Investment Rating - The investment rating for the company is "Buy (Maintain)" [6]. Core Views - The company is a leading player in the domestic forklift industry, with a market share of approximately 20.9% of China's forklift sales in 2023. The company is expanding its overseas market presence, establishing over 10 overseas sales companies and service centers in key markets such as Europe, North America, South America, Southeast Asia, and Oceania. This expansion is expected to enhance profitability through increased sales of high-margin products and a growing share of overseas business. The company is also diversifying its product line with differentiated products such as smart logistics, AGVs, and aerial work vehicles, creating new competitive advantages [10][12][14]. Summary by Sections Company Overview - The company has over 60 years of experience in the forklift industry and has established itself as a leading brand. It was listed in 2016 and has become one of the largest forklift manufacturers and exporters in China, ranking 8th globally by revenue since 2017 [20][22]. Industry Situation - The domestic forklift market has been growing rapidly, with sales increasing from 268,000 units in 2016 to 768,000 units in 2023, representing a CAGR of 16.25%. The share of electric forklifts in the domestic market has also been rising, reaching approximately 64% in 2023. The export of forklifts has significantly increased, with sales growing from 102,200 units in 2016 to 405,400 units in 2023, achieving a CAGR of 21.75% [10][12][14]. Company Advantages - The company is actively expanding both domestically and internationally, with a strong market share in China and a growing presence overseas. In 2023, the company sold approximately 245,500 forklifts, capturing about 20.9% of the domestic market. The company has established a comprehensive marketing and service network in key global markets, with an estimated 79,000 units sold overseas, resulting in a global market share of about 3.7% [10][12][14]. Financial Forecast - The company is expected to achieve revenues of 171.22 billion yuan, 185.12 billion yuan, and 203.80 billion yuan for the years 2024, 2025, and 2026, respectively, with year-on-year growth rates of 5.23%, 8.12%, and 10.09%. The net profit attributable to shareholders is projected to be 20.79 billion yuan, 22.33 billion yuan, and 25.58 billion yuan for the same years, with growth rates of 20.85%, 7.40%, and 14.56% [14][19].

证券代码：603298 证券简称：杭叉集团 公告编号：2024-038 减持计划的主要内容 陈赛民先生计划通过集中竞价方式减持所持有的公司股份合计不超过 1,000,000 股，即不超过公司当前总股本的 0.0763%。上述减持计划期间为自本 公告披露之日起十五个交易日后三个月内，若减持计划期间公司有送股、资本公 积金转增股本、配股等股份变更事项，上述拟减持股份数量将相应进行调整。 一、减持主体的基本情况 杭叉集团股份有限公司 高管集中竞价减持股份计划公告 本公司董事会、全体董事及相关股东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： 高管持股的基本情况 截至本公告披露日，杭叉集团股份有限公司（以下简称"公司"）总经理助 理兼董事会秘书陈赛民先生持有公司股票 4,270,000 股，约占公司总股本 1,309,812,049 股的 0.3260%。上述股份来源于首次公开发行前持有的股份及上 市后以资本公积金转增方式及其他方式取得的股份。 预披露期间，若公司股票发生停牌情形的，实际开始减持的时间根据停牌时间相 应顺延。 (一)相关股东 ...

股东减持股份计划公告 证券代码：603298 证券简称：杭叉集团 公告编号：2024-037 杭叉集团股份有限公司 本公司董事会、全体董事及相关股东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： 大股东持股的基本情况 截至本公告披露日，杭叉集团股份有限公司（以下简称"公司"）控股股东 浙江杭叉控股股份有限公司（以下简称"杭叉控股"）持有公司股票 541,442,944 股，约占公司总股本 1,309,812,049 股的 41.3375%，上述股份来源于首次公开 发行前持有的股份及上市后以资本公积金转增方式取得的股份。 减持计划的主要内容 因自身资金需求，杭叉控股计划通过集中竞价及大宗交易方式减持公司股份 不超过 26,196,240 股，即不超过公司总股本的 2%，减持价格根据市场价格，减 持期间为自本公告披露之日起 15 个交易日后的 3 个月内。其中： （1）若通过集中竞价交易方式减持，将于减持计划公告之日起 15 个交易日 后的 3 个月内进行，减持公司股份不超过 13,098,120 股（即不超过公司总股本 的 1%），且 ...

