Hangcha (SH:603298) Guoxin Securities·2024-04-19 13:00Investment Rating - The investment rating for the company is "Buy" [1][3][13] Core Views - The company achieved a revenue of 16.27 billion yuan in 2023, representing a year-on-year growth of 12.90%, and a net profit of 1.72 billion yuan, which is a significant increase of 74.23% compared to the previous year [1][2] - The company is actively pursuing internationalization and electrification, with overseas revenue growing by 30% year-on-year, driven by enhanced overseas channel development [1][2] - The company has a comprehensive range of new energy products and is increasing its market share in the new energy forklift sector, with a focus on smart logistics solutions that are expected to further enhance growth opportunities [1][2] Financial Performance Summary - In 2023, the company's gross margin was 20.78%, and the net margin was 11.27%, with year-on-year changes of +3.00 and +3.82 percentage points respectively [1] - The company reported a sales expense ratio of 3.66%, a management expense ratio of 2.10%, and a research and development expense ratio of 4.49%, with respective year-on-year changes of -0.53, -4.70, and -0.07 percentage points [1] - The company sold 245,500 units in 2023, marking a year-on-year increase of 6.55% [1] Future Earnings Forecast - The forecasted net profits for 2024, 2025, and 2026 are 2.02 billion yuan, 2.39 billion yuan, and 2.77 billion yuan respectively, with corresponding price-to-earnings ratios of 15, 12, and 11 [1][2][14]