2023年年报及2024年一季报点评：“国际化+新品”进展顺利，收入增速优于行业

Investment Rating - The report maintains a "Recommended" rating for the company [1][2]. Core Views - The company achieved a revenue of 8.99 billion yuan in 2023, representing a year-on-year increase of 9.6%, and a net profit attributable to shareholders of 2.50 billion yuan, up 6.7% year-on-year [1]. - The revenue growth significantly outperformed the industry, with excavator sales in China declining by 25.4% in 2023, while the company's revenue increased [1]. - The company is actively expanding its product offerings and exploring international markets, with a focus on electric control and execution devices to align with industry trends [1][2]. Financial Performance - In Q4 2023, the company reported revenue of 2.64 billion yuan, a year-on-year increase of 16.0%, and a net profit of 750 million yuan, up 25.6% year-on-year [1]. - For Q1 2024, the company recorded revenue of 2.36 billion yuan, a decrease of 2.7% year-on-year, and a net profit of 600 million yuan, down 3.77% year-on-year [1]. - The company plans to achieve net profits of 2.90 billion yuan, 3.45 billion yuan, and 4.15 billion yuan for 2024, 2025, and 2026, respectively, with corresponding valuations of 25x, 21x, and 17x [2][5]. Product Development and Market Expansion - The company developed 411 new products in 2023, including 103 new products for non-engineering machinery, and made significant improvements in existing processes [1]. - The company is expanding its international presence, with a hydraulic parts production base in Mexico expected to begin trial production in Q2 2024 [1]. - The company has established subsidiaries in Singapore and Brazil to enhance its service network and participate in global competition [1].