Investment Rating - The report assigns a "Buy" rating for Hangcha Group (603298.SH) [2] Core Views - The company is experiencing continuous market expansion with both revenue and profit growth. The electric vehicle trend is significant, and the company's advanced layout in new energy products demonstrates its competitive advantage. In the first half of 2024, sales of Class I, II, and III vehicles all achieved year-on-year growth, with electric forklifts accounting for 70.77% of total sales, and the proportion of electric forklifts in the balanced heavy-duty forklift segment reaching 31.97% [2][4] - The company has established a comprehensive manufacturing system for new energy industrial vehicles, focusing on lithium batteries, hydrogen energy, and hybrid power. It has also developed core technologies for new energy industrial vehicles and launched several industry-first new energy products, solidifying its position as a leading manufacturer in the sector [2][4] - The company is deepening its international market presence, with overseas sales revenue increasing from 15.23% in 2020 to 40.16% in 2023. The company has invested in establishing direct sales companies in multiple countries, including the United States, Germany, and Brazil, and is expected to see further revenue contributions from international markets [2][4] Summary by Sections Financial Performance - The company is projected to achieve revenues of 178.48 billion, 199.93 billion, and 225.77 billion yuan for the years 2024, 2025, and 2026, respectively. The earnings per share (EPS) are forecasted to be 1.54, 1.77, and 1.97 yuan for the same years. The current stock price corresponds to price-to-earnings (PE) ratios of 13.2, 11.5, and 10.3 times for 2024, 2025, and 2026, respectively [4][5] - The company's main revenue for 2023 is estimated at 16,272 million yuan, with a growth rate of 12.9%. The net profit attributable to shareholders is projected to be 1,720 million yuan, reflecting a significant growth rate of 74.2% [5][6] Production and Manufacturing - The company is implementing smart manufacturing strategies, utilizing technologies such as digital twins, 5G applications, and industrial internet to innovate production processes. It has established a smart manufacturing super factory that integrates various industries, including parts manufacturing and logistics [2][3]

Investment Rating - The investment rating for the company is "Accumulate" (maintained) [1] Core Views - The company is enhancing its global layout by planning to establish a manufacturing company in Thailand and a sales and rental company in Malaysia, which will strengthen its international market competitiveness [3][4] - The company is benefiting from the export of lithium battery products, with a steady growth in performance expected in the first half of 2024 [4] - The forklift industry is at a turning point towards lithium battery adoption, presenting opportunities for domestic companies to expand internationally [3] Financial Forecast and Valuation - Total revenue is projected to grow from 16,272 million yuan in 2023 to 27,216 million yuan in 2026, with a compound annual growth rate (CAGR) of 19.76% [2] - Net profit attributable to the parent company is expected to increase from 1,720 million yuan in 2024 to 2,929 million yuan in 2026, reflecting a CAGR of 20.32% [2] - The latest diluted EPS is forecasted to rise from 1.31 yuan in 2024 to 2.24 yuan in 2026, with a corresponding P/E ratio decreasing from 11.00 to 7.71 [2] Market Data - The closing price of the stock is 18.35 yuan, with a market capitalization of 24,035.05 million yuan [7] - The stock has a price-to-book ratio of 2.64 [7] Basic Data - The company has a total share capital of 1,309.81 million shares and a net asset value per share of 6.95 yuan [8]

Investment Rating - The investment rating for the company is maintained as "Buy" [5] Core Views - The company plans to establish manufacturing companies in Malaysia and Thailand to further expand its international business [2] - The internationalization process is accelerating, with the forklift industry experiencing high export growth [2] - The trend towards electrification in the industry is strengthening, with significant sales growth in electric forklifts [2] - The company's revenue and net profit for the first half of 2024 show substantial growth, driven by lithium battery forklifts and international business [2] - Future profit projections indicate continued growth, with expected net profits of 2.1 billion, 2.6 billion, and 3.1 billion for 2024, 2025, and 2026 respectively [2] Summary by Sections International Expansion - The company is setting up a subsidiary in Malaysia with a registered capital of 2 million USD, focusing on sales and services of forklifts and industrial vehicles [2] - In Thailand, the company plans to invest 20 million USD to establish a manufacturing company for forklifts and high-altitude vehicles, as well as lithium battery assembly [2] Industry Trends - The forklift industry remains robust, with China maintaining its position as the world's largest producer and market [2] - In August 2024, the industry sold 98,883 forklifts, a year-on-year increase of 1.26%, with exports growing by 11.6% [2] Electrification - The sales of electric forklifts have shown significant growth, with electric models accounting for 70.77% of total sales [2] - The company is strategically investing in key components for electric vehicles, enhancing its supply chain capabilities [2] Financial Performance - For H1 2024, the company reported revenue of 8.554 billion CNY, a 3.74% increase year-on-year, and a net profit of 1.007 billion CNY, up 29.29% [2][9] - The second quarter of 2024 saw revenue of 4.382 billion CNY, with a net profit of 628 million CNY, reflecting a 28.19% increase [2] Future Projections - Expected net profits for 2024, 2025, and 2026 are projected to grow by 22%, 24%, and 20% respectively, with corresponding P/E ratios of 12, 9, and 8 [2]

