Hangcha (SH:603298) GUOTAI HAITONG SECURITIES·2025-07-08 06:54Investment Rating - The investment rating for the company is "Accumulate" [1] Core Views - The report highlights that the company plans to acquire Guozhi Robotics through its subsidiary, enhancing its smart logistics business layout. The future development of unmanned forklifts and embodied intelligent robots is viewed positively [4][12] - The acquisition is expected to strengthen the company's overall solution capabilities in smart logistics and expand market channels, with a commitment to achieve net profits of 12.92 million, 26.01 million, and 48.15 million yuan for 2025, 2026, and 2027 respectively [12] Financial Summary - Total revenue is projected to grow from 16,299 million yuan in 2023 to 23,271 million yuan in 2027, reflecting a compound annual growth rate (CAGR) of approximately 12.4% [6] - Net profit attributable to the parent company is expected to increase from 1,716 million yuan in 2023 to 2,958 million yuan in 2027, with a significant growth rate of 73.8% in 2023 [6] - Earnings per share (EPS) is forecasted to rise from 1.31 yuan in 2023 to 2.26 yuan in 2027 [6] Market Data - The current stock price is 21.59 yuan, with a target price set at 25.64 yuan, indicating potential upside [3][12] - The company has a total market capitalization of 28,279 million yuan and a price-to-earnings (P/E) ratio of 16.48 based on the current price [7][12] Valuation Metrics - The report maintains a 15 times P/E valuation for 2025, based on industry average P/E of 13.69 [12] - The company’s return on equity (ROE) is projected to remain stable at around 19.2% from 2025 to 2027 [6][13]