Investment Rating - The report maintains an "Accumulate" rating for the company [2] Core Insights - The company is expected to achieve a net profit attributable to shareholders of 2.113 to 2.315 billion yuan in 2025, representing a year-on-year increase of 5% to 15% [5] - The company is focusing on electric and international markets, with a notable increase in the sales proportion of electric forklifts and a strategic expansion into emerging markets such as Southeast Asia and Brazil [6] - The company is enhancing its layout in the intelligent field, having acquired a 99.23% stake in Guozi Robotics, and launched its first humanoid logistics robot, the "X1 series" [7] Financial Performance - Revenue projections for 2025-2027 are 18.247 billion, 20.230 billion, and 22.034 billion yuan, with year-on-year growth rates of 10.68%, 10.87%, and 8.92% respectively [8] - The net profit attributable to shareholders is projected to be 2.231 billion, 2.449 billion, and 2.650 billion yuan for the same period, with growth rates of 10.32%, 9.78%, and 8.20% respectively [8] - The company's price-to-earnings (P/E) ratios for 2025-2027 are estimated at 15.88, 14.46, and 13.37 [8]

Investment Rating - The investment rating for the company is "Accumulate" and is maintained [2] Core Views - The company is expected to achieve a net profit attributable to shareholders of 2.113 to 2.315 billion yuan in 2025, representing a year-on-year increase of 5% to 15% [5] - The company is actively advancing electrification and internationalization, with a notable increase in the sales proportion of electric forklifts and a focus on high-value-added products [6] - The company is enhancing its layout in the field of intelligence, with a strategic emphasis on models, data, hardware, and scenarios to drive the development of embodied intelligence [7] Financial Performance - The company forecasts revenues of 18.247 billion yuan in 2025, with a year-on-year growth rate of 10.68% [8] - The projected net profit for 2025 is 2.231 billion yuan, with a growth rate of 10.32% [10] - The company's PE ratios for 2025, 2026, and 2027 are expected to be 15.88, 14.46, and 13.37 respectively [8]

Macro Strategy - The economic growth target of 5% for the year was successfully achieved, with Q4 GDP growth at 4.5% and nominal GDP growth at 3.8%, indicating a narrowing decline in the GDP deflator index from -1.1% to -0.7% [1][16] - Economic growth was primarily driven by exports and services, with service sector GDP growth at 5.4% and industrial GDP growth at 4.5%. Exports increased by 6.1%, while fixed asset investment decreased by 3.8% [1][16] - Q4 price recovery was noted, although still weak, with service retail growth at 5.5% and total retail sales growth at 3.7% [1][16] Industry Insights - The aerospace sector is highlighted as a long-term strategic focus under the 15th Five-Year Plan, with continued attention on semiconductor equipment, particularly in advanced processes and domestic replacements [5] - The report recommends focusing on semiconductor equipment ETFs as key investment targets due to favorable policies and performance expectations [5] - The commercial aerospace sector is expected to maintain its growth trajectory, supported by strategic planning and market demand [22] Company Recommendations - Qianli Technology (601777) is projected to achieve revenues of 8.9 billion, 10.6 billion, and 12.8 billion yuan for 2025, 2026, and 2027 respectively, with a "buy" rating based on successful AI transformation and expected growth in smart driving business [14] - IFBH (06603.HK) is expected to see revenues of 188 million, 257 million, and 331 million USD from 2025 to 2027, with a "buy" rating due to improving fundamentals and channel strategies [15] - Hangcha Group (603298) maintains a profit forecast of 2.2 billion, 2.4 billion, and 2.7 billion yuan for 2025 to 2027, with a "hold" rating reflecting stable performance and market position [15]

Core Viewpoint - The report from Dongwu Securities indicates that Hangcha Group's net profit attributable to shareholders is expected to increase by 6% year-on-year in Q4 2025, aligning with market expectations. The outlook for 2026 suggests a stable growth in forklift industry sales, ensuring the company's main business growth is secure [1] Industry Summary - The domestic forklift large vehicle sales base is relatively low, with an expected growth rate of 3% in 2025, translating to approximately 360,000 units. The average annual sales from 2020 to 2024 are around 390,000 units [1] - The electrification rate in the industry is currently about 38%, indicating significant room for improvement. Additionally, the core markets in the US and Europe are anticipated to see an improvement in market conditions [1] Company Summary - The company is fully embracing the era of embodied intelligence, which opens up long-term growth opportunities. It has established a team of over 200 algorithm engineers, leveraging data and technology to create self-developed domain models [1] - The revenue from the company's intelligent business is projected to reach approximately 1 billion yuan in 2025, with expectations for continued rapid growth, thereby expanding the company's growth potential and valuation ceiling [1] - The net profit forecasts for the company from 2025 to 2027 are set at 2.2 billion, 2.4 billion, and 2.7 billion yuan respectively. The current market capitalization corresponds to a price-to-earnings ratio of 16, 15, and 13 times for the respective years, maintaining a "buy" rating [1]

