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Chinese maker of forklifts and warehouse material-handling equipment, one of the world's largest forklift producers by volume.
Chinese maker of forklifts and warehouse material-handling equipment, one of the world's largest forklift producers by volume.
Sells most trucks through dealers who handle customers, service and parts, with exports supplied from its plants in Zhejiang. Electric forklifts have been taking share from engine-driven ones as customers switch, so the product mix is moving.
Moat: narrow (scale, distribution). Large domestic dealer network and manufacturing scale keep costs low versus smaller rivals.
Headquarters: Hangzhou, China · Founded: 1956 · Employees: 7,233
Size Hangcha (603298.SS) is a China Industrials company (Industrial Machinery) with a market value of $4.71B, the 538th largest of 4,839 China companies the cockpit tracks. Shares closed at CN¥23.98 on 6 Nov 2026.
Performance Over six months the shares fell 11.7%, against -20.7% for the median peer and -16.4% for the China market (cap-weighted) — 8th highest of 19 in its peer set.
Growth Revenue grew 6.7% over the last twelve months (peer median +11.1%); the operating margin is 12.2% (peer median 13.2%).
Valuation It trades at 13.3× forward earnings against a peer median of 18.0× (2nd cheapest of 16).
Price implies For today's price to make sense, revenue must grow about 3% a year for seven years (Req g). Recent delivered growth is +9%, so the hurdle is -6 pp: the price already allows for a slowdown.
Capital Return on invested capital runs 7.4 points above its cost of capital (7.7% WACC).
Next results Next results expected around 22 Apr 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | CN¥18.9B | CN¥17.7B | CN¥16.7B | CN¥16.3B | CN¥14.4B |
| Revenue growth | — | +6% | +3% | +13% | — |
| Gross profit | CN¥5.37B | CN¥4.26B | CN¥3.86B | CN¥3.30B | CN¥2.46B |
| EBITDA | n/a | CN¥2.52B | CN¥2.35B | CN¥1.98B | CN¥1.29B |
| Net income | CN¥2.23B | CN¥2.19B | CN¥2.01B | CN¥1.72B | CN¥987M |
| Free cash flow | CN¥1.16B | CN¥1.15B | CN¥938M | CN¥1.05B | CN¥375M |
| Capital expenditure | CN¥679M | CN¥552M | CN¥454M | CN¥595M | CN¥264M |
| Total debt | CN¥2.87B | CN¥3.31B | CN¥2.23B | CN¥1.60B | CN¥2.39B |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g |
|---|---|---|---|---|---|---|
| Hangcha 603298.SS | $4.71B | -12% | +7% | 12% | 13.3× | 2.9% |
| Anhui Heli 600761.SS | $2.06B | -14% | +13% | 7% | 10.9× | -6.7% |
| Kion KGX.DE | $5.05B | -25% | +3% | 6% | 10.4× | n/a |
| Hyster-Yale HY | $509M | -24% | -11% | -1% | n/a | 32.0% |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | 603298.SS | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | +10.3% | -15.0% | 2nd highest of 21 |
| 6-month return | -11.7% | -20.7% | 8th highest of 19 |
| Distance from 52-week high | -23.7% | -45.7% | 6th highest of 21 |
| Revenue growth (TTM) | +6.7% | +11.1% | 7th lowest of 21 |
| Operating margin | 12.2% | 13.2% | 10th lowest of 21 |
| Forward P/E | 13.3× | 18.0× | 2nd cheapest of 16 |
| Growth the price implies (Req g, 7 yrs) | 2.9% | 11.3% | 2nd least demanding of 12 |
| Growth delivered (Del g) | +9.1% | +11.3% | 5th lowest of 12 |
| Hurdle (Req g minus delivered) | -6.2 pp | +2.7 pp | 4th least demanding of 12 |
| ROIC minus cost of capital | +7.4 pp | -1.2 pp | 5th highest of 21 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Hangcha 603298.SS | China | $4.71B | -12% | +7% | 12% | 13.3× | 2.9% | +9.1% |
| AAON AAON | United States | $4.72B | -59% | +54% | 11% | 20.7× | n/a | n/a |
| Wuhan DR Laser Technology 300776.SZ | China | $4.69B | -24% | -23% | 19% | 37.9× | 51.8% | +13.6% |
| UBTECH ROBOTICS 9880.HK | Hong Kong | $4.73B | -41% | +90% | -21% | n/a | n/a | n/a |
| Circuit Fabology Microelectronics Equipment 9630.HK | Hong Kong | $4.68B | n/a | +103% | 27% | 36.1× | 8.5% | +34.4% |
| Neway Valve (Suzhou) 603699.SS | China | $4.66B | -36% | +11% | 26% | 17.9× | 10.0% | +16.5% |
| Horiba 6856.T | Japan | $4.79B | -17% | +12% | 17% | 14.4× | 11.2% | +12.2% |
| Renishaw RSW.L | United Kingdom | $4.61B | -7% | +14% | 16% | 18.5× | 24.8% | +7.5% |
| Rainbow Robotics 277810.KS | South Korea | $4.59B | -52% | +92% | -16% | 653.8× | n/a | n/a |
| Interpump IP.MI | Italy | $4.57B | +3% | +1% | 14% | 16.8× | 12.6% | +9.9% |
| HOSHIZAKI 6465.T | Japan | $4.93B | +5% | +12% | 10% | 17.8× | -4.5% | +15.3% |
| Alliance Laundry ALH | United States | $4.49B | -11% | +10% | 19% | 16.4× | 15.2% | +7.5% |
| Kion KGX.DE | Germany | $5.05B | -25% | +3% | 6% | 10.4× | n/a | n/a |
| Jusung Engineering 036930.KS | South Korea | $4.39B | +5% | -33% | 0% | 145.3× | n/a | n/a |
| Leo 002131.SZ | China | $4.33B | -34% | +10% | -1% | n/a | n/a | n/a |
| ESAB ESAB | United States | $5.15B | -18% | +11% | 13% | 14.0× | 12.7% | +7.8% |
| X-Energy XE | United States | $4.24B | -65% | -9% | -156% | n/a | n/a | n/a |
| DMG MORI Aktiengesellschaft GIL.DE | Germany | $4.17B | 0% | +3% | 5% | n/a | 11.3% | +2.7% |
| Franklin Electric FELE | United States | $4.16B | -5% | +7% | 13% | 18.0× | 9.2% | +11.3% |
| Jiangsu Gao Kai Precision Fluid 688835.SS | China | $4.15B | n/a | +21% | 24% | n/a | n/a | n/a |
| LandMark Optoelectronics 3081.TWO | Taiwan | $5.38B | -32% | +105% | 38% | 54.3× | n/a | n/a |