Soochow Securities·2024-04-30 17:00Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - The company's Q1 2024 performance shows a 12.93% year-on-year revenue growth, with net profit increasing by 13.06%, indicating strong operational resilience despite a 13% decline in the excavator industry [3][4] - The company is recognized for its superior performance in the industry, attributed to accelerated overseas market expansion and a solid market position in traditional products [3][4] - The report highlights the potential for a dual-cycle resonance in the engineering machinery sector due to large-scale equipment updates and industry self-renewal [5] Financial Performance Summary - For Q1 2024, the company achieved total revenue of 11.773 billion yuan and a net profit of 916 million yuan, outperforming the industry [3] - The gross margin and net margin for Q1 2024 were 28.65% and 8.67%, respectively, reflecting improvements in profitability [4] - The company forecasts net profits of 4.5 billion, 5.6 billion, and 6.9 billion yuan for 2024, 2025, and 2026, respectively, with corresponding P/E ratios of 16, 13, and 11 [5][10]