Hangcha (SH:603298) Minsheng Securities·2024-04-21 06:30Investment Rating - The report maintains a "Recommended" rating for the company [2] Core Insights - The company achieved a revenue of 16.27 billion yuan in 2023, representing a year-over-year increase of 12.9%, and a net profit attributable to shareholders of 1.72 billion yuan, up 74.2% year-over-year [1][2] - The gross margin improved to 20.8%, an increase of 3.0 percentage points year-over-year, attributed to product structure optimization and an increase in export proportion [1] - The company sold 246,000 forklifts in 2023, capturing 20.9% of the domestic market share, with a notable increase in sales of electric forklifts [1] Financial Performance - In Q4 2023, the company reported a revenue of 3.757 billion yuan, a year-over-year increase of 23.28%, and a net profit of 415 million yuan, up 71.91% year-over-year [1] - The overseas revenue reached 6.54 billion yuan, growing by 29.8% year-over-year, while domestic revenue was 9.46 billion yuan, up 9.7% [1] - The company expects net profits for 2024, 2025, and 2026 to be 2.077 billion yuan, 2.5 billion yuan, and 2.989 billion yuan, respectively, with corresponding valuations of 14x, 12x, and 10x [1][2] Market Position and Strategy - The company has expanded its overseas market presence with ten subsidiaries, providing a full range of solutions to over 200 countries and regions [1] - The company has enhanced its manufacturing capabilities with the completion of a production line upgrade, significantly increasing flexible manufacturing capacity [1]