Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook for future performance [6]. Core Insights - The company achieved significant growth in 2024, with revenue reaching 14.22 billion yuan, a year-on-year increase of 25.1%, and a net profit attributable to shareholders of 1.10 billion yuan, up 40.7% year-on-year [1][2]. - The company's overseas market expansion has been successful, with overseas revenue of 7.41 billion yuan, representing a 26.1% increase [2]. - The gross profit margin improved to 20.1%, an increase of 1.6 percentage points, driven by the introduction of high-end products and the successful development of new products [2][3]. Summary by Sections Financial Performance - In 2024, the company reported a revenue of 14.22 billion yuan, with a net profit of 1.10 billion yuan and a non-recurring net profit of 0.99 billion yuan [1]. - The fourth quarter of 2024 saw a revenue of 4.38 billion yuan, a year-on-year increase of 14.3% and a quarter-on-quarter increase of 31.7% [1]. - The gross profit margin for 2024 was 20.1%, reflecting a year-on-year increase of 1.6 percentage points [1]. Product Performance - Revenue from main engine products reached 9.76 billion yuan, a year-on-year increase of 26.6%, with a gross margin of 23.1% [3]. - Revenue from parts and other products was 3.15 billion yuan, up 30.2% year-on-year, with a gross margin of 11.5% [3]. Regional Performance - International revenue accounted for 57.4% of total revenue, with 7.41 billion yuan from overseas markets, a 26.1% increase year-on-year [3]. - Domestic revenue was 5.50 billion yuan, reflecting a year-on-year growth of 29.4% [3]. Profit Forecast and Valuation - The report forecasts net profits for 2025, 2026, and 2027 to be 1.22 billion yuan, 1.46 billion yuan, and 1.75 billion yuan, respectively [2][5]. - The company is positioned as a leader in the large horsepower bulldozer market, with significant growth potential in its main business [2].