Investment Rating - The investment rating for the company is "Accumulate" [5] Core Views - The company's performance growth is steady, with a 15% year-on-year increase in net profit attributable to shareholders, slightly exceeding expectations [2] - The company achieved a revenue of 4.5 billion yuan in Q1 2025, representing an 8% year-on-year growth, while the net profit attributable to shareholders reached 440 million yuan, marking a 15% increase [2] - The company maintains stable profitability and cost control, with a gross margin of 20.5% and a net profit margin of 10.0% in Q1 2025 [3] - The company's exposure to the U.S. market is limited, and the impact is manageable due to pre-stocking and overseas capacity layout [4] - Future focus areas include domestic demand recovery, electrification, and advancements in smart logistics [4] Summary by Sections Financial Performance - In Q1 2025, the company reported a revenue of 4.5 billion yuan, a year-on-year increase of 8%, and a net profit of 440 million yuan, up 15% year-on-year [2] - The gross margin was 20.5%, remaining stable year-on-year, while the net profit margin increased by 0.4 percentage points to 10.0% [3] Market Outlook - The company has a limited exposure to the U.S. market, with revenue exposure in single digits, and has taken measures to mitigate risks [4] - The domestic market is expected to recover, driven by equipment upgrades and the replacement of manual hydraulic trucks, with a projected electrification rate of 35% by 2024 [4] - The non-U.S. market expansion remains promising, with significant opportunities in regions like Europe and Thailand [4] Profit Forecast and Valuation - The profit forecast for 2025-2027 is maintained at 22 billion, 24 billion, and 27 billion yuan respectively, with current market capitalization corresponding to P/E ratios of 11, 10, and 9 times [5]

Summary of Hangcha Group's Conference Call Company Overview - **Company**: Hangcha Group - **Industry**: Forklift and Industrial Vehicle Manufacturing Key Financial Performance - **Q1 2025 Revenue**: 4.5 billion CNY, up 8% YoY [2] - **Net Profit**: 436 million CNY, up 15.18% YoY, driven by increased sales and higher export ratio [2] - **Cash Flow**: Operating cash flow decreased to 217 million CNY YoY due to increased overseas operations and longer payment terms [2] Revenue Growth Breakdown - **Overall Growth**: Approximately 18% [1] - **Domestic Market Growth**: 13.01% YoY [1] - **Export Market Growth**: 3.18% YoY [1] - **Product Categories**: - Class I Vehicles: 18% growth - Class II Vehicles: 23.5% growth - Class III Vehicles (Type I): 32% growth - Class III Vehicles (Type II): 73% growth [1][4] Business Segment Performance - **Intelligent Segment**: 40% growth YoY [5] - **Heavy-duty Trucks**: 30% growth YoY [5] - **New Energy Trucks**: 15% growth YoY [5] - **Leasing Business**: 22% growth YoY [5] - **Industrial Vehicle Sales**: Over 100% growth YoY [5] - **High Silver Financial Business**: Decreased by approximately 30% YoY [5] Strategic Initiatives - Focus on promoting new energy forklifts, especially in emerging markets [6] - Expansion into port logistics equipment and heavy-duty products due to high demand in domestic industries [6] - Q2 Strategy: "Take one step at a time" while waiting for national policy adjustments [7] - Stopped U.S. operations due to tariffs, accelerating overseas capacity expansion, with a factory in Thailand expected to be operational by Q3 [7] Market and Industry Insights - **Gross Margin Trends**: Slight decline in overall gross margin; domestic gross margin slightly up, while export gross margin down by about 3 percentage points [3][9] - **U.S. Market Impact**: U.S. operations halted due to tariffs; focus shifted to Brazil, Southeast Asia, and other markets [10] - **Policy Influence**: National policies have positively impacted new orders and customer demand [8][19] Future Outlook - **2025 Goals**: Maintain a target of 10% revenue and profit growth [8] - **Market Trends**: Anticipated 30% to 40% growth in Class III forklifts due to rapid logistics and warehousing development [20] - **International Trade Strategy**: Plans to manufacture in third-party countries to mitigate tariff impacts [23][24] Additional Considerations - **Dividend Policy**: Proposed cash dividend of 5 CNY per 10 shares, reflecting a 32.3% payout ratio [33] - **Currency Impact**: Optimistic about the effects of RMB depreciation on profits and revenues [29] - **Long-term Planning**: Current global economic uncertainties complicate long-term strategies; focus on daily operations and market responsiveness is emphasized [30][34] This summary encapsulates the key points from Hangcha Group's conference call, highlighting financial performance, strategic initiatives, market insights, and future outlook.

