挖机产品需求触底，非挖产品持续扩张

Investment Rating - The report maintains a "Buy" rating for the company [7][8]. Core Views - The company's revenue growth is driven by non-excavator products, despite a decline in excavator sales [8]. - The company has shown resilience with a revenue of 8.985 billion yuan in 2023, a year-on-year increase of 9.61%, and a net profit of 2.499 billion yuan, up 6.66% [7][9]. - The company is expected to continue its growth trajectory with new products and production capacity coming online [8]. Summary by Sections Market Data - Closing price: 51.08 yuan - One-year high/low: 73.33/47.41 yuan - Market capitalization: 3,088.64 million yuan [2]. Financial Performance - 2023 revenue: 89.85 billion yuan, up 9.61% year-on-year - 2023 net profit: 24.99 billion yuan, up 6.66% year-on-year - 2024 Q1 revenue: 23.62 billion yuan, down 2.70% year-on-year - 2024 Q1 net profit: 6.02 billion yuan, down 3.77% year-on-year [7][9]. Product Performance - Revenue from hydraulic cylinders: 4.693 billion yuan, up 2.37% - Revenue from hydraulic pumps and valves: 3.268 billion yuan, up 18.64% - Revenue from hydraulic systems: 292 million yuan, up 15.09% - Revenue from parts and castings: 672 million yuan, up 17.13% [8]. Profitability Metrics - Gross margin for 2023: 41.90%, up 1.45 percentage points - Net margin for 2023: 27.87%, down 0.79 percentage points - Sales, management, R&D, and financial expense ratios for 2023: 2.07%, 4.50%, 7.73%, -4.10% respectively [8]. Future Outlook - The company is expanding its product lines and production capabilities, with new products and facilities expected to enhance long-term growth potential [8]. - Revised profit forecasts for 2024-2026: 28.49 billion, 33.78 billion, and 40.36 billion yuan respectively [8].