2024 年 04 月 23 日 公司研究 评级：增持 (维持 ) 研究所： [Table_Title] 业绩持续快速增长，海外渠道进一步扩容 证券分析师： 姚健 S0350522030001 yaoj@ghzq.com.cn 证券分析师： 李亦桐 S0350523050007 ——杭叉集团（ ） 年一季报点评 603298 2024 liyt01@ghzq.com.cn 最近一年走势 事件 : 杭叉集团4月23日公告2024年一季报：2024Q1营业收入41.72亿元， 同比+6.17%，归母净利润3.79亿元，同比+31.16%，扣非归母净利润 3.76亿元，同比+35.32%。 投资要点 :  业绩持续快速增长。2023 年公司营业收入 162.72 亿元，同比 +12.90%，归母净利润17.20亿元，同比+74.23%，2024Q1营业收 相对沪深300表现 2024/04/23 入、归母净利润分别同比+6.17%、+31.16%，业绩持续快速增长。 表现 1M 3M 12M 2023 年公司国内收入 94.92 亿元，同比+10.07%，国外收入 6.54 杭叉集团 11.9% 21.9% 47 ...

Investment Rating - The report maintains a "Buy" rating for the company, with a target price of 37.95 CNY per share based on a 17x PE ratio for 2024 [3][13]. Core Insights - The company's performance met expectations, achieving a revenue of 16.272 billion CNY in 2023, a year-on-year increase of 12.90%, and a net profit of 1.720 billion CNY, up 74.23% year-on-year [2][9]. - The company benefits from lithium battery advantages that enhance product exports, with overseas revenue reaching 6.535 billion CNY, a 29.72% increase year-on-year, accounting for 40.16% of total revenue [2][9]. - The domestic market is seeing a trend towards larger vehicles, with electric forklift sales increasing, and the company is expected to continue benefiting from this trend [2][9]. - The intelligent logistics segment is also showing significant growth, with over 200 new AGV projects and sales of more than 1,600 units, resulting in a revenue increase of over 150% [2][9]. Financial Summary - Revenue is projected to grow from 19.585 billion CNY in 2024 to 25.479 billion CNY in 2026, with year-on-year growth rates of 20.4%, 14.3%, and 13.8% respectively [7][11]. - The company's net profit is expected to reach 2.088 billion CNY in 2024, 2.440 billion CNY in 2025, and 2.823 billion CNY in 2026, reflecting growth rates of 21.4%, 16.8%, and 15.7% respectively [7][11]. - The overall gross margin is anticipated to improve from 20.78% in 2023 to 21.3% by 2026, driven by the trends in larger vehicles and increased exports [2][11].

杭叉集团股东大会会议资料 杭叉集团股份有限公司 2023 年年度股东大会 会议资料 中国·杭州 二○二四年五月 杭叉集团股东大会会议资料 目录 | 会议议程 1 | | | --- | --- | | 会议须知 3 | | | 议案一： 公司 2023 年度董事会工作报告 5 | | | 议案二： 公司 2023 年度监事会工作报告 16 | | | 议案三： 公司 2023 年年度报告及摘要 20 | | | 议案四： 关于公司 2023 年度财务决算报告 21 | | | 议案五： 关于公司 2023 年度利润分配及资本公积金转增股本的议案 26 | | | 议案六： 关于公司 2024 年度日常关联交易预计的议案 27 | | | 议案七： 关于公司 2024 | 年度对外担保预计的议案 50 | | 议案八： 关于募投项目结项并将节余募集资金永久补充流动资金的议案 56 | | | 议案九： 关于开展远期结售汇及外汇衍生产品业务的议案 61 | | | 议案十： 关于续聘公司 2024 年度审计机构的议案 63 | | | 议案十一： 关于公司注册资本变更及修订《公司章程》部分条款的议案 66 | | ...

Investment Rating - The report maintains a "Buy" rating for Hangcha Group (603298) [1] Core Views - In Q1 2024, the company achieved a total revenue of 4.2 billion yuan, representing a year-on-year growth of 6%, while the net profit attributable to shareholders increased by 31% to 380 million yuan, indicating that the logic of structural optimization is being realized [1][2] - The forklift industry saw a total sales volume of 320,000 units in Q1 2024, up 11% year-on-year, with domestic sales of 210,000 units growing by 5% and export sales of 110,000 units increasing by 25% [2] - The company is shifting focus towards high-margin and high-value balance heavy forklifts, which are more widely applicable and have a stronger correlation with overall economic activity [2][3] Financial Performance - The gross profit margin for Q1 2024 was 20.6%, an increase of 2.4 percentage points year-on-year, while the net profit margin was 9.6%, up 2.0 percentage points year-on-year [3] - The company’s operating expenses ratio was 10.8%, reflecting a year-on-year increase of 1.0 percentage points, with slight increases in sales and R&D expense ratios due to enhanced overseas market channel development [3] - The forecast for net profit attributable to shareholders for 2024-2026 is 2.05 billion, 2.43 billion, and 2.93 billion yuan, respectively, corresponding to P/E ratios of 14, 12, and 10 times [3][9] Market Data - The closing price of the stock is 30.91 yuan, with a market capitalization of approximately 28.92 billion yuan [5] - The stock has a price-to-book ratio of 3.22 and a one-year price range of 18.56 to 33.50 yuan [5][6] Future Outlook - The company is expected to benefit from domestic environmental and equipment renewal policies, with a projected increase in the penetration rate of lithium battery forklifts [3] - The overseas market remains stable, with leading companies like Toyota and Kion showing a rebound in new orders [3] - The report emphasizes the ongoing optimization of the company’s business structure, with a focus on high-margin electric heavy vehicles and an increasing share of overseas business [3]

