Hangcha (603298) 光大证券·2024-12-26 00:50Investment Rating - The report maintains a "Buy" rating for Hangcha Group (603298.SH) [1] Core Views - Hangcha Group plans to establish a subsidiary in the United States focused on intelligent logistics, which is expected to enhance its competitive position in the North American market [13][15] - The intelligent logistics industry is rapidly developing, and Hangcha Group is well-positioned to benefit from this trend due to its leadership in the forklift industry and investments in automation [14] - The company is expected to see significant revenue growth driven by its expansion into the North American market and the increasing demand for lithium battery forklifts and intelligent logistics solutions [15] Financial Summary - Revenue projections for Hangcha Group are as follows: - 2022: 14,412 million CNY - 2023: 16,272 million CNY - 2024E: 18,950 million CNY - 2025E: 21,638 million CNY - 2026E: 24,938 million CNY - Net profit projections are as follows: - 2022: 988 million CNY - 2023: 1,720 million CNY - 2024E: 2,023 million CNY - 2025E: 2,337 million CNY - 2026E: 2,695 million CNY - Earnings per share (EPS) projections are: - 2022: 0.75 CNY - 2023: 1.31 CNY - 2024E: 1.54 CNY - 2025E: 1.78 CNY - 2026E: 2.06 CNY [6][17] Industry Insights - The global market for mobile robots, particularly forklifts, is experiencing significant growth, with a reported 46.2% increase in sales in 2023 [14] - Hangcha Group's investment in automation and intelligent logistics is expected to optimize its product structure and create new growth opportunities [14][15]