Hangcha (603298)2025-05-20 02:10Investment Rating - The report maintains a "Buy" rating for the company with a target price of 23.8 CNY [2][5] Core Views - The company has shown impressive growth in 2024, with a revenue increase of 1.2% year-on-year, reaching 16.49 billion CNY, and a net profit growth of 17.9%, totaling 2.02 billion CNY [10] - The electric forklift market is experiencing rapid growth, with the overall sales of forklifts in 2024 reaching 1.2855 million units, a year-on-year increase of 9.52% [10] - The company's international expansion is deepening, with overseas revenue accounting for 41.5% of total revenue, reflecting a 1.4 percentage point increase year-on-year [10] Financial Performance Summary - Revenue for 2023 was 16.299 billion CNY, with a projected increase to 16.486 billion CNY in 2024, and further growth to 17.993 billion CNY in 2025, representing a year-on-year growth of 1.1% and 9.1% respectively [4] - The company's gross profit margin is expected to improve from 20.8% in 2023 to 23.6% in 2024, and net profit margin is projected to increase from 10.5% to 12.3% in the same period [4] - The net profit attributable to the parent company is forecasted to rise from 1.716 billion CNY in 2023 to 2.022 billion CNY in 2024, and further to 2.233 billion CNY in 2025, indicating a year-on-year growth of 17.9% [4] Market Position and Valuation - The company is positioned as a leader in the forklift industry, with a significant market share and a strong focus on electric and globalized operations [10] - The average price-to-earnings (P/E) ratio for comparable companies is noted to be around 14 times for 2025, which supports the target price of 23.8 CNY for the company [2][11]