Hangcha (603298) 光大证券·2025-04-22 06:15Investment Rating - The report maintains a "Buy" rating for the company [9] Core Views - The company achieved stable revenue growth, with a 2024 revenue of 16.49 billion yuan, a year-on-year increase of 1.15%, and a net profit of 2.02 billion yuan, up 17.9% year-on-year [5] - The company is expected to benefit significantly from the ongoing electrification of forklifts, with electric forklifts accounting for 73.6% of total sales in 2024 [6] - The company is actively expanding its overseas manufacturing bases, achieving overseas revenue of 6.85 billion yuan in 2024, which accounts for 41.5% of total revenue [7] - The company is pushing for the application of AI technology in smart logistics, with a contract amount for smart logistics solutions exceeding 1 billion yuan for the first time in 2024 [8] Summary by Sections Financial Performance - In 2024, the company reported a revenue of 16.49 billion yuan and a net profit of 2.02 billion yuan, with gross margin at 23.6% and net margin at 13.1% [5] - For Q1 2025, the company achieved a revenue of 4.51 billion yuan, a year-on-year increase of 8.0%, and a net profit of 440 million yuan, up 15.2% [5] Market Position and Growth Drivers - The total sales of forklifts in China reached 1.286 million units in 2024, a year-on-year increase of 9.5%, with significant growth in electric forklift sales [6] - The company launched several high-performance lithium battery forklifts in 2024, enhancing its competitive edge in the market [6] International Expansion - The company established a wholly-owned manufacturing subsidiary in Thailand, planning an annual production capacity of 10,000 units, which enhances its local supply capabilities in Southeast Asia [7] Technological Advancements - The company is investing in AI technology for smart logistics, with significant contracts awarded in various sectors, indicating a strong market demand for intelligent logistics solutions [8] Profit Forecast and Valuation - The report slightly lowers the net profit forecast for 2025-2026 by 3.9% and 7.4% to 2.25 billion yuan and 2.50 billion yuan, respectively, while introducing a 2027 forecast of 2.82 billion yuan [9] - The expected EPS for 2025, 2026, and 2027 are projected to be 1.71 yuan, 1.91 yuan, and 2.15 yuan, respectively [10]