Core Viewpoint - The company reported a stable performance in 2024 with revenue of 16.486 billion yuan, a year-on-year increase of 1.15%, and a net profit of 2.022 billion yuan, up 17.86% [1]. Group 1: Financial Performance - In Q1 2025, the company achieved revenue of 4.506 billion yuan, a year-on-year increase of 8.02%, and a net profit of 436 million yuan, up 15.18%, meeting market expectations [1]. - The gross margin and net margin for 2024 improved by 2.77 and 1.84 percentage points to 23.55% and 13.11%, respectively [1]. - Operating cash flow declined, potentially due to longer account periods for overseas sales and an increased proportion of leasing business [1]. Group 2: Product and Market Development - The total sales of lithium battery forklifts reached 448,800 units in 2024, with the proportion of electric forklifts rising to 47.43% [1]. - The company launched several high-performance lithium battery forklifts, covering a weight range from 0.6t to 48t, continuously optimizing product structure and series [1]. - In 2024, overseas product sales exceeded 100,000 units, marking a historical high, with overseas revenue accounting for over 40% [2]. Group 3: International Expansion and Future Outlook - The company has established over 10 overseas sales companies and service centers across major regions, forming a three-tier service network covering over 200 countries [2]. - Despite trade risks in the North American market, there remains significant growth potential in Europe, Southeast Asia, and Oceania [2]. - The company is expected to achieve net profits of 2.3 billion, 2.5 billion, and 2.8 billion yuan from 2025 to 2027, with corresponding PE ratios of 11, 10, and 9 times, maintaining a "recommended" rating [2].