Hangcha (SH:603298) China Post Securities·2025-09-02 09:01Investment Rating - The investment rating for the company is "Add" and is maintained [2] Core Insights - The company reported a steady growth in performance, with H1 2025 revenue reaching 9.302 billion yuan, an increase of 8.74% year-on-year, and a net profit attributable to shareholders of 1.121 billion yuan, up 11.38% year-on-year [5][6] - The gross profit margin increased by 0.55 percentage points to 21.96%, while the expense ratio rose by 0.15 percentage points to 10.71% in H1 2025 [6] - The company is expanding its global footprint, with overseas sales reaching nearly 60,000 units, a year-on-year increase of over 25%, and is establishing manufacturing bases in multiple countries with a total investment of 144 million yuan [6] - The smart logistics segment is rapidly growing, with significant increases in revenue and new orders, and the company has deployed over 7,000 AGVs across more than 20 industries [7] - The company is expected to achieve revenues of 18.016 billion yuan, 19.771 billion yuan, and 21.509 billion yuan for 2025, 2026, and 2027 respectively, with corresponding net profits of 2.215 billion yuan, 2.380 billion yuan, and 2.541 billion yuan [8][10] Financial Summary - As of the latest report, the company's total market capitalization is 32.6 billion yuan, with a total share capital of 1.31 billion shares and a price-to-earnings ratio of 16.15 [4] - The company has a debt-to-asset ratio of 33.5% and a 52-week price range of 24.87 yuan to 16.67 yuan [4] - The projected earnings per share (EPS) for 2025, 2026, and 2027 are 1.69 yuan, 1.82 yuan, and 1.94 yuan respectively [10][11]