Hangcha (603298) 山西证券·2025-05-21 04:25Investment Rating - The report assigns an "Accumulate-A" rating for the company, indicating a positive outlook for its stock performance in the next 6-12 months [7]. Core Views - The company has shown steady improvement in profitability, with a historical best sales net profit margin of 13.11% in 2024, and a significant increase in both revenue and net profit in Q1 2025 [4][5]. - The company is well-positioned to benefit from the accelerating trends of high-end, digital, green, and international development in the forklift industry, leveraging its brand effect, economies of scale, and technological advancements [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 of 2,022 million yuan, up 17.86% year-on-year [3][9]. - 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]. Profitability Metrics - The gross profit margin for 2024 was 23.55%, an increase of 2.77 percentage points year-on-year, with domestic and international margins at 18.74% and 30.72%, respectively [4]. - The company’s return on equity (ROE) for 2024 was 19.9%, indicating strong profitability relative to shareholder equity [9][14]. Market Position and Growth - The company sold approximately 280,000 units in 2024, a year-on-year growth of 14.06%, capturing about 22% of the market share in the forklift industry, which grew by 9.52% [4][5]. - The company’s overseas sales reached a historical high of over 100,000 units in 2024, contributing 41.53% to total revenue, with significant expansion in international markets [5]. Research and Development - The company invested 774 million yuan in R&D in 2024, accounting for 4.7% of revenue, and plans to develop humanoid intelligent logistics robots [4][5]. - The introduction of new energy products, including high-pressure lithium battery forklifts and hydrogen fuel cell forklifts, has led to over 63% of sales coming from new energy products in 2024 [4]. 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, corresponding to a dividend yield of approximately 2.5% [5].