Hangcha (603298) Guoxin Securities·2024-10-25 10:41Investment Rating - The investment rating for the company is "Outperform the Market" [1][3][9] Core Views - The company's profitability continues to improve, with a revenue growth of 1.55% year-on-year and a net profit growth of 21.20% year-on-year for the first three quarters of 2024 [1] - The company is actively promoting international expansion, with significant growth in export sales, which increased by 19.6% year-on-year in the third quarter of 2024 [1] - The company is expanding its after-market business and has made strategic investments in smart logistics, which are expected to open up new growth opportunities [1] Financial Performance Summary - For the first three quarters of 2024, the company achieved a revenue of 12.733 billion yuan, with a gross margin of 22.67% and a net margin of 12.91% [1][10] - The net profit for the first three quarters of 2024 was 1.573 billion yuan, reflecting a year-on-year increase of 21.20% [1][10] - The company’s revenue for the third quarter of 2024 was 4.179 billion yuan, a slight decline of 2.65% year-on-year, while the net profit for the same period was 566 million yuan, an increase of 9.07% year-on-year [1] Future Earnings Forecast - The projected net profits for 2024, 2025, and 2026 are 2.012 billion yuan, 2.200 billion yuan, and 2.406 billion yuan respectively, with corresponding P/E ratios of 11, 11, and 10 [1][10] - The company’s revenue is expected to grow to 16.874 billion yuan in 2024, with a growth rate of 3.7% [2][10] Market Position and Strategy - The company is a leader in the forklift industry and is expected to benefit from the trends of internationalization and electrification in the industry [1] - The company plans to establish production facilities in Thailand and expand its leasing network in Malaysia and Vietnam [1][10]