HANDLER(SZ:300201) GF SECURITIES·2026-03-03 06:46Investment Rating - The report gives a "Buy" rating for the company, with a target price of 10.55 CNY per share based on a 22x PE ratio for 2026 [7]. Core Insights - The company is expanding into the energy storage fire protection sector through the acquisition of a 51% stake in Hubei Anshun, which is expected to contribute to new growth [7][40]. - The energy storage fire protection industry is anticipated to experience rapid growth, with a projected global market size of 12 billion CNY by 2027 [7][45]. - The company has a strong competitive advantage in the special vehicle industry, particularly in aerial work vehicles and emergency power supply vehicles, with significant market share and technological leadership [7][13]. Summary by Sections 1. Company Overview - The company, established in 2005 and listed in 2011, focuses on specialized vehicles, including aerial work vehicles, emergency power supply vehicles, military products, and fire trucks [7][13]. - The company plans to enter the energy storage fire protection business by acquiring Hubei Anshun [7][40]. 2. Energy Storage Fire Protection - The energy storage fire protection industry has high barriers to entry due to stringent international standards and regulations [7][53]. - The company’s subsidiary, Anshun, has completed a leading layout in this sector, with expectations for significant market share growth [7][53]. - The global energy storage fire protection market is projected to reach 12 billion CNY by 2027, driven by increasing demand [7][45]. 3. Electric Vehicle Fire Protection - New national standards for battery safety are expected to enhance the market for electric vehicle fire protection, with a projected demand of 5.7 billion CNY by 2027 [7][45]. 4. Special Vehicles - The special vehicle sector is maintaining growth, with the company holding a leading position in the aerial work vehicle market and a strong competitive edge in emergency power supply vehicles [7][13]. - The company’s fire truck division is expected to see rapid growth, with a projected increase in demand by 2025 [7][13]. 5. Financial Forecast and Investment Recommendations - The company is expected to benefit from the rapid growth in global energy storage demand, with projected net profits of 280 million CNY in 2025, 484 million CNY in 2026, and 643 million CNY in 2027 [7][2]. - Earnings per share (EPS) are forecasted to be 0.28 CNY in 2025, 0.48 CNY in 2026, and 0.64 CNY in 2027 [7][2].