证券代码：603298 证券简称：杭叉集团 公告编号：2024-046 1、审议通过《关于投资设立杭叉美国智能物流有限公司的议案》 根据公司全球化布局的经营战略，为加快智能仓储物流业务在北美市场的拓展步 伐，稳固公司在北美市场的战略地位，推动公司物流系统集成方案和产品在北美市场 的应用，进一步增强公司在北美市场竞争力。公司拟在美国设立杭叉美国智能物流有 限公司（暂定名，以当地注册核定为准）。具体情况如下： 公司中文名称：杭叉美国智能物流有限公司（暂定名，以当地注册核定为准） 公司英文名称：HANGCHA AMERICA SMART LOGISTICS SOLUTION CORPORATION 注册资本:500 万美元（以实际出资额为准） 股权结构及出资额: 杭叉集团股份有限公司持股比例为 100％ 杭叉集团股份有限公司 第七届董事会第十九次会议决议公告 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"）于 2024 年 12 月 23 日以现场表决方 式召开第七届董 ...

证券代码：603298 证券简称：杭叉集团 公告编号：2024-044 杭叉集团股份有限公司 第七届董事会第十八次会议决议公告 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"）于 2024 年 11 月 18 日以现场表决方 式召开第七届董事会第十八次会议。会议通知已于 2024 年 11 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，与会董事就本次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 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《关于投资设立杭叉中东有限公司的议案》 根据公司全球化布局的经营战略，为了进一步完善公司销售及租赁网络、拓展境 外租赁业务，增强公司全球营销资源配置，创新营销模式、建立快速高效的经营性租 赁体系， ...

证券代码：603298 证券简称：杭叉集团 公告编号：2024-045 杭叉集团股份有限公司 关于对外担保的进展公告 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。 重要内容提示: 被担保人名称：杭叉集团股份有限公司（以下简称"公司"）控股子公司 浙江杭叉进出口有限公司（以下简称"杭叉进出口"），非公司关联人。 近日，公司因控股子公司杭叉进出口贷款业务与宁波银行股份有限公司杭州 分行（以下简称"宁波银行杭州分行"）签署了《最高额保证合同》（合同编号 为：07100BY24001599）。公司控股子公司杭叉进出口因经营资金需求，与宁波银 行杭州分行办理最高额度为人民币 10,000 万元的融资业务，上述合同期限自 2024 年 11 月 15 日起至 2025 年 10 月 9 日止。公司以连带责任保证方式为上述贷款业 务提供最高额保证，其他股东不提供担保。本次担保不存在反担保。 公司分别于 2024 年 4 月 17 日、2024 年 5 月 10 日召开公司第七届董事会第十 次会议和 2023 年年度股东大会，审议通过了《关 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company's performance in Q3 continues to outpace revenue growth, with profitability improving year-on-year. In Q3 2024, the company achieved revenue of 4.179 billion yuan, a year-on-year decrease of 2.65%, and a net profit attributable to the parent company of 566 million yuan, an increase of 9.07% year-on-year [7] - The company is accelerating its internationalization process, enhancing its global competitiveness by optimizing overseas market layouts and expanding sales channels [7] Financial Performance Summary - Revenue (million yuan): - 2022A: 14,412 - 2023A: 16,272 - 2024E: 16,973 - 2025E: 20,090 - 2026E: 23,372 - Year-on-year growth: 2023A +12.9%, 2024E +4.3%, 2025E +18.4%, 2026E +16.3% [4] - Operating Profit (million yuan): - 2022A: 1,180 - 2023A: 2,092 - 2024E: 2,529 - 2025E: 2,938 - 2026E: 3,362 - Year-on-year growth: 2023A +77.4%, 2024E +20.9%, 2025E +16.2%, 2026E +14.4% [4] - Net Profit Attributable to Parent Company (million yuan): - 2022A: 987 - 2023A: 1,720 - 2024E: 2,087 - 2025E: 2,424 - 2026E: 2,774 - Year-on-year growth: 2023A +74.2%, 2024E +21.3%, 2025E +16.2%, 2026E +14.4% [4] - Earnings Per Share (yuan): - 2022A: 0.75 - 2023A: 1.31 - 2024E: 1.59 - 2025E: 1.85 - 2026E: 2.12 [4] - Gross Margin (%): - 2022A: 17.8% - 2023A: 20.8% - 2024E: 22.5% - 2025E: 22.6% - 2026E: 22.7% [4] - Net Margin (%): - 2022A: 6.9% - 2023A: 10.6% - 2024E: 12.3% - 2025E: 12.1% - 2026E: 11.9% [4] Investment Forecast and Recommendations - The revenue forecast for the company has been adjusted downwards for 2024, while the gross margin forecast has been slightly increased. The expected EPS for 2024-2026 is 1.59, 1.85, and 2.12 yuan respectively. The target price is set at 25.9 yuan, maintaining the "Buy" rating [8]