Investment Rating - The investment rating for Hangcha Group (603298) is maintained at "Buy" [1] Core Views - The company reported a net profit growth that exceeded market expectations in Q1 2024, achieving operating revenue of 4.17 billion yuan (+6.2%) and a net profit attributable to shareholders of 379 million yuan (+31.2%) [3] - The profit growth is attributed to revenue increase, product structure optimization, and effective cost control [3] - The gross profit margin for Q1 was 20.6%, up 2.41 percentage points year-on-year, indicating a stable profit margin level [4] - The trend towards lithium battery adoption continues, with the electric forklift ratio exceeding 31.16% in 2023, and lithium batteries accounting for 46.49% of electric forklifts [4] - The company is expanding its overseas market presence, with a growing proportion of revenue coming from international sales [4] - The long-term growth outlook remains positive, with projected revenues of 18.28 billion, 20.62 billion, and 23.14 billion yuan for 2024-2026, reflecting year-on-year growth rates of 12%, 13%, and 12% respectively [5] Financial Summary - Q1 2024 net profit was 379 million yuan, with a year-on-year increase of 31.2% [3] - The company forecasts net profits of 2.01 billion, 2.43 billion, and 2.77 billion yuan for 2024-2026, with growth rates of 17%, 13%, and 14% respectively [5] - The current price-to-earnings (P/E) ratio is projected at 14, 13, and 11 times for the years 2024-2026 [5]

Investment Rating - The investment rating for the company is "Buy" (maintained) with a target price of 37.26 yuan, while the current price is 30.91 yuan [2]. Core Views - The company's Q1 2024 net profit growth slightly exceeded expectations, with revenue of 4.172 billion yuan, a year-on-year increase of 6.17%, and a net profit attributable to shareholders of 379 million yuan, a year-on-year increase of 31.16% [3]. - Domestic sales increased by 5.16% year-on-year, while export sales surged by 24.87% [4]. - The trend towards electric forklifts continues, with electric forklift sales increasing by 22.30% year-on-year, while internal combustion forklift sales declined by 7.11% [5]. - The company's gross margin and net margin improved by 2.42 and 1.97 percentage points year-on-year, respectively, indicating enhanced profitability [6]. - Revenue forecasts for 2024-2026 are 18.73 billion, 21.00 billion, and 23.51 billion yuan, with corresponding growth rates of 15.08%, 12.05%, and 12.05% [7]. Financial Performance Summary - In Q1 2024, the company achieved a gross margin of 20.57% and a net margin of 9.64%, reflecting ongoing improvements in profitability [6]. - The company expects to maintain a compound annual growth rate (CAGR) of 19.37% over the next three years [7]. - The projected earnings per share (EPS) for 2024, 2025, and 2026 are 2.07, 2.64, and 3.13 yuan, respectively [7]. - The company's total revenue for 2024 is estimated at 18.725 billion yuan, with a growth rate of 15.08% [8].

：股市调研 杭叉集团24一季报交流240423国投原文 2024年04月23日11:41 发言人 00:04 我们主要就市场最关注的这个核心的问题，我们一起做一个简短的交流。下面我们先有请尚部长为大家 就一季一季报的这个情况做先做一个介绍，然后我们再进入提问环节，好的，谢谢你们，大家好。我们 收入，是相当于说是增了6%点多一些，然后盈利了31，然后六点多的跟注单里面看，那个内销相当于是 小一点。内销我们大概是小个位数的增长，那个外销是大个位增长，但是顶起来大概就要点。 发言人00:51 然后从实际运行的情况来看，就是内销比预期的要差一些。因为好像我们原先估了去年39度的增速还是 比较好的。那么一季度可能会延续于去年三士几的增速，那么那个预期会好一些。但是其实实际运下来 好像比预期的要差一些，那么你的知道复制肯定没有了，对吧？那你就要看二季度，或者说整个宏观层 面上面，如果要稍微好一些的话，那可能会好一些。如果我们经济层面其他还是这样的话，那也就可能 会延续这个趋势。但是有一个事情就是内销，好像整个销售数量端上看不达预期。但其实我们自己感觉 看我们自己公司内部的结构上来看，我们觉得还是可以。 发言人01:41 ...

