毛利率改善，市场份额继续提升

Investment Rating - The report maintains a "Buy" rating for the company with a target price of 19.65 CNY based on a 2024 PE valuation of 15 times the expected EPS of 1.31 CNY [2][4]. Core Insights - The company has adjusted its revenue, gross margin, and expense ratios, leading to increased EPS forecasts for 2024-2026, with expected EPS of 1.31 CNY, 1.62 CNY, and 2.04 CNY respectively [2]. - The company reported a significant recovery in the heavy truck industry, with a 46.0% year-on-year increase in revenue for 2023, reaching 42.07 billion CNY, and a 405.5% increase in net profit attributable to shareholders, amounting to 1.08 billion CNY [17]. - The gross margin improved to 7.8% in 2023, up 1.7 percentage points year-on-year, with a notable increase in the fourth quarter gross margin to 9.4% [17]. - The heavy truck industry saw a recovery in 2023, with a total industry sales volume of approximately 911,100 units, a year-on-year increase of 35.6% [17]. - The demand for gas heavy trucks surged, with a 307.2% increase in terminal sales in 2023, and the company achieved a market share of 17.7% in this segment [17]. Financial Summary - The company's revenue is projected to grow from 42.07 billion CNY in 2023 to 76.70 billion CNY by 2026, reflecting a compound annual growth rate (CAGR) of 17.9% [3]. - The net profit attributable to shareholders is expected to increase from 1.08 billion CNY in 2023 to 2.40 billion CNY in 2026, with a CAGR of 26.0% [3]. - The company's gross margin is forecasted to improve gradually from 7.8% in 2023 to 8.5% in 2026 [3].