Investment Rating - The report maintains a "Buy" rating for the company [4][6]. Core Views - The company is expected to achieve a net profit attributable to shareholders of 21.13-23.15 billion yuan in 2025, representing a year-on-year increase of 5%-15%, with a median estimate of 22.14 billion yuan, corresponding to a growth rate of 10% [4][6]. - The forecast for the net profit excluding non-recurring items is 20.58-22.55 billion yuan, with a year-on-year increase of 4.99%-15.01%, and a median estimate of 21.57 billion yuan, also corresponding to a growth rate of 10% [4][6]. - The company's core business in forklifts is steadily improving, expected to continue contributing stable cash flow, while its intelligent business is deepening and strengthening, with high potential for generalized intelligent agents in logistics scenarios, which may lead to rapid revenue and profit growth [4][6]. Company Overview - The company is positioned as a leader in the forklift industry, with a focus on enhancing its intelligent business by integrating AI into logistics scenarios, aiming for low-cost scalability and broad market coverage [9][10]. - The company has demonstrated prototype products at industry exhibitions, validating the feasibility of its models, and plans to transition from project-based sales to product-based sales, which could significantly boost revenue and profits [9][10]. - The company is expected to achieve net profits of 22.14 billion yuan and 24.82 billion yuan in 2025 and 2026, respectively, with corresponding price-to-earnings ratios of 16 and 14 [9][10].

Core Viewpoint - Hangcha Group's stock experienced a 2.91% increase on January 16, with a trading volume of 446 million yuan, indicating positive market sentiment despite a net financing outflow [1] Financing Summary - On January 16, Hangcha Group had a financing buy-in of 17.40 million yuan and a financing repayment of 21.34 million yuan, resulting in a net financing outflow of 3.93 million yuan [1] - The total financing and securities balance for Hangcha Group as of January 16 is 173 million yuan, with a current financing balance of 165 million yuan, representing 0.46% of the circulating market value, which is below the 20th percentile of the past year [1] - In terms of securities lending, 5,300 shares were repaid and 1,900 shares were sold on January 16, with a selling amount of 52,300 yuan, while the securities lending balance is 792.61 million yuan, exceeding the 70th percentile of the past year [1] Business Performance Summary - As of September 30, Hangcha Group reported a total of 18,300 shareholders, an increase of 5.78% from the previous period, with an average of 71,379 circulating shares per person, a decrease of 5.46% [2] - For the period from January to September 2025, Hangcha Group achieved an operating income of 13.972 billion yuan, reflecting a year-on-year growth of 9.73%, and a net profit attributable to shareholders of 1.753 billion yuan, up 11.43% year-on-year [2] Dividend and Shareholding Summary - Since its A-share listing, Hangcha Group has distributed a total of 3.226 billion yuan in dividends, with 1.759 billion yuan distributed over the past three years [3] - As of September 30, 2025, the third-largest circulating shareholder is Hong Kong Central Clearing Limited, holding 36.8853 million shares, a decrease of 16.8952 million shares from the previous period [3] - The seventh-largest circulating shareholder is Southern CSI 500 ETF, holding 7.6244 million shares, down by 12.34 million shares from the previous period, while Ruiyuan Growth Value Mixed A has entered as the tenth-largest circulating shareholder with 6.6161 million shares [3]

