设备规模持续增长，轻资产逐步成熟

Investment Rating - The report maintains a "Buy" rating for the company [2][38]. Core Insights - The company achieved an annual operating revenue of 44.44 billion, representing a year-on-year growth of 35.55%, with a net profit attributable to shareholders of 8.01 billion, up 25.19% year-on-year [29][37]. - The company has seen a significant increase in its cash flow, with a net inflow from operating activities of 1.945 billion, an increase of 540 million year-on-year, and a cash collection ratio of 85.64%, up 1.88 percentage points year-on-year [1]. - The company is expanding its asset-light model, with a focus on strategic partnerships and the growth of its rental business, particularly in aerial work platforms, which accounted for 69.92% of its main business revenue [2][35][37]. Financial Performance - The company reported a gross margin of 46.50% for 2023, a decrease of 3.76 percentage points year-on-year, with the gross margin for aerial work platforms at 45.57% [37]. - The company’s total assets are projected to grow from 19.221 billion in 2023 to 38.798 billion by 2026, indicating a strong growth trajectory [12]. - The forecasted earnings for 2024-2026 are 10.18 billion, 12.60 billion, and 15.10 billion, respectively, with corresponding valuations of 11.52, 9.31, and 7.77 times [2].