Event: the evening of April 26Sleepingdogsps5crashThe company released its first quarterly report in 2024. Investment points the company's performance increased by 48% in the first quarter compared with the same period last year, exceeding market expectations, and profitability significantly improved the company's revenue in the first quarter of 2024Sleepingdogsps5crash.500 million yuan, up 2.50% over the same period last year; net profit from home was 390 million yuan, up 48.27% from the same period last year; and net profit from non-return was 340 million yuan, up 56.29% from the same period last year. The high performance increase is mainly due to the continuous optimization of product structure, overseas business growth and the increase in comprehensive gross profit margin. The company's gross profit margin in the first quarter of 2024 was 20.63%, up 2.3 pct from the same period last year; the net profit rate was 9.55%, which increased 2.8pct compared with the same period last year, and profitability maintained an upward trend; sales expense rate, management expense rate, R & D expense rate, and financial expense rate were 3.92%, 2.25%, 4.79%,-0.07%, respectively, compared with the same period last year. + 0.84pct,-0.14pct,-0.32pct,-0.40pct. Internationalization: with the continuous expansion of overseas, the export boom is superimposed on the international layout, and the high growth of the overseas market is expected to continue the company's overseas income of 6.113 billion yuan in 2023, an increase of 32% over the same period last year, accounting for 35% of revenue, and an increase in 5.44pct compared with the same period last year. The export sales of the forklift industry in 2023 were 405000 units, an increase of 12% over the same period last year. From January to March 2024, export sales were 106000 units, an increase of 25% over the same period last year, and exports remained high. The company actively planned the overseas strategic layout of "5roomX" and completed the establishment of South American and Oceania companies. Export sales increased by 21% compared with the same period last year, and the performance continued to outperform the industry. With the maintenance of the export boom of the industry and the promotion of the company's international layout, overseas growth is expected to continue. Electrification: the proportion of electric forklifts continues to rise, spare parts, aftermarket and other businesses develop rapidly. In 2023, the trend of electrification in the industry strengthened. Sales of electric balanced forklifts (Class I vehicles) were 170800, an increase of 29% over the same period last year. Sales of electric driving forklifts (II) were 24000, up 36% over the same period last year. Sales of electric pedestrian forklifts (III) were 601900, up 15% over the same period last year. The company's I/II/III car sales increased by 29%, 100% and 23% respectively compared with the same period last year, outperforming the industry. Electric products accounted for 57% of sales, surpassing 6pct year-on-year. The company's industrial layout continued to be optimized, with the export revenue of the spare parts business growing by 30% compared with the same period last year; revenue from the post-market business increased by 13% compared with the same period last year; and revenue from the intelligent logistics business increased by 42% over the same period last year, including an increase of 127% in AGV sales. Domestic demand: steady growth is expected to strengthen, downstream manufacturing and logistics demand is expected to repair, help domestic demand to improve domestic demand in March 2024 manufacturing PMI of 50.8, month-on-month 1.7pct. In March 2024, the LPI (total business volume) of China's logistics industry reached 51.5%, an increase of 4.4% from the previous month to 53.4% for new orders, and an increase of 1.2pct from the previous month. In 2023, the total sales of forklift trucks in the industry were 1.1738 million, an increase of 12% over the same period last year, including 768000 in China, an increase of 11.9% over the same period last year. In March 2024, the total sales of forklift trucks in the industry were 137300, an increase of 11.6 percent over the same period last year, of which 97000 were domestic, an increase of 5.2 percent, and exports were 41000, an increase of 30.3 percent over the same period last year. As steady growth expectations strengthen, manufacturing and logistics are expected to continue to repair, and demand is expected to rise marginally. Investment suggestion: the company's net profit from 2024 to 2026 is expected to be 1.625 billion, 1.971 billion and 2.373 billion yuan, an increase of 27%, 21% and 20% over the same period last year, corresponding to 11, 9 and 8 times PE. Maintain the buy rating. Risk hint: manufacturing industry recovers less than expected, raw material prices fluctuate and exports fall short of expectations. [disclaimer] this article only represents the views of a third party and does not represent the position of Hexun. Investors operate accordingly, at their own risk.
[disclaimer] this article only represents the views of a third party and does not represent the position of Hexun. Investors operate accordingly, at their own risk.
