Hangcha (SH:603298) Changjiang Securities·2026-01-19 01:55Investment Rating - The report maintains a "Buy" rating for the company [4][6]. Core Views - The company is expected to achieve a net profit attributable to shareholders of 21.13-23.15 billion yuan in 2025, representing a year-on-year increase of 5%-15%, with a median estimate of 22.14 billion yuan, corresponding to a growth rate of 10% [4][6]. - The forecast for the net profit excluding non-recurring items is 20.58-22.55 billion yuan, with a year-on-year increase of 4.99%-15.01%, and a median estimate of 21.57 billion yuan, also corresponding to a growth rate of 10% [4][6]. - The company's core business in forklifts is steadily improving, expected to continue contributing stable cash flow, while its intelligent business is deepening and strengthening, with high potential for generalized intelligent agents in logistics scenarios, which may lead to rapid revenue and profit growth [4][6]. Company Overview - The company is positioned as a leader in the forklift industry, with a focus on enhancing its intelligent business by integrating AI into logistics scenarios, aiming for low-cost scalability and broad market coverage [9][10]. - The company has demonstrated prototype products at industry exhibitions, validating the feasibility of its models, and plans to transition from project-based sales to product-based sales, which could significantly boost revenue and profits [9][10]. - The company is expected to achieve net profits of 22.14 billion yuan and 24.82 billion yuan in 2025 and 2026, respectively, with corresponding price-to-earnings ratios of 16 and 14 [9][10].