证券研究报告 | 2024年08月23日 杭叉集团（603298.SH） 优于大市 叉车行业国际化、锂电化趋势显著，公司盈利能力持续提升 2024 年上半年收入同比增长 3.74%，归母净利润同比增长 29.29%。公司 2024 年上半年实现营收 85.54 亿元，同比增长 3.74%；归母净利润 10.07 亿元， 同比增长 29.29%，毛利率/净利率分别为 21.41%/12.53%，同比变动 +2.32/+2.46 个 pct，净利润增速高于营收增速主要系：1）高毛利率电动叉 车、海外收入占比提升；2）原材料价格处于低位；3）2024 上半年公司长期 股权投资收益 2.4 亿,同比增长 30.27%。单季度看，2024 年第二季度实现营 收 43.82 亿元，同比增长 1.53%；归母净利润 6.28 亿元，同比增长 28.19%， 毛利率/净利率分别为 22.21%/15.28%，同比变动+2.27/+3.01pct。公司期间 费用稳定。 行业电动化、全球化趋势明显，叉车龙头有望充分受益。国内外方面，2024 年上半年国内叉车销量 43.39 万台，同比增长 9.92%；出口销售量 22.82 万 ...

2024 年 08 月 20 日 公司点评 买入/维持 杭叉集团(603298) 目标价: 23.28 昨收盘:16.98 中报业绩表现亮眼，继续看好公司锂电化、国际化布局 ◼ 走势比较 (20%) (6%) 8% 22% 36% 50% 23/8/2123/11/224/1/1424/3/2724/6/824/8/20 杭叉集团 沪深300 ◼ 股票数据 总股本/流通(亿股) 13.1/13.1 总市值/流通(亿元) 222.41/222.41 12 个月内最高/最低价 (元) 34.49/15.05 相关研究报告 <<国际化、电动化驱动 Q1 业绩高增， 关注国内需求复苏进展>>--2023- 04-23 <>--2022-10-24 <<中报业绩符合预期，销售端仍将维 持景气>>--2021-08-18 证券分析师：崔文娟 电话：021-58502206 E-MAIL：cuiwj@tpyzq.com 分析师登记编号：S1190520020001 证券分析师：张凤琳 电话： E-MAIL：zhangfl@tpyzq.com 分析师登记编号：S1190523100001 事件：公司发布 2024 半年报，上 ...

Investment Rating - The report maintains an "Overweight" rating for Hangcha Group (603298) [1] Core Views - Hangcha Group achieved rapid growth in profitability in H1 2024, with revenue increasing by 3.74% YoY to 8.554 billion yuan and net profit attributable to shareholders surging 29.29% YoY to 1.007 billion yuan [2] - In Q2 2024, revenue reached 4.382 billion yuan, up 2.08% YoY and 5.05% QoQ, while net profit attributable to shareholders jumped 28.07% YoY and 65.80% QoQ to 628 million yuan [3] - The company's gross margin improved to 21.41% in H1 2024, up 2.34 percentage points YoY, with net profit margin reaching 11.77%, up 2.33 percentage points YoY [3] - The forklift industry maintained steady growth in both domestic and export sales, with total sales volume reaching 662,100 units in H1 2024, up 13.09% YoY [3] Financial Performance - Hangcha Group's operating income is expected to reach 17.526 billion yuan in 2024, with a YoY growth rate of 8%, and net profit attributable to shareholders is projected to be 2.030 billion yuan, up 18% YoY [4] - The company's ROE is forecasted to remain at 20% from 2024 to 2025, with EPS expected to grow from 1.55 yuan in 2024 to 1.96 yuan in 2026 [6] - Hangcha Group's P/E ratio is estimated to decline from 10.37 in 2024 to 8.20 in 2026, indicating improving valuation metrics [6] Industry Trends - The forklift industry's electrification continues to advance, with the electrification rate of non-Class III forklifts increasing from 32.48% in H1 2023 to 34.94% in H1 2024 [3] - Class I forklift sales grew 19.04% YoY, Class II increased 22.62%, and Class III surged 25.58% in H1 2024, demonstrating strong demand across product categories [3] Market Performance - Hangcha Group's stock price stood at 16.07 yuan as of August 21, 2024, with a total market capitalization of 21.049 billion yuan [3] - The company's 52-week price range was between 15.05 yuan and 34.49 yuan, with a monthly turnover rate of 0.56% [3]

证券研究报告|公司动态报告 [Table_Date] 2024 年 08 月 20 日 [Table_Title] 业绩高增长，电动化+国际化逻辑持续演绎 [Table_Title2] 杭叉集团(603298) [Table_Summary] 公司发布 2024 年中报 2024 年上半年，公司实现营收 85.5 亿元，同比+4.0%，实现 归母净利润 10.1 亿元，同比+28.7%。单 2 季度来看，公司实 现营收 43.8 亿元，同比+2.1%，环比+5.0%；实现归母净利润 6.3 亿元，同比+28.1%，环比+65.8%。 ► 优化全球运营体系，深耕开拓海外新市场 公司牢牢把握海外市场的战略机遇，着力优化全球运营体系， 推进集团化管理、本地化运营。2024 年上半年，公司在日 本、印度尼西亚投资设立销售旗舰店，并设立杭叉欧洲租赁有 限公司，建立快速高效的融资租赁及经营性租赁体系，深耕开 拓国际市场。 ► 原材料价格下行，盈利能力同比提升 2024 年上半年，公司综合毛利率为 21.4%，同比+2.3pp，期 间费用率为 10.6%，同比+1.6pp；净利率为 12.5%，同比 +2.5pp。单 2 ...

