Hangcha (SH:603298) Guoxin Securities·2025-05-16 02:45Investment Rating - The investment rating for the company is "Outperform the Market" [3][5][20]. Core Views - The company is expected to achieve a revenue of 16.49 billion yuan in 2024, representing a year-on-year growth of 1.15%, and a net profit of 2.02 billion yuan, reflecting a year-on-year increase of 17.86% [1][4][14]. - The improvement in profitability is attributed to the higher proportion of high-margin overseas business, large-tonnage, and new energy forklifts, along with a decrease in raw material costs [1][2]. - The company is actively expanding its global presence, with overseas revenue growing by 4.75% year-on-year, and has established over 10 overseas subsidiaries [2][3]. - The company is focusing on new energy forklifts, with a significant increase in their revenue contribution, and is developing smart logistics solutions, which are expected to further enhance growth potential [2][3]. Financial Performance Summary - In 2024, the company achieved a revenue of 16.49 billion yuan, with a gross margin of 23.55% and a net margin of 13.11%, showing improvements of 2.77 and 1.84 percentage points respectively [1][4]. - The company's expenses in 2024 were as follows: sales expense ratio at 4.42%, management expense ratio at 2.47%, R&D expense ratio at 4.70%, and financial expense ratio at -0.29% [1]. - For the first quarter of 2025, the company reported a revenue of 4.51 billion yuan, a year-on-year increase of 8.02%, and a net profit of 436 million yuan, up 15.18% year-on-year [1][4]. Earnings Forecast - The company is projected to achieve net profits of 2.26 billion yuan, 2.54 billion yuan, and 2.85 billion yuan for the years 2025, 2026, and 2027 respectively, with corresponding P/E ratios of 11, 10, and 9 [3][4][21].