NOBLIFT(603611) 西南证券·2024-04-21 02:00Investment Rating - The report maintains a "Buy" rating for the company, with a target price of ——元 for the next 6 months [17] Core Views - The company's full-year performance met expectations, with large vehicle sales growing over 60% [1] - The company's forklift and intelligent logistics systems are driving steady revenue growth, with a 5.1% YoY increase in forklift revenue and a 2.2% YoY increase in intelligent logistics system revenue in 2023 [2] - The company's gross margin improved to 22.2% in 2023, up 2.0 percentage points YoY, driven by cost control, favorable exchange rates, and low raw material prices [2] - The company's "Large Vehicle Strategy" and overseas exports are driving growth in the forklift segment, with large lithium-powered forklift sales increasing over 60% in 2023 [3] Business Performance - In 2023, the company achieved revenue of 6.96 billion yuan, a 3.9% YoY increase, and net profit attributable to the parent company of 460 million yuan, a 13.8% YoY increase [17] - Q4 2023 revenue was 1.63 billion yuan, down 19.6% YoY and 18.2% QoQ, while net profit attributable to the parent company was 100 million yuan, down 11.1% YoY and 28.1% QoQ [17] - The company's net profit margin increased to 6.6% in 2023, up 0.9 percentage points YoY, driven by improved gross margins [18] Growth Strategy - The company is focusing on its "Large Vehicle Strategy," with large lithium-powered forklift sales growing over 60% in 2023 [3] - The company is expanding its large vehicle dealer network overseas, where exports account for over 70% of forklift sales [3] - The company is expected to maintain high growth in large vehicle sales, with projected growth rates of 54%, 40%, and 29% for 2024-2026 [9] Financial Projections - The company's revenue is expected to grow at a compound annual growth rate (CAGR) of 12.1% from 2024 to 2026, reaching 9.77 billion yuan in 2026 [20] - Net profit attributable to the parent company is projected to grow at a CAGR of 19% from 2024 to 2026, reaching 780 million yuan in 2026 [19][20] - The company's gross margin is expected to remain stable, with a slight increase from 22.2% in 2023 to 22.9% in 2026 [24] Valuation Metrics - The company's PE ratio is projected to decrease from 13.06 in 2023 to 7.68 in 2026, while the PB ratio is expected to decline from 2.24 in 2023 to 1.44 in 2026 [26] - The company's ROE is expected to increase from 17.15% in 2023 to 18.71% in 2026 [26]