[Table_MainInfo] 公司研究/机械工业 证券研究报告 杭叉集团（603298）公司研究报告 2024 年 09 月 04 日 [Table_InvestInfo] 投资评级 优于大市 首次 覆盖 股票数据 | --- | --- | |---------------------------------------------------|-------------| | | | | 09 [ Table_StockInfo 月 03 日收盘价（元） ] | 17.83 | | 52 周股价波动（元） | 15.05-34.49 | | 总股本 / 流通 A 股（百万股） | 1310/1310 | | 总市值 / 流通市值（百万元） | 23354/23354 | | --- | --- | --- | --- | --- | |--------------------------------------------|-------|-------|-------|-------| | | | | | | | 市场表现 | | | | | | [Table_QuoteInfo] | | | | ...

杭叉集团 603298.SH 公司研究 | 中报点评 盈利能力大幅提升，电动化、全球化进程 持续推进 ——杭叉集团中报点评 核心观点 ⚫ 业绩增速远超营收增速，盈利能力大幅提升。24Q2 公司实现营收 43.82 亿元，同比 +1.53% ，环比 +5.05% ； 实 现 归 母 净 利 润 6.28 亿 元 ， 同 比 +28.19% ，环比 +65.80%。24H1 公司实现总营收 85.54 亿元，同比+3.74%；实现归母净利润 10.07 亿元，同比+29.29%。24Q2 公司整体毛利率为 22.21%，同比+2.27pct，环比 +1.63pct；整体净利率为 15.28%，同比+3.01pct，环比+5.64pct。24H1 公司整体毛 利率为 21.41%，同比+2.32pct；整体净利率为 12.53%，同比+2.46pct。24H1 公司 期间费用率为 10.56%，同比+1.65pct，费用率的提升主要来自销售和研发费用。 ⚫ 24H1 行业出口依旧强劲，电动化率持续提升。根据工程机械工业协会的统计， 24H1 全国共销售叉车 66.2 万台，同比+13.1%，其中内销 43.4 万台 ...

2024 年 08 月 26 日 评级 增持 | --- | --- | |---------------------|-------------| | | 首次 | | 交易数据 | | | 当前价格（元） | 16.23 | | 52 周价格区间（元） | 15.36-33.98 | | 总市值（百万） | 21258.25 | | 流通市值（百万） | 21258.25 | | 总股本（万股） | 130981.30 | | 流通股（万股） | 130981.30 | 涨跌幅比较 杭叉集团 工程机械 -12% 8% 28% 48% 68% 2023-08 2023-11 2024-02 2024-05 2024-08 % 1M 3M 12M 杭叉集团 4.78 -26.23 3.56 工程机械 0.09 -14.15 -1.49 杨甫 分析师 执业证书编号:S0530517110001 yangfu@hnchasing.com 周艺晗 研究助理 zhouyihan96@hnchasing.com 相关报告 1、政策和产业周期利好，建议关注通用设备 2024-04-01 2、通用设备 12 月行业跟踪：把 ...

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 ...