Zoomlion(01157) Guotai Junan Securities·2024-04-06 16:00Investment Rating - The report maintains a "Buy" rating for the company [4]. Core Views - The company reported its 2023 annual results, which met expectations, with traditional business segments showing stable quality improvements and rapid growth in emerging businesses. The outlook for the company's performance is positive [3]. - In 2023, the company achieved revenue of 47.08 billion RMB, an increase of 13.1%, and a net profit of 3.51 billion RMB, up 52.0%. The gross profit margin was 27.5%, an increase of 5.7 percentage points, and the net profit margin was 8.0%, up 2.3 percentage points [3]. - The company plans to distribute a cash dividend of 3.20 RMB per 10 shares (including tax), totaling over 2.7 billion RMB, with a dividend payout ratio of approximately 80% and a dividend yield of 3.99% [3]. - All major segments of the engineering machinery business achieved positive growth, with significant success in expanding overseas markets. The company has established over 350 secondary outlets globally and has product coverage in over 140 countries/regions, with market share rapidly increasing in countries like Saudi Arabia, Malaysia, Vietnam, and Kenya [3]. - The report is optimistic about the recovery of the domestic market in 2024, supported by various policy measures, including the issuance of a trillion RMB in government bonds and the acceleration of key projects in the real estate sector [3]. Financial Summary - Revenue (million RMB): 2023 - 47,075 (+13.08% YoY) [2] - Net Profit (million RMB): 2023 - 3,506 (+52.04% YoY) [2] - Gross Profit Margin: 2023 - 27.5% (+5.7 percentage points YoY) [3] - Net Profit Margin: 2023 - 8.0% (+2.3 percentage points YoY) [3] - PE Ratio: 2023 - 11.28 [2] - PB Ratio: 2023 - 0.75 [2]