Investment Rating - The investment rating for the company is "Buy" (maintained) [2] Core Insights - The company reported a revenue of 91.66 billion in 2024, a slight decline of 1.28% year-on-year, while the net profit attributable to shareholders was 5.976 billion, an increase of 12.20% year-on-year. In Q1 2025, revenue reached 26.815 billion, up 10.92% year-on-year, and net profit was 2.022 billion, up 26.37% year-on-year, indicating performance in line with market expectations [5][8] - The company is experiencing significant growth in overseas markets, with overseas revenue reaching 41.687 billion, a year-on-year increase of 12.00%, accounting for 45.48% of total revenue. Domestic revenue, however, declined by 10.17% [8] - The company has improved its profitability, with a gross margin of 22.55% in 2024, up 1.75 percentage points year-on-year, and a net margin of 6.53%, up 0.89 percentage points year-on-year [8] - The company is expanding its global presence, having established over 40 overseas subsidiaries and more than 300 overseas distributors, with products sold in over 190 countries [8] - The profit forecast for 2025-2027 has been raised, with expected net profits of 8.035 billion, 9.803 billion, and 11.630 billion respectively, reflecting an optimistic outlook for the engineering machinery industry [8] Financial Data and Profit Forecast - The total revenue for 2025 is projected to be 102.177 billion, with a year-on-year growth rate of 11.5%. The net profit for 2025 is expected to be 8.035 billion, representing a growth rate of 34.5% [7][10] - The earnings per share (EPS) for 2025 is estimated at 0.68, with a price-to-earnings (PE) ratio of 12 [7][10] - The company aims to maintain a gross margin of around 22.7% in 2025, with a return on equity (ROE) projected at 12.1% [7]