摘要：In 2024, Hangcha Group Co., Ltd. faced a complex and challenging external environment. Despite this, the company achieved certain
In 2024, Hangcha Group Co., Ltd. faced a complex and challenging external environment. Despite this, the company achieved certain growth in operating income and net profit. However, an in - depth analysis of its financial report reveals some aspects that investors need to pay attention to.
Revenue Analysis: Modest Growth Amidst Challenges
Operating Income
In 2024, Hangcha Group's operating income reached 16,485,830,318.58 yuan, a 1.15% increase compared to 16,298,640,931.47 yuan in 2023. The company attributed this growth to its strategic initiatives such as product mix optimization, market expansion, and technological innovation. For example, the company's focus on new energy products and overseas market development has contributed to this increase. However, this growth rate is relatively modest, indicating that the company may face intense competition in the market.YearOperating Income (yuan)Growth Rate202416,485,830,318.581.15%202316,298,640,931.47-Profit Analysis: Substantial Net Profit Growth
Net Profit
The net profit attributable to shareholders of the listed company was 2,022,025,698.99 yuan in 2024, a significant 17.86% increase from 1,715,611,831.59 yuan in 2023. This growth rate far exceeds the growth rate of operating income, suggesting that the company has effectively controlled costs and improved operational efficiency. For instance, the company's cost - control measures in production and operation may have led to this positive result.YearNet Profit Attributable to Shareholders of the Listed Company (yuan)Growth Rate20242,022,025,698.9917.86%20231,715,611,831.59-Net Profit after Deducting Non - recurring Gains and Losses
The net profit after deducting non - recurring gains and losses attributable to shareholders of the listed company was 1,988,854,674.00 yuan in 2024, with a growth rate of 17.82% compared to 1,688,027,697.88 yuan in 2023. The relatively high growth rate indicates that the company's core business has strong profitability and stability, and is less affected by non - recurring factors.YearNet Profit after Deducting Non - recurring Gains and Losses (yuan)Growth Rate20241,988,854,674.0017.82%20231,688,027,697.88-Basic Earnings per Share
The basic earnings per share in 2024 was 1.54 yuan/share, an increase of 15.79% from 1.33 yuan/share in 2023. This increase reflects the growth of the company's profitability on a per - share basis, which is beneficial to shareholders.YearBasic Earnings per Share (yuan/share)Growth Rate20241.5415.79%20231.33-Basic Earnings per Share after Deducting Non - recurring Gains and Losses
The basic earnings per share after deducting non - recurring gains and losses was 1.52 yuan/share in 2024, a 16.03% increase from 1.31 yuan/share in 2023. This also shows the company's stable core - business profitability at the per - share level.YearBasic Earnings per Share after Deducting Non - recurring Gains and Losses (yuan/share)Growth Rate20241.5216.03%20231.31-Expense Analysis: Rising Costs Pose Concerns
Total Expenses
Although the company's profit has increased, some expenses have also risen significantly. The total of selling, administrative, R & D, and financial expenses in 2024 shows different trends, which may have an impact on the company's future profitability.Selling Expenses
Selling expenses in 2024 were 728,012,409.97 yuan, a sharp increase of 21.90% compared to 597,205,662.69 yuan in 2023. This significant increase may be due to the company's increased marketing efforts, such as promoting new energy forklift brands like Jinniu and Tianma, and launching a series of marketing incentive policies. However, such a large - scale increase in selling expenses may put pressure on the company's profit margins if not effectively converted into sales growth.YearSelling Expenses (yuan)Growth Rate2024728,012,409.9721.90%2023597,205,662.69-Administrative Expenses
Administrative expenses in 2024 were 406,617,549.36 yuan, an increase of 17.76% from 345,284,671.71 yuan in 2023. The growth may be related to the company's business expansion, which requires more resources for management and operation. But continuous growth in administrative expenses needs to be monitored to ensure that it does not become a burden on the company's operations.YearAdministrative Expenses (yuan)Growth Rate2024406,617,549.3617.76%2023345,284,671.71-Financial Expenses
Financial expenses in 2024 were - 48,510,954.71 yuan, compared to - 83,448,333.12 yuan in 2023. The change in financial expenses is mainly due to the decrease in interest income and changes in foreign exchange. Although the company still has a net income in terms of financial expenses, the reduction in this "income" may affect the company's overall financial situation.YearFinancial Expenses (yuan)Growth Rate2024- 48,510,954.71N/A2023- 83,448,333.12-R & D Expenses
R & D expenses in 2024 were 774,177,062.16 yuan, a 4.64% increase from 739,836,786.84 yuan in 2023. The company's continuous investment in R & D reflects its emphasis on technological innovation. In 2024, the company achieved 52 research and development projects with products available for bulk sale and 25 technological research and development projects with results applied in the industry. This investment is crucial for the company to maintain its competitiveness in the long - term, but it also increases the company's short - term cost pressure.YearR & D Expenses (yuan)Growth Rate2024774,177,062.164.64%2023739,836,786.84-R & D Personnel Analysis: Adequate Talent Support
R & D Personnel Quantity and Proportion
The number of R & D personnel in 2024 was 1,151, accounting for 17.85% of the total number of employees. This indicates that the company has a certain scale of R & D teams, which provides human - resource support for its technological innovation.YearNumber of R & D PersonnelProportion of Total Employees20241,15117.85%R & D Personnel Structure
