盈利能力持续优化，24Q1业绩超预期

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Insights - The company has significantly improved its profitability, with overseas revenue accounting for over 50% in Q1 2024, and the gross margin in overseas markets reaching 27.74%, which is 11.86 percentage points higher than the domestic market [1] - The diversification strategy has reduced the revenue contribution from earthmoving machinery from over 70% in 2020 to 58% in 2023, mitigating the impact of industry cycles on revenue fluctuations [1] - The company has maintained its leading market position in core businesses, with the market share of loaders remaining the highest in the industry and excavators outperforming the industry growth rate by over 20 percentage points [1] Summary by Sections Operating Analysis - The company's overseas revenue for 2021, 2022, and 2023 was 5.98 billion, 8.69 billion, and 11.46 billion RMB, respectively, with the overseas revenue share increasing from 20.8% in 2021 to 41.7% in 2023 [1] - The gross margin and net margin for 2023 were 20.82% and 3.42%, respectively, showing a year-on-year increase of 4.02 percentage points and 0.98 percentage points [1] - The company expects net margins to improve further, projecting 5.2%, 6.0%, and 6.6% for 2023-2025 [1] Profit Forecast, Valuation, and Rating - The report adjusts the profit forecast, estimating operating revenues of 30.62 billion, 34.28 billion, and 38.92 billion RMB for 2024-2026, with net profits of 1.58 billion, 2.06 billion, and 2.57 billion RMB, respectively [1] - The corresponding price-to-earnings ratios are projected to be 11, 9, and 7 times for the same period [1]