Hangcha (SH:603298) China Post Securities·2026-01-21 03:48Investment Rating - The investment rating for the company is "Accumulate" and is maintained [2] 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% [5] - The company is actively advancing electrification and internationalization, with a notable increase in the sales proportion of electric forklifts and a focus on high-value-added products [6] - The company is enhancing its layout in the field of intelligence, with a strategic emphasis on models, data, hardware, and scenarios to drive the development of embodied intelligence [7] Financial Performance - The company forecasts revenues of 18.247 billion yuan in 2025, with a year-on-year growth rate of 10.68% [8] - The projected net profit for 2025 is 2.231 billion yuan, with a growth rate of 10.32% [10] - The company's PE ratios for 2025, 2026, and 2027 are expected to be 15.88, 14.46, and 13.37 respectively [8]