Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - The company reported a strong performance in H2 2023, driven by explosive export growth, leading to a significant increase in sales and profits [3][4] - The overall revenue for 2023 reached 86.15 billion yuan, a year-on-year increase of 44.77%, with heavy-duty trucks, light trucks, and engine sales contributing 74.83 billion, 8.83 billion, and 620 million yuan respectively [3] - The company aims to enhance its competitiveness in both domestic and international markets, focusing on high-end segments and optimizing product offerings [4] Financial Summary - Total revenue (in million yuan): - 2021: 93,641 - 2022: 59,507 - 2023E: 86,150 - 2024E: 101,518 - 2025E: 117,094 - Year-on-year growth rates: - 2023E: +44.77% - 2024E: +17.84% - 2025E: +15.34% [2] - Net profit attributable to shareholders (in million yuan): - 2021: 4,322 - 2022: 1,797 - 2023E: 5,318 - 2024E: 6,813 - 2025E: 7,813 - Year-on-year growth rates: - 2023E: +196.01% - 2024E: +28.11% - 2025E: +14.67% [2] - Earnings per share (EPS): - 2023E: 1.93 yuan - 2024E: 2.47 yuan - 2025E: 2.83 yuan - Price-to-earnings (P/E) ratios: - 2024E: 7.42 - 2025E: 6.47 [2][4] Outlook - The company is expected to achieve net profits of 6.81 billion yuan and 7.81 billion yuan for 2024 and 2025 respectively, with corresponding EPS of 2.47 yuan and 2.83 yuan [4]
2023年度业绩公告点评：H2表现靓丽，出口爆发驱动销量以及业绩高增