Hangcha (603298) Guolian Securities·2024-10-12 09:08Investment Rating - The investment rating for the company is "Buy (Maintain)" [6]. Core Views - The company is a leading player in the domestic forklift industry, with a market share of approximately 20.9% of China's forklift sales in 2023. The company is expanding its overseas market presence, establishing over 10 overseas sales companies and service centers in key markets such as Europe, North America, South America, Southeast Asia, and Oceania. This expansion is expected to enhance profitability through increased sales of high-margin products and a growing share of overseas business. The company is also diversifying its product line with differentiated products such as smart logistics, AGVs, and aerial work vehicles, creating new competitive advantages [10][12][14]. Summary by Sections Company Overview - The company has over 60 years of experience in the forklift industry and has established itself as a leading brand. It was listed in 2016 and has become one of the largest forklift manufacturers and exporters in China, ranking 8th globally by revenue since 2017 [20][22]. Industry Situation - The domestic forklift market has been growing rapidly, with sales increasing from 268,000 units in 2016 to 768,000 units in 2023, representing a CAGR of 16.25%. The share of electric forklifts in the domestic market has also been rising, reaching approximately 64% in 2023. The export of forklifts has significantly increased, with sales growing from 102,200 units in 2016 to 405,400 units in 2023, achieving a CAGR of 21.75% [10][12][14]. Company Advantages - The company is actively expanding both domestically and internationally, with a strong market share in China and a growing presence overseas. In 2023, the company sold approximately 245,500 forklifts, capturing about 20.9% of the domestic market. The company has established a comprehensive marketing and service network in key global markets, with an estimated 79,000 units sold overseas, resulting in a global market share of about 3.7% [10][12][14]. Financial Forecast - The company is expected to achieve revenues of 171.22 billion yuan, 185.12 billion yuan, and 203.80 billion yuan for the years 2024, 2025, and 2026, respectively, with year-on-year growth rates of 5.23%, 8.12%, and 10.09%. The net profit attributable to shareholders is projected to be 20.79 billion yuan, 22.33 billion yuan, and 25.58 billion yuan for the same years, with growth rates of 20.85%, 7.40%, and 14.56% [14][19].