Hangcha (SH:603298) Haitong Securities·2024-09-04 07:39Investment Rating - The report assigns an "Outperform" rating for the company [2][8]. Core Views - The company reported a revenue of 8.554 billion yuan for H1 2024, a year-on-year increase of 3.74%, and a net profit attributable to shareholders of 1.007 billion yuan, up 29.29% year-on-year [5][6]. - The company is experiencing a continuous improvement in profitability, with a gross margin of 21.41% and a net margin of 12.53% for H1 2024, reflecting an increase of 2.32 percentage points and 2.46 percentage points year-on-year, respectively [5][6]. - The company is making significant progress in electric and international expansion, with investments in key markets such as Japan and Indonesia, and the establishment of a leasing company in Europe [6][8]. Financial Performance Summary - For H1 2024, the company achieved a revenue of 8.554 billion yuan, with a net profit of 1.007 billion yuan, and a net profit excluding non-recurring items of 0.987 billion yuan [5][6]. - The company’s revenue is projected to grow to 17.875 billion yuan in 2024, with a year-on-year growth rate of 9.85%, and net profit is expected to reach 2.059 billion yuan, reflecting a growth of 19.70% [7][10]. - The gross margin is expected to improve to 21.8% in 2024, with a net asset return rate of 20.1% [7][10]. Business Development and Strategy - The company is actively extending its industrial layout, particularly in the smart logistics and aftermarket sectors, which are anticipated to become new growth drivers [8][10]. - The company is focusing on the integration of new energy and intelligent supply resources, enhancing the localization and differentiation of key components [6][8]. - The establishment of a global collaborative digital industrial platform is underway, aimed at enhancing supply chain integration and operational efficiency [6][8]. Market Position and Competitive Analysis - The company is positioned as a leading domestic forklift manufacturer, with a production capacity of 400,000 units and a strong market share [11][12]. - The report highlights the competitive advantages of domestic forklifts in terms of cost-effectiveness and stable pricing, particularly in the context of electric and lithium battery transitions [11][12]. - The company’s growth rates and return on equity (ROE) are higher compared to its peers, indicating a reasonable valuation [14][16].