Investment Rating - The report initiates coverage on Hangcha Group with a "Buy" rating, citing its leadership in the domestic forklift market and its strategic focus on electrification and internationalization [5][7] Core Views - Hangcha Group is a leading domestic forklift manufacturer with steady growth in revenue and net profit, driven by the industry's expansion and its own electrification and internationalization efforts [5] - The forklift market is poised for growth due to domestic and international demand, with electrification and globalization being key trends [5] - The company is actively pursuing electrification and internationalization strategies, with significant growth in overseas revenue [5] Company Overview - Hangcha Group, established in 1956, transitioned from machine tool manufacturing to forklift production and has maintained its position as the 8th largest forklift manufacturer globally since 2017 [19] - The company's revenue grew from 5.57 billion yuan in 2013 to 16.27 billion yuan in 2023, with a CAGR of 11.32%, while net profit grew from 304 million yuan to 1.72 billion yuan, with a CAGR of 18.92% [5][24] Market Analysis - The global forklift market is expected to grow, with China being a significant consumer market, accounting for 36% of global sales in 2023 [34] - The domestic forklift market is mature, but growth opportunities exist in electrification and internationalization, with the electric forklift penetration rate in China at 67.87% in 2023, lower than the global average of 72.23% [55] Electrification and Internationalization - Hangcha Group is focusing on electrification, with its electric forklift sales growing rapidly, and has established a strong presence in international markets, with overseas revenue increasing from 1.74 billion yuan in 2020 to 6.54 billion yuan in 2023, a CAGR of over 50% [5][56] - The company has a comprehensive global sales network, with over 70 direct sales companies and 600 authorized dealers, serving customers in more than 200 countries and regions [5] Financial Projections - The report forecasts Hangcha Group's net profit for 2024-2026 to be 1.995 billion yuan, 2.285 billion yuan, and 2.594 billion yuan, respectively, with corresponding P/E ratios of 12x, 10x, and 9x [5][7] - The company's revenue is expected to grow steadily, with domestic and international sales contributing to the overall growth, with domestic sales projected to grow at 5% annually and international sales at 15% annually [7][8] Competitive Landscape - The global forklift market is highly concentrated, with the top five manufacturers accounting for over 50% of sales, and Hangcha Group is among the top ten globally [36] - In China, the forklift market is dominated by Anhui Heli and Hangcha Group, with a combined market share of 67.7% in 2023 [43] Technological Advancements - Hangcha Group is investing heavily in R&D, with a focus on electrification and intelligent logistics, and has developed a wide range of products, including electric forklifts, AGVs, and other intelligent logistics solutions [21][74] - The company's R&D expenses have increased from 3.56% of revenue in 2017 to 4.88% in 2024H1, with a significant number of patents granted in 2023 [74]

Investment Rating - The investment rating for Hangcha Group (603298) is "Add" [2] Core Views - The company has shown steady growth in performance, with a revenue of 12.733 billion yuan for the first three quarters of 2024, representing a year-on-year increase of 1.55%. The net profit attributable to shareholders reached 1.573 billion yuan, up 21.2% year-on-year [3][4] - The company is actively expanding its international presence and electric vehicle offerings, with electric forklifts accounting for 70.77% of sales in the first half of 2024, up from 67.87% in 2023 [3][4] Financial Performance - For the first three quarters of 2024, the company achieved a gross margin of 25.24%, with a net profit of 566 million yuan in Q3, reflecting a 9.07% increase year-on-year [3] - The company’s revenue for 2024 is projected to be 16.594 billion yuan, with a growth rate of 1.98%, and net profit is expected to reach 2.003 billion yuan, growing by 16.45% [4][5] Future Outlook - The company plans to establish sales flagship stores in Japan and Indonesia, and set up Hangcha Malaysia to enhance its overseas leasing business and sales network [3] - The projected earnings per share (EPS) for 2024 is 1.53 yuan, with a price-to-earnings (P/E) ratio of 12.29 [5][7]

