Hangcha (SH:603298) China Post Securities·2025-11-13 06:32Investment Rating - The investment rating for the company is "Add" [2] Core Insights - The company reported a steady revenue growth of 8.69% year-on-year for the first three quarters of 2025, achieving a total revenue of 13.972 billion yuan. The net profit attributable to shareholders increased by 11.21% to 1.753 billion yuan during the same period [5] - The company launched the X1 series humanoid robots at the Asia Logistics Expo, marking a strategic upgrade from a traditional industrial vehicle manufacturer to a provider of comprehensive intelligent logistics solutions [7] - The company is expected to achieve revenues of 18.247 billion yuan, 20.230 billion yuan, and 22.034 billion yuan for 2025, 2026, and 2027 respectively, with corresponding net profits of 2.231 billion yuan, 2.449 billion yuan, and 2.650 billion yuan [8] Company Overview - The latest closing price of the company is 26.51 yuan, with a total market capitalization of 34.7 billion yuan and a price-to-earnings ratio of 17.21 [4] - The company has a total share capital of 1.31 billion shares, with the largest shareholder being Zhejiang Hangcha Holding Co., Ltd. [4] Financial Performance - In Q3 2025, the company achieved a revenue of 4.67 billion yuan, representing an increase of 11.22% year-on-year, and a net profit of 633 million yuan, up by 12.79% [5][6] - The gross margin for the first three quarters of 2025 increased by 0.47 percentage points to 23.48%, while the expense ratio rose by 0.13 percentage points to 11.54% [6] - The company is expected to maintain a steady growth trajectory, with projected earnings per share of 1.70 yuan, 1.87 yuan, and 2.02 yuan for 2025, 2026, and 2027 respectively [10]