Hangcha (603298) 国盛证券·2024-12-25 02:14Investment Rating - The report gives a "Buy" rating for the company, marking the first coverage [12]. Core Viewpoints - The company is a leading private forklift manufacturer in China, with a strong market position and a comprehensive product matrix. It has been recognized as the 8th largest forklift manufacturer globally [11][57]. - The forklift industry is currently experiencing an upward cycle, driven by the electrification of products and the increasing demand for automated solutions. The company is well-positioned to benefit from these trends [11][19]. - The company has a robust international strategy, with increasing overseas revenue contributing to its growth. The report highlights the company's efforts in expanding its global footprint and enhancing brand recognition [49][252]. Summary by Sections Financial Performance - The company is expected to achieve revenues of 17.48 billion, 19.36 billion, and 21.86 billion yuan for 2024, 2025, and 2026, respectively, with year-on-year growth rates of 7.4%, 10.7%, and 12.9% [2][268]. - The net profit attributable to the parent company is projected to be 2.01 billion, 2.32 billion, and 2.69 billion yuan for the same years, with growth rates of 16.7%, 15.5%, and 16.2% [2][268]. Industry Overview - The global forklift market is expected to reach 204.5 billion yuan by 2026, with the domestic market projected to exceed 77.3 billion yuan. The report emphasizes the significant growth potential for domestic manufacturers [31][150]. - The report notes that the electrification of forklifts is gaining momentum, with lithium battery forklifts expected to replace internal combustion and lead-acid forklifts significantly [130][194]. Market Dynamics - The company is focusing on the after-market services, particularly in the rental market, which is expected to become a major growth driver. The rental market in China is still underpenetrated compared to developed markets [174][181]. - The report highlights the company's competitive advantages in the rental market, including brand recognition, product diversity, and a comprehensive service network [221][250]. Product Development - The company has a leading position in lithium battery forklift technology, with a wide range of products that cater to various industrial needs. The report mentions the successful launch of several innovative products in recent years [11][184]. - The company is also expanding its product offerings to include AGV (Automated Guided Vehicles) and other smart industrial vehicles, aligning with the industry's shift towards automation [227][256].