Hangcha (SH:603298) Huachuang Securities·2025-08-25 05:02Investment Rating - The report maintains a "Strong Buy" rating for the company, expecting it to outperform the benchmark index by over 20% in the next six months [2][17]. Core Views - The company's performance in the first half of 2025 met expectations, with revenue of 9.3 billion yuan, a year-on-year increase of 8.7%, and a net profit attributable to shareholders of 1.12 billion yuan, up 11.4% year-on-year [2]. - The company is accelerating its layout in intelligent logistics and humanoid robots, benefiting from the ongoing electrification and automation trends in the forklift industry [2][8]. - The report highlights the company's strong financial performance, with a gross margin of 22.0% and a net margin of 12.6% in the first half of 2025, reflecting effective cost control [8]. Financial Summary - The company is projected to achieve total revenue of 17.93 billion yuan in 2025, with a year-on-year growth rate of 8.8%, and a net profit of 2.27 billion yuan, representing a growth of 12.3% [4]. - Earnings per share (EPS) are expected to be 1.73 yuan in 2025, with a price-to-earnings (P/E) ratio of 16 times, leading to a target price of 27.7 yuan [4][8]. - The company has a total market capitalization of 28.93 billion yuan and a debt-to-asset ratio of 34.63%, indicating a solid financial position [5]. Market Performance - The company has shown strong performance in the market, with a historical sales increase of over 25% in overseas markets, indicating robust global competitiveness [8]. - The domestic forklift market is experiencing steady growth, with a total sales volume of 739,334 units in the first half of 2025, a year-on-year increase of 11.66% [8]. Strategic Initiatives - The company is expanding its global footprint with new manufacturing bases and partnerships in various countries, including Europe, Vietnam, and the United States, enhancing its international sales capabilities [8]. - The report notes the company's strategic acquisition of Guozhi Robotics to enhance its intelligent logistics business, further solidifying its market position [8].