2023年年报、2024年一季报点评：年度业绩实现稳健增长，非挖和海外业务持续发力

Investment Rating - The report maintains a "Buy" rating for the company [2] Core Views - The company achieved steady growth in annual performance, with operating income of 8.98 billion yuan in 2023, a year-on-year increase of 9.6%, and a net profit of 2.50 billion yuan, up 6.7% year-on-year [2] - The company is actively expanding its international market presence, with overseas revenue reaching 1.93 billion yuan, a 10.0% increase year-on-year [2] - The company is diversifying its product offerings, with significant growth in non-excavator hydraulic products, despite a decline in excavator-related product sales due to industry downturns [2] Summary by Sections Annual Performance - In 2023, the company reported operating income of 89.8 billion yuan, a 9.6% increase year-on-year, and a net profit of 25.0 billion yuan, a 6.7% increase year-on-year [2] - The operating cash flow was 26.8 billion yuan, up 29.7% year-on-year, with a comprehensive gross margin of 41.9%, an increase of 1.3 percentage points [2] - The net profit margin was 27.9%, down 0.8 percentage points due to rising sales and management expense ratios [2] Product Performance - Hydraulic cylinders generated revenue of 46.9 billion yuan, a 2.4% increase year-on-year, while hydraulic pumps and valves saw revenue of 32.7 billion yuan, an 18.6% increase [2] - The company is focusing on electric drive technology, with initial construction of linear drive projects completed and electric cylinder applications developed for high-altitude work platforms [2] International Market Expansion - Domestic revenue was 70.0 billion yuan, a 9.1% increase year-on-year, while overseas revenue was 19.3 billion yuan, a 10.0% increase year-on-year [2] - The company is establishing a hydraulic component production base in Mexico, expected to begin trial production in Q2 2024, and has set up subsidiaries in Singapore and Brazil to enhance its global service network [2] Future Earnings Forecast - The company has adjusted its net profit forecasts for 2024 and 2025 down by 13.6% and 13.2% to 28.5 billion yuan and 33.8 billion yuan, respectively, while introducing a 2026 forecast of 39.7 billion yuan [2] - Corresponding EPS for 2024, 2025, and 2026 are projected to be 2.13 yuan, 2.52 yuan, and 2.96 yuan, respectively [2]