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 ...

证券代码：603298 证券简称：杭叉集团 公告编号：2025-022 杭叉集团股份有限公司 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： 1、审议通过《公司 2025 年第一季度报告》 详见公司同日于上海证券交易所网站（www.sse.com.cn）及《证券时报》 披露的《公司 2025 年第一季度报告》。 第七届董事会第二十一次会议决议公告 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"或"杭叉集团"）于 2025 年 4 月 21 日以现场表决方式召开第七届董事会第二十一次会议。会议通知已于 2025 年 4 月 16 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。 公司监事及部分高级管理人员列席了本次会议。本次会议由董事长赵礼敏先生主 持，与会董事就各项议案进行了审议并以书面记名投票的方式进行表决。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。 表决结果：同意 8 票，反 ...

Financial Performance - The company's operating revenue for Q1 2025 was CNY 4,506,320,432.98, representing an increase of 8.02% compared to CNY 4,171,783,078.92 in the same period last year[5]. - Net profit attributable to shareholders was CNY 436,222,652.56, up 15.18% from CNY 378,735,768.17 year-on-year[5]. - Basic earnings per share increased to CNY 0.33, reflecting a growth of 13.79% compared to CNY 0.29 in the previous year[5]. - Total operating revenue for Q1 2025 reached ¥4,506,320,432.98, an increase of 8.0% compared to ¥4,171,783,078.92 in Q1 2024[19]. - Operating profit for Q1 2025 was ¥495,314,810.14, a slight increase from ¥472,136,302.21 in Q1 2024[19]. - The net profit for Q1 2025 was CNY 451,743,267.96, an increase of 12.3% compared to CNY 402,122,665.19 in Q1 2024[20]. - The total comprehensive income for Q1 2025 was CNY 437,806,302.29, up from CNY 383,124,785.17 in Q1 2024, reflecting a growth of 14.3%[20]. - Revenue from sales of goods and services in Q1 2025 was CNY 2,982,314,552.77, an increase of 5.8% from CNY 2,817,832,430.40 in Q1 2024[22]. - The basic and diluted earnings per share for Q1 2025 were both CNY 0.33, up from CNY 0.29 in Q1 2024, indicating an increase of 13.8%[20]. Assets and Liabilities - The total assets at the end of the reporting period reached CNY 17,386,180,265.78, a rise of 6.26% from CNY 16,362,547,960.72 at the end of the previous year[6]. - Current assets as of March 31, 2025, totaled ¥11,333,341,660.63, an increase of 9.9% from ¥10,311,296,409.68 on December 31, 2024[14]. - Total liabilities increased to ¥6,083,817,376.56 as of March 31, 2025, from ¥5,476,919,337.16 at the end of 2024[16]. - Shareholders' equity as of March 31, 2025, was ¥11,302,362,889.22, up from ¥10,885,628,623.56 at the end of 2024[16]. Cash Flow - The net cash flow from operating activities decreased by 36.62% to CNY 217,504,305.31, primarily due to increased inventory for expanded overseas sales[5][10]. - Operating cash flow for Q1 2025 was CNY 217,504,305.31, a decrease of 36.7% from CNY 343,175,570.20 in Q1 2024[22]. - The net cash flow from investing activities for Q1 2025 was CNY -56,086,016.45, an improvement from CNY -110,013,649.18 in Q1 2024[23]. - The net cash flow from financing activities for Q1 2025 was CNY -56,999,896.16, compared to CNY -48,041,708.60 in Q1 2024, indicating a worsening of 18.8%[23]. Inventory and Expenses - Total operating costs for Q1 2025 were ¥4,100,011,437.47, up 8.4% from ¥3,781,415,630.66 in Q1 2024[19]. - Inventory as of March 31, 2025, was ¥2,767,870,617.70, an increase of 20.0% from ¥2,306,224,031.16 on December 31, 2024[14]. - Research and development expenses for Q1 2025 were ¥199,674,879.14, slightly down from ¥203,466,604.81 in Q1 2024[19]. Shareholder Information - The total number of ordinary shareholders at the end of the reporting period was 18,068[11]. - Zhejiang Hangcha Holding Co., Ltd. held 41.13% of the shares, making it the largest shareholder[11]. Government Support and Future Plans - The company received government subsidies amounting to CNY 7,919,711.81, which are closely related to its normal business operations[8]. - The company plans to continue expanding its market presence and investing in new technologies to enhance its competitive edge[10].

