Hangcha (603298) 华泰证券·2025-04-23 01:25Investment Rating - The report maintains an "Accumulate" rating for the company [8] Core Views - The company achieved a revenue of 4.506 billion RMB in Q1 2025, representing a year-over-year increase of 8.02% and a quarter-over-quarter increase of 20.07%. The net profit attributable to the parent company was 436 million RMB, up 15.18% year-over-year but down 2.85% quarter-over-quarter, indicating that the company's performance is generally in line with expectations [1] - The company is expected to maintain a steady growth trajectory in 2025 due to product structure optimization and deepening domestic and international layouts [1] - The gross margin for Q1 2025 was 20.51%, which is relatively stable compared to the previous year, while the expense ratio slightly increased to 10.97% [2] - The company is expanding its global supply capabilities with a new manufacturing base in Thailand, expected to be operational by the end of 2025, which will enhance local manufacturing and service capabilities [3] - The company has launched a diversified overseas business, including a leasing company in Europe, aimed at promoting low-carbon development and providing flexible options for customers [4] Financial Forecast and Valuation - The company is projected to achieve net profits of 2.248 billion RMB, 2.516 billion RMB, and 2.807 billion RMB for the years 2025, 2026, and 2027, respectively, with a compound annual growth rate (CAGR) of 11.74% [5] - The target price for the company is set at 24.08 RMB, based on a price-to-earnings (PE) ratio of 14 times for 2025, reflecting a premium due to the company's proactive expansion of overseas sales channels and the upcoming production capacity in Thailand [5][9]