Hangcha (603298) 华安证券·2024-04-23 06:30Investment Rating - The investment rating for Hangcha Group (603298) is maintained at "Buy" [1] Core Views - The company reported a net profit growth that exceeded market expectations in Q1 2024, achieving operating revenue of 4.17 billion yuan (+6.2%) and a net profit attributable to shareholders of 379 million yuan (+31.2%) [3] - The profit growth is attributed to revenue increase, product structure optimization, and effective cost control [3] - The gross profit margin for Q1 was 20.6%, up 2.41 percentage points year-on-year, indicating a stable profit margin level [4] - The trend towards lithium battery adoption continues, with the electric forklift ratio exceeding 31.16% in 2023, and lithium batteries accounting for 46.49% of electric forklifts [4] - The company is expanding its overseas market presence, with a growing proportion of revenue coming from international sales [4] - The long-term growth outlook remains positive, with projected revenues of 18.28 billion, 20.62 billion, and 23.14 billion yuan for 2024-2026, reflecting year-on-year growth rates of 12%, 13%, and 12% respectively [5] Financial Summary - Q1 2024 net profit was 379 million yuan, with a year-on-year increase of 31.2% [3] - The company forecasts net profits of 2.01 billion, 2.43 billion, and 2.77 billion yuan for 2024-2026, with growth rates of 17%, 13%, and 14% respectively [5] - The current price-to-earnings (P/E) ratio is projected at 14, 13, and 11 times for the years 2024-2026 [5]