SHANTUI(000680) 中泰证券·2024-04-29 03:00Investment Rating - Buy (Maintained) [1] Core Views - The company is a leader in the domestic bulldozer industry, with high-margin large-horsepower bulldozer exports driving growth [7][8] - Group synergies are continuously emerging, with cost control and efficiency improvements through digital upgrades [3] - Overseas sales channels are being strengthened, with export revenue reaching 5.878 billion yuan in 2023, a 33.73% YoY increase, accounting for 55.77% of total revenue [7] - The company aims to achieve overseas revenue of 8.5 billion yuan in 2024, a 44.6% YoY increase [7] Financial Performance and Forecast - 2024 Q1 revenue was 3.069 billion yuan, up 29.29% YoY, with net profit attributable to shareholders of 208 million yuan, up 22.81% YoY [10] - 2024 Q1 gross margin was 17.05%, down 1.89 pct YoY, while net margin was 6.79%, down 0.38 pct YoY [10] - Operating cash flow for 2024 Q1 was -60 million yuan, mainly due to increased procurement payments and inventory [10] - Revenue is forecasted to grow 20% YoY in 2024, reaching 12.688 billion yuan, with net profit attributable to shareholders expected to grow 24% YoY to 951 million yuan [6][8] - EPS is projected to increase from 0.51 yuan in 2023 to 0.91 yuan in 2026 [6] Industry and Market Position - The company holds a domestic market share of over 60% in the bulldozer industry, with large-horsepower products gradually replacing imports [7] - In 2024 Q1, China exported 213 bulldozers with over 320 horsepower, a 49% YoY increase, reflecting strong demand for high-power equipment [7] - The company has achieved breakthroughs in exporting large-horsepower bulldozers, excavators, and loaders, offsetting domestic market declines [7] Strategic Initiatives - The company is planning to acquire shares of Shandong Heavy Machinery Co Ltd, which is expected to enhance its earthmoving product portfolio and synergies [3] - Digital transformation projects are being implemented to optimize production processes and improve cost efficiency [3] - The company is leveraging group synergies to expand overseas sales channels and increase market coverage [7]