Investment Rating - The report gives an "Overweight" rating for the logistics automation and robotics industry, indicating that it is expected to outperform the overall market [3][10]. Core Insights - The logistics automation application space is extensive, covering various sectors such as factory logistics, commercial distribution, and consumer logistics. It can be categorized by application scenarios, functions, and industry chain segments [4]. - The core driving force behind the adoption of robotics and unmanned vehicles in logistics is to enhance operational efficiency and reduce labor costs. For instance, leading express delivery companies like SF Express have deployed numerous robots in their operations, indicating significant future potential [4]. - The report highlights that there is still a vast space for logistics automation and robotics, as many manual processes remain in logistics scenarios. Technological advancements in AI, sensors, and control systems are enabling the deployment of humanoid and wheeled robots, as well as drones [4]. Summary by Relevant Sections Application Areas - Logistics automation encompasses factory logistics, commercial distribution, and consumer logistics, with functionalities including automated warehousing, transportation, sorting, and control [4]. Market Dynamics - The logistics sector is experiencing a structural change with an increasing share of automated equipment, particularly robots and unmanned vehicles, despite the overall capital expenditure peak having passed [4]. Key Companies and Their Focus - Key companies in the logistics automation sector include: 1. Dematic Technology: Focuses on logistics automation components and systems solutions [4]. 2. Lanjian Intelligent: Concentrates on industrial robotics and warehouse automation [4]. 3. Zhongyou Technology: Develops intelligent sorting systems and relies on postal group resources for unmanned delivery [4]. 4. Jintian International: Provides comprehensive solutions for smart logistics and manufacturing systems [4]. 5. Zhongke Weizhi: Engages in intelligent logistics sorting systems with clients like Zhongtong and SF Express [4]. 6. Yinfeng Storage: Develops intelligent logistics robots and high-precision shelving equipment [4]. 7. Kunshan Intelligent: Covers intelligent logistics systems and equipment in the tobacco industry [4]. 8. Anhui Heli: A leading forklift company also venturing into logistics robotics [4]. 9. Hangcha Group: Offers a range of products including forklifts and automated guided vehicles [4]. Financial Metrics - The report includes a valuation table for key companies, showing metrics such as EPS and PE ratios for the years 2024 to 2027, indicating growth expectations for several companies in the sector [5].

Investment Rating - The industry investment rating is maintained as "Positive" [1] Core Viewpoints - The engineering machinery industry is experiencing a positive cycle driven by both domestic and overseas demand, with significant revenue growth and improved profitability expected in 2024 and Q1 2025 [3][4] - The "Belt and Road" initiative is expected to boost exports, with a notable increase in overseas market share and a recovery in the domestic cycle anticipated [4][5] Revenue Growth - In 2024, the total revenue of the five major engineering machinery manufacturers reached 259.8 billion, a year-on-year increase of 3% [6][11] - In Q1 2025, the total revenue reached 72.6 billion, marking a year-on-year increase of 12% and a quarter-on-quarter increase of 11% [6][11] Profitability Improvement - The net profit attributable to shareholders for the five major manufacturers in 2024 was 17.9 billion, up 19% year-on-year [24] - In Q1 2025, the net profit reached 6.8 billion, reflecting a year-on-year increase of 42% and a quarter-on-quarter increase of 164% [24] Export Growth - In April 2025, export sales reached 9,595 units, a year-on-year increase of 19.3%, with the "Belt and Road" region accounting for 64% of the total export value in Q1 2025, up 15% year-on-year [4][5] Domestic Market Recovery - Domestic sales in April 2025 reached 12,547 units, a year-on-year increase of 16.4%, indicating a recovery in the domestic cycle [4][5] Investment Recommendations - The report recommends focusing on industry leaders such as SANY Heavy Industry, XCMG, Shantui, and others, while also paying attention to companies like Noli [5] Cash Flow and Financial Health - Operating cash flow for the five major manufacturers increased by 75% in 2024 and by 16% in Q1 2025, indicating improved operational quality [59][62] - The asset-liability ratio for 2024 and Q1 2025 was 57%, showing a year-on-year decrease of 1.7 percentage points and 1.1 percentage points, respectively [65]

