市占率稳步提升，出口表现亮眼

Investment Rating - The investment rating for the company is "Accumulate" (maintained) [1] Core Views - The company reported a total revenue of 56.097 billion yuan for 2023, representing a year-on-year increase of 20.78%. The net profit attributable to shareholders reached 909 million yuan, a significant increase of 1262.27% year-on-year. The net profit excluding non-recurring items was 451 million yuan, up 247.14% year-on-year. In Q1 2024, the company achieved a revenue of 12.870 billion yuan, down 14.05% year-on-year, with a net profit of 256 million yuan, down 13.96% year-on-year [2][3] - The company sold 631,000 vehicles in 2023, including Foton Daimler, marking a 37.14% increase year-on-year, with a market share of 15.7%, up 1.7 percentage points year-on-year. The sales of new energy vehicles exceeded 40,000 units, an increase of 84% year-on-year, and exports reached 131,000 units, up 49.1% year-on-year, setting a record high and making it the top exporter of commercial vehicles in China [2] - The company is focusing on cost reduction and efficiency improvement, with a gross margin of 11.38% in 2023, unchanged year-on-year. The gross margin for the medium truck business increased by 7.56 percentage points year-on-year, and the export gross margin was 16.72%, up 3.81 percentage points year-on-year. In Q1 2024, the gross margin was 11.62%, up 0.57 percentage points year-on-year [2] - The company is accelerating its development in new energy, pursuing a strategy that includes pure electric, hybrid, and hydrogen fuel technologies. It aims to enhance its product market coverage and launch a new platform for small vans in 2024. The company also plans to expand into high-end markets in Europe, Japan, and Australia, which is expected to further increase profits [2] Financial Summary - The company is projected to achieve net profits of 1.349 billion yuan, 1.605 billion yuan, and 1.766 billion yuan for the years 2024, 2025, and 2026, respectively. The corresponding price-to-earnings ratios (PE) are expected to be 15.96, 13.41, and 12.19 times [3][4] - The total revenue is forecasted to grow from 56.097 billion yuan in 2023 to 63.194 billion yuan in 2024, with a growth rate of 12.65%. The net profit is expected to grow at a rate of 48.34% in 2024 [4]