Ge Long Hui A P P·2026-01-19 06:23Core Viewpoint - The report from Dongwu Securities indicates that Hangcha Group's net profit attributable to shareholders is expected to increase by 6% year-on-year in Q4 2025, aligning with market expectations. The outlook for 2026 suggests a stable growth in forklift industry sales, ensuring the company's main business growth is secure [1] Industry Summary - The domestic forklift large vehicle sales base is relatively low, with an expected growth rate of 3% in 2025, translating to approximately 360,000 units. The average annual sales from 2020 to 2024 are around 390,000 units [1] - The electrification rate in the industry is currently about 38%, indicating significant room for improvement. Additionally, the core markets in the US and Europe are anticipated to see an improvement in market conditions [1] Company Summary - The company is fully embracing the era of embodied intelligence, which opens up long-term growth opportunities. It has established a team of over 200 algorithm engineers, leveraging data and technology to create self-developed domain models [1] - The revenue from the company's intelligent business is projected to reach approximately 1 billion yuan in 2025, with expectations for continued rapid growth, thereby expanding the company's growth potential and valuation ceiling [1] - The net profit forecasts for the company from 2025 to 2027 are set at 2.2 billion, 2.4 billion, and 2.7 billion yuan respectively. The current market capitalization corresponds to a price-to-earnings ratio of 16, 15, and 13 times for the respective years, maintaining a "buy" rating [1]