2023年年报点评：Q4经营同比向好，天然气重卡驱动向上

Investment Rating - Buy (Maintained) [1] Core Views - The company's Q4 performance showed year-on-year improvement, driven by the strong growth of natural gas heavy-duty trucks [1] - The company achieved a revenue of 63.905 billion yuan in 2023, a year-on-year increase of 66.71%, with a net profit attributable to the parent company of 763.02 million yuan, a year-on-year increase of 107.66% [3] - The company's market share in the heavy-duty truck sector remained stable at 20.2% in 2023, with a significant increase in natural gas heavy-duty truck sales, which grew by 315% year-on-year [3][4] - The company is accelerating its globalization and electrification strategies, with strategic partnerships and technological advancements driving future growth [4] Financial Performance - The company's revenue for 2023 was 63.905 billion yuan, with a net profit attributable to the parent company of 763.02 million yuan [3] - The company's gross margin for 2023 was 8.25%, an increase of 0.22 percentage points year-on-year, with a significant reduction in operating expenses [3] - The company's EPS for 2023 was 0.16 yuan per share, with a P/E ratio of 55.36 [2][3] - The company's revenue is expected to grow to 76.095 billion yuan in 2024, with a net profit attributable to the parent company of 1.028 billion yuan [2][3] Market and Industry Analysis - The company's heavy-duty truck sales reached 205,200 units in 2023, a year-on-year increase of 46.14%, with a market share increase of 1.8 percentage points [3] - The company's natural gas heavy-duty truck sales reached 51,000 units in 2023, with a market share of 33.5% [3] - The company is focusing on expanding its overseas markets and accelerating the transformation towards electrification and intelligent technologies [4] Future Outlook - The company is expected to achieve a net profit attributable to the parent company of 1.028 billion yuan in 2024, with an EPS of 0.22 yuan per share [2][3] - The company's revenue is projected to grow to 101.132 billion yuan by 2026, with a net profit attributable to the parent company of 1.738 billion yuan [2][3] - The company's P/E ratio is expected to decrease to 24.30 by 2026, reflecting improved profitability and market confidence [2][3]