Hangcha (603298) 国盛证券·2025-04-22 05:44Investment Rating - The report maintains a "Buy" rating for the company [6] Core Views - The company has shown stable growth in performance, with 2024 revenue reaching 16.486 billion yuan, a year-on-year increase of 1.15%, and a net profit of 2.022 billion yuan, up 17.86% year-on-year [1] - The company is a leading player in the domestic forklift industry, recognized for its comprehensive range of new energy products and strong market competitiveness [3] - The company is expected to achieve revenue growth of 6.0%, 10.0%, and 13.0% for the years 2025, 2026, and 2027 respectively, with net profit growth of 7.8%, 14.3%, and 13.8% during the same period [4] Financial Performance - In 2024, the company achieved a gross margin of 23.55%, an increase of 2.77 percentage points year-on-year, and a net profit margin of 13.11%, up 1.84 percentage points year-on-year [2] - The company’s R&D expense ratio was 4.7% in 2024, reflecting a commitment to innovation and future performance enhancement [2] - The projected earnings per share (EPS) for 2025 is 1.66 yuan, with a price-to-earnings (P/E) ratio of 11.1x [5][4] Market Position - The company has established itself as the eighth largest in revenue globally according to MMH Modern Material Handling magazine, highlighting its significant market presence [3] - The company has been a pioneer in launching a full range of high-pressure lithium battery forklifts and other new energy products, creating strong competitive barriers in the industry [3]