Investment Rating - The investment rating for the company is "Outperform the Market" and is maintained [2]. Core Views - The company is accelerating its internationalization by establishing subsidiaries in Malaysia and Thailand, focusing on sales and after-market services [5][6]. - The company has made significant progress in enhancing its global manufacturing capabilities, which is crucial for competitiveness in the manufacturing sector [6]. - Revenue and profit forecasts indicate a steady growth trajectory, with expected revenues of 178.75 billion, 192.85 billion, and 206.18 billion yuan for 2024, 2025, and 2026 respectively, reflecting year-on-year growth rates of 9.85%, 7.89%, and 6.91% [6][10]. Summary by Sections Investment Information - The closing price as of September 18 is 18.55 yuan, with a market capitalization of 24.297 billion yuan [2]. Financial Performance - The company reported revenues of 16.272 billion yuan in 2023, with projections of 17.875 billion yuan in 2024, 19.285 billion yuan in 2025, and 20.618 billion yuan in 2026, showing a year-on-year growth of 9.8%, 7.9%, and 6.9% respectively [7][10]. - Net profit is expected to grow from 2.059 billion yuan in 2024 to 2.605 billion yuan in 2026, with growth rates of 19.7%, 13.0%, and 12.0% [6][10]. Valuation Metrics - The company is assigned a PE valuation range of 12-14 times for 2024, translating to a reasonable share price range of 18.87 to 22.01 yuan [6][10]. - The projected PB ratio for 2024 is between 2.41 and 2.81 times, compared to peer companies with a PB range of 1.28 to 1.81 times [6][10]. Competitive Positioning - The company has established subsidiaries in key markets such as Japan, Indonesia, and France, enhancing its sales network and after-market service capabilities [5][6]. - The establishment of the Malaysian subsidiary is expected to improve global marketing resource allocation and brand image [5].

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 2024 年 9 月 18 日以现场表决方 式召开第七届董事会第十五次会议。会议通知已于 2024 年 9 月 13 日以通讯方式发出。 本次会议应参会董事 9 名，实际参会董事 9 名。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。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 证券代码：603298 证券简称：杭叉集团 公告编号：2024-036 杭叉集团股份有限公司 第七届董事会第十五次会议决议公告 经营范围：叉车、工业车辆整机及配件销售和服务；整机产品租赁及销售、锂电 池租赁及销售、AGV 和智能物流系统集成业务，二手叉车等维修、改装、安装、租赁、 销售；仓储物流技术咨询服务（最终以属地注册登记为准）。 上述登记事项最终以注册地审核批准为准。本次设立新公司尚需 ...

证券代码：603298 证券简称：杭叉集团 公告编号：2024-035 杭叉集团股份有限公司 高管集中竞价减持股份结果公告 本公司董事会、全体董事及相关股东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： 高管持股的基本情况 截至本公告披露日，杭叉集团股份有限公司（以下简称"公司"）副总经理金 华曙先生持有公司股票 802,239 股，约占公司总股本 1,309,812,049 股的 0.0612%。 公司副总经理王国强先生持有公司股票 1,209,439 股，约占公司总股本 1,309,812,049 股的 0.0923%。 公司总设计师金志号先生持有公司股票 5,129,161 股，约占公司总股本 1,309,812,049 股的 0.3916%。 公司总经济师任海华先生持有公司股票 606,239 股，约占公司总股本 1,309,812,049 股的 0.0463%。 (一)高管因以下事项披露集中竞价减持计划实施结果： 公司副总工程师周素华女士持有公司股票 856,684 股，约占公司总股本 1,309,812,049 股的 0 ...

Investment Rating - The report assigns an "Outperform" rating for the company [2][8]. Core Views - The company reported a revenue of 8.554 billion yuan for H1 2024, a year-on-year increase of 3.74%, and a net profit attributable to shareholders of 1.007 billion yuan, up 29.29% year-on-year [5][6]. - The company is experiencing a continuous improvement in profitability, with a gross margin of 21.41% and a net margin of 12.53% for H1 2024, reflecting an increase of 2.32 percentage points and 2.46 percentage points year-on-year, respectively [5][6]. - The company is making significant progress in electric and international expansion, with investments in key markets such as Japan and Indonesia, and the establishment of a leasing company in Europe [6][8]. Financial Performance Summary - For H1 2024, the company achieved a revenue of 8.554 billion yuan, with a net profit of 1.007 billion yuan, and a net profit excluding non-recurring items of 0.987 billion yuan [5][6]. - The company’s revenue is projected to grow to 17.875 billion yuan in 2024, with a year-on-year growth rate of 9.85%, and net profit is expected to reach 2.059 billion yuan, reflecting a growth of 19.70% [7][10]. - The gross margin is expected to improve to 21.8% in 2024, with a net asset return rate of 20.1% [7][10]. Business Development and Strategy - The company is actively extending its industrial layout, particularly in the smart logistics and aftermarket sectors, which are anticipated to become new growth drivers [8][10]. - The company is focusing on the integration of new energy and intelligent supply resources, enhancing the localization and differentiation of key components [6][8]. - The establishment of a global collaborative digital industrial platform is underway, aimed at enhancing supply chain integration and operational efficiency [6][8]. Market Position and Competitive Analysis - The company is positioned as a leading domestic forklift manufacturer, with a production capacity of 400,000 units and a strong market share [11][12]. - The report highlights the competitive advantages of domestic forklifts in terms of cost-effectiveness and stable pricing, particularly in the context of electric and lithium battery transitions [11][12]. - The company’s growth rates and return on equity (ROE) are higher compared to its peers, indicating a reasonable valuation [14][16].