In terms of educational background, there was 1 doctor, 91 masters, 563 bachelors, 309 junior college students, and 187 with senior high school or below. In terms of age, 407 were younger than 30, 454 were between 30 - 40, 205 were between 40 - 50, 80 were between 50 - 60, and 5 were 60 and above. This relatively diverse structure can bring different perspectives and experiences to the R & D work.Cash Flow Analysis: Mixed Signals in Cash Flows
Operating Activities
The net cash flow from operating activities in 2024 was 1,336,825,600.12 yuan, a decrease of 18.09% compared to 1,632,087,180.34 yuan in 2023. This decrease may be a sign that the company's operating efficiency in generating cash has declined to some extent. Although the company's operating income has increased, the decrease in net cash flow from operating activities requires further attention to ensure the company's short - term liquidity and ability to meet operating needs.YearNet Cash Flow from Operating Activities (yuan)Growth Rate20241,336,825,600.12- 18.09%20231,632,087,180.34-Investment Activities
The net cash flow from investment activities in 2024 was - 527,633,144.34 yuan, an increase of 6.47% compared to - 495,592,261.78 yuan in 2023. The negative value indicates that the company is in a stage of investment expansion. The increase in investment may be related to the company's strategic layout, such as the construction of new production bases and the expansion of overseas markets. However, excessive investment may also bring risks, such as insufficient returns on investment.YearNet Cash Flow from Investment Activities (yuan)Growth Rate2024- 527,633,144.346.47%2023- 495,592,261.78-Financing Activities
The net cash flow from financing activities in 2024 was - 522,752,549.34 yuan, an increase of 16.59% compared to - 448,367,593.89 yuan in 2023. The negative value shows that the company is in a state of net cash outflow in financing activities, which may be due to debt repayment, dividend distribution, etc. The increase in the net cash outflow from financing activities may affect the company's financial position and future financing plans.YearNet Cash Flow from Financing Activities (yuan)Growth Rate2024- 522,752,549.3416.59%2023- 448,367,593.89-Risk Analysis: Multiple Risks Ahead
External Operating Environment Risk
The current international environment is complex and uncertain, with geopolitical conflicts and changes in tariff policies. These factors may lead to a slowdown in domestic and international market demand for logistics equipment. For example, changes in trade policies between China and the United States may affect the company's exports to the US market. The company plans to optimize its overseas layout through equity investment, acquisitions, and self - operation to avoid tariff barriers, but this also brings new challenges and risks.Intensifying Industry Competition Risk
The forklift market is highly competitive, with homogeneous products being a prominent issue. The influx of new engineering machinery brands has increased competition. The market for traditional internal - combustion forklifts is shrinking, while the electric forklift market is growing rapidly. Hangcha Group needs to continuously strengthen its core competitiveness in R & D innovation, marketing services, and brand promotion. Otherwise, it may face challenges in maintaining its market share.Exchange Rate Fluctuation Risk
The trend of overseas markets and the RMB exchange rate is highly uncertain. Exchange rate fluctuations can have a significant impact on the company's earnings. For example, if the RMB appreciates, it may reduce the company's export competitiveness and foreign - currency - denominated earnings. The company plans to monitor exchange rate dynamics, use financial instruments, and optimize its international marketing network to manage this risk, but the effectiveness of these measures remains to be seen.Management Risk Associated with Expansion
As the company's business scale continues to expand, it faces challenges in building efficient operating mechanisms, formulating strategic plans, and optimizing the organizational structure. If the company fails to adjust its management concepts and methods in a timely manner, it may face management risks that affect its operational efficiency and development.Management Compensation Analysis: High Compensation Reflects Responsibility
Chairman's Compensation
The chairman, Zhao Limin, received a pre - tax compensation of 215 yuan from the company during the reporting period. This compensation reflects his responsibility and contribution to the company's operation and management.General Manager's Compensation
As the chairman also serves as the general manager, Zhao Limin's compensation also represents the general manager's pre - tax compensation of 215 yuan.Deputy General Managers' Compensation
Jin Huashu, Wang Guoqiang, and others, as deputy general managers, received pre - tax compensations of 143.6 yuan, 158.3 yuan, etc., respectively. These compensations are in line with their positions and responsibilities within the company.Financial总监's Compensation
The chief accountant and financial officer, Zhang Shutong, received a pre - tax compensation of 112 yuan, which is commensurate with his role in the company's financial management.In conclusion, while Hangcha Group achieved growth in operating income and net profit in 2024, it also faces challenges such as rising expenses and various risks. Investors should carefully consider these factors when making investment decisions.
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来源：新浪财经
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