Investment Rating - The investment rating for the company is "Buy" and is maintained [8]. Core Views - The company is expected to achieve a net profit attributable to shareholders of 2.113 to 2.315 billion yuan in 2025, representing a year-on-year increase of 5% to 15%, with a median estimate of 2.214 billion yuan, corresponding to a growth rate of 10% [2][5]. - The company’s core forklift business is steadily growing, which is expected to continue contributing stable cash flow. The ongoing development of its intelligent business is anticipated to unlock significant revenue and profit growth, as well as a revaluation of the company [2][5]. Summary by Relevant Sections Financial Performance - The company forecasts a net profit of 2.058 to 2.255 billion yuan for 2025, with a year-on-year increase of 4.99% to 15.01%, and a median estimate of 2.157 billion yuan, also corresponding to a growth rate of 10% [2][5]. - The total revenue for 2025 is projected to be 18.155 billion yuan, with a gross profit margin of 24% [10]. Market Position and Strategy - The company is positioned as a leader in the forklift industry and is focusing on expanding its intelligent business, particularly in logistics scenarios, which are expected to have significant market potential [10]. - The company is enhancing its product structure, with an increasing proportion of electric forklifts and high-value products like new energy and large-tonnage forklifts driving growth [10]. Global Expansion - The company is expected to see better performance in overseas markets compared to domestic ones, with a focus on expanding into Southeast Asia, Brazil, and the Middle East [10]. - The global strategy is showing results, with an increasing share of overseas sales contributing positively to the company's revenue [10].

Core Viewpoint - Hangcha Group is expected to achieve a record net profit attributable to shareholders of 2.113 billion to 2.315 billion yuan in 2025, marking ten consecutive years of positive growth in net profit [1][2][4]. Financial Performance - The projected net profit for 2025 represents an increase of 101 million to 302 million yuan compared to the previous year, reflecting a year-on-year growth of 5.00% to 15.00% [2]. - The expected net profit excluding non-recurring items is forecasted to be between 2.058 billion and 2.255 billion yuan, with a year-on-year increase of 97.92 million to 294 million yuan, or 4.99% to 15.01% [2][4]. - The company's gross profit margin has shown a steady increase, with figures of 17.78%, 20.76%, 23.55%, and 23.48% from 2022 to the first three quarters of 2025 [4]. Market Strategy and Growth Drivers - Hangcha Group has capitalized on market demand growth, leading to improved operating revenue and sustained profit growth [4]. - The sales volume of electric forklifts has been increasing, with high-value products such as new energy forklifts and large-tonnage forklifts becoming key growth drivers [4]. - The company is expanding its presence in emerging markets such as Southeast Asia, Brazil, and the Middle East, with overseas sales revenue steadily increasing [4][6]. Financial Health and Cash Flow - Hangcha Group has maintained a strong financial position, with total assets reaching 18.83 billion yuan and a debt-to-asset ratio of 35.88% as of September 2025 [6]. - The company has a cash balance of 3.735 billion yuan, indicating no pressure on debt repayment [1][6]. - Operating cash flow has consistently been positive, with a net cash flow from operating activities of 689 million yuan in the first three quarters of 2025 [6]. R&D and Innovation - The company has invested significantly in research and development, with R&D expenses increasing from 602 million yuan in 2021 to 665 million yuan in 2025, maintaining a R&D expense ratio of around 4.76% [5][6]. - Hangcha Group has pioneered several innovative products in the field of electric and hydrogen-powered forklifts, enhancing its competitive edge in the market [5].

证券代码：603298 证券简称：杭叉集团 公告编号：2026-008 杭叉集团股份有限公司 2026年第一次临时股东会决议公告 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。 一、 会议召开和出席情况 | 1、出席会议的股东和代理人人数 | 232 | | --- | --- | | 2、出席会议的股东所持有表决权的股份总数（股） | 950,527,107 | | 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（%） | 72.5697 | (四) 表决方式是否符合《公司法》及《公司章程》的规定，会议主持情况等。 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 (一) 股东会召开的时间：2026 年 1 月 16 日 (二) 股东会召开的地点：浙江省杭州市临安区大园路 2799 号杭叉集团横畈科 技园新大楼 3 楼 9 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： 重要内容提示： 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 ...

杭叉集团股份有限公司 国浩律师（杭州）事务所 关 于 2026 年第一次临时股东会 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 电子邮箱/Mail：grandallhz@grandall.com.cn 网址/Website：http://www.grandall.com.cn 二零二六年一月 国浩律师（杭州）事务所 法律意见书 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 公司已向本所承诺，公司所提供的文件和所作陈述及说明是完整、真实和有 效的，有关原件及其上面的签字和印章是真实的，且一切足以影响本法律意见书 的事实和文件均已向本所披露，无任何隐瞒、疏漏之处。 本所律师仅根据本法律意见书出具日之前存在的事实及有关法律、行政法规、 规范性文件及《公司章程》的规定发表法律意见。在本法律 ...