Financial Performance - The company's operating revenue for Q1 2024 was CNY 4,171,783,078.92, representing a 6.17% increase compared to CNY 3,929,226,032.62 in the same period last year[4] - Net profit attributable to shareholders was CNY 378,735,768.17, a 31.16% increase from CNY 292,054,824.57 year-on-year[4] - Basic and diluted earnings per share increased to CNY 0.40, up 21.21% from CNY 0.34 in the same period last year[5] - Net profit for Q1 2024 was CNY 402,122,665.19, representing a significant increase of 35.2% from CNY 297,176,700.22 in Q1 2023[17] - Earnings per share for Q1 2024 were CNY 0.40, compared to CNY 0.33 in Q1 2023, indicating a growth of 21.2%[18] - The company reported a total comprehensive income of CNY 383,124,785.17 for Q1 2024, compared to CNY 295,700,754.21 in Q1 2023, indicating a growth of 29.5%[18] Cash Flow and Investments - The net cash flow from operating activities decreased by 6.08% to CNY 343,175,570.20, down from CNY 357,998,640.09 in the previous year[5] - The cash inflow from operating activities for Q1 2024 was CNY 3,079,914,144.54, an increase of 9.5% compared to CNY 2,813,218,157.45 in Q1 2023[19] - The net cash outflow from investing activities was CNY -110,013,649.18, a decrease from a net inflow of CNY 12,022,501.77 in Q1 2023[20] - The cash inflow from financing activities resulted in a net outflow of CNY -48,041,708.60, compared to a net outflow of CNY -9,958,067.06 in Q1 2023[20] - The company reported a net cash flow from operating activities of CNY 343,175,570.20, down from CNY 365,389,902.18 in Q1 2023[19] Assets and Liabilities - Total assets at the end of the reporting period were CNY 15,196,481,454.99, an 8.56% increase from CNY 13,894,213,061.92 at the end of the previous year[5] - Current assets reached CNY 10,056,062,060.79, up from CNY 8,879,012,255.32, indicating an increase of about 13.3%[13] - Total liabilities increased to CNY 5,591,272,004.92 in Q1 2024 from CNY 4,763,126,256.52 in Q1 2023, marking a rise of 17.4%[17] - Total current liabilities were CNY 5,452,469,425.36, compared to CNY 4,628,821,270.50, reflecting an increase of approximately 17.8%[14] - The company's total equity attributable to shareholders reached CNY 8,980,351,094.47, up from CNY 8,604,022,303.06 in the previous year, reflecting a growth of 4.4%[17] Operational Efficiency - The company attributed the increase in net profit to revenue growth, product structure optimization, and effective cost control[8] - Total operating costs for Q1 2024 were CNY 3,781,415,630.66, up from CNY 3,617,705,608.32 in Q1 2023, reflecting a year-over-year increase of 4.5%[17] - Research and development expenses for Q1 2024 were CNY 203,466,604.81, an increase of 18.8% from CNY 171,199,787.60 in Q1 2023, highlighting the company's commitment to innovation[17] Shareholder and Market Relations - The company has not reported any significant changes in shareholder relationships or actions during the reporting period[11] - The company plans to continue expanding its market presence and investing in new technologies to drive future growth[16] Cash Management - Cash and cash equivalents were reported at CNY 3,988,996,504.87, compared to CNY 3,804,263,804.49, showing a rise of approximately 4.9%[13] - The total cash and cash equivalents at the end of Q1 2024 amounted to CNY 3,964,492,183.47, up from CNY 3,394,823,198.22 at the end of Q1 2023[20] - The cash paid for purchasing goods and services was CNY 2,138,708,401.18, an increase from CNY 1,890,998,376.77 in Q1 2023[19] - The cash paid to employees increased to CNY 306,581,380.56 from CNY 270,071,232.82 in the previous year, indicating a rise of 13.5%[19]

证券代码：603298 证券简称：杭叉集团 公告编号：2024-018 杭叉集团股份有限公司 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 2024 年第一季度报告》。 表决结果：同意 5 票，反对 0 票，弃权 0 票 特此公告。 一、监事会会议召开情况 杭叉集团股份有限公司（以下简称"公司"）第七届监事会第八次会议于 2024 年 4 月 22 日在以现场表决方式召开。会议通知已于 2024 年 4 月 17 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。 二、监事会会议审议情况 1、审议通过《公司 2024 年第一季度报告》 杭叉集团股份有限公司董事会 监事会认为：公司《2024 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 ...

证券代码：603298 证券简称：杭叉集团 公告编号：2024-017 杭叉集团股份有限公司 第七届董事会第十一次会议决议公告 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 2024 年第一季度报告》 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 2024 年 4 月 22 日以现场表决方式召开第七届董事会第十一次会议。会议通知已于 2024 年 4 月 17 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。 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。 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 2024 年第一季度报告》。 表决结果：同意 9 票，反对 ...