Investment Rating - The report maintains a "Buy" rating for the company with a target price of 22.26 CNY [5][3]. Core Insights - The company's performance growth significantly outpaces revenue growth, leading to a substantial increase in profitability. In Q2 2024, the company achieved revenue of 4.382 billion CNY, a year-on-year increase of 1.53% and a quarter-on-quarter increase of 5.05%. The net profit attributable to the parent company was 628 million CNY, up 28.19% year-on-year and 65.80% quarter-on-quarter. For the first half of 2024, total revenue reached 8.554 billion CNY, a year-on-year increase of 3.74%, with a net profit of 1.007 billion CNY, up 29.29% year-on-year [2]. - The industry continues to experience strong export performance, with the electric forklift rate steadily increasing. In the first half of 2024, a total of 662,000 forklifts were sold nationwide, representing a year-on-year increase of 13.1%. The overall electrification rate of sold forklifts reached 71%, with the electrification rate of counterbalance forklifts at 32% [2]. - The company is accelerating its internationalization process to enhance global competitiveness. It has been optimizing its overseas market layout and expanding its sales range, including establishing subsidiaries in Indonesia and Japan, and setting up a leasing company in Europe [2]. Financial Summary - The company's revenue for 2022 was 14.412 billion CNY, with a projected revenue of 17.531 billion CNY for 2024, reflecting a year-on-year growth of 7.7%. The net profit attributable to the parent company is expected to reach 2.082 billion CNY in 2024, up 21.0% from 2023 [4]. - The overall gross margin for the first half of 2024 was 21.41%, an increase of 2.32 percentage points year-on-year, while the net margin was 12.53%, up 2.46 percentage points year-on-year [2][4]. - The company's financial ratios indicate a strong performance, with a projected net profit margin of 11.9% for 2024 and a return on equity (ROE) of 22.1% [4].

Investment Rating - The report assigns an "Accumulate" rating to the company [1][8][14] Core Views - The company has demonstrated strong growth resilience in H1 2024, achieving revenue of 8.55 billion yuan (up 3.7% year-on-year) and a net profit of 1.01 billion yuan (up 29.3% year-on-year) [5][9] - The company's product structure optimization, favorable policies, and investment income have contributed to profit growth [6][8] - The company is advancing its electrification and internationalization strategies, with significant growth expected in South America and Southeast Asia [7][8] Summary by Sections Financial Performance - In H1 2024, the company reported a revenue of 8.55 billion yuan, with a net profit of 1.01 billion yuan, reflecting a year-on-year increase of 29.3% [5][9] - The gross margin and net margin for H1 2024 were 21.4% and 12.5%, respectively, with the net margin reaching a historical high [6][9] Revenue Forecast - The company forecasts revenue growth from 14.41 billion yuan in 2022 to 23.86 billion yuan in 2026, with net profit expected to rise from 0.99 billion yuan in 2022 to 2.77 billion yuan in 2026 [6][13] Product and Market Strategy - The company is focusing on optimizing its product structure, with significant sales growth in electric forklifts, particularly high-margin products [6][8] - The company is expanding its international presence, establishing subsidiaries in Japan, Indonesia, and France to enhance its market influence [7][8] Investment and Policy Impact - The company benefited from a VAT reduction policy, contributing approximately 80 million yuan to profits in H1 2024 [6][8] - Investment income from joint ventures has also positively impacted profitability, with a reported income of 230 million yuan in H1 2024 [6][8]

Investment Rating - The investment rating for the company is "Outperform the Market" [2][3][11]. Core Views - The company is benefiting from significant trends in internationalization and electrification within the forklift industry, leading to continuous improvement in profitability [2]. - In the first half of 2024, the company achieved a revenue of 8.554 billion yuan, representing a year-on-year growth of 3.74%, while net profit grew by 29.29% to 1.007 billion yuan [2]. - The increase in net profit outpaced revenue growth due to higher sales of high-margin electric forklifts, an increase in overseas revenue, and low raw material prices [2]. - The company is expanding its aftermarket business and has made strategic investments in smart logistics, which are expected to further enhance growth opportunities [2]. Financial Forecasts and Key Metrics - Revenue projections for the company are as follows: 14,412 million yuan in 2022, 16,272 million yuan in 2023, and expected to reach 17,554 million yuan in 2024, with a growth rate of 7.9% [1]. - Net profit is forecasted to increase from 988 million yuan in 2022 to 1,720 million yuan in 2023, and further to 1,980 million yuan in 2024, reflecting a growth rate of 15.1% [1]. - The company's earnings per share (EPS) are projected to be 1.14 yuan in 2022, 1.84 yuan in 2023, and 1.51 yuan in 2024 [1]. - The EBIT margin is expected to improve from 7.4% in 2022 to 10.1% in 2023 and 11.4% in 2024 [1]. - The return on equity (ROE) is projected to remain strong, with estimates of 15.7% in 2022, 20.0% in 2023, and 20.2% in 2024 [1]. - The price-to-earnings (P/E) ratio is expected to decrease from 14.1 in 2022 to 8.7 in 2023 and further to 10.6 in 2024 [1].