Investment Rating - The investment rating for the company is "Outperform the Market" [3][5][20]. Core Views - The company is expected to achieve a revenue of 16.49 billion yuan in 2024, representing a year-on-year growth of 1.15%, and a net profit of 2.02 billion yuan, reflecting a year-on-year increase of 17.86% [1][4][14]. - The improvement in profitability is attributed to the higher proportion of high-margin overseas business, large-tonnage, and new energy forklifts, along with a decrease in raw material costs [1][2]. - The company is actively expanding its global presence, with overseas revenue growing by 4.75% year-on-year, and has established over 10 overseas subsidiaries [2][3]. - The company is focusing on new energy forklifts, with a significant increase in their revenue contribution, and is developing smart logistics solutions, which are expected to further enhance growth potential [2][3]. Financial Performance Summary - In 2024, the company achieved a revenue of 16.49 billion yuan, with a gross margin of 23.55% and a net margin of 13.11%, showing improvements of 2.77 and 1.84 percentage points respectively [1][4]. - The company's expenses in 2024 were as follows: sales expense ratio at 4.42%, management expense ratio at 2.47%, R&D expense ratio at 4.70%, and financial expense ratio at -0.29% [1]. - For the first quarter of 2025, the company reported a revenue of 4.51 billion yuan, a year-on-year increase of 8.02%, and a net profit of 436 million yuan, up 15.18% year-on-year [1][4]. Earnings Forecast - The company is projected to achieve net profits of 2.26 billion yuan, 2.54 billion yuan, and 2.85 billion yuan for the years 2025, 2026, and 2027 respectively, with corresponding P/E ratios of 11, 10, and 9 [3][4][21].

Investment Rating - The industry investment rating is "Positive" (maintained) [5] Core Viewpoints - In April 2025, the total sales of excavators reached 22,142 units, representing a year-on-year growth of 17.6%, with domestic sales increasing by 16.4% and export sales rising by 19.3% [2][3] - The excavator sales from January to April 2025 totaled 83,514 units, showing a year-on-year increase of 21.4%, with domestic sales up by 31.9% and export sales up by 9.0% [2] - The demand for small excavators is driven by agricultural and municipal needs, while domestic demand for large and super-large excavators is expected to gradually increase due to water conservancy projects [3] - The loader sales in April 2025 reached 11,653 units, a year-on-year increase of 19.2%, with domestic sales growing by 35.4% [3] - The electric loader sales in April 2025 were 2,924 units, marking a significant year-on-year growth of 211%, with a penetration rate of 25% [15][16] - The report anticipates a gradual recovery in the domestic machinery industry, driven by improved domestic demand, increased export market share, and the initiation of a replacement cycle [3][4] Summary by Sections Excavator Sales - April 2025 excavator sales totaled 22,142 units, with domestic sales at 12,547 units and export sales at 9,595 units, reflecting year-on-year growth of 16.4% and 19.3% respectively [2][12] - The sales from January to April 2025 reached 83,514 units, with domestic sales at 49,109 units and export sales at 34,405 units, indicating a year-on-year increase of 31.9% for domestic sales [2] Loader Sales - Loader sales in April 2025 were 11,653 units, with domestic sales at 7,191 units and export sales at 4,462 units, showing a year-on-year increase of 35.4% for domestic sales [3] - The total loader sales from January to April 2025 were 42,220 units, with domestic sales at 23,570 units, reflecting a year-on-year growth of 27.8% [3] Market Trends - The report highlights the ongoing globalization of the Chinese construction machinery industry, with an expected increase in overseas market share [3] - Domestic demand is projected to improve due to government initiatives, including the issuance of long-term special bonds and local government special bonds aimed at infrastructure investment [4] - The report suggests that the domestic replacement cycle for excavators is expected to gradually initiate in 2025, following a historical cycle of 8-10 years [4]

证券代码：603298 证券简称：杭叉集团 公告编号：2025-026 杭叉集团股份有限公司 第七届董事会第二十三次会议决议公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或 者重大遗漏，并对其内容的真实性、准确性和完整性承担个别及连带责任。 一、董事会会议召开情况 杭叉集团股份有限公司（以下简称"公司"或"杭叉集团"）于 2025 年 5 月 13 日以现场表决方式召开第七届董事会第二十三次会议。会议通知已于 2025 年 5 月 8 日以通讯方式发出。本次会议应表决董事 9 名，实际参与表决董事 9 名。会议由董事长赵礼敏先生主持，会议参与表决人数及召集、召开程序符合《公 司法》和《公司章程》的有关规定，合法有效。 二、董事会会议审议情况 经与会董事表决，会议听取、审议并通过了以下表决事项： 2025 年 5 月 14 日 根据《公司法》、《公司章程》的规定，为保证董事会有序、高效的运作，更 好的发挥董事会的作用；经董事会一致通过，同意选举方翔先生为公司第七届董 事会副董事长，任期自本次董事会表决通过之日起至第七届董事会任期届满。 表决结果：同意票 9 票、反对票 0 票、弃权票 ...

