Hangcha (SH:603298) Guolian Securities·2024-04-23 05:00Investment Rating - The investment rating for the company is "Buy" (maintained) with a target price of 37.26 yuan, while the current price is 30.91 yuan [2]. Core Views - The company's Q1 2024 net profit growth slightly exceeded expectations, with revenue of 4.172 billion yuan, a year-on-year increase of 6.17%, and a net profit attributable to shareholders of 379 million yuan, a year-on-year increase of 31.16% [3]. - Domestic sales increased by 5.16% year-on-year, while export sales surged by 24.87% [4]. - The trend towards electric forklifts continues, with electric forklift sales increasing by 22.30% year-on-year, while internal combustion forklift sales declined by 7.11% [5]. - The company's gross margin and net margin improved by 2.42 and 1.97 percentage points year-on-year, respectively, indicating enhanced profitability [6]. - Revenue forecasts for 2024-2026 are 18.73 billion, 21.00 billion, and 23.51 billion yuan, with corresponding growth rates of 15.08%, 12.05%, and 12.05% [7]. Financial Performance Summary - In Q1 2024, the company achieved a gross margin of 20.57% and a net margin of 9.64%, reflecting ongoing improvements in profitability [6]. - The company expects to maintain a compound annual growth rate (CAGR) of 19.37% over the next three years [7]. - The projected earnings per share (EPS) for 2024, 2025, and 2026 are 2.07, 2.64, and 3.13 yuan, respectively [7]. - The company's total revenue for 2024 is estimated at 18.725 billion yuan, with a growth rate of 15.08% [8].