Investment Rating - The report maintains a "Buy" rating for Hangcha Group (603298) with a target price of 23.28, compared to the last closing price of 16.98 [1]. Core Views - The mid-year performance is impressive, with a revenue of 8.554 billion and a net profit of 1.007 billion, showing year-on-year growth of 3.74% and 29.29% respectively. The second quarter alone saw a revenue of 4.382 billion, up 1.53%, and a net profit of 628 million, up 28.19% [4]. - The company benefits from improved gross and net profit margins, with Q2 gross margin at 22.21%, up 2.27 percentage points year-on-year, and net margin at 15.28%, up 3.10 percentage points year-on-year [4]. - The growth is attributed to several factors: a shift in product mix towards lithium battery products, strong export growth, and lower raw material costs [4]. Summary by Sections Financial Performance - For the first half of 2024, the company achieved a revenue of 8.554 billion, a 3.74% increase year-on-year, and a net profit of 1.007 billion, a 29.29% increase year-on-year. Q2 revenue was 4.382 billion, up 1.53%, and net profit was 628 million, up 28.19% [4]. - The gross margin for Q2 was 22.21%, with year-on-year increases of 2.27 percentage points, while the net margin was 15.28%, with year-on-year increases of 3.10 percentage points [4]. Market Position and Strategy - The company is focusing on lithium battery electrification and international expansion. In the first half of 2024, electric forklifts accounted for 70.77% of sales, up 6.32 percentage points year-on-year [4]. - The company has established over 10 overseas sales companies and service centers, enhancing its international market presence and rental business [4]. Future Outlook - Revenue projections for 2024 to 2026 are 17.443 billion, 19.388 billion, and 22.313 billion respectively, with net profits expected to be 2.032 billion, 2.317 billion, and 2.718 billion [5]. - The report anticipates a target price of 23.28, corresponding to a 15 times PE for 2024, maintaining a "Buy" rating [4][5].

Investment Rating - The report maintains an "Overweight" rating for Hangcha Group (603298) [1] Core Views - Hangcha Group achieved rapid growth in profitability in H1 2024, with revenue increasing by 3.74% YoY to 8.554 billion yuan and net profit attributable to shareholders surging 29.29% YoY to 1.007 billion yuan [2] - In Q2 2024, revenue reached 4.382 billion yuan, up 2.08% YoY and 5.05% QoQ, while net profit attributable to shareholders jumped 28.07% YoY and 65.80% QoQ to 628 million yuan [3] - The company's gross margin improved to 21.41% in H1 2024, up 2.34 percentage points YoY, with net profit margin reaching 11.77%, up 2.33 percentage points YoY [3] - The forklift industry maintained steady growth in both domestic and export sales, with total sales volume reaching 662,100 units in H1 2024, up 13.09% YoY [3] Financial Performance - Hangcha Group's operating income is expected to reach 17.526 billion yuan in 2024, with a YoY growth rate of 8%, and net profit attributable to shareholders is projected to be 2.030 billion yuan, up 18% YoY [4] - The company's ROE is forecasted to remain at 20% from 2024 to 2025, with EPS expected to grow from 1.55 yuan in 2024 to 1.96 yuan in 2026 [6] - Hangcha Group's P/E ratio is estimated to decline from 10.37 in 2024 to 8.20 in 2026, indicating improving valuation metrics [6] Industry Trends - The forklift industry's electrification continues to advance, with the electrification rate of non-Class III forklifts increasing from 32.48% in H1 2023 to 34.94% in H1 2024 [3] - Class I forklift sales grew 19.04% YoY, Class II increased 22.62%, and Class III surged 25.58% in H1 2024, demonstrating strong demand across product categories [3] Market Performance - Hangcha Group's stock price stood at 16.07 yuan as of August 21, 2024, with a total market capitalization of 21.049 billion yuan [3] - The company's 52-week price range was between 15.05 yuan and 34.49 yuan, with a monthly turnover rate of 0.56% [3]

证券研究报告|公司动态报告 [Table_Date] 2024 年 08 月 20 日 [Table_Title] 业绩高增长，电动化+国际化逻辑持续演绎 [Table_Title2] 杭叉集团(603298) [Table_Summary] 公司发布 2024 年中报 2024 年上半年，公司实现营收 85.5 亿元，同比+4.0%，实现 归母净利润 10.1 亿元，同比+28.7%。单 2 季度来看，公司实 现营收 43.8 亿元，同比+2.1%，环比+5.0%；实现归母净利润 6.3 亿元，同比+28.1%，环比+65.8%。 ► 优化全球运营体系，深耕开拓海外新市场 公司牢牢把握海外市场的战略机遇，着力优化全球运营体系， 推进集团化管理、本地化运营。2024 年上半年，公司在日 本、印度尼西亚投资设立销售旗舰店，并设立杭叉欧洲租赁有 限公司，建立快速高效的融资租赁及经营性租赁体系，深耕开 拓国际市场。 ► 原材料价格下行，盈利能力同比提升 2024 年上半年，公司综合毛利率为 21.4%，同比+2.3pp，期 间费用率为 10.6%，同比+1.6pp；净利率为 12.5%，同比 +2.5pp。单 2 ...

