Hangcha (603298) 华安证券·2025-04-25 08:15Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company has shown steady growth in performance, with 2024 revenue reaching 16.486 billion yuan, a year-on-year increase of 1.15%, and a net profit of 2.022 billion yuan, up 17.86% year-on-year. In Q1 2025, revenue was 4.506 billion yuan, an increase of 8.02%, with a net profit of 436 million yuan, up 15.18% [4][7] - The company is actively expanding its international market presence, with overseas revenue accounting for approximately 42%. In 2024, overseas revenue totaled 6.846 billion yuan, a year-on-year increase of 4.75%, representing 41.53% of total revenue [4][5] - The company has a comprehensive product line in the new energy sector, including various lithium battery and hydrogen fuel cell forklifts, which have gained wide recognition in both domestic and international markets [6] - The company is expected to leverage its new energy lithium battery forklifts to further penetrate traditional high-end markets in Europe and North America, while also tapping into emerging markets in Southeast Asia [5][6] Financial Summary - The company forecasts revenue for 2025-2027 to be 18.035 billion yuan, 20.214 billion yuan, and 23.083 billion yuan respectively, with corresponding net profits of 2.235 billion yuan, 2.557 billion yuan, and 2.963 billion yuan [7][10] - The projected EPS for 2025-2027 is 1.71 yuan, 1.95 yuan, and 2.26 yuan respectively, with a current P/E ratio of 11, 10, and 9 times for the respective years [7][10] - The gross margin is expected to improve from 23.6% in 2024 to 26.9% in 2027, indicating enhanced profitability [10][14]