Hangcha (SH:603298) Shenwan Hongyuan Securities·2025-08-24 11:15Investment Rating - The report maintains a "Buy" rating for Hangcha Group (杭叉集团) [2][9] Core Insights - The company reported a revenue of 9.302 billion yuan for the first half of 2025, representing a year-on-year increase of 8.74%, and a net profit of 1.121 billion yuan, up 11.38% year-on-year [5][9] - In Q2 2025, the company achieved a revenue of 4.796 billion yuan, a year-on-year increase of 9.43% and a quarter-on-quarter increase of 6.42%, with a net profit of 685 million yuan, up 9.08% year-on-year and 57.03% quarter-on-quarter [5][9] - The gross margin for the first half of 2025 was 21.96%, an increase of 0.55 percentage points year-on-year, while the net profit margin was 12.58%, up 0.05 percentage points year-on-year [9] Financial Data and Profit Forecast - Total revenue forecast for 2025 is 18.076 billion yuan, with a year-on-year growth rate of 9.6% [7] - The net profit forecast for 2025 is 2.220 billion yuan, with a year-on-year growth rate of 9.8% [7] - The earnings per share (EPS) for 2025 is projected to be 1.70 yuan [7] - The company’s return on equity (ROE) for 2025 is estimated at 18.9% [7] Product and Market Development - The company is focusing on product structure optimization, which has led to an increase in gross margin, driven by the rise in electric products and overseas revenue [9] - The company has launched over 20 new products, including high-pressure lithium battery off-road forklifts and specialized forklifts, and is investing in advanced technologies such as AI and IoT [9] - Sales in overseas markets reached a historical high with nearly 60,000 units sold, marking a year-on-year increase of over 25% [9] - The company is also expanding its intelligent logistics business, with significant growth in revenue and new orders, having deployed over 7,000 AGVs across various industries [9]