Hangcha (SH:603298) HTSC·2025-08-28 08:32Investment Rating - The investment rating for the company is maintained at "Buy" with a target price of RMB 29.24 [1][5][8] Core Insights - The company is experiencing steady growth in its forklift business, with a positive outlook for both domestic and international markets. The company anticipates a recovery in demand in the European and American markets in the second half of the year, and expects a year-on-year increase in domestic sales for the second half of 2025 [1][2] - The company is actively expanding into the logistics and warehousing robotics sector, focusing on the development of humanoid intelligent logistics robots to replace manual labor. The acquisition of Guozi Robotics enhances its R&D capabilities in intelligent logistics products [1][2] - The company aims to transition from a billion-yuan forklift business to a trillion-yuan intelligent logistics and robotics enterprise [1] Summary by Sections Forklift Business Performance - The sales of forklift products are expected to grow steadily, with domestic sales in China reaching 546,082 units from January to July 2025, a year-on-year increase of 10.4%. Exports also saw a rise of 15.1% [2] - The company plans to increase R&D investment in new energy forklifts and integrated intelligent logistics solutions to enhance market competitiveness [2] Global Expansion - The establishment of a production base in Thailand is expected to be completed by Q4 2025, enhancing local manufacturing and service capabilities in Southeast Asia. The company has opened over 20 overseas subsidiaries, strengthening its global service and supply capabilities [2][3] Software and Algorithm Development - The company has developed advanced algorithms for its robotics systems, allowing for real-time scheduling of over 2,000 AGVs in a single scenario, supporting areas over 100,000 square meters. This capability ensures high precision even after long-term operation [3] International Solutions - The company has successfully implemented its robotics solutions in international markets, including a partnership with Staples in the U.S. to develop the first Picking AGV, significantly reducing labor needs and improving efficiency [4] Financial Forecast and Valuation - The company’s projected net profits for 2025-2027 are RMB 2.248 billion, RMB 2.516 billion, and RMB 2.807 billion, respectively, with corresponding EPS of RMB 1.72, RMB 1.92, and RMB 2.14. The target price is based on a 17x PE ratio for 2025 [5][11]