Huaxin Securities·2024-03-30 16:00Investment Rating - The report gives a "Buy" rating for the company, marking the first coverage [2][3]. Core Views - The company's profitability has significantly improved, with overseas business accelerating [2]. - In 2023, the company achieved a revenue of 47.075 billion yuan, a year-on-year increase of 13.08%, and a net profit of 3.506 billion yuan, up 52.04% year-on-year [2]. - The gross profit margin for 2023 was 27.54%, with an increase of 5.71 percentage points year-on-year [2]. Summary by Sections Financial Performance - The company reported a net profit of 3.506 billion yuan for 2023, with a non-recurring net profit of 2.708 billion yuan, reflecting a year-on-year growth of 109.51% [2]. - The overseas business gross profit margin reached 32.23%, an increase of 10.21 percentage points year-on-year, while the domestic business gross profit margin was 24.66%, up 2.89 percentage points [2]. Business Segments - The overseas market revenue for 2023 was 17.905 billion yuan, a year-on-year increase of 79.20%, accounting for 38.04% of total revenue, up from 24.00% in 2022 [2]. - The company saw significant growth in earthmoving machinery and aerial work machinery, with earthmoving machinery revenue increasing by 89.3% year-on-year [2]. Market Position - The company maintains a leading market position in concrete machinery and engineering lifting machinery, with a steady increase in product competitiveness [3]. - The report forecasts revenues of 55.550 billion yuan, 65.000 billion yuan, and 74.970 billion yuan for 2024, 2025, and 2026 respectively, with corresponding EPS of 0.54, 0.69, and 0.82 yuan [3].