Hangcha (SH:603298) Southwest Securities·2024-04-21 02:00Investment Rating - The report maintains a "Buy" rating for the company [1][3]. Core Insights - The company achieved a revenue of 16.27 billion yuan in 2023, representing a year-on-year growth of 12.9%, while the net profit attributable to shareholders reached 1.72 billion yuan, up 74.2% year-on-year [2]. - The company experienced robust domestic growth of 10.1% and impressive overseas revenue growth of 29.7%, leading to an overall growth of 17.3% in its main business [2]. - The overall gross margin improved to 20.8%, an increase of 3.0 percentage points year-on-year, driven by a higher sales proportion of electric forklifts and favorable raw material prices [2]. - The company is advancing its electrification and internationalization strategies, with overseas business revenue growing by 30% in 2023 [2]. Summary by Sections Financial Performance - In Q4 2023, the company reported a revenue of 3.76 billion yuan, a year-on-year increase of 23.3%, but a quarter-on-quarter decline of 12.5% [2]. - The net profit for Q4 was 420 million yuan, reflecting a year-on-year growth of 71.9% and a quarter-on-quarter decline of 20.7% [2]. - The comprehensive gross margin for Q4 was 22.7%, showing a year-on-year decrease of 0.7 percentage points but a quarter-on-quarter increase of 0.3 percentage points [2]. Profit Forecast and Investment Recommendations - The forecast for net profit attributable to shareholders for 2024-2026 is 1.93 billion, 2.11 billion, and 2.32 billion yuan, respectively, indicating a compound annual growth rate of 10% [3]. - The report emphasizes the company's competitive advantage in the electric forklift market and its potential for increased market share internationally [9].