XCMG(SZ:000425) Minsheng Securities·2024-04-30 05:00Investment Rating - The report maintains a "Recommended" rating for XCMG Machinery [1][2] Core Views - XCMG Machinery achieved a revenue of 92.848 billion yuan in 2023, a year-on-year decrease of 1.03%, while the net profit attributable to shareholders was 5.326 billion yuan, an increase of 23.51% [1] - The gross profit margin for 2023 was 22.38%, up by 2.17 percentage points year-on-year [1] - The company is expected to see a bottoming out of domestic demand for construction machinery in 2024 due to ongoing equipment renewal policies [1] - Emerging industries within the company have shown significant growth, with revenue increasing by nearly 30% and contributing to a 4.5 percentage point rise in overall revenue share [1] - The internationalization strategy has been further enhanced, with overseas revenue reaching 37.22 billion yuan, a year-on-year increase of 33.7%, accounting for 40.09% of total revenue [1] Financial Forecasts - Revenue projections for 2024, 2025, and 2026 are 101.532 billion yuan, 119.516 billion yuan, and 143.205 billion yuan respectively, with corresponding EPS of 0.55 yuan, 0.69 yuan, and 0.90 yuan [2][6] - The PE ratios for the same years are projected to be 13, 10, and 8 times respectively [2][6]