股票投资评级 杭叉集团(603298) 个股表现 增持|维持 杭叉集团 机械设备 -25% -18% -11% -4% 3% 10% 17% 24% 31% 38% 45% 2023-08 2023-11 2024-01 2024-03 2024-06 2024-08 资料来源：聚源，中邮证券研究所 公司基本情况 | --- | --- | |-------------------------|----------------------| | 最新收盘价（元） | 16.98 | | 总股本/流通股本（亿股） | 13.10 / 13.10 | | 总市值/流通市值（亿元） | 222 / 222 | | 52 周内最高/最低价 | 33.98 / 15.36 | | 资产负债率(%) | 34.0% | | 市盈率 | 9.13 | | | 浙江杭叉控股股份有限 | | 第一大股东 | | | | 公司 | | | | 研究所 分析师:刘卓 SAC 登记编号:S1340522110001 Email:liuzhuo@cnpsec.com 分析师:陈基赟 SAC 登记编号:S1340524070003 Em ...

Investment Rating - The investment rating for the company is "Buy" (maintained) with a current price of 16.98 CNY [1]. Core Insights - The company reported a revenue of 8.55 billion CNY for the first half of 2024, representing a year-on-year growth of 3.7%, and a net profit attributable to shareholders of 1.01 billion CNY, which is a 29.3% increase year-on-year [2]. - The gross profit margin for the first half of 2024 was 21.4%, an increase of 2.3 percentage points year-on-year, while the net profit margin was 12.5%, up by 2.5 percentage points year-on-year [2]. - The company has significantly increased its R&D investment, with a research and development expense ratio reaching a historical high of 4.9% in the first half of 2024 [2]. - The trend towards electrification in forklifts is evident, with the company having a first-mover advantage in the market [2]. - The company is expanding its international presence, with a 20% increase in exports from January to July 2024, and has established ten overseas subsidiaries [2]. Summary by Sections Financial Performance - In the second quarter of 2024, the company achieved a revenue of 4.38 billion CNY, a year-on-year increase of 1.5% and a quarter-on-quarter increase of 5.0% [2]. - The net profit for the second quarter was 630 million CNY, reflecting a year-on-year growth of 28.2% and a quarter-on-quarter growth of 65.8% [2]. - The company expects net profits for 2024, 2025, and 2026 to be 2.03 billion CNY, 2.34 billion CNY, and 2.70 billion CNY respectively, with a compound annual growth rate of 16.3% [3]. Market Trends - The domestic demand for forklifts is steadily increasing, with a 9.3% growth in domestic sales from January to July 2024 [2]. - The overall electrification rate of forklifts in the industry reached 70.8%, an increase of 2.9 percentage points from the end of 2023 [2]. - The company has launched a full range of high-pressure lithium battery models, marking a significant transition from internal combustion to electric [2]. Future Outlook - The company is projected to maintain a strong growth trajectory, with expected revenue growth rates of 10.3%, 12.3%, and 14.5% for the years 2024, 2025, and 2026 respectively [4]. - The gross profit margin is anticipated to be 21.64%, 21.54%, and 21.44% for the years 2024, 2025, and 2026 respectively [8].

2024 年 8 月 20 日 公司研究 业绩稳步增长，锂电化+国际化驱动高质量发展 ——杭叉集团（603298.SH）2024 年中报点评 买入（维持） 当前价：16.98 元 作者 分析师：陈佳宁 执业证书编号：S0930512120001 021-52523851 chenjianing@ebscn.com 分析师：黄帅斌 执业证书编号：S0930520080005 0755-23915357 huangshuaibin@ebscn.com 分析师：李佳琦 执业证书编号：S0930524070006 021-52523836 lijiaqi@ebscn.com 联系人：夏天宇 xiatianyu@ebscn.com 股价相对走势 市场数据 | --- | --- | |---------------------|-------------| | 总股本(亿股) | 13.10 | | 总市值(亿元)： | 222.41 | | 一年最低/最高(元)： | 14.45/24.21 | | 近 3 月换手率： | 42.97% | -17% -3% 11% 24% 38% 08/23 11/23 02/24 ...

