Investment Rating - The report initiates coverage with an "Accumulate" rating for the company [5]. Core Views - The company is a leading player in the aerial work platform rental industry, with significant growth potential in overseas markets, which is expected to contribute to performance increments [3]. - The company is shifting its focus towards non-asset-driven businesses, which are growing rapidly and are projected to account for 60.1% of revenue by 2024, up 13.58 percentage points year-on-year [1][2]. - Despite a decline in net profit by 6.87% year-on-year, the company is expected to achieve stable revenue growth of 20.50% in 2024, reaching 11.581 billion yuan [1][2]. Financial Summary - Revenue for 2024 is projected at 11.581 billion yuan, a 20.50% increase from the previous year, while net profit is expected to be 896.32 million yuan, a decrease of 6.87% [4]. - The gross margin for 2024 is estimated at 32.59%, down 16.73% year-on-year, with the rental service segment showing a gross margin of 38.15% [2]. - Operating cash flow is expected to increase to 4.204 billion yuan in 2024, reflecting a positive cash flow trend [2]. Business Segments - The company’s revenue from operating leasing services is projected to decline by 10.08% to 4.621 billion yuan, while engineering technical services and asset management are expected to grow by 26.54% and 112.96%, respectively [1]. - The company has expanded its overseas operations, entering seven countries, and expects overseas revenue to reach 389 million yuan in 2024, a staggering growth of 2765.7% [3]. Earnings Forecast - The company forecasts revenues of 11.928 billion yuan, 13.718 billion yuan, and 15.775 billion yuan for 2025, 2026, and 2027, respectively, with corresponding net profits of 921 million yuan, 1.062 billion yuan, and 1.218 billion yuan [4][3]. - Earnings per share (EPS) are projected to be 0.29 yuan, 0.33 yuan, and 0.38 yuan for 2025, 2026, and 2027, respectively, with price-to-earnings (PE) ratios decreasing to 3.87, 3.35, and 2.92 [4][3].