非挖+海外拓展稳步推进，募投项目投产在即2023年报及2024年一 季报点评

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company achieved a revenue of 8.985 billion yuan in 2023, representing a year-on-year growth of 9.61%. The net profit attributable to shareholders was 2.499 billion yuan, up 6.66% year-on-year. In Q1 2024, the company reported a revenue of 2.362 billion yuan, a decline of 2.7% year-on-year, and a net profit of 602 million yuan, down 3.77% year-on-year [2][3][4] Summary by Sections Financial Performance - In 2023, the company realized a revenue of 89.85 billion yuan, with a net profit of 24.99 billion yuan and a non-recurring net profit of 24.47 billion yuan, showing growth rates of 9.61%, 6.66%, and 9.67% respectively. For Q1 2024, the revenue was 23.62 billion yuan, with a net profit of 6.02 billion yuan, reflecting declines of 2.7% and 3.77% year-on-year [2][3] Market Position and Strategy - The company has increased its market share in non-excavator hydraulic cylinders, with stable growth in sales, particularly in high machines and industrial non-standard hydraulic cylinders. The company is benefiting from the release of new non-excavator products and a reduction in raw material costs, maintaining a high profitability level with a gross margin of 41.90%, up 1.35 percentage points year-on-year [3][4] International Expansion - The company is actively expanding its overseas market presence, focusing on Europe, North America, and Southeast Asia. In 2023, overseas revenue reached 1.927 billion yuan, a year-on-year increase of 9.95%, accounting for 21.45% of total revenue. The company is also progressing with its fundraising projects, with trial production expected in Q2 2024 for its Mexico factory [3][4] Earnings Forecast - The company is expected to see gradual improvement in performance, with projected revenues of 9.818 billion yuan, 11.934 billion yuan, and 14.096 billion yuan for 2024, 2025, and 2026 respectively. The net profit forecasts for the same years are 2.724 billion yuan, 3.376 billion yuan, and 4.085 billion yuan, with corresponding P/E ratios of 25, 21, and 17 [4][5][6]