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].

杭叉集团股东大会会议资料 杭叉集团股份有限公司 2024 年年度股东大会 会议资料 1 杭叉集团股东大会会议资料 中国·杭州 二○二五年五月 | 目录 | | --- | | 会议议程 | | | | 3 | | --- | --- | --- | --- | --- | | 会议须知 | | | | 5 | | 议案一： | 公司 | 2024 | 年度董事会工作报告 | 7 | | 议案二： | 公司 | 2024 | 年度监事会工作报告 | 19 | | 议案三： | 公司 | 2024 | 年年度报告及摘要 | 23 | | 议案四： | 关于公司 | | 2024 年度财务决算报告 | 24 | | 议案五： | 关于公司 | | 2024 年度利润分配的预案 | 29 | | 议案六： | 关于公司 | | 2025 年度日常关联交易预计的议案 | 31 | | 议案七： | 关于公司 | | 2025 年度对外担保预计的议案 | 49 | | 议案八： | | | 关于开展远期结售汇及外汇衍生产品业务的议案 | 53 | | 议案九： | 关于续聘公司 | | 2025 年度审计机构的议案 | ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company has shown steady growth in performance, with 2024 revenue reaching 16.486 billion yuan, a year-on-year increase of 1.15%, and a net profit of 2.022 billion yuan, up 17.86% year-on-year. In Q1 2025, revenue was 4.506 billion yuan, an increase of 8.02%, with a net profit of 436 million yuan, up 15.18% [4][7] - The company is actively expanding its international market presence, with overseas revenue accounting for approximately 42%. In 2024, overseas revenue totaled 6.846 billion yuan, a year-on-year increase of 4.75%, representing 41.53% of total revenue [4][5] - The company has a comprehensive product line in the new energy sector, including various lithium battery and hydrogen fuel cell forklifts, which have gained wide recognition in both domestic and international markets [6] - The company is expected to leverage its new energy lithium battery forklifts to further penetrate traditional high-end markets in Europe and North America, while also tapping into emerging markets in Southeast Asia [5][6] Financial Summary - The company forecasts revenue for 2025-2027 to be 18.035 billion yuan, 20.214 billion yuan, and 23.083 billion yuan respectively, with corresponding net profits of 2.235 billion yuan, 2.557 billion yuan, and 2.963 billion yuan [7][10] - The projected EPS for 2025-2027 is 1.71 yuan, 1.95 yuan, and 2.26 yuan respectively, with a current P/E ratio of 11, 10, and 9 times for the respective years [7][10] - The gross margin is expected to improve from 23.6% in 2024 to 26.9% in 2027, indicating enhanced profitability [10][14]

Core Viewpoint - Hangcha Group's wholly-owned subsidiary in Thailand is expected to commence production by the end of 2025, with an annual production capacity of 10,000 industrial vehicles, enhancing the company's global localization strategy and reducing tariff costs through ASEAN free trade agreements [1]. Group 1 - The construction of Hangcha Group's Thailand manufacturing company is projected to be completed by the end of 2025 [1]. - The facility will have the capability to produce 10,000 various types of industrial vehicles annually [1]. - The production will support Hangcha's localization and service layout in the global market [1]. Group 2 - The company aims to leverage the ASEAN free trade agreement to effectively reduce tariff costs [1]. - This strategic move will enhance the company's ability to respond to trade barrier risks [1].

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company has shown steady growth in performance, with 2024 revenue reaching 16.486 billion yuan, a year-on-year increase of 1.15%, and a net profit of 2.022 billion yuan, up 17.86% year-on-year [4][7] - The company is actively expanding its international market presence, with overseas revenue accounting for approximately 42% of total revenue, and has established over 10 overseas companies in key global markets [4][5] - The company has a comprehensive product line in the new energy sector, including various lithium battery and hydrogen fuel cell forklifts, which have gained wide recognition in both domestic and international markets [6] Financial Performance - In Q1 2025, the company achieved revenue of 4.506 billion yuan, an increase of 8.02%, and a net profit of 436 million yuan, up 15.18% [4] - The forecasted revenue for 2025-2027 is 18.035 billion yuan, 20.214 billion yuan, and 23.083 billion yuan respectively, with corresponding net profits of 2.235 billion yuan, 2.557 billion yuan, and 2.963 billion yuan [7][10] - The company's current P/E ratios are projected to be 11, 10, and 9 for the years 2025, 2026, and 2027 respectively [7] Strategic Initiatives - The company is leveraging its lithium battery forklifts to penetrate traditional high-end markets in Europe and North America, while also tapping into emerging markets in Southeast Asia [5] - The establishment of a wholly-owned manufacturing subsidiary in Thailand enhances local supply capabilities and reduces tariff costs through ASEAN free trade agreements [5] - The intelligent logistics segment is expected to become a new growth curve for the company, with over 1,000 projects implemented across various industries [6]

