NFLG(SH:603280) EBSCN·2024-04-26 02:02Investment Rating - The report maintains a "Buy" rating for the company [4]. Core Views - The company has demonstrated stable revenue growth and improved profitability, with significant breakthroughs in overseas business [2][3]. - Despite a decline in revenue growth due to the domestic engineering machinery industry's downturn, the company has enhanced its profitability through improved gross margins [2]. - The internationalization strategy is progressing well, with overseas revenue significantly increasing and accounting for a larger share of total revenue [3]. Summary by Sections Financial Performance - In 2023, the company achieved revenue of 1.141 billion yuan, a decrease of 6.27% year-on-year, while net profit attributable to shareholders was 120 million yuan, an increase of 5.25% [1][2]. - For Q1 2024, revenue rose by 13.36% year-on-year to 188 million yuan, and net profit increased by 12.32% to 9 million yuan [1][2]. - The company's gross margin improved to 25.6% in 2023, up by 3.48 percentage points year-on-year, and the net margin reached 10.55%, an increase of 1.15 percentage points [2]. Overseas Business - The company's overseas revenue reached 220 million yuan in 2023, a year-on-year increase of 54.22%, with its share of total revenue rising from 2.33% in 2019 to 19.25% in 2023 [3]. - The company has successfully entered multiple international markets, including Europe, North America, Southeast Asia, and the Middle East [3]. Product Development and Market Expansion - The company achieved sales of 229 million yuan from crushing and screening equipment in 2023, a growth of 66.68% year-on-year [3]. - New product launches include four models of E-series electric mobile crushing equipment and innovative high-performance concrete equipment [3]. Profit Forecast and Valuation - The profit forecasts for 2024 and 2025 have been adjusted downwards to 136 million yuan and 156 million yuan, respectively, while a new forecast for 2026 is set at 183 million yuan [4]. - The expected earnings per share (EPS) for 2024, 2025, and 2026 are projected to be 1.25 yuan, 1.44 yuan, and 1.69 yuan, respectively [4].