Investment Rating - The report maintains a "Buy" rating for the company [5][7]. Core Insights - The company has shown a rebound in net profit, with a year-on-year increase of 61.2%, despite a decline in revenue by 5.6% [2][4]. - The company’s overseas sales have significantly increased, with a 20.1% growth in 2023, contributing to 29.2% of total sales [4]. - The engineering machinery industry is expected to recover, benefiting from government policies aimed at stimulating growth [4]. Financial Performance Summary - The company achieved a total revenue of 10,522.9 million RMB in 2023, down from 11,150.2 million RMB in 2022, with a projected revenue growth of 7.3% in 2024 [6]. - The net profit for 2023 was 645.4 million RMB, up from 400.5 million RMB in 2022, with an expected net profit of 883.0 million RMB in 2024 [6]. - Earnings per share (EPS) increased from 0.09 RMB in 2022 to 0.15 RMB in 2023, with forecasts of 0.21 RMB in 2024 [6]. Business Segment Performance - The revenue from wheel loaders decreased by 22.2% to 40.6 billion RMB, while excavator revenue increased by 13.4% to 12.6 billion RMB due to strong export performance [3]. - Forklift revenue rose by 8.5% to 36.6 billion RMB, while roller revenue fell by 24.2% to 0.49 billion RMB [3]. - Parts revenue increased by 6.9% to 10.4 billion RMB [3]. Market Outlook - The engineering machinery sector is currently at a low point but is expected to recover as government infrastructure investments materialize [4]. - The company is positioned to benefit from improved equipment utilization rates and a recovery in demand within the industry [4]. - The international competitiveness of the company’s products has improved, leading to increased market share in overseas markets [4].
2023年度业绩点评：业绩见底反弹，海外出口表现亮眼