Hangcha (603298) 中邮证券·2025-04-23 06:05Investment Rating - The investment rating for the company is "Accumulate" [2][10] Core Views - The company has shown steady growth in performance, with revenue of 16.486 billion yuan in 2024, 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 margin has significantly improved, reaching 23.55% in 2024, an increase of 2.77 percentage points year-on-year, driven by the growth in international sales [6] - The company is well-positioned to benefit from the strong trend towards electrification in the industry, with electric forklifts accounting for 73.61% of the market [7] - The company has expanded its international presence, with overseas sales surpassing 100,000 units in 2024, representing over 40% of total revenue [8] Financial Performance - In Q1 2025, the company achieved revenue of 4.506 billion yuan, a year-on-year increase of 8.02%, and a net profit of 436 million yuan, up 15.18% year-on-year [5] - The company forecasts revenue growth for 2025-2027, with expected revenues of 17.656 billion yuan, 19.375 billion yuan, and 21.136 billion yuan, representing year-on-year growth rates of 7.10%, 9.74%, and 9.09% respectively [9] - The projected net profit for the same period is 2.230 billion yuan, 2.449 billion yuan, and 2.672 billion yuan, with growth rates of 10.30%, 9.80%, and 9.11% respectively [9] Valuation Metrics - The company’s projected P/E ratios for 2025-2027 are 10.95, 9.98, and 9.14, indicating a favorable valuation outlook [10]