2023年报及2024年一季报点评：业绩符合预期，海外工厂及丝杠项目投产在即

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company's performance in 2023 met market expectations, with a total revenue of 89.85 billion yuan, a year-on-year increase of 9.61%, and a net profit attributable to shareholders of 24.99 billion yuan, up 6.66% year-on-year [3][4] - The company is positioned as a leading domestic hydraulic component manufacturer, with strong profitability and a diversified product strategy contributing to revenue growth [4][5] - The upcoming production of overseas factories and linear drive projects is expected to enhance growth potential [5][6] Financial Performance Summary - In 2023, the company's total revenue was 89.85 billion yuan, with a year-on-year growth of 9.61%. The net profit attributable to shareholders was 24.99 billion yuan, reflecting a 6.66% increase [3][4] - The company's gross margin was 41.9%, an increase of 1.3 percentage points year-on-year, while the net profit margin was 27.9%, a slight decrease of 0.8 percentage points [4][12] - The company reported a cash flow from operating activities of 2.68 billion yuan in 2023, a 30% increase year-on-year [12][18] Revenue and Profit Forecast - The forecast for total revenue is 95.67 billion yuan in 2024, with a growth rate of 6.48%, and a net profit of 26.49 billion yuan, reflecting a growth rate of 6.02% [2][17] - The company expects to achieve a net profit of 33.45 billion yuan in 2025 and 40.27 billion yuan in 2026, with corresponding P/E ratios of 21.22 and 17.62 [2][17] Market Position and Strategy - The company is focusing on internationalization and diversification, with a new hydraulic component production base in Mexico expected to begin trial production in Q2 2024 [5][6] - The linear drive project, which includes electric cylinder, screw, and guide rail divisions, is set to begin trial production in Q1 2024, targeting a high-end market with significant growth potential [5][6] Industry Outlook - The engineering machinery industry is anticipated to experience a dual-cycle resonance due to large-scale equipment updates and industry self-renewal, with the company expected to benefit from this trend [6][11]