Huaxin Securities·2024-04-30 07:30Investment Rating - The report maintains a "Buy" rating for the company [2][3] Core Views - The company has shown significant improvement in profitability, driven by continuous breakthroughs in overseas business [2] - In Q1 2024, the company achieved a revenue of 11.773 billion yuan, a year-on-year increase of 12.93%, and a net profit attributable to shareholders of 916 million yuan, up 13.06% year-on-year [2] - The domestic engineering machinery market is recovering, with the company expected to benefit from government policies aimed at stabilizing growth [2] - The overseas business and new business segments are driving new growth points for the company's performance [2] Summary by Sections Business Performance - The company reported a Q1 2024 gross margin of 28.65%, an increase of 2.26 percentage points year-on-year, primarily due to the significant growth in overseas business [2] - The overseas revenue reached 5.702 billion yuan in Q1 2024, a year-on-year increase of 52.85%, with export revenue growing by 60.95% [2] Financial Forecast - Revenue forecasts for 2024-2026 are 55.55 billion, 65 billion, and 74.97 billion yuan respectively, with EPS projected at 0.54, 0.69, and 0.82 yuan [3] - The current stock price corresponds to PE ratios of 15.6, 12.4, and 10.4 for the years 2024, 2025, and 2026 respectively, indicating potential for future growth [3]