各位投资的大家上午好我今天很荣幸邀请航叉集团董秘陈总还有财务部财务负责人张总来参加我们今天航叉集团中报的交流分享会也很感谢陈总给我这个机会然后主持这个会议然后下面要不我们先陈总您对整个中报以及公司的亮点等等先给大家分享一下或者对非常高兴 这次也很不好意思就是我们这次我们是在大家圈上一起来开这个电话会议那么我们很多的圈三研究员全部是资深专家对我们塔刹行业非常熟悉也对航太业非常熟悉那么我想今天的主要是无形讲两个方面首先请我们财务的我们陈部长把我们 经营上半营的数据跟在座的管道投资者做个通报然后做个简单的解释那么第二个呢我呢想通报一下行业的数据我们企业的一些相关情况那么第三个呢我想跟大家展望一下经营下半营乃至我们全营的一些情况跟大家做一个展望那么首先请我们陈部长对我们经营上半营的基因数据包括我们二季度数据跟在座的管道投资者做一个通报 各位投资者大家上午好那我就那个财务告表简单的数据跟大家通报一下半年度我们营业收入达到了85.54个亿同比增长3.74个百分点规模经济刃达到了特币以上增长是29.29克菲后规模经济刃是9.87增长29.33美股收益是0.77同比增长24.19 然后做一个简单的描述啊呃我们这个营业收入主要 ...

Investment Rating - The report maintains an "Overweight" rating for Hangcha Group (603298) [1] Core Views - Hangcha Group's H1 2024 net profit attributable to shareholders increased by 29% YoY, driven by structural optimization and improved profitability [1] - The company's Q2 2024 net profit grew by 28% YoY, with overseas and lithium-ion product expansion continuing to deliver results [2] - The company's gross margin and net margin improved both YoY and QoQ in H1 2024, benefiting from product mix optimization [2] - The short-to-medium-term growth logic of lithium-ion and globalization remains intact, with domestic and overseas markets showing potential for further lithium-ion penetration [2] Financial Performance - H1 2024 revenue reached 8.55 billion yuan, up 3.7% YoY, with net profit attributable to shareholders at 1.01 billion yuan, up 29.3% YoY [2] - Q2 2024 revenue was 4.38 billion yuan, up 1.5% YoY, with net profit attributable to shareholders at 630 million yuan, up 28.2% YoY [2] - H1 2024 gross margin was 21.4%, up 2.3 percentage points YoY, and net margin was 12.5%, up 2.5 percentage points YoY [2] - Q2 2024 gross margin was 22.2%, up 2.3 percentage points YoY and 1.6 percentage points QoQ, while net margin was 15.3%, up 3.0 percentage points YoY and 5.6 percentage points QoQ [2] Profit Forecast and Valuation - 2024E revenue is projected at 19.28 billion yuan, up 18.48% YoY, with net profit attributable to shareholders at 2.05 billion yuan, up 19.29% YoY [2] - 2025E revenue is forecasted at 22.73 billion yuan, up 17.87% YoY, with net profit attributable to shareholders at 2.43 billion yuan, up 18.61% YoY [2] - 2026E revenue is expected to reach 27.22 billion yuan, up 19.76% YoY, with net profit attributable to shareholders at 2.93 billion yuan, up 20.32% YoY [2] - The 2024E P/E ratio is 11.0x, decreasing to 9.3x in 2025E and 7.7x in 2026E [2] Market and Industry Insights - Overseas markets show signs of recovery, with leading companies like Kion and Toyota reporting Q2 2024 new order growth of 8% and 10% QoQ, respectively [2] - Domestic market benefits from environmental policies and equipment renewal initiatives, with the electric penetration rate of counterbalanced forklifts reaching 32% in H1 2024, up 7 percentage points YoY [2] - In 2023, the domestic forklift market's electric penetration rate was 29%, lower than the overseas rate of 44%, with lithium-ion penetration rates at 20% domestically and 13% overseas [2] - The global forklift market in 2023 was approximately 130 billion yuan, with the top two Chinese players holding only 5% market share each, indicating significant growth potential [2] Financial Structure and Ratios - The company's total assets are projected to grow from 13.89 billion yuan in 2023A to 23.71 billion yuan in 2026E [8] - Net profit margin is expected to remain stable, with 2024E at 10.64%, 2025E at 10.71%, and 2026E at 10.76% [8] - ROE (diluted) is forecasted at 19.23% in 2024E, 18.57% in 2025E, and 18.26% in 2026E [9] - The company's debt-to-asset ratio is expected to decline from 33.42% in 2023A to 26.99% in 2026E [9]

[Table_StockNameRptType] 1. 杭叉集团（603298） 公司点评 盈利能力持续增长，加快推进国际化进程 | --- | --- | |-------------------------------------|-------------| | [Table_Rank] 投资评级：买入（维持） | | | 报告日期： 2024-08-20 | | | 570 收盘价（元） | 16.98 | | 近 12 个月最高/最低（元） | 24.21/14.45 | | 总股本（百万股） | 1309.81 | | 流通股本（百万股） | 1309.81 | | 流通股比例（%） | 100.00 | | 总市值（亿元） | 222.41 | | 流通市值（亿元） | 222.41 | [公司价格与沪深 Table_Chart] 300 走势比较 -20% -10% 0% 10% 20% 30% 40% 50% 60% 杭叉集团 沪深300 [分析师：张帆 Table_Author] 执业证书号：S0010522070003 邮箱：zhangfan@hazq.com [Table_Report ...