国浩律师（杭州）事务所 关 于 杭叉集团股份有限公司 2024 年年度股东大会 法律意见书 地址：杭州市上城区老复兴路白塔公园 B 区 2 号、15 号国浩律师楼 邮编：310008 Grandall Building, No.2＆No.15, Block B, Baita Park, Old Fuxing Road, Hangzhou, Zhejiang 310008, China 电话/Tel: (+86)(571) 8577 5888 传真/Fax: (+86)(571) 8577 5643 杭叉集团股份有限公司 2024 年年度股东大会的 法律意见书 致：杭叉集团股份有限公司 电子邮箱/Mail：grandallhz@grandall.com.cn 网址/Website：http://www.grandall.com.cn 二零二五年五月 国浩律师（杭州）事务所 法律意见书 国浩律师（杭州）事务所 关 于 国浩律师（杭州）事务所（以下简称"本所"）接受杭叉集团股份有限公司 （以下简称"公司"）委托，指派律师出席公司 2024 年年度股东大会（以下简称 "本次股东大会"），并依据《中华人民共和国公司法》 ...

证券代码：603298 证券简称：杭叉集团 公告编号：2025-025 杭叉集团股份有限公司 2024年年度股东大会决议公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 重要内容提示： 本次会议是否有否决议案：无 一、 会议召开和出席情况 (一)股东大会召开的时间：2025 年 5 月 8 日 (二)股东大会召开的地点：杭州市临安区相府路 666 号杭叉集团办公大楼一楼 8 号会议室 (三)出席会议的普通股股东和恢复表决权的优先股股东及其持有股份情况： | 1、出席会议的股东和代理人人数 | 223 | | --- | --- | | 2、出席会议的股东所持有表决权的股份总数（股） | 989,898,410 | | 3、出席会议的股东所持有表决权股份数占公司有表决权股 | | | 份总数的比例（%） | 75.5756 | (四)表决方式是否符合《公司法》及《公司章程》的规定，大会主持情况等。 本次会议由公司董事会召集，公司董事长赵礼敏先生主持会议，会议以现场 会议和网络投票相结合的方式召开并表决，会议的召集、召开及表决 ...

经与会董事表决，会议听取、审议并通过了以下表决事项： 证券代码：603298 证券简称：杭叉集团 公告编号：2025-024 杭叉集团股份有限公司 第七届董事会第二十二次会议决议公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或 者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 一、董事会会议召开情况 杭叉集团股份有限公司（以下简称"公司"）于 2025 年 5 月 6 日以现场表决方 式召开第七届董事会第二十二次会议。会议通知已于 2025 年 4 月 30 日以通讯方式发 出。本次会议应参会董事 8 名，实际参会董事 8 名。本次会议由董事长赵礼敏先生主 持，与会董事就本次议案进行了审议并以书面记名投票的方式进行表决。公司监事及 部分高级管理人员列席了本次会议。会议的召集与召开符合《公司法》及《公司章程》 的有关规定，会议决议合法、有效。 二、董事会会议审议情况 1、审议通过《关于投资设立杭叉中亚有限公司的议案》 根据公司全球化布局的经营战略，为了完善布局公司境外销售及服务网络，增强 公司全球营销资源配置，进一步扩大公司品牌影响力。公司拟在乌兹别克斯坦设立杭 叉中亚有限 ...

Investment Rating - The report maintains a "Strong Buy" rating for the company, with a target price of 22.6 yuan [1][7]. Core Insights - The company's Q1 2025 total revenue reached 4.51 billion yuan, representing a year-on-year growth of 8.02%, while the net profit attributable to shareholders was 440 million yuan, up 15.18% year-on-year [1]. - The report highlights the company's continuous improvement in profitability and its expanding overseas presence, particularly in the context of the growing demand for electric forklifts [1][7]. Financial Performance Summary - **Revenue Forecasts**: Projected total revenues for 2025, 2026, and 2027 are 17.934 billion yuan, 20.171 billion yuan, and 23.198 billion yuan, respectively, with year-on-year growth rates of 8.8%, 12.5%, and 15.0% [3][8]. - **Net Profit Forecasts**: Expected net profits for the same years are 2.281 billion yuan, 2.604 billion yuan, and 2.999 billion yuan, with growth rates of 12.8%, 14.1%, and 15.2% [3][8]. - **Earnings Per Share (EPS)**: EPS is projected to be 1.74 yuan, 1.99 yuan, and 2.29 yuan for 2025, 2026, and 2027, respectively [3][8]. - **Valuation Ratios**: The price-to-earnings (P/E) ratio is expected to decrease from 12 in 2024 to 8 in 2027, indicating a favorable valuation trend [3][8]. Market Dynamics - The domestic forklift market showed a total sales volume of 348,183 units in Q1 2025, a year-on-year increase of 10.2%, with domestic sales at 229,044 units, up 8.8% [7]. - The company is focusing on enhancing its overseas market presence, with new establishments in various countries and a manufacturing base in Thailand, marking a shift from "Made in China" to "Made for the World" [7][8]. Strategic Initiatives - The company is implementing a major client strategy to deepen relationships with key sectors such as automotive, logistics, and retail, aiming to enhance brand influence globally [7][8]. - The report emphasizes the potential for growth in overseas markets, particularly in the context of China's advantages in new energy products [7].