Hangcha (SH:603298) Soochow Securities·2024-09-22 03:30Investment Rating - The investment rating for the company is "Accumulate" (maintained) [1] Core Views - The company is enhancing its global layout by planning to establish a manufacturing company in Thailand and a sales and rental company in Malaysia, which will strengthen its international market competitiveness [3][4] - The company is benefiting from the export of lithium battery products, with a steady growth in performance expected in the first half of 2024 [4] - The forklift industry is at a turning point towards lithium battery adoption, presenting opportunities for domestic companies to expand internationally [3] Financial Forecast and Valuation - Total revenue is projected to grow from 16,272 million yuan in 2023 to 27,216 million yuan in 2026, with a compound annual growth rate (CAGR) of 19.76% [2] - Net profit attributable to the parent company is expected to increase from 1,720 million yuan in 2024 to 2,929 million yuan in 2026, reflecting a CAGR of 20.32% [2] - The latest diluted EPS is forecasted to rise from 1.31 yuan in 2024 to 2.24 yuan in 2026, with a corresponding P/E ratio decreasing from 11.00 to 7.71 [2] Market Data - The closing price of the stock is 18.35 yuan, with a market capitalization of 24,035.05 million yuan [7] - The stock has a price-to-book ratio of 2.64 [7] Basic Data - The company has a total share capital of 1,309.81 million shares and a net asset value per share of 6.95 yuan [8]