Hangcha (SH:603298) China Post Securities·2024-04-30 01:00Investment Rating - The report maintains a "Buy" rating for the company, expecting a relative increase in stock price compared to the benchmark index over the next six months [9]. Core Insights - The company achieved a revenue of 16.272 billion yuan in 2023, representing a year-on-year growth of 12.90%. The net profit attributable to shareholders reached 1.720 billion yuan, up 74.23% year-on-year [5][6]. - In Q1 2024, the company reported a revenue of 4.172 billion yuan, a 6.17% increase year-on-year, and a net profit of 379 million yuan, reflecting a 31.16% growth [5]. - The gross margin improved by 3.01 percentage points to 20.78% in 2023, driven by an increase in export proportion from 35% in 2022 to 40% [5]. - The company has established a comprehensive global marketing service network with over 70 direct sales subsidiaries and more than 600 authorized dealers, enhancing its domestic and international market presence [5]. Financial Performance - The projected revenues for 2024, 2025, and 2026 are 18.167 billion yuan, 20.197 billion yuan, and 22.327 billion yuan, respectively, with expected growth rates of 11.65%, 11.17%, and 10.54% [6][7]. - The net profit attributable to shareholders is forecasted to be 1.950 billion yuan, 2.174 billion yuan, and 2.400 billion yuan for the same years, with growth rates of 13.38%, 11.45%, and 10.40% [6][7]. - The company's PE ratios for 2024, 2025, and 2026 are projected to be 14.1, 12.65, and 11.46, respectively [6][7].