Investment Rating - The report maintains an "Accumulate" rating for the company [8] Core Views - The company achieved a revenue of 4.506 billion RMB in Q1 2025, representing a year-over-year increase of 8.02% and a quarter-over-quarter increase of 20.07%. The net profit attributable to the parent company was 436 million RMB, up 15.18% year-over-year but down 2.85% quarter-over-quarter, indicating that the company's performance is generally in line with expectations [1] - The company is expected to maintain a steady growth trajectory in 2025 due to product structure optimization and deepening domestic and international layouts [1] - The gross margin for Q1 2025 was 20.51%, which is relatively stable compared to the previous year, while the expense ratio slightly increased to 10.97% [2] - The company is expanding its global supply capabilities with a new manufacturing base in Thailand, expected to be operational by the end of 2025, which will enhance local manufacturing and service capabilities [3] - The company has launched a diversified overseas business, including a leasing company in Europe, aimed at promoting low-carbon development and providing flexible options for customers [4] Financial Forecast and Valuation - The company is projected to achieve net profits of 2.248 billion RMB, 2.516 billion RMB, and 2.807 billion RMB for the years 2025, 2026, and 2027, respectively, with a compound annual growth rate (CAGR) of 11.74% [5] - The target price for the company is set at 24.08 RMB, based on a price-to-earnings (PE) ratio of 14 times for 2025, reflecting a premium due to the company's proactive expansion of overseas sales channels and the upcoming production capacity in Thailand [5][9]

Core Insights - Hangcha Group reported strong financial performance for Q1 2025, with revenue of 4.506 billion yuan, a year-on-year increase of 8.02%, and net profit of 436 million yuan, up 15.18% [1][2] - The company has maintained a consistent growth trajectory, achieving nine consecutive years of net profit increases, with a net profit of 2.022 billion yuan in 2024 [2][4] - Hangcha Group plans to distribute a cash dividend of 0.5 yuan per share for 2024, totaling 655 million yuan, which represents 32.39% of the net profit [1][4] Financial Performance - In Q1 2025, the gross margin was 20.51% and the net margin was 10.02% [3] - The gross margin for 2024 was 23.55%, the highest in eight years, while the net margin reached a historical high of 13.11% [3] Company Overview - Hangcha Group, established in 1956, specializes in high-end equipment manufacturing, particularly in industrial vehicles, and ranks 8th globally in forklift revenue according to MMH [2] - The company has a comprehensive product line, including forklifts, automated guided vehicles, and smart logistics solutions [5] R&D and Innovation - In 2024, Hangcha Group invested 774 million yuan in R&D, accounting for 4.70% of revenue, with 1,151 R&D personnel [6] - The company achieved 52 marketable R&D projects and 25 technology applications, with 129 patents granted, including 82 invention patents [6] Global Expansion - Hangcha Group is expanding its global footprint, establishing a wholly-owned manufacturing subsidiary in Thailand and sales companies in Malaysia and Vietnam [7] - In 2024, overseas product sales reached a record high of 100,000 units, with international revenue of 6.846 billion yuan, a 4.75% increase year-on-year [9]

Core Viewpoint - The company demonstrates stable revenue growth and continuous improvement in profitability, with significant advancements in lithium battery forklift technology and strategic overseas expansion [2][3][4][5]. Group 1: Financial Performance - In 2024, the company achieved a revenue of 16.49 billion yuan, representing a year-on-year growth of 1.15% (adjusted), and a net profit attributable to shareholders of 2.02 billion yuan, up 17.9% (adjusted) [2]. - For Q1 2025, the company reported a revenue of 4.51 billion yuan, reflecting an 8.0% year-on-year increase, and a net profit of 440 million yuan, which is a 15.2% growth [2]. Group 2: Lithium Battery Forklift Development - In 2024, China's total forklift sales reached 1.286 million units, marking a 9.5% increase year-on-year, with electric forklifts accounting for 73.6% of total sales [3]. - The company made significant breakthroughs in the lithium battery forklift sector, launching multiple high-performance models, enhancing its competitive edge in both domestic and international markets [3]. Group 3: Overseas Expansion - The company generated 6.85 billion yuan in overseas revenue in 2024, a 4.8% increase, with overseas sales exceeding 100,000 units, setting a historical record [4]. - To mitigate risks from international trade uncertainties, the company established a wholly-owned manufacturing subsidiary in Thailand, enhancing local supply capabilities and reducing tariff costs through ASEAN free trade agreements [4]. Group 4: AI and Smart Logistics - In 2024, the company's smart logistics solutions contracts exceeded 1 billion yuan, achieving significant milestones in overseas markets [5]. - The company is actively promoting the application of AI technology in smart logistics, investing in humanoid robots, and aiming to create comprehensive AI logistics solutions to meet the growing market demand [5].

