Hangcha (603298) 光大证券·2024-12-26 00:34Investment Rating - The report maintains a "Buy" rating for the company, indicating expected returns exceeding 15% over the next 6-12 months [13][19]. Core Insights - The company plans to establish a smart logistics subsidiary in the United States, which is expected to enhance its strategic position in the North American market and accelerate the expansion of its smart warehousing logistics business [6][17]. - The smart warehousing logistics industry is rapidly developing, and the company is poised to benefit significantly from this trend [2][16]. - The company is a leader in the forklift industry and is well-positioned to capitalize on the trends of electrification and automation in the forklift sector [17]. Financial Performance Summary - Revenue projections show a steady increase from 14,412 million in 2022 to 24,938 million by 2026, with a compound annual growth rate (CAGR) of approximately 15.25% [18]. - Net profit is expected to grow from 988 million in 2022 to 2,695 million by 2026, reflecting a robust growth trajectory [18]. - Earnings per share (EPS) are projected to rise from 0.75 in 2022 to 2.06 by 2026, indicating strong profitability growth [18]. Market Position and Strategy - The establishment of the U.S. subsidiary is aimed at addressing potential tariff barriers and enhancing competitiveness in the North American market, where there is significant growth potential for Chinese companies [17]. - The company is investing heavily in automation, with a new production base expected to generate substantial revenue upon completion [16]. - The global market for mobile robots is expanding, with a reported 46.2% year-on-year growth in sales, positioning the company to leverage this growth effectively [16].