Shanxi Securities: Hangcha Group's Q1 25 exceeds expectations, first given a "buy-A" rating.

Shanxi Securities research report pointed out that Hangcha Group's net profit attributable to parent in 2024 was 2.022 billion yuan, a year-on-year increase of 17.86%; the net profit attributable to parent in 25Q1 was 436 million yuan, a year-on-year increase of 15.18%. The profitability steadily improved, with the sales net profit margin reaching a historical high in 2024; 25Q1 exceeded expectations. The company continues to optimize its overseas layout, with both overseas marketing and manufacturing. In addition, the company will also promote the development of humanoid intelligent logistics robots and increase the application of AI in the logistics industry. Currently, the forklift industry is accelerating its trend towards high-end, digital, green, and internationalization. As a leading company in the industry, the company is expected to gain greater competitive advantage through brand effect, economies of scale, technology research and development, quality, and service, and achieve concentration upgrade. The first coverage rating is "Buy-A".