FOTON(SH:600166) Soochow Securities·2024-04-29 07:00Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company reported a revenue of 56.097 billion yuan in 2023, representing a year-on-year increase of 20.8%, and a net profit attributable to shareholders of 909.48 million yuan, a significant year-on-year increase of 1262% [3][4] - The company is focusing on cost reduction across the entire value chain, with improvements in gross margin and expense ratios observed in Q1 2024 [3][4] - The commercial vehicle industry is recovering, and the company is strategically enhancing its product competitiveness and expanding its export business [4] Financial Performance Summary - Total revenue (in million yuan) for 2023 was 56,097, with a year-on-year growth of 20.78% [2] - Net profit attributable to shareholders (in million yuan) for 2023 was 909.48, showing a year-on-year increase of 1262.27% [2] - The latest diluted EPS for 2023 was 0.11 yuan, with projected EPS for 2024 and 2025 at 0.17 yuan and 0.21 yuan respectively [2] - The company’s gross margin improved to 11.62% in Q1 2024, up from 9.31% in Q4 2023 [3] Sales Performance Summary - In Q4 2023, the company sold 26,300 units of medium and heavy trucks, 139,700 units of light trucks, and 14,400 units of buses, all outperforming industry averages [3] - In Q1 2024, the company sold 29,700 units of medium and heavy trucks, 110,400 units of light trucks, and 14,200 units of buses [3] Future Outlook - The company is expected to continue its upward performance driven by the recovery of the commercial vehicle industry and its strategic initiatives in product and market development [4] - The company aims to enhance its competitiveness through the introduction of AMT gearboxes across its commercial vehicle lineup and to expand its presence in both domestic and international markets [4]