% 1 个月 3 个月 12 个月 相对收益 -20.2 -2.8 1.1 绝对收益 -14.3 12.9 11.2 注：相对收益与沪深 300 相比 2024年10月30日 湘财证券研究所 杭叉集团（603298）首次覆盖 证券研究报告 公司研究 国内叉车龙头，海外业务发展迅速 | --- | |----------------------------------| | | | | | 相关研究： | | 1. 《 20240916 湘财证券 - 机械行 | | 业： 8 月我国高空平台销量约 | | 万台，同比减少 29.7% 》 | | 2. 《 20241017 湘财证券 - 机械行 | | 业： 9 月我国叉车销量约 10.6 万 | | 台，同比增长 6.1% 》 | 公司评级：增持（首次覆盖） 近十二个月公司表现 -20% 0% 20% 40% 60% 23/10 23/12 24/02 24/04 24/06 24/08 杭叉集团 沪深300 分析师：轩鹏程 证书编号：S0500521070003 Tel：(8621) 50295321 Email：xuanpc@xcsc.com 地址：上海市 ...

杭叉集团（603298.SH） 优于大市 盈利能力持续提升，推进国际化布局 2024 年前三季度收入同比增长 1.55%，归母净利润同比增长 21.20%。公司 2024 年前三季度实现营收 127.33 亿元，同比增长 1.55%；归母净利润 15.73 亿元，同比增长 21.20%，毛利率/净利率分别为 22.67%/12.91%，同比变动 +2.46/+1.90pct，盈利能力增长主要系：1）高毛利率电动叉车、海外收入 占比提升；2）原材料价格处于低位；3）前三季度公司长期股权投资收益 3.33 亿,同比增长 27.43%。前三季度公司期间费用率有所增长，主要系拓展海外 业务所致。 受国内需求下降影响，公司第三季度收入小幅下滑。2024 年第三季度实现营 收 41.79 亿元，同比下降 2.65%，归母净利润 5.66 亿元，同比增长 9.07%， 营收下降主要系叉车行业三季度内销需求下降所致。2024 年 9 月以来，国内 加大逆周期调节力度，叉车需求主要来自制造业和物流业，未来随着宏观经 济企稳以及叉车电动化推进，国内叉车需求景气度有望回升。 叉车行业出口持续增长，公司积极推动全球化发展。2024 ...

[Table_MainInfo] 公司研究/机械工业 证券研究报告 杭叉集团（603298）公司季报点评 2024 年 10 月 24 日 [Table_InvestInfo] 投资评级 优于大市 维持 | --- | --- | |---------------------------------------------------------------|-------------| | 股票数据 | | | 10 [ Table_StockInfo 月 23 日收盘价（元） ] | 17.57 | | 52 周股价波动（元） | 15.05-34.49 | | 总股本 / 流通 A 股（百万股） | 1310/1310 | | 总市值 / 流通市值（百万元） | 23013/23013 | | 相关研究 | | | [Table_ReportInfo] 《投资设立马来西亚、泰国子公司，加速国际 | | | 化布局》 2024.09.19 | | | 《 24H1 盈利能力持续提升，国际化、电动化 | | | 加速推进》 2024.09.04 | | 市场表现 [Table_QuoteInfo] | -- ...

公司报告 | 季报点评 内销承压下业绩表现稳健，盈利能力持续向好 公司发布 24 年三季度报告，业绩表现稳健！ 24Q1-3： 24Q3： 我们预计公司 24~26 年归母净利润分别为 20.2、22.6、26.7 亿元，对应估 值分别为 11.4、10.2、8.6 倍；维持"增持"评级。 公司实现营收 127.33 亿元、yoy+1.55%，归母净利润 15.73 亿元、yoy+21.2%， 扣非归母净利润 15.46 亿元、yoy+22.18%。 毛利率/净利率分别为 22.67%、12.91%，yoy+2.46pct、+1.9pct；期间费用 率 11%、yoy+1.8pct，其中销售、管理、研发、财务费用率分别变动+0.9、 +0.3、+0.6、+0.1pct。 公司实现营收 41.79 亿元，同环比分别-2.65%、-4.64%，归母净利润 5.66 亿元、同环比分别+9.07%、-9.82%；扣非归母净利润 5.59 亿元、同环比分 别+10.48%、-8.52%。 毛利率/净利率分别为 25.24%、13.7%，同比分别+2.87pct、+0.89pct；期间 费用率 11.8%、yoy+2.2 ...