\u3000\u3 Shengda Resources Co.Ltd(000603) 298 Hangcha Group Co.Ltd(603298) )
Events
On February 28, the company and okamra of Japan jointly funded the establishment of a logistics equipment joint venture “Hangcha okamra Co., Ltd.”.
Key investment points
Establish a joint venture logistics equipment company with okamra, and strengthen the layout of intelligent logistics field
The registered capital of Hangcha okamra is 100 million yuan (with a total investment of 250 million yuan), of which the company contributes 51 million yuan, accounting for 51% of the total share capital, and okamra contributes 49 million yuan, accounting for 49% of the total share capital. Okamra is the largest office furniture manufacturer in Japan and the fourth largest in the world. It is also one of the top ten intelligent logistics equipment suppliers in Japan. It is mainly engaged in the research, production and marketing of office furniture, intelligent logistics equipment, industrial vehicle transmission and other fields. At present, okamra has 12 business production bases in Japan and China, and 12 overseas subsidiaries in China, the United States, Singapore and other countries and regions. In fiscal year 2021, okamra achieved a revenue of about 15 billion yuan and an operating profit of about 840 million yuan, of which the revenue of intelligent logistics equipment was about 1 billion yuan and the operating profit was about 75 million yuan.
Through this cooperation, Hangcha okamra will make full use of the brand, technology and market advantages of both sides, integrate resources in intelligent logistics and other aspects, and become a world-class intelligent logistics equipment supplier with the ability from scheme design to the design, manufacturing, installation and service of various systems. Provide customers with faster, more accurate and safer intelligent logistics overall solutions to further expand the company’s market share and brand influence in the field of intelligent logistics.
The proportion of forklift electrification has accelerated, and the company has actively arranged new energy forklifts to transform the growth power
In 2021, the total sales volume of forklift trucks in China was 1099000, with a year-on-year increase of 37.4%; Among them, the sales volume in China was 784000 units, with a year-on-year increase of 26.7%; The export sales volume was 316000 units, a year-on-year increase of 73.8%. Under the background of “carbon neutrality”, the proportion of electric forklifts in China is accelerating. In 2021, the total sales volume of electric forklifts was 658000, with a year-on-year increase of 60.3%, which was higher than that of industrial vehicles, accounting for nearly 60% of the total sales volume of forklifts in the whole year.
The company has invested heavily in new energy forklifts and is determined to switch to new energy products in 2025. While ensuring the product quality and market position of internal combustion vehicles. Increase investment in electric forklift technology, take the lead in laying out a full range of electrification technologies, prospectively lay out hydrogen fuel cell application technologies, and overcome the technical problems of large tonnage electric forklift replacing internal combustion vehicles. The market position of new energy forklift will continue to lead the whole industry. Electric, intelligent, integrated or the future development direction of forklift enterprises. Relying on the profound technical accumulation of traditional forklift and intelligent forklift, the company has the first mover advantage in the field of intelligent logistics and is expected to become a world-class automatic logistics storage supplier.
Profit forecast and valuation
It is estimated that the net profit of the company from 2021 to 2023 will be RMB 950 / 11.1 / 1.34 billion, with a year-on-year increase of 13% / 17% / 21%, corresponding to EPS of RMB 1.09/1.28/1.54 and current PE of 15 / 13 / 11 times, maintaining the “buy” rating.
Risk tips
Manufacturing investment is lower than expected; The price of raw materials fluctuates greatly; Deterioration of industry competition pattern
