Investment Rating - The report maintains a "Buy" rating for the company [4] Core Views - The company achieved steady growth in net profit, with a 12.2% year-on-year increase to 5.98 billion yuan in 2024, despite a slight decline in revenue [1] - The operating cash flow significantly improved, with a 60.2% increase to 5.72 billion yuan in 2024 [1] - The company is focusing on enhancing quality and efficiency in traditional industries while expanding its emerging industries [2] - The overseas market revenue grew by 12.0% year-on-year, accounting for 45.5% of total revenue in 2024 [3] - The company has adjusted its profit forecasts slightly downward for 2025 and 2026 due to weaker-than-expected demand in concrete and lifting machinery [4] Summary by Sections Financial Performance - In 2024, the company reported operating revenue of 91.66 billion yuan, a decrease of 1.3% year-on-year, while net profit reached 5.98 billion yuan, up 12.2% [1] - For Q1 2025, the company achieved operating revenue of 26.81 billion yuan, a 10.9% increase year-on-year, and net profit of 2.02 billion yuan, a 26.4% increase [1] Industry Focus - The company is enhancing quality and efficiency in traditional sectors, with notable performance in excavators and cash flow improvements [2] - In emerging industries, the company is solidifying its market position in fire-fighting machinery and expanding its capabilities in mining machinery and environmental management [2] International Expansion - The company is actively expanding its international market presence, with overseas revenue reaching 41.69 billion yuan in 2024, marking a 12.0% increase [3] - The establishment of trade subsidiaries in countries like Japan and Malaysia is part of the strategy to enhance global industrial layout [3] Profit Forecasts - The profit forecasts for 2025 and 2026 have been slightly adjusted downwards to 8.10 billion yuan and 10.05 billion yuan, respectively, due to ongoing challenges in the domestic real estate market [4] - The report introduces a profit forecast for 2027 at 12.15 billion yuan, with corresponding EPS estimates of 0.69, 0.85, and 1.03 yuan for 2025, 2026, and 2027 respectively [4]