业绩稳定增长，盈利能力持续提升 杭叉集团2024年实现营业收入164.9亿元，同比增长1.15%（调整后）；归母净利润20.2亿元，同比增长 17.9%（调整后）。毛利率为23.6%，同比上升2.8个百分点；净利率为13.1%，同比上升1.8个百分点。 公司2025年一季度实现营业收入45.1亿元，同比增长8.0%；归母净利润4.4亿元，同比增长15.2%。毛利率 为20.5%，同比下降0.1个百分点；净利率为10.0%，同比上升0.4个百分点。 点击注册小程序 查看完整报告 特别申明： 本订阅号中所涉及的证券研究信息由光大证券研究所编写，仅面向光大证券专业投资者客 户，用作新媒体形势下研究信息和研究观点的沟通交流。非光大证券专业投资者客户，请勿 订阅、接收或使用本订阅号中的任何信息。本订阅号难以设置访问权限，若给您造成不便， 敬请谅解。光大证券研究所不会因关注、收到或阅读本订阅号推送内容而视相关人员为光大 证券的客户。 报告摘要 本订阅号是光大证券股份有限公司研究所（以下简称"光大证券研究所"）依法设立、独立运营的 官方唯一订阅号。其他任何以光大证券研究所名义注册的、或含有"光大证券研究"、与光大证券 研究 ...

Investment Rating - The report maintains a "Buy" rating for the company [9] Core Views - The company achieved stable revenue growth, with a 2024 revenue of 16.49 billion yuan, a year-on-year increase of 1.15%, and a net profit of 2.02 billion yuan, up 17.9% year-on-year [5] - The company is expected to benefit significantly from the ongoing electrification of forklifts, with electric forklifts accounting for 73.6% of total sales in 2024 [6] - The company is actively expanding its overseas manufacturing bases, achieving overseas revenue of 6.85 billion yuan in 2024, which accounts for 41.5% of total revenue [7] - The company is pushing for the application of AI technology in smart logistics, with a contract amount for smart logistics solutions exceeding 1 billion yuan for the first time in 2024 [8] Summary by Sections Financial Performance - In 2024, the company reported a revenue of 16.49 billion yuan and a net profit of 2.02 billion yuan, with gross margin at 23.6% and net margin at 13.1% [5] - For Q1 2025, the company achieved a revenue of 4.51 billion yuan, a year-on-year increase of 8.0%, and a net profit of 440 million yuan, up 15.2% [5] Market Position and Growth Drivers - The total sales of forklifts in China reached 1.286 million units in 2024, a year-on-year increase of 9.5%, with significant growth in electric forklift sales [6] - The company launched several high-performance lithium battery forklifts in 2024, enhancing its competitive edge in the market [6] International Expansion - The company established a wholly-owned manufacturing subsidiary in Thailand, planning an annual production capacity of 10,000 units, which enhances its local supply capabilities in Southeast Asia [7] Technological Advancements - The company is investing in AI technology for smart logistics, with significant contracts awarded in various sectors, indicating a strong market demand for intelligent logistics solutions [8] Profit Forecast and Valuation - The report slightly lowers the net profit forecast for 2025-2026 by 3.9% and 7.4% to 2.25 billion yuan and 2.50 billion yuan, respectively, while introducing a 2027 forecast of 2.82 billion yuan [9] - The expected EPS for 2025, 2026, and 2027 are projected to be 1.71 yuan, 1.91 yuan, and 2.15 yuan, respectively [10]