智通财经4月21日电，杭叉集团(603298.SH)公告称，杭叉集团发布2025年第一季度报告，实现营业收入 45.06亿元，同比增长8.02%；归属于上市公司股东的净利润为4.36亿元，同比增长15.18%。 杭叉集团：一季度净利润增长15.18% ...

杭叉集团（603298）公告，2025年第一季度营收为45.06亿元，同比增长8.02%；净利润为4.36亿元，同 比增长15.18%。 ...

2024 年报点评：业绩基本符合预期，毛利率 提升明显 证券研究报告·公司点评报告·工程机械 杭叉集团（603298） | [Table_EPS] 盈利预测与估值 | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业总收入（百万元） | 16,299 | 16,486 | 17,746 | 19,160 | 20,709 | | 同比（%） | 13.09 | 1.15 | 7.64 | 7.97 | 8.08 | | 归母净利润（百万元） | 1,716 | 2,022 | 2,212 | 2,411 | 2,659 | | 同比（%） | 73.76 | 17.86 | 9.39 | 9.01 | 10.26 | | EPS-最新摊薄（元/股） | 1.31 | 1.54 | 1.69 | 1.84 | 2.03 | | P/E（现价&最新摊薄） | 13.94 | 11.83 | 10.81 | 9.92 | 9.00 | [Table_Tag] [Table_Summary] 投资要点 ...

证券研究报告|公司点评报告 [Table_Date] 2025 年 04 月 18 日 [Table_Title] 24 年业绩稳定增长，盈利水平继续提升 [Table_Title2] 杭叉集团(603298) [Table_Summary] 公司发布 2024 年年报 2024 年，公司实现营收 164.9 亿元，同比+1.3%，实现归母净 利润 20.2 亿元，同比+17.5%。单 4 季度来看，公司实现营收 37.5 亿元，同比-0.1%，环比-10.2%；实现归母净利润 4.5 亿 元，同比+8.2%，环比-20.7%。 ► 内销略有下滑，外销保持增长 分市场来看，2024 年公司国内收入 93.9 亿元，同比-1.4%，收 入占比 58%；海外营收 68.5 亿元，同比+4.8%，收入占比达 42%。公司持续推进全球化布局，强化海外营销和售后服务网络 建设，在欧洲、北美、南美、东南亚、大洋洲等主要国家和地区 成立了 10 余家海外销售型公司、配件服务中心，壮大自营渠 道，实现自有营销服务网络在欧洲、北美洲、南美洲、澳洲、东 南亚等全球重要工业车辆产品市场全覆盖。 ► 毛利率继续提升，期间费用支出加大 ...

2025年4月18日，杭叉集团(603298.SH)发布2024年年度报告。截至2025年4月17日，共有243个机构投资 者披露持有杭叉集团A股股份，合计持股量达9.57亿股，占杭叉集团总股本的73.04%。其中，前十大机 构投资者包括浙江杭叉控股股份有限公司、杭州市实业投资集团有限公司、香港中央结算有限公司、中 国人寿保险股份有限公司-传统-普通保险产品-005L-CT001沪、全国社保基金四一八组合、全国社保基 金四零六组合、上海呈瑞投资管理有限公司-永隆精选B基金、南方中证500ETF、睿远成长价值混合A、 兴全合润混合A，前十大机构投资者合计持股比例达69.43%。相较于上一季度，前十大机构持股比例合 计下跌了2.35个百分点。 公募基金方面，本期较上一期持股增加的公募基金共计3个，包括兴银高端制造混合A、宏利先进制造 股票A、财通多策略精选混合(LOF)，持股增加占比小幅上涨。本期较上一季度持股减少的公募基金共 计17个，主要包括融通中国风1号灵活配置混合A/B、景顺长城核心中景一年持有期混合、东方红启东 三年持有混合、景顺长城核心招景混合A、南方中证500ETF等，持股减少占比达1.22%。本期 ...