Hangcha (SH:603298) Guolian Securities·2024-08-20 05:07Investment Rating - The investment rating for the company is "Buy" (maintained) [7] Core Views - The report indicates that the company's revenue for H1 2024 has slightly increased, with a year-on-year growth of 3.74%, reaching 8.554 billion yuan, while the net profit attributable to the parent company grew by 29.29% to 1.007 billion yuan [11] - The domestic forklift industry is experiencing stable growth, with total sales in China reaching 662,118 units in H1 2024, a year-on-year increase of 13.09%. The company has established over 60 regional marketing service centers to strengthen its domestic market position [11] - The export demand for forklifts is increasing, with China's forklift exports growing by 19.64% in H1 2024. The company has expanded its overseas sales network, achieving full coverage in key markets [12] - The company’s gross margin and net margin for H1 2024 were 21.41% and 12.53%, respectively, both showing improvements year-on-year. The introduction of new high-capacity lithium battery forklifts has enhanced the company's profitability [12] - The report forecasts the company's revenue for 2024-2026 to be 187.3 billion yuan, 209.8 billion yuan, and 235.1 billion yuan, respectively, with a compound annual growth rate (CAGR) of 19.25% [3][11] Summary by Sections Financial Performance - In H1 2024, the company achieved a revenue of 85.54 billion yuan, with a net profit of 10.07 billion yuan. The Q2 revenue was 43.82 billion yuan, with a net profit of 6.28 billion yuan [11] - The company’s gross profit margin and net profit margin improved by 2.32 and 2.46 percentage points year-on-year, respectively [12] Market Position - The company has solidified its domestic market presence and is leading in the fields of new energy products and smart logistics [11] - The company has established over 10 overseas sales companies and service centers, enhancing its competitive edge in the global market [12] Future Outlook - The report anticipates a gradual recovery in the domestic manufacturing environment, which, combined with the increasing demand for electric products, is expected to drive the company's overseas business growth [3][11]