Hangcha (603298) 东方证券·2024-04-26 01:02Investment Rating - The report maintains a "Buy" rating for the company with a target price of 36.21 CNY [3][5]. Core Insights - The company achieved significant growth in 2023, with total revenue reaching 16.27 billion CNY, a year-on-year increase of 12.9%, and net profit attributable to shareholders of 1.72 billion CNY, up 74.2% year-on-year [1][3]. - The company continues to benefit from the electrification and globalization trends in the industry, with electric forklift sales increasing significantly [2][9]. - The company's overseas revenue has rapidly increased, accounting for 40.2% of total revenue in 2023, with a year-on-year growth of 30% [2][9]. Financial Performance Summary - In Q4 2023, the company reported revenue of 3.76 billion CNY, a year-on-year increase of 23.3%, and a net profit of 420 million CNY, up 72.2% year-on-year [1]. - The gross margin for 2023 was 20.78%, an increase of 3.01 percentage points year-on-year, while the net margin was 11.27%, up 3.83 percentage points year-on-year [1][9]. - The company forecasts revenue of 19.13 billion CNY for 2024, representing a growth of 17.6% year-on-year [3][9]. Market Position and Outlook - The report highlights the rapid growth in the electric forklift market, with the overall electric forklift penetration rate reaching 67.87% in 2023 [2][9]. - The company has established operations in Mexico, Brazil, and the USA, enhancing its international market presence [2][9]. - The report projects continued growth in earnings per share (EPS), with estimates of 2.13 CNY for 2024 and 2.49 CNY for 2025 [3][9].