Hangcha (SH:603298) Ge Long Hui A P P·2025-11-13 07:33Core Viewpoint - The report from Zhongyou Securities highlights the steady growth of Hangcha Group, with a significant strategic upgrade towards becoming a comprehensive intelligent logistics solution provider through the launch of the Hangcha X1 series logistics humanoid robots [1] Financial Performance - In Q1-Q3 2025, Hangcha Group achieved a net profit attributable to shareholders of 1.753 billion yuan, representing an 11.21% year-on-year increase [1] - In Q3 alone, the net profit attributable to shareholders was 633 million yuan, showing a 12.79% year-on-year growth [1] - The company's gross margin and expense ratio have both increased year-on-year, indicating improved operational efficiency [1] - The cash flow situation is expected to improve further in Q4, traditionally a peak collection season [1] Strategic Developments - Hangcha Group launched the Hangcha X1 series logistics humanoid robots at the Shanghai Asia International Logistics Exhibition in late October, marking a strategic shift from traditional industrial vehicle manufacturing to intelligent logistics solutions [1] - The X1 series robots are designed to operate in unstructured environments, showcasing advanced capabilities in reliability, operational performance, and versatility, thus providing flexible solutions for the logistics industry [1] Valuation - The projected price-to-earnings (PE) ratios for Hangcha Group from 2025 to 2027 are 15.57, 14.18, and 13.10 respectively, maintaining a "buy" rating [1]