Investment Rating - The investment rating for the company is "Buy" (maintained) [1][10]. Core Views - The company reported a stable revenue growth of 5.53% year-on-year, reaching a total revenue of 6.185 billion yuan in 2024, while net profit increased by 26.54% to 778 million yuan [7]. - The growth in revenue is primarily driven by the increase in sales of new energy vehicles, high unit prices, and the successful operation of autonomous driving vehicles [7]. - The company has successfully launched various new energy products, which now account for approximately 20% of total sales, contributing to higher gross margins [7]. - The company is advancing its international strategy, with exports of non-road dump trucks increasing by 13.7% in 2024, expanding its market presence in several countries [7]. Summary by Sections Financial Performance - Total revenue for 2023 was 5.860 billion yuan, with projections of 6.185 billion yuan for 2024, 7.051 billion yuan for 2025, and 7.756 billion yuan for 2026 [6]. - The net profit for 2023 was 614.67 million yuan, expected to rise to 777.81 million yuan in 2024, 940.83 million yuan in 2025, and 1.03875 billion yuan in 2026 [6]. - The diluted EPS is projected to increase from 1.34 yuan in 2023 to 2.27 yuan in 2026 [6]. Product Development - The company is focusing on large-tonnage rigid dump trucks, with a 180-ton model already in testing and plans for a 220-ton model in the design phase [7]. - The company has established deep strategic partnerships in the autonomous driving sector, enhancing its operational capabilities in this area [7]. Market Strategy - The company is leveraging its first-mover advantage in the autonomous driving field, aiming to play a pivotal role in the construction of unmanned mines [7]. - The international expansion strategy is being rapidly implemented, with products now exported to multiple countries, supported by a Singapore subsidiary as a global business platform [7].

[Table_Reportdate] 2025年03月03日 [table_invest] 超配 [证券分析师 Table_Authors] 姚星辰 S0630523010001 yxc@longone.com.cn 联系人 吴康辉 wkh@longone.com.cn 联系人 陈涛 cht@longone.com.cn -40% -20% 0% 20% 40% 2024-02 2024-04 2024-06 2024-08 2024-10 2024-12 2025-02 食品饮料(申万) 沪深300 [相关研究 table_product] 1.酒企积极停货稳价，政策驱动内需 复 苏 — — 食 品 饮 料 行 业 周 报 （2024/2/17-2025/2/23） 2.市场预期回暖，静待需求修复—— 食 品 饮 料 行 业 周 报 （ 2024/2/10- 2025/2/16） 3.春节动销符合预期，关注渠道变革 ——食品饮料行业周报（2024/2/3- 2025/2/9） ➢ 二级市场表现：上周食品饮料板块上涨1.77%，跑赢沪深300指数3.99个百分点，食品饮料 板块在31个申万一级板块中排名第3位 ...

[Table_Reportdate] 2025年3月3日 标配 [Table_Authors] 证券分析师 方霁 S0630523060001 fangji@longone.com.cn 联系人 董经纬 [table_stockTrend] [table_product] 相关研究 1.8月国内手机出货量同比上升 26.7%，联想发布多款AIPC新 品 — — 电 子 行 业 周 报 （20240923-20240929） 1. 阿里资本开支持续高增，马斯克 公布新一代AI模型Grok3——电子行 业周报（2025/2/17-2025/2/23） 2. 大陆代工龙头Q4业绩符合指引， 苹果即将发布iPhone SE4——电子 行业周报（2025/2/10-2025/2/16） 3. 北美云厂商资本开支持续高增， 海外科技股24Q4业绩多数回暖—— 电子行业周报（2025/2/3- 2025/2/9） [Table_NewTitle] 英伟达Blackwell芯片需求高涨，小米新 机与新车发布拉动市场热情 ——电子行业周报2025/2/24-2025/3/2 [table_main] 投资要点： 行 业 研 究 ...

