Core Viewpoint - The report highlights the steady improvement in profitability of Hangcha Group, with a positive outlook on its overseas business growth potential, leading to an "Accumulate" rating for the company [1] Financial Performance - In 2024, the company achieved operating revenue of 16.486 billion yuan, a year-on-year increase of 1.15% - The net profit attributable to shareholders was 2.022 billion yuan, up 17.86% year-on-year, while the net profit after deducting non-recurring gains and losses was 1.989 billion yuan, also up 17.82% year-on-year [1] - For Q1 2025, the operating revenue reached 4.506 billion yuan, a year-on-year increase of 8.02%, with a net profit of 436 million yuan, up 15.18% year-on-year [1] Profitability Metrics - The company achieved a historical best sales net profit margin of 13.11% in 2024, an increase of 1.84 percentage points year-on-year - The gross profit margin was 23.55%, up 2.77 percentage points year-on-year, with domestic and international gross profit margins at 18.74% and 30.72%, respectively [1] Market Position - The forklift industry saw a total sales volume of 1.2855 million units in 2024, a year-on-year increase of 9.52% - Hangcha Group sold approximately 280,000 units, a growth of 14.06% year-on-year, capturing about 22% of the market share [1] R&D and Product Development - In 2024, the company invested 774 million yuan in R&D, representing 4.7% of its revenue, and plans to develop humanoid intelligent logistics robots - The company launched new energy products, including high-pressure lithium battery forklifts and hydrogen fuel cell forklifts, with over 63% of its sales coming from new energy products [2] International Expansion - The company achieved a record overseas sales volume of over 100,000 units in 2024, generating foreign revenue of 6.846 billion yuan, a year-on-year increase of 4.75%, contributing 41.53% to total revenue - New overseas companies were established in the US, Europe, Indonesia, and Japan, with a manufacturing base in Thailand [2] Strategic Development - The company formed three major business groups focusing on intelligent logistics, high machines, and lithium batteries, with a contract amount exceeding 1 billion yuan for the first time in 2024 - The company plans to distribute a total cash dividend of 655 million yuan, representing 32.39% of the net profit attributable to shareholders, with a corresponding dividend yield of approximately 2.5% [3] Investment Outlook - The company is expected to benefit from the accelerating trends of high-end, digital, green, and international development in the forklift industry - EPS forecasts for 2025, 2026, and 2027 are 1.74, 1.94, and 2.14 yuan, respectively, with corresponding PE ratios of 11.1, 10.0, and 9.1 [4]

作为全球最大的氢燃料电池叉车供应商，普拉格能源当前正加速布局"制-储-运-用"全产业链。除已投产 的路易斯安那工厂外，公司还在推进多个绿氢生产项目，旨在通过规模化降本突破氢能经济性瓶颈。此 次选择债务融资而非稀释股权，被业界解读为管理层对现金流改善的信心信号。 尽管氢能作为清洁能源解决方案的认可度仍在提升阶段，普拉格能源通过绑定电商物流巨头的需求，在 叉车等细分领域已建立先发优势。随着新工厂投产运营，其绿氢产能将实现数倍跃升，为未来争夺工业 脱碳市场奠定基础。 智通财经APP获悉，氢能设备龙头普拉格能源(PLUG.US)宣布获得5.25亿美元担保债务融资，并明确表 态2025年不再增发股权，这一消息推动其股价创下近一年来最大单日涨幅。周一盘中该公司股价一度飙 升46%，最终收报1.02美元，创2024年5月以来最佳表现。 根据最新披露，这家氢燃料电池领军企业预计5月初发布的一季度财报将显示：营收规模达1.3亿至1.34 亿美元，超出华尔街预测的1.316亿美元均值。更令市场振奋的是，其位于路易斯安那州的氢能生产基 地已正式竣工，该工厂将运用可再生能源电解水制氢技术，为亚马逊、沃尔玛等巨头客户供应绿氢。 Opp ...