Hangcha (SH:603298) Changjiang Securities·2026-01-19 00:56Investment Rating - The investment rating for the company is "Buy" and is maintained [8]. Core Views - The company is expected to achieve a net profit attributable to shareholders of 2.113 to 2.315 billion yuan in 2025, representing a year-on-year increase of 5% to 15%, with a median estimate of 2.214 billion yuan, corresponding to a growth rate of 10% [2][5]. - The company’s core forklift business is steadily growing, which is expected to continue contributing stable cash flow. The ongoing development of its intelligent business is anticipated to unlock significant revenue and profit growth, as well as a revaluation of the company [2][5]. Summary by Relevant Sections Financial Performance - The company forecasts a net profit of 2.058 to 2.255 billion yuan for 2025, with a year-on-year increase of 4.99% to 15.01%, and a median estimate of 2.157 billion yuan, also corresponding to a growth rate of 10% [2][5]. - The total revenue for 2025 is projected to be 18.155 billion yuan, with a gross profit margin of 24% [10]. Market Position and Strategy - The company is positioned as a leader in the forklift industry and is focusing on expanding its intelligent business, particularly in logistics scenarios, which are expected to have significant market potential [10]. - The company is enhancing its product structure, with an increasing proportion of electric forklifts and high-value products like new energy and large-tonnage forklifts driving growth [10]. Global Expansion - The company is expected to see better performance in overseas markets compared to domestic ones, with a focus on expanding into Southeast Asia, Brazil, and the Middle East [10]. - The global strategy is showing results, with an increasing share of overseas sales contributing positively to the company's revenue [10].