Hangcha (603298) Huaan Securities·2024-10-23 09:09Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company continues to enhance its profitability through lithium battery integration and international expansion, with a focus on emerging markets [4][5] - In the first three quarters of 2024, the company achieved total operating revenue of 12.733 billion yuan, a year-on-year increase of 1.55%, and a net profit attributable to shareholders of 1.573 billion yuan, a year-on-year increase of 21.2% [3][4] Financial Performance Summary - For the first three quarters of 2024, the company reported total operating revenue of 12.733 billion yuan, with a profit total of 1.843 billion yuan, reflecting a year-on-year growth of 16.39% [3] - The gross margin for the first three quarters of 2024 was 22.67%, an increase of 2.48 percentage points year-on-year, while the net margin was 12.91%, up by 2.00 percentage points year-on-year [4] - The company forecasts operating revenues of 17.057 billion yuan, 18.583 billion yuan, and 20.611 billion yuan for 2024, 2025, and 2026 respectively, with corresponding net profits of 2.067 billion yuan, 2.366 billion yuan, and 2.732 billion yuan [5][7] Business Strategy and Market Trends - The company is actively expanding into international markets, particularly in Southeast Asia and Brazil, while also establishing a presence in Malaysia and Vietnam [4] - The shift towards lithium battery-powered forklifts is enhancing the company's competitive edge, supported by favorable lithium carbonate prices [4] - The company is also developing new business segments in smart logistics, leasing, and aerial platforms, leveraging its strengths in intelligent manufacturing [4]