Hangcha (603298) 山西证券·2025-05-21 03:42Investment Rating - The report assigns an "Accumulate-A" rating to the company for the first time [1][7]. Core Views - The company's profitability is steadily improving, with a historical best sales net profit margin achieved in 2024. The first quarter of 2025 showed better-than-expected growth [4][7]. - The company is focusing on technological empowerment and leading in new energy products, with plans to develop humanoid intelligent logistics robots [4][5]. - The company is optimizing its overseas layout, achieving a record high in overseas product sales and revenue contribution [5][7]. Financial Performance - In 2024, the company achieved operating revenue of 16,486 million yuan, a year-on-year increase of 1.15%, and a net profit attributable to shareholders of 2,022 million yuan, up 17.86% year-on-year [3][4]. - For Q1 2025, the company reported operating revenue of 4,506 million yuan, a year-on-year increase of 8.02%, and a net profit of 436 million yuan, up 15.18% year-on-year [3][4]. - The gross profit margin for 2024 was 23.55%, an increase of 2.77 percentage points year-on-year, with a sales net profit margin of 13.11%, also a historical best [4]. Market Position and Strategy - The company sold approximately 280,000 units in 2024, a year-on-year increase of 14.06%, outperforming the industry growth rate of 9.52%, capturing about 22% market share [4]. - The company is investing heavily in R&D, with an expenditure of 774 million yuan in 2024, accounting for 4.7% of revenue [4]. - The company is expanding its overseas presence, with over 10 new overseas companies established and a manufacturing base in Thailand [5]. Shareholder Returns - The company plans to distribute a total cash dividend of 655 million yuan, with a dividend payout ratio of 32.39% of net profit attributable to shareholders, corresponding to a dividend yield of approximately 2.5% [5]. Earnings Forecast - The expected EPS for 2025-2027 is projected to be 1.74, 1.94, and 2.14 yuan, respectively, with corresponding P/E ratios of 11.1, 10.0, and 9.1 [7].