Hangcha Group (603298): Continuous industrial chain layout will include new energy and other high-end products
Hangcha Group released its 2018 annual report and achieved revenue of 84 in 2018.
400 million, an annual increase of 20.
5%, to achieve net profit attributable to shareholders of 杭州桑拿论坛 listed companies5.
4.7 billion, an annual increase of 15.
2%, realized non-net profit deducted from shareholders of listed companies.
5.7 billion, an annual increase of 11.
7%, the performance was basically in line with expectations.
Sales of forklifts exceeded 120,000 units, increasing 20% annually.
Hangcha achieved sales of 12 in 2018.
60,000 units, an increase of 20 in ten years.
4%, industry-wide forklift sales of 59.
70,000 units, an increase of 20 in ten years.
2%, the company maintained a synchronous growth with the industry.
In the company’s specific sales structure, the largest proportion of internal combustion forklifts has an annual growth rate of more than 15%, which is higher than the industry average; sales of electric counterbalanced forklifts continue to lead the industry; pedestrian storage 淡水桑拿网 truck products have ushered in a structural explosionThe domestic market increased by more than 100% in two years.
From January to March 2019, the sales volume of industrial forklifts was 15.
30,000 units, an increase of 11 in ten years.
1%, with the exception of electric ride-on models, the overall growth of various models to varying degrees, of which electric pedestrian storage forklifts increased by 25% each year.
Gross profit margin has dropped slightly and is expected to rise in 19 years.
In 2018, the company’s forklift and other accessories business gross margin was 21%, a decrease of 1 from 2017.
2pc, of which the gross profit margin of the domestic business is 19.
9%, overseas business 25.
The decline in gross profit marginThe price of the main raw materials rose. The cost of raw materials increased by 25% in 18 years, which was faster than revenue growth. The cost of raw materials in the entire forklift manufacturing accounted for about 85% -90%, which caused pressure on the gross profit margin.
So far in 2019, steel prices have fallen somewhat, and the company’s gross profit margin is also expected to rise.
R & D expenses 3.
4.0 billion, an annual increase of 22.
2%, launched high-end series and new AGV products.
The research and development mainly focuses on the industrial vehicle product technology upgrade, category expansion and basic technology research. The high-end new energy forklift XC series has been launched, and new products are gradually gaining momentum.
At the same time, Hangzhou Fork Intelligent Technology was established, and more than 100 new AGV products were initially developed, and the overall logistics solution capabilities continued to be significantly improved.
Net operating cash flow 4.
3.2 billion, down 18 every year.
Net operating cash flow of the company 4.
3.2 billion, down 18 every year.
4%, but it is still in a healthy state. The decline in operating cash flow was mainly due to the increase in transportation fees, technology development fees, bidding deposits, etc., which led to an increase of 37% in cash paid for other operating activities.
Continue the industrial chain layout.
In 2018, the company focused on industrial upstream and downstream industrial resources.
By integrating Hangzhou Heavy Machinery, investing in Zhengzhou Jiachen, investing in the lithium battery industry, purchasing land to build a smart manufacturing base, etc., the foreign investment has exceeded 400 million U.S. dollars. For the upstream, the control in the intelligent field has been strengthened.In 2019, the company’s production capacity will reach 200,000 units.
Despite the severe test of the industry’s judgment in 2019, the company strives to achieve sales revenue of approximately $ 9.5 billion, an increase of about 13%, with the improvement of product competitiveness.
Overseas income 16.
400 million, an annual increase of 25.
4%, the overseas market is promising.
The company’s overseas market revenue in 201816.
40,000 yuan, an annual increase of 32.
3%, the growth rate is significantly higher than domestic. The company has established 60 direct sales branches, subsidiaries and more than 500 authorized dealers and franchised dealers in the internal market, providing customers in 180 countries and regions around the world.High-quality industrial vehicle products and professional full-service.
Even under the pressure of the Sino-US trade dispute, Hangcha American Corporation has officially operated.
At present, the prices of mainstream domestic forklift brands are only about 50% of those of Toyota, Linde and other international brands. The cost-effectiveness advantage is obvious. It is expected that overseas will maintain rapid growth in recent years, and the overseas market is promising in the future.
Performance forecast and investment advice.
We expect the forklift industry’s growth rate to improve in 2019, but the overall trend is still increasing. The market share of Hangcha Group will rise steadily in 2019. It is expected that Hangcha will reach $ 9.5 billion in revenue in 2019, and its net profit will be 7
1.6 billion yuan, corresponding to PE 13 in 2019.
2 times, maintenance is highly recommended.
Risk warning: The overall sales volume of forklifts and the sales volume of parts and components systematically overlap, and the prices of raw materials have increased significantly.