Hangcha (603298) 中邮证券·2025-04-23 05:36Investment Rating - The report maintains an "Accumulate" rating for the company [2][10]. Core Insights - The company has demonstrated steady growth in performance, with 2024 revenue reaching 16.486 billion yuan, a year-on-year increase of 1.15%, and a net profit attributable to shareholders of 2.022 billion yuan, up 17.86% year-on-year [5]. - The gross profit margin has significantly improved, with a 2024 gross margin of 23.55%, an increase of 2.77 percentage points year-on-year [6]. - The company is benefiting from the strong momentum in the lithium battery sector, with electric forklifts accounting for 73.61% of the market and lithium battery forklifts making up 47.43% of electric forklifts [7]. - The company has expanded its international presence, with overseas sales surpassing 100,000 units in 2024, accounting for over 40% of total revenue [8]. Financial Performance Summary - In 2024, the company achieved a revenue of 16.486 billion yuan, with a net profit of 2.022 billion yuan and a net profit margin of 12.3% [12]. - The projected revenues for 2025, 2026, and 2027 are 17.656 billion yuan, 19.375 billion yuan, and 21.136 billion yuan, respectively, with corresponding growth rates of 7.10%, 9.74%, and 9.09% [9][12]. - The earnings per share (EPS) are expected to increase from 1.54 yuan in 2024 to 2.04 yuan by 2027 [12].