ZMJ(SH:601717) Orient Securities·2024-03-31 16:00Investment Rating - The report maintains a "Buy" rating for the company with a target price of approximately 23.80 yuan, based on a 11.5 times PE ratio for 2024 [2][4]. Core Insights - The company achieved a revenue of 36.423 billion yuan in 2023, representing a year-on-year growth of 13.67%, and a net profit attributable to shareholders of 3.274 billion yuan, up 28.99% year-on-year [1]. - The coal machinery segment saw a revenue increase of 12.51% to 18.854 billion yuan, with a net profit of 3.193 billion yuan, reflecting a 25.25% growth [1]. - The automotive parts segment improved with a revenue of 17.569 billion yuan, a 14.94% increase, while SEG's net profit surged by 240% to 1.85 billion yuan due to restructuring and cost reduction measures [1]. - The company increased its dividend payout ratio from 39.32% in 2022 to 45.81% in 2023, distributing a total of 1.5 billion yuan in cash dividends, a 50% increase year-on-year [1]. Financial Performance Summary - The company reported a total revenue of 36,396 million yuan in 2023, with a year-on-year growth of 13.7% [3]. - The projected net profit for 2024 is estimated at 3,703 million yuan, with a growth rate of 13.1% [3]. - The earnings per share (EPS) for 2024 is forecasted to be 2.07 yuan, with subsequent years showing an increase to 2.41 yuan in 2025 and 2.75 yuan in 2026 [2][3]. - The gross margin improved to 22.1% in 2023, with expectations for further increases in the coming years [3].