公司盈利能力持续提升

Investment Rating - The report maintains a "Buy" rating for the company with a target price of 77.76 yuan for 2024, based on a PE ratio of 18 times [5][8]. Core Views - The company's revenue for 2023 reached 6.312 billion yuan, a year-on-year increase of 15.92%, while the net profit attributable to shareholders was 1.867 billion yuan, up 48.51% year-on-year [1]. - In Q1 2024, the company reported revenue of 1.452 billion yuan, a year-on-year growth of 11.53%, but the net profit decreased by 5.40% to 302 million yuan [1][4]. - The company has successfully promoted its boom lift products, achieving significant growth in both domestic and international markets [2]. Financial Performance - The company's gross margin and net margin for 2023 were 38.49% and 29.58%, respectively, reflecting increases of 7.45 and 6.49 percentage points year-on-year [3]. - The gross margin for different product lines in 2023 was 40.28% for scissor lifts, 30.52% for boom lifts, and 43.46% for vertical lifts, with notable improvements across all categories [3]. - The company’s revenue projections for 2024 to 2026 are 7.922 billion yuan, 9.824 billion yuan, and 12.078 billion yuan, respectively, with a CAGR of 12.95% [5][6]. Product and Market Analysis - In 2023, the revenue breakdown by product showed scissor lifts at 3.01 billion yuan, boom lifts at 2.45 billion yuan, and vertical lifts at 0.5 billion yuan, with boom lifts experiencing a significant year-on-year growth of 68.2% [2]. - The company’s domestic revenue was 2.12 billion yuan, growing by 15.2%, while overseas revenue reached 3.84 billion yuan, up 13.4% [2]. - The sales of electric boom lifts accounted for 73.36% of total boom lift sales, indicating a shift towards higher value-added products [2].