Hangcha (603298) 浙商证券·2024-12-25 00:23Investment Rating - The investment rating for the company is "Buy" and is maintained [13]. Core Views - The company plans to establish Hangcha American Intelligent Logistics Co., Ltd. in the United States to accelerate its expansion in the North American smart warehousing business [14]. - The company reported a revenue of 12.733 billion yuan for the first three quarters of 2024, representing a year-on-year growth of 1.55%, while the net profit attributable to the parent company was 1.573 billion yuan, up 21.20% year-on-year [15]. - The internationalization of the forklift industry is accelerating, with the company achieving a 30% year-on-year increase in overseas revenue, which accounted for 40% of total revenue [15]. - The electric forklift market is growing, with electric forklifts accounting for 70.77% of total sales, and the company is strategically investing in lithium batteries and key components [15]. Financial Summary - Revenue forecast for 2024 is 16.444 billion yuan, with a projected net profit of 2.065 billion yuan, reflecting a year-on-year growth of 20% [7][15]. - The company’s earnings per share (EPS) for 2024 is expected to be 1.58 yuan, with a price-to-earnings (P/E) ratio of 11.57 [10][15]. - The return on equity (ROE) is projected to be 19.56% for 2024, showing a slight decline from 21.42% in 2023 [10][15].