股票投资评级 杭叉集团(603298) 个股表现 增持|维持 杭叉集团 机械设备 -25% -18% -11% -4% 3% 10% 17% 24% 31% 38% 45% 2023-08 2023-11 2024-01 2024-03 2024-06 2024-08 资料来源：聚源，中邮证券研究所 公司基本情况 | --- | --- | |-------------------------|----------------------| | 最新收盘价（元） | 16.98 | | 总股本/流通股本（亿股） | 13.10 / 13.10 | | 总市值/流通市值（亿元） | 222 / 222 | | 52 周内最高/最低价 | 33.98 / 15.36 | | 资产负债率(%) | 34.0% | | 市盈率 | 9.13 | | | 浙江杭叉控股股份有限 | | 第一大股东 | | | | 公司 | | | | 研究所 分析师:刘卓 SAC 登记编号:S1340522110001 Email:liuzhuo@cnpsec.com 分析师:陈基赟 SAC 登记编号:S1340524070003 Em ...

Investment Rating - The investment rating for the company is "Buy" (maintained) with a current price of 16.98 CNY [1]. Core Insights - The company reported a revenue of 8.55 billion CNY for the first half of 2024, representing a year-on-year growth of 3.7%, and a net profit attributable to shareholders of 1.01 billion CNY, which is a 29.3% increase year-on-year [2]. - The gross profit margin for the first half of 2024 was 21.4%, an increase of 2.3 percentage points year-on-year, while the net profit margin was 12.5%, up by 2.5 percentage points year-on-year [2]. - The company has significantly increased its R&D investment, with a research and development expense ratio reaching a historical high of 4.9% in the first half of 2024 [2]. - The trend towards electrification in forklifts is evident, with the company having a first-mover advantage in the market [2]. - The company is expanding its international presence, with a 20% increase in exports from January to July 2024, and has established ten overseas subsidiaries [2]. Summary by Sections Financial Performance - In the second quarter of 2024, the company achieved a revenue of 4.38 billion CNY, a year-on-year increase of 1.5% and a quarter-on-quarter increase of 5.0% [2]. - The net profit for the second quarter was 630 million CNY, reflecting a year-on-year growth of 28.2% and a quarter-on-quarter growth of 65.8% [2]. - The company expects net profits for 2024, 2025, and 2026 to be 2.03 billion CNY, 2.34 billion CNY, and 2.70 billion CNY respectively, with a compound annual growth rate of 16.3% [3]. Market Trends - The domestic demand for forklifts is steadily increasing, with a 9.3% growth in domestic sales from January to July 2024 [2]. - The overall electrification rate of forklifts in the industry reached 70.8%, an increase of 2.9 percentage points from the end of 2023 [2]. - The company has launched a full range of high-pressure lithium battery models, marking a significant transition from internal combustion to electric [2]. Future Outlook - The company is projected to maintain a strong growth trajectory, with expected revenue growth rates of 10.3%, 12.3%, and 14.5% for the years 2024, 2025, and 2026 respectively [4]. - The gross profit margin is anticipated to be 21.64%, 21.54%, and 21.44% for the years 2024, 2025, and 2026 respectively [8].

2024 年 8 月 20 日 公司研究 业绩稳步增长，锂电化+国际化驱动高质量发展 ——杭叉集团（603298.SH）2024 年中报点评 买入（维持） 当前价：16.98 元 作者 分析师：陈佳宁 执业证书编号：S0930512120001 021-52523851 chenjianing@ebscn.com 分析师：黄帅斌 执业证书编号：S0930520080005 0755-23915357 huangshuaibin@ebscn.com 分析师：李佳琦 执业证书编号：S0930524070006 021-52523836 lijiaqi@ebscn.com 联系人：夏天宇 xiatianyu@ebscn.com 股价相对走势 市场数据 | --- | --- | |---------------------|-------------| | 总股本(亿股) | 13.10 | | 总市值(亿元)： | 222.41 | | 一年最低/最高(元)： | 14.45/24.21 | | 近 3 月换手率： | 42.97% | -17% -3% 11% 24% 38% 08/23 11/23 02/24 ...

Summary of the Conference Call Company Overview - The conference call involves Hangcha Group, focusing on their mid-year report and company highlights [1] Key Points and Arguments - The Secretary of the Board, Mr. Chen, and the Head of Finance, Mr. Zhang, are present to discuss the mid-year report and share insights about the company [1] Additional Important Content - The call emphasizes the importance of the mid-year report and the opportunity for investors to gain insights into the company's performance and future outlook [1]