业绩维持高增，锂电+出海持续突破发展

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company achieved significant growth in 2023, with operating revenue of 16.27 billion yuan (up 12.9%) and a net profit attributable to shareholders of 1.72 billion yuan (up 74.2%) [4][6] - The product structure continues to optimize, with an increase in gross margin to 20.8%, up 2.65 percentage points [4][5] - The forklift industry has a broad outlook with high growth potential, driven by the ongoing electrification trend [5][6] Financial Performance - In 2023, the company reported a net cash flow from operating activities of 1.62 billion yuan, an increase of 159.3% [4] - The forecast for operating revenue from 2024 to 2026 is 18.28 billion yuan, 20.62 billion yuan, and 23.14 billion yuan, respectively, with year-on-year growth rates of 12%, 13%, and 12% [6] - The projected net profit for the same period is 2.01 billion yuan, 2.28 billion yuan, and 2.59 billion yuan, with growth rates of 17%, 13%, and 14% [6] Market Position and Strategy - The company has established a comprehensive overseas marketing network, achieving 6.54 billion yuan in overseas revenue, which accounts for 40% of total revenue [4][5] - The electrification ratio of counterbalance forklifts reached 31.16% in 2023, with lithium batteries making up 46.49% of electric forklifts [5]