Tianfeng Securities·2024-03-31 16:00Investment Rating - The investment rating for the company is "Buy" with a maintained rating [6] Core Views - The company's 2023 performance met expectations, with revenue of 47.075 billion yuan, a year-on-year increase of 13.08%, and a net profit attributable to shareholders of 3.506 billion yuan, up 52.04% year-on-year [1] - The company is accelerating its overseas business development, achieving a year-on-year revenue growth of 79.2% in foreign markets, which now accounts for 38.04% of total revenue, an increase of 14.04 percentage points year-on-year [3] - The company is enhancing its traditional competitive advantages in concrete machinery and engineering lifting machinery while also making significant progress in emerging businesses such as earthmoving machinery and aerial work machinery [4] Financial Performance - In 2023, the company achieved a gross profit margin of 27.54%, an increase of 5.71 percentage points year-on-year, and a net profit margin of 8.01%, up 2.28 percentage points year-on-year [1] - The revenue breakdown by product for 2023 shows concrete machinery at 8.598 billion yuan, lifting machinery at 19.291 billion yuan, earthmoving machinery at 6.648 billion yuan, aerial work machinery at 5.707 billion yuan, and agricultural machinery at 2.092 billion yuan, with respective year-on-year growth rates [2] - The company has adjusted its profit forecast for 2024-2026, expecting net profits of 4.526 billion yuan, 5.564 billion yuan, and 6.377 billion yuan, respectively, with corresponding P/E ratios of 16.3, 13.3, and 11.6 [4][5] Market Position and Strategy - The company is focusing on a localized development strategy in key foreign markets, enhancing its market share through a digital and localized overseas business model [3] - The company is expanding its product range in earthmoving machinery and has become a leading player in the domestic market for aerial work machinery [4]