[Table_Reportdate] 2025年03月02日 策 略 研 究 [证券分析师 Table_Authors] 张季恺 S0630521110001 zjk@longone.com.cn 证券分析师 谢建斌 S0630522020001 xjb@longone.com.cn 证券分析师 刘思佳 S0630516080002 liusj@longone.com.cn 证券分析师 王鸿行 S0630522050001 whxing@longone.com.cn 联系人 陈伟业 cwy@longone.com.cn [布局国内 Table_NewTitle]PMI数据利好方向，关注美债利 率变量 ——资产配置周报（2025/02/24-2025/02/28） 投资要点 总 量 研 究 证券研究报告 HTTP://WWW.LONGONE.COM.CN 请务必仔细阅读正文后的所有说明和声明 [table_main] ➢ 全球大类资产回顾：2月28日当周，全球股市多数收跌，A股普遍调整，美股、欧股涨跌不 一；主要商品期货价格多数收跌，黄金、铜、原油均下跌；美元指数有所反弹，非美货币 贬值。1）权益方面：英国富时 ...

宏 观 简 评 刘思佳 S0630516080002 liusj@longone.com.cn 证券分析师 胡少华 S0630516090002 hush@longone.com.cn 联系人 李嘉豪 lijiah@longone.com.cn [Table_Reportdate] 2025年03月02日 [季节性回升下，仍需关注两会增量政策 Table_NewTitle] ——国内观察：2025年2月PMI 投资要点 证券研究报告 HTTP://WWW.LONGONE.COM.CN 请务必仔细阅读正文后的所有说明和声明 总 量 研 究 [证券分析师 Table_Authors] [table_main] ➢ 事件：3月1日，国家统计局公布2月官方PMI数据。2月，制造业PMI为50.2%，前值49.1%； 非制造业PMI为50.4%，前值50.2%。 ➢ 核心观点：2月制造业PMI的回升，一方面仍受春节错位的影响，另一方面与高频数据反 映的节后生产开工表现不强不同，我们认为主要原因可能在于高频数据对中游装备制造 业的体现不足。总体来看，1-2月PMI受到春节假期影响偏大，结合通胀、金融数据来看， 虽然取得了 ...

[Table_Reportdate] 2025年02月28日 [晨会纪要 Table_NewTitle] 20250228 [证券分析师 Table_Authors] 方霁 S0630524090001 fangji@longone.com.cn 证券分析师 刘思佳 S0630516080002 liusj@longone.com.cn 证券分析师 王洋 S0630513040002 wangyang@longone.com.cn 联系人 [table_main] 重点推荐 财经要闻 晨 会 纪 要 证券研究报告 HTTP://WWW.LONGONE.COM.CN 请务必仔细阅读正文后的所有说明和声明 陈芯楠 cxn@longone.com.cn ➢ 1.叉车全年销量保持增长，龙头企业深入智能物流领域——机械设备行业简评 ➢ 2.春耕推动氯化钾价格上涨，全球供应趋紧有望推升钾肥景气度——基础化工行业简评 ➢ 1.两部门印发《银行业保险业绿色金融高质量发展实施方案》 ➢ 2.商务部：中日应加强政策沟通，维护产供链稳定 ➢ 3.美国上修2024Q4PCE及核心PCE ➢ 4.英伟达第四财季营收同比增78% 一季度 ...

Group 1 - Forklift sales maintained growth in 2024, with total sales reaching 1.2855 million units, a year-on-year increase of 9.52%. Domestic sales were 805,000 units, up 4.77%, while exports were 480,500 units, up 18.53% [6][7] - In January 2025, forklift sales were 93,648 units, a year-on-year decrease of 15.4%, with domestic sales down 24% and exports slightly up by 0.69% [6][7] - The electric forklift segment showed strong performance, with sales of 946,300 units in 2024, accounting for 73.61% of total sales, reflecting a year-on-year increase of 5.74 percentage points [7] Group 2 - The price of potassium chloride in China rose rapidly, reaching 3,121 CNY per ton by February 24, 2025, a 10.05% increase from the previous week and a 24.05% increase since the beginning of 2025 [12][14] - The increase in potassium chloride prices is attributed to tight domestic supply, limited import sources, and low inventory levels, alongside rising demand from compound fertilizer manufacturers preparing for the spring farming season [12][14] - The International Fertilizer Association (IFA) forecasts a 2.2% increase in global fertilizer consumption in 2025, with potassium chloride consumption expected to reach 41 million tons, indicating a supportive environment for potassium fertilizer demand [14]