Core Viewpoint - The company reported a stable performance in 2024 with revenue of 16.486 billion yuan, a year-on-year increase of 1.15%, and a net profit of 2.022 billion yuan, up 17.86% [1]. Group 1: Financial Performance - In Q1 2025, the company achieved revenue of 4.506 billion yuan, a year-on-year increase of 8.02%, and a net profit of 436 million yuan, up 15.18%, meeting market expectations [1]. - The gross margin and net margin for 2024 improved by 2.77 and 1.84 percentage points to 23.55% and 13.11%, respectively [1]. - Operating cash flow declined, potentially due to longer account periods for overseas sales and an increased proportion of leasing business [1]. Group 2: Product and Market Development - The total sales of lithium battery forklifts reached 448,800 units in 2024, with the proportion of electric forklifts rising to 47.43% [1]. - The company launched several high-performance lithium battery forklifts, covering a weight range from 0.6t to 48t, continuously optimizing product structure and series [1]. - In 2024, overseas product sales exceeded 100,000 units, marking a historical high, with overseas revenue accounting for over 40% [2]. Group 3: International Expansion and Future Outlook - The company has established over 10 overseas sales companies and service centers across major regions, forming a three-tier service network covering over 200 countries [2]. - Despite trade risks in the North American market, there remains significant growth potential in Europe, Southeast Asia, and Oceania [2]. - The company is expected to achieve net profits of 2.3 billion, 2.5 billion, and 2.8 billion yuan from 2025 to 2027, with corresponding PE ratios of 11, 10, and 9 times, maintaining a "recommended" rating [2].

Investment Rating - The investment rating for the company is "Buy" (maintained) [1][9] Core Views - The company is executing a globalization strategy and developing a diversified business system to create a new growth curve [2][5] - The company has shown steady improvement in profitability, with a significant increase in net profit and gross margin in recent quarters [5][8] - The company is expanding its overseas market presence, achieving record sales and establishing a robust global service network [5][6][8] Financial Performance - In 2024, the company achieved revenue of 16.5 billion, a year-on-year increase of 1.3%, and a net profit of 2 billion, up 18% year-on-year [5] - For Q1 2025, the company reported revenue of 4.51 billion, a year-on-year increase of 8%, and a net profit of 440 million, up 15% year-on-year [5] - The gross margin for Q1 2025 was 20.5%, a slight decrease compared to the previous year, while the net profit margin improved to 10% [5] Market Expansion - The company achieved domestic and overseas revenues of 9.4 billion and 6.8 billion respectively in 2024, with overseas revenue growing by 4.8% year-on-year [5] - The company has established over 10 overseas subsidiaries in key markets, enhancing its global marketing and after-sales service network [5][6] R&D and Innovation - The company invested 770 million in R&D in 2024, a year-on-year increase of 4.6%, focusing on integrating global technology resources [5][8] - The company has developed 52 marketable R&D projects and 25 technology applications in 2024 [5][6] Future Projections - Revenue projections for 2025-2027 are 18.45 billion, 20.47 billion, and 22.51 billion respectively, with corresponding net profits of 2.23 billion, 2.43 billion, and 2.68 billion [7][9] - The company is expected to maintain a stable gross margin and leverage its competitive product offerings to sustain growth [8][9]

Investment Rating - The investment rating for the company is "Accumulate" [2][10] Core Views - The company has shown steady growth in performance, with revenue of 16.486 billion yuan in 2024, a year-on-year increase of 1.15%, and a net profit attributable to shareholders of 2.022 billion yuan, up 17.86% year-on-year [5] - The gross margin has significantly improved, reaching 23.55% in 2024, an increase of 2.77 percentage points year-on-year, driven by the growth in international sales [6] - The company is well-positioned to benefit from the strong trend towards electrification in the industry, with electric forklifts accounting for 73.61% of the market [7] - The company has expanded its international presence, with overseas sales surpassing 100,000 units in 2024, representing over 40% of total revenue [8] Financial Performance - In Q1 2025, the company achieved revenue of 4.506 billion yuan, a year-on-year increase of 8.02%, and a net profit of 436 million yuan, up 15.18% year-on-year [5] - The company forecasts revenue growth for 2025-2027, with expected revenues of 17.656 billion yuan, 19.375 billion yuan, and 21.136 billion yuan, representing year-on-year growth rates of 7.10%, 9.74%, and 9.09% respectively [9] - The projected net profit for the same period is 2.230 billion yuan, 2.449 billion yuan, and 2.672 billion yuan, with growth rates of 10.30%, 9.80%, and 9.11% respectively [9] Valuation Metrics - The company’s projected P/E ratios for 2025-2027 are 10.95, 9.98, and 9.14, indicating a favorable valuation outlook [10]

Investment Rating - The report maintains an "Accumulate" rating for the company [2][10]. Core Insights - The company has demonstrated steady growth in performance, with 2024 revenue reaching 16.486 billion yuan, a year-on-year increase of 1.15%, and a net profit attributable to shareholders of 2.022 billion yuan, up 17.86% year-on-year [5]. - The gross profit margin has significantly improved, with a 2024 gross margin of 23.55%, an increase of 2.77 percentage points year-on-year [6]. - The company is benefiting from the strong momentum in the lithium battery sector, with electric forklifts accounting for 73.61% of the market and lithium battery forklifts making up 47.43% of electric forklifts [7]. - The company has expanded its international presence, with overseas sales surpassing 100,000 units in 2024, accounting for over 40% of total revenue [8]. Financial Performance Summary - In 2024, the company achieved a revenue of 16.486 billion yuan, with a net profit of 2.022 billion yuan and a net profit margin of 12.3% [12]. - The projected revenues for 2025, 2026, and 2027 are 17.656 billion yuan, 19.375 billion yuan, and 21.136 billion yuan, respectively, with corresponding growth rates of 7.10%, 9.74%, and 9.09% [9][12]. - The earnings per share (EPS) are expected to increase from 1.54 yuan in 2024 to 2.04 yuan by 2027 [12].