Hangcha (SH:603298) 光大证券研究·2025-04-22 08:55Core Viewpoint - The company demonstrates stable revenue growth and continuous improvement in profitability, with significant advancements in lithium battery forklift technology and strategic overseas expansion [2][3][4][5]. Group 1: Financial Performance - In 2024, the company achieved a revenue of 16.49 billion yuan, representing a year-on-year growth of 1.15% (adjusted), and a net profit attributable to shareholders of 2.02 billion yuan, up 17.9% (adjusted) [2]. - For Q1 2025, the company reported a revenue of 4.51 billion yuan, reflecting an 8.0% year-on-year increase, and a net profit of 440 million yuan, which is a 15.2% growth [2]. Group 2: Lithium Battery Forklift Development - In 2024, China's total forklift sales reached 1.286 million units, marking a 9.5% increase year-on-year, with electric forklifts accounting for 73.6% of total sales [3]. - The company made significant breakthroughs in the lithium battery forklift sector, launching multiple high-performance models, enhancing its competitive edge in both domestic and international markets [3]. Group 3: Overseas Expansion - The company generated 6.85 billion yuan in overseas revenue in 2024, a 4.8% increase, with overseas sales exceeding 100,000 units, setting a historical record [4]. - To mitigate risks from international trade uncertainties, the company established a wholly-owned manufacturing subsidiary in Thailand, enhancing local supply capabilities and reducing tariff costs through ASEAN free trade agreements [4]. Group 4: AI and Smart Logistics - In 2024, the company's smart logistics solutions contracts exceeded 1 billion yuan, achieving significant milestones in overseas markets [5]. - The company is actively promoting the application of AI technology in smart logistics, investing in humanoid robots, and aiming to create comprehensive AI logistics solutions to meet the growing market demand [5].