EBSCN·2024-03-31 16:00Investment Rating - The report maintains a "Buy" rating for the company [2][8] Core Insights - The company achieved a significant increase in performance in 2023, with total revenue reaching 47.075 billion yuan, a year-on-year growth of 13.08%, and net profit attributable to shareholders rising to 3.506 billion yuan, up 52.04% year-on-year [2][7] - The company's net profit margin improved to 8.01%, an increase of 2.28 percentage points, while the gross profit margin rose to 27.54%, up 5.71 percentage points [2][7] - The engineering machinery segment showed steady growth, with revenue from concrete machinery increasing by 13.1% to 44.486 billion yuan, and crane machinery revenue also growing by 1.6% to 19.290 billion yuan [2][6] - Emerging business segments, particularly earth-moving machinery, saw revenue growth of 89.3% to 6.648 billion yuan, with overseas sales increasing by over 24.2% [2][6] Summary by Sections Financial Performance - In 2023, the company reported total revenue of 47.075 billion yuan, a 13.08% increase from the previous year, and a net profit of 3.506 billion yuan, reflecting a 52.04% increase [2][7] - The company's earnings per share (EPS) for 2023 was 0.40 yuan, with projections for 2024, 2025, and 2026 at 0.56, 0.71, and 0.86 yuan respectively [7][8] Business Segments - The concrete machinery segment maintained its leading market share, while the crane machinery segment also showed positive growth [2][6] - Emerging businesses, particularly in earth-moving machinery and high-altitude work machinery, demonstrated strong growth, with earth-moving machinery revenue increasing significantly [2][6] Overseas Expansion - The company achieved overseas revenue of 17.905 billion yuan in 2023, marking a 79.2% year-on-year increase, with significant market share gains in Turkey and Central Asia [2][6] - The company has established over 30 primary business aviation ports globally, enhancing its international presence [2][6]