业绩超预期，海外市场增长亮眼

Investment Rating - The report maintains a "Buy" rating for the company, with a target price of 40.79 CNY per share, compared to the current price of 39.53 CNY [4]. Core Insights - The company's performance exceeded expectations, achieving a revenue of 1.105 billion CNY in 2023, a year-on-year increase of 38.17%, and a net profit of 207 million CNY, up 33.33% year-on-year. In Q4 alone, revenue reached 405 million CNY, marking a 70.48% increase year-on-year, with net profit soaring by 281.28% to 88 million CNY [2][4]. - The overseas market showed significant growth, with foreign sales revenue reaching 542 million CNY, a 73.55% increase year-on-year, while domestic sales revenue was 553 million CNY, up 14.99% year-on-year. The wind power sector also expanded rapidly, generating 1.082 billion CNY, a 36.73% increase year-on-year [2]. - The company is actively expanding its product offerings in various sectors, including industrial lifting equipment and smart safety protection devices, which are expected to enhance its market position [2]. Financial Summary - The company reported a revenue of 1.105 billion CNY in 2023, with a projected growth rate of 29.4% for 2024, reaching an estimated 1.429 billion CNY [2][10]. - The earnings per share (EPS) for 2023 was 1.36 CNY, with forecasts of 1.94 CNY, 2.73 CNY, and 3.59 CNY for 2024, 2025, and 2026 respectively [2][10]. - The report anticipates a net profit of 295 million CNY in 2024, reflecting a growth rate of 42.6% compared to 2023 [2][10].