柳工：混改释放利润弹性，国际化、电动化助力开启新征程

Investment Rating - The report does not explicitly state the investment rating for the company Core Insights - The company has experienced a revenue CAGR of 19.4% from 2015 to 2023, with significant growth in overseas revenue, which increased by 41.18% year-on-year, outpacing domestic growth [3][4] - The net profit attributable to the parent company has a CAGR of 59.2% from 2015 to 2023, indicating strong profitability growth [5] - The company is focusing on expanding its product categories and enhancing its international market presence, with a notable shift in revenue sources from traditional earth-moving machinery to new business segments [33] Revenue and Profitability - The company's revenue grew from 6.66 billion yuan in 2015 to 27.52 billion yuan in 2023, with earth-moving machinery being the primary revenue source, accounting for 57.8% of total revenue in 2023 [33] - The gross margin for overseas operations reached 27.7% in 2023, reflecting a year-on-year increase of 3.4 percentage points [36] Market Position and Strategy - The company holds the largest market share in the domestic loader segment and has achieved a market share of over 11% in excavators, even during industry downturns [48] - The company is actively pursuing a mixed-ownership reform strategy, integrating assets and attracting strategic investors to enhance operational efficiency and market competitiveness [49][85] Research and Development - The company has established a comprehensive R&D system, focusing on electrification, intelligence, and digitalization, with R&D investment increasing by 11.7% year-on-year in 2023 [36][37] - Key R&D projects include the development of electric products, autonomous driving technology, and smart mining solutions, which are expected to enhance the company's competitive edge [38] Future Growth Potential - The company is expected to benefit from a new round of equipment replacement driven by government policies targeting the elimination of outdated machinery [59] - The overseas market presents significant growth opportunities, with the potential for increased market share and product diversification [61][80]