短期扰动不改长期趋势，持续看好非挖及海外拓展

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company's 2023 annual performance met expectations, while the first quarter of 2024 slightly fell short of expectations [1] - In 2023, the company achieved operating revenue of 8,985 million yuan (+9.6%), with a net profit attributable to shareholders of 2,499 million yuan (+6.7%) [1] - The comprehensive gross profit margin for the year was 41.9%, a slight increase from 40.55% in 2022 [1] - The company is expanding its international strategy, with overseas market share gradually increasing [1] - The company is also focusing on the electric drive sector, with initial results from long-term strategic layouts [1] Financial Performance Summary - In Q1 2024, the company reported operating revenue of 2,362 million yuan (-2.7%) and a net profit of 602 million yuan (-3.8%) [1] - The gross profit margin for Q1 2024 was 40.1%, close to 40.86% from the same period last year [1] - The company expects a rebound in the engineering machinery industry in 2024 due to equipment renewal cycles and policy-driven large-scale updates [1] - Revenue forecasts for 2024-2026 have been adjusted to 9,641 million yuan, 11,118 million yuan, and 12,821 million yuan respectively [2][4] - Net profit forecasts for the same period are adjusted to 2,761 million yuan, 3,189 million yuan, and 3,680 million yuan respectively [2][4] Market Expansion and Product Development - The company has seen stable growth in non-standard hydraulic cylinder sales, particularly in high-altitude work platforms and industrial applications [1] - The company has developed 103 new products in non-engineering machinery sectors throughout 2023 [1] - The establishment of subsidiaries in Singapore and Brazil is part of the company's strategy to expand its overseas service network [1] Long-term Strategic Initiatives - The electric drive project is progressing, with various infrastructure components completed and initial production expected in Q1 2024 [1] - The company is focusing on providing cost-effective, one-stop system solutions to gain market share [1] - The company anticipates accelerated overseas market expansion following the commissioning of its Mexican factory [1]