Hangcha (SH:603298) CMS·2025-07-14 12:09Investment Rating - The report maintains a "Strong Buy" investment rating for the company [2] Core Views - The company is acquiring a 99.23% stake in Guozi Robotics for 398 million yuan, which will enhance its smart logistics capabilities without impacting its financial position [1] - The company has a strong historical performance in the intelligent logistics sector, being a leader in the domestic market with over 1,000 implemented projects [5] - The forklift industry is showing signs of recovery, with a 9.33% year-on-year increase in sales from January to May 2025, indicating a stable upward trend in the company's core business [5] - The acquisition is expected to strengthen the company's competitive edge in smart logistics and reshape the industry landscape [5] - Revenue projections for 2025-2027 are 177.44 billion, 198.54 billion, and 223.85 billion yuan, with net profits of 22.36 billion, 24.95 billion, and 27.82 billion yuan respectively [5] Financial Data Summary - Total revenue for 2023 is projected at 16.27 billion yuan, with a year-on-year growth of 13% [7] - The company expects to achieve a net profit of 1.72 billion yuan in 2023, reflecting a 74% increase from the previous year [14] - The company's return on equity (ROE) is projected to be 19.6% [2] - The asset-liability ratio is at 35% [2] - The earnings per share (EPS) for 2025 is estimated at 1.71 yuan, with a price-to-earnings (PE) ratio of 12.3 [7][14]