Hangcha (SH:603298) Soochow Securities·2025-08-22 10:32Investment Rating - The report maintains an "Accumulate" rating for the company [1] Core Views - In the first half of 2025, the company achieved a total revenue of 9.3 billion yuan, a year-on-year increase of 9%, and a net profit attributable to the parent company of 1.12 billion yuan, also up 11% year-on-year. The second quarter alone saw a revenue of 4.8 billion yuan, with a net profit of 690 million yuan, both reflecting a 9% year-on-year growth. The company’s sales volume of balance heavy forklifts reached 290,000 units, a 3% increase year-on-year, indicating a strong performance relative to the industry [2][4] - The gross profit margin showed a steady increase, reaching 22.0% in the first half of 2025, up 0.5 percentage points year-on-year. The net profit margin was 12.6%, up 0.1 percentage points year-on-year. The second quarter gross profit margin was 23.3%, up 1.1 percentage points year-on-year, while the net profit margin decreased by 0.3 percentage points to 15.0%. The improvement in gross margin is attributed to the increase in overseas sales and the proportion of electric products [3] - The overseas forklift market is showing signs of recovery, with major orders from leading companies like Toyota and Kion increasing by 3% and 10% respectively in Q2 2025. The company is expected to benefit from this demand recovery and its ongoing improvements in overseas channel construction and capacity layout. Additionally, the company is advancing its smart logistics segment, having deployed over 7,000 AGVs in the first half of 2025, and is developing humanoid robots for material handling, which will open up long-term growth opportunities [4]