业绩表现符合预期，看好龙头高质量发展！

Investment Rating - The report maintains a "Buy" rating for the company with a target price not specified [5] Core Views - The company's performance in 2023 met expectations, with a revenue of 74.02 billion, a year-on-year decrease of 8.44%, and a net profit attributable to shareholders of 4.53 billion, an increase of 5.53% year-on-year [1][2] - The company is expected to benefit from the recovery of the engineering machinery industry in 2024, driven by favorable factors such as increased infrastructure and mining investments overseas [2][3] - The report projects net profits for 2024-2026 to be 6.04 billion, 7.23 billion, and 9.02 billion respectively, with corresponding P/E ratios of 22.9, 19.1, and 15.4 [2][3] Financial Performance Summary - In 2023, the company achieved a gross margin of 27.71%, up 3.69 percentage points year-on-year, and a net profit margin of 6.29%, up 0.79 percentage points year-on-year [1] - For Q1 2024, the company reported a revenue of 17.83 billion, a slight decrease of 0.95% year-on-year, with a net profit of 1.58 billion, an increase of 4.21% year-on-year [1] - The company’s cash collection rate was 99.38% in 2023, indicating effective control over operational risks [2] Product and Regional Performance - In 2023, the company’s revenue from concrete machinery, excavators, and other machinery segments showed mixed results, with concrete machinery revenue increasing by 1.55% to 15.31 billion, while excavator revenue decreased by 22.71% to 27.64 billion [1][2] - Domestic revenue in 2023 was 28.26 billion, down 31.97% year-on-year, while international revenue was 43.26 billion, up 18.28% year-on-year, with international sales accounting for over 60% of total revenue [2]