Hangcha (SH:603298) Chang Jiang Shang Bao·2026-01-18 23:55Core Viewpoint - Hangcha Group is expected to achieve a record net profit attributable to shareholders of 2.113 billion to 2.315 billion yuan in 2025, marking ten consecutive years of positive growth in net profit [1][2][4]. Financial Performance - The projected net profit for 2025 represents an increase of 101 million to 302 million yuan compared to the previous year, reflecting a year-on-year growth of 5.00% to 15.00% [2]. - The expected net profit excluding non-recurring items is forecasted to be between 2.058 billion and 2.255 billion yuan, with a year-on-year increase of 97.92 million to 294 million yuan, or 4.99% to 15.01% [2][4]. - The company's gross profit margin has shown a steady increase, with figures of 17.78%, 20.76%, 23.55%, and 23.48% from 2022 to the first three quarters of 2025 [4]. Market Strategy and Growth Drivers - Hangcha Group has capitalized on market demand growth, leading to improved operating revenue and sustained profit growth [4]. - The sales volume of electric forklifts has been increasing, with high-value products such as new energy forklifts and large-tonnage forklifts becoming key growth drivers [4]. - The company is expanding its presence in emerging markets such as Southeast Asia, Brazil, and the Middle East, with overseas sales revenue steadily increasing [4][6]. Financial Health and Cash Flow - Hangcha Group has maintained a strong financial position, with total assets reaching 18.83 billion yuan and a debt-to-asset ratio of 35.88% as of September 2025 [6]. - The company has a cash balance of 3.735 billion yuan, indicating no pressure on debt repayment [1][6]. - Operating cash flow has consistently been positive, with a net cash flow from operating activities of 689 million yuan in the first three quarters of 2025 [6]. R&D and Innovation - The company has invested significantly in research and development, with R&D expenses increasing from 602 million yuan in 2021 to 665 million yuan in 2025, maintaining a R&D expense ratio of around 4.76% [5][6]. - Hangcha Group has pioneered several innovative products in the field of electric and hydrogen-powered forklifts, enhancing its competitive edge in the market [5].