Hangcha (603298)2025-05-01 07:43Investment Rating - The report maintains a "Strong Buy" rating for the company, with a target price of 22.6 yuan [1][7]. Core Insights - The company's Q1 2025 total revenue reached 4.51 billion yuan, representing a year-on-year growth of 8.02%, while the net profit attributable to shareholders was 440 million yuan, up 15.18% year-on-year [1]. - The report highlights the company's continuous improvement in profitability and its expanding overseas presence, particularly in the context of the growing demand for electric forklifts [1][7]. Financial Performance Summary - Revenue Forecasts: Projected total revenues for 2025, 2026, and 2027 are 17.934 billion yuan, 20.171 billion yuan, and 23.198 billion yuan, respectively, with year-on-year growth rates of 8.8%, 12.5%, and 15.0% [3][8]. - Net Profit Forecasts: Expected net profits for the same years are 2.281 billion yuan, 2.604 billion yuan, and 2.999 billion yuan, with growth rates of 12.8%, 14.1%, and 15.2% [3][8]. - Earnings Per Share (EPS): EPS is projected to be 1.74 yuan, 1.99 yuan, and 2.29 yuan for 2025, 2026, and 2027, respectively [3][8]. - Valuation Ratios: The price-to-earnings (P/E) ratio is expected to decrease from 12 in 2024 to 8 in 2027, indicating a favorable valuation trend [3][8]. Market Dynamics - The domestic forklift market showed a total sales volume of 348,183 units in Q1 2025, a year-on-year increase of 10.2%, with domestic sales at 229,044 units, up 8.8% [7]. - The company is focusing on enhancing its overseas market presence, with new establishments in various countries and a manufacturing base in Thailand, marking a shift from "Made in China" to "Made for the World" [7][8]. Strategic Initiatives - The company is implementing a major client strategy to deepen relationships with key sectors such as automotive, logistics, and retail, aiming to enhance brand influence globally [7][8]. - The report emphasizes the potential for growth in overseas markets, particularly in the context of China's advantages in new energy products [7].