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Investment Rating - The report maintains a "Buy" rating for the company, with a target price set above the current price of 31.45 CNY [4]. Core Insights - The company's performance in the annual and quarterly reports met expectations, with 2023 revenue reaching 13.91 billion CNY, a year-on-year increase of 21.94%, and a net profit attributable to shareholders of 2.45 billion CNY, up 9.33% year-on-year [1][2]. - The company is positioned to benefit from the steady advancement of shale exploration and development in China, with a market share exceeding 50% in key equipment sectors [2][3]. - The company is focusing on expanding its overseas market strategy, particularly in North America and the Middle East, where it holds a competitive edge in providing comprehensive fracturing solutions [1][2]. Financial Performance Summary - In 2023, the company achieved a gross profit margin of 33.05% and a net profit margin of 17.92%, with a total of 139.56 billion CNY in new orders, reflecting a 9.65% increase year-on-year [1]. - The fourth quarter of 2023 showed strong performance, with revenue of 5.16 billion CNY, a year-on-year increase of 20.02%, and a net profit of 890 million CNY, up 18.78% year-on-year [1]. - For the first quarter of 2024, the company reported revenue of 2.13 billion CNY, a decrease of 6.52% year-on-year, but a net profit increase of 6.84% year-on-year [1]. Financial Projections - The company’s projected net profits for 2024, 2025, and 2026 are 2.83 billion CNY, 3.34 billion CNY, and 3.92 billion CNY respectively, with year-on-year growth rates of 15%, 18%, and 18% [2][3]. - The estimated P/E ratios for the same years are 11.37, 9.65, and 8.20 times [2][3]. Market Position and Strategy - The company is the only Chinese enterprise providing a full suite of fracturing equipment for North American shale gas, indicating a strong market position [1]. - The Middle East is identified as a key strategic market, with the company’s high-end equipment market share increasing annually [1].