and 38.921 billion RMB for 2024, 2025, and 2026, respectively, with net profits expected to be 1.353 billion RMB, 1.807 billion RMB, and 2.354 billion RMB [3] Market Position and Strategy - The company is focusing on strategic new businesses such as mining machinery, aerial work platforms, agricultural machinery, and industrial vehicles, with the aerial work platform segment seeing a sales increase of 112% year-on-year in 2023 [2] - The report indicates that the company's market share in loaders remains the highest in the industry, while the excavator segment has seen a 3 percentage point increase in market share, reaching a historical high [2] Profitability Outlook - The report projects net profit margins to improve to 4.4%, 5.3%, and 6.0% for the years 2023 to 2025, indicating a positive trend in profitability [2]