Investment Rating - The report maintains a "Buy" rating for the company [6] Core Views - The company has shown stable 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 [1] - The company is a leading player in the domestic forklift industry, recognized for its comprehensive range of new energy products and strong market competitiveness [3] - The company is expected to achieve revenue growth of 6.0%, 10.0%, and 13.0% for the years 2025, 2026, and 2027 respectively, with net profit growth of 7.8%, 14.3%, and 13.8% during the same period [4] Financial Performance - In 2024, the company achieved a gross margin of 23.55%, an increase of 2.77 percentage points year-on-year, and a net profit margin of 13.11%, up 1.84 percentage points year-on-year [2] - The company’s R&D expense ratio was 4.7% in 2024, reflecting a commitment to innovation and future performance enhancement [2] - The projected earnings per share (EPS) for 2025 is 1.66 yuan, with a price-to-earnings (P/E) ratio of 11.1x [5][4] Market Position - The company has established itself as the eighth largest in revenue globally according to MMH Modern Material Handling magazine, highlighting its significant market presence [3] - The company has been a pioneer in launching a full range of high-pressure lithium battery forklifts and other new energy products, creating strong competitive barriers in the industry [3]

Investment Rating - The investment rating for the company is "Buy-A" with a 6-month target price of 21.45 CNY, compared to the current stock price of 18.48 CNY [5]. Core Views - The company's revenue for 2024 reached 16.486 billion CNY, a year-on-year increase of 1.15%, while the net profit attributable to shareholders was 2.022 billion CNY, up 17.86% year-on-year [1]. - In Q1 2025, the company achieved a revenue of 4.506 billion CNY, reflecting an 8.02% year-on-year growth, and a net profit of 436 million CNY, which is a 15.18% increase year-on-year [1]. - The internationalization strategy has shown results, with the company increasing its market share and achieving a record export volume of over 100,000 units [1][2]. Revenue Structure - In 2024, domestic revenue was 9.385 billion CNY, down 1.4% year-on-year, while international revenue was 6.846 billion CNY, up 4.75% year-on-year, with international revenue accounting for 41.53% of total revenue, a historical high [2]. - The company’s gross margin and net margin for 2024 were 23.55% and 13.11%, respectively, showing improvements of 2.77 percentage points and 1.84 percentage points year-on-year [2]. Profitability Enhancement - The company’s profitability has significantly improved, with the gross margin reaching its highest level since 2017 and the net margin hitting a historical high [2]. - The domestic market has benefited from marketing reforms and organizational upgrades, leading to increased penetration of high-value electric products [2]. - The overseas market has seen strengthened capabilities in high-end markets and emerging markets, contributing to profit growth [2]. Industry Upgrade - The company has established two intelligent production bases, effectively reducing production costs and shortening delivery times [3]. - The project for the intelligent transformation of high-end large-tonnage forklifts is progressing steadily, with significant growth in sales of large-tonnage forklifts [3]. Future Projections - Revenue projections for 2024-2026 are 18.01 billion CNY, 20 billion CNY, and 22.39 billion CNY, with growth rates of 9.2%, 11%, and 11.9%, respectively [9]. - Net profit projections for the same period are 2.16 billion CNY, 2.41 billion CNY, and 2.71 billion CNY, with growth rates of 6.8%, 11.8%, and 12.3% [9].

杭叉集团股份有限公司（以下简称"公司"）第七届监事会第十二次会议于 2025 年 4 月 21 日在以现场表决方式召开。会议通知已于 2025 年 4 月 16 日以 通讯方式发出。本次会议应到监事 5 名，实到监事 5 名。会议由监事会主席洪 艺女士主持，与会监事审议并以书面记名投票表决方式进行表决。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。 证券代码：603298 证券简称：杭叉集团 公告编号：2025-023 杭叉集团股份有限公司 第七届监事会第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、监事会会议召开情况 2025 年 4 月 22 日 二、监事会会议审议情况 1、审议通过《公司 2025 年第一季度报告》 监事会认为：公司《2025 年第一季度报告》的编制和审议程序符合《公司 法》《公司章程》等相关法律法规及公司各项内部管理制度的规定，不存在违反 相关程序性规定的行为；一季度报告内容和格式符合中国证监会和上海证券交易 所的各项规定，公允的反映了公司报告期 ...