Hangcha (SH:603298) GF SECURITIES·2024-04-23 10:32Investment Rating - The report maintains a "Buy" rating for the company, with a target price of 37.95 CNY per share based on a 17x PE ratio for 2024 [3][13]. Core Insights - The company's performance met expectations, achieving a revenue of 16.272 billion CNY in 2023, a year-on-year increase of 12.90%, and a net profit of 1.720 billion CNY, up 74.23% year-on-year [2][9]. - The company benefits from lithium battery advantages that enhance product exports, with overseas revenue reaching 6.535 billion CNY, a 29.72% increase year-on-year, accounting for 40.16% of total revenue [2][9]. - The domestic market is seeing a trend towards larger vehicles, with electric forklift sales increasing, and the company is expected to continue benefiting from this trend [2][9]. - The intelligent logistics segment is also showing significant growth, with over 200 new AGV projects and sales of more than 1,600 units, resulting in a revenue increase of over 150% [2][9]. Financial Summary - Revenue is projected to grow from 19.585 billion CNY in 2024 to 25.479 billion CNY in 2026, with year-on-year growth rates of 20.4%, 14.3%, and 13.8% respectively [7][11]. - The company's net profit is expected to reach 2.088 billion CNY in 2024, 2.440 billion CNY in 2025, and 2.823 billion CNY in 2026, reflecting growth rates of 21.4%, 16.8%, and 15.7% respectively [7][11]. - The overall gross margin is anticipated to improve from 20.78% in 2023 to 21.3% by 2026, driven by the trends in larger vehicles and increased exports [2][11].