Hangcha (603298) 中邮证券·2024-11-06 10:24Investment Rating - The investment rating for Hangcha Group (603298) is "Add" [2] Core Views - The company has shown steady growth in performance, with a revenue of 12.733 billion yuan for the first three quarters of 2024, representing a year-on-year increase of 1.55%. The net profit attributable to shareholders reached 1.573 billion yuan, up 21.2% year-on-year [3][4] - The company is actively expanding its international presence and electric vehicle offerings, with electric forklifts accounting for 70.77% of sales in the first half of 2024, up from 67.87% in 2023 [3][4] Financial Performance - For the first three quarters of 2024, the company achieved a gross margin of 25.24%, with a net profit of 566 million yuan in Q3, reflecting a 9.07% increase year-on-year [3] - The company’s revenue for 2024 is projected to be 16.594 billion yuan, with a growth rate of 1.98%, and net profit is expected to reach 2.003 billion yuan, growing by 16.45% [4][5] Future Outlook - The company plans to establish sales flagship stores in Japan and Indonesia, and set up Hangcha Malaysia to enhance its overseas leasing business and sales network [3] - The projected earnings per share (EPS) for 2024 is 1.53 yuan, with a price-to-earnings (P/E) ratio of 12.29 [5][7]