Hangcha (603298)2025-05-20 05:23Investment 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 increase of 17.9%, totaling 2.02 billion CNY [10] - The company is benefiting from the ongoing electrification and globalization trends in the industry, with electric forklift sales continuing to grow significantly [10] - The overseas revenue contribution has increased, accounting for 41.5% of total revenue, with a year-on-year growth of 5% [10] Financial Performance Summary - Revenue for 2023 was 16.30 billion CNY, with a projected increase to 16.49 billion CNY in 2024, and further growth expected to 17.99 billion CNY in 2025 [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 rise from 10.5% to 12.3% in the same period [4] - The net profit attributable to the parent company is forecasted to grow from 1.72 billion CNY in 2023 to 2.02 billion CNY in 2024, and further to 2.23 billion CNY in 2025 [4] Market Position and Competitive Landscape - The company is positioned as a leader in the forklift industry, with a strong focus on electric models, which are expected to dominate future sales [10] - The report highlights the competitive advantage gained through international expansion and product diversification, particularly in electric forklifts [10]