Hangcha (SH:603298) Guotai Junan Securities·2024-04-18 07:31Investment Rating - The investment rating for Hangcha Group is "Buy" with a target price of 38.95 CNY, up from the previous target of 30.20 CNY [1][9]. Core Views - The report highlights that Hangcha Group is benefiting from strong domestic demand and continuous growth in export volumes, positioning itself as a leader in the forklift industry. The company is actively advancing its electric and lithium battery forklift production capabilities, which is expected to sustain future performance growth [1][7]. Summary by Sections Financial Performance - In 2023, Hangcha Group achieved a revenue of 162.72 billion CNY, representing a year-on-year increase of 12.90%. The net profit attributable to shareholders was 17.2 billion CNY, up 74.16% year-on-year. The company’s forklift sales reached 245,500 units, a 6.55% increase from the previous year [1][6][7]. Market Position - The company maintained its leading position in the forklift market, with a total forklift sales volume of 1,173,800 units in China, marking a 12.0% increase. The export volume reached 405,400 units, also up by 12.13% [7][8]. International Expansion - Hangcha Group has established a comprehensive global marketing service network, with 10 overseas sales subsidiaries and over 300 distributors, enhancing its brand recognition and market reach [7][8]. Innovation and R&D - The company is focusing on digital transformation and has developed a smart manufacturing platform. In 2023, it launched over 200 AGV projects, with AGV product sales increasing by over 150% [8][9]. Valuation Metrics - The report suggests a PE ratio of 19.00 for Hangcha Group, which is above the industry average of 13.35 for 2024. This reflects the company's competitive advantages and strong growth prospects [9][10].