Group 1: Potash Industry Insights - The price of potassium chloride in China has rapidly increased, reaching 3121 CNY/ton as of February 24, 2025, marking a 10.05% rise from the previous week and a 24.05% increase since the beginning of 2025 [7][8] - The rise in prices is attributed to tight domestic supply, limited import sources, and low inventory levels, with domestic potassium production facilities undergoing maintenance [7][8] - The International Fertilizer Association (IFA) forecasts a 2.2% increase in global fertilizer consumption in 2025, with potassium consumption expected to reach 41 million tons, supported by improved affordability of potash [9] Group 2: Agricultural Policy and Food Security - The Central Document No. 1 emphasizes the importance of food security and the development of new agricultural productivity, focusing on enhancing the supply capacity of key agricultural products [12][13] - The document outlines strategies to stabilize grain planting areas while increasing yield and quality, with a target of achieving a significant increase in grain production capacity [13] - It highlights the need for technological innovation in agriculture, promoting the application of advanced technologies to enhance productivity [15] Group 3: Market Trends and Economic Indicators - The A-share market experienced a decline, with the Shanghai Composite Index closing at 3346 points, down 0.80%, and the ChiNext Index falling by 1.13% [22][23] - The energy metals sector showed resilience, leading the market with a 1.4% increase, while other sectors like film and agriculture faced declines [26][24] - The People's Bank of China conducted a 300 billion CNY medium-term lending facility (MLF) operation to maintain liquidity, with a current balance of 40,940 billion CNY [17]

Investment Rating - Industry Index Rating: Overweight, indicating that the industry index is expected to outperform the CSI 300 index by 10% or more in the next 6 months [9] Core Insights - The forklift market showed steady growth in 2024, with total sales reaching 1.2855 million units, a year-on-year increase of 9.52%. Domestic sales accounted for 805,000 units (up 4.77%), while exports reached 480,500 units (up 18.53%) [8] - In January 2025, sales of various forklifts totaled 93,648 units, a year-on-year decrease of 15.4%, with domestic sales down 24% and exports up 0.69% [8] - The electric forklift segment is gaining traction, with sales of 946,300 units in 2024, representing 73.61% of total sales, an increase of 5.74 percentage points year-on-year [8] - Anhui Heli is deepening its collaboration with Huawei to lead technological upgrades in the smart logistics sector, focusing on digital transformation and AI [8] - Hangcha Group is exploring cooperation in the "smart robots + logistics" field, aiming to enhance its technological capabilities and market competitiveness [8] - The forklift industry is transitioning towards automation and smart logistics, with significant growth in the sales of mobile robots, which reached 19,500 units in 2023, a year-on-year increase of 46.6% [8] - The report suggests focusing on leading domestic forklift companies like Anhui Heli and Hangcha Group, which have strong brand recognition and global market penetration [8] Summary by Sections Market Overview - The overall forklift market is experiencing robust growth, with both domestic and international demand increasing [8] Company Developments - Anhui Heli and Huawei's partnership aims to innovate in smart logistics, potentially reshaping the competitive landscape [8] - Hangcha Group is actively pursuing advancements in logistics robotics, indicating a shift towards more intelligent solutions in the industry [8] Future Outlook - The demand for forklifts is expected to remain strong, driven by manufacturing recovery and increased logistics activity, with a focus on automation and smart technologies [8]

Group 1 - The report highlights the ongoing growth in new orders for Kede CNC (688305), with a year-on-year increase of approximately 24% in new orders, primarily driven by the machine tool business [10][11] - Kede CNC's revenue for 2024 reached 605 million yuan, representing a year-on-year growth of 33.88%, while the net profit attributable to shareholders was 130 million yuan, up 27.91% [10][11] - The company has received significant government subsidies totaling 69.09 million yuan, which positively impacted its financial performance, accounting for 36.43% of the net profit for 2024 [11] Group 2 - The report emphasizes the long-term investment opportunities in the technology sector, particularly in artificial intelligence and robotics, which are leading the market recovery [6][7] - The domestic equity market shows a preference for growth sectors over cyclical and consumer sectors, with a daily average trading volume of 1.8834 trillion yuan, up from 1.7168 trillion yuan [7] - The report notes that the overall yield on domestic government bonds has risen, indicating an increase in market risk appetite, while the U.S. service sector PMI fell below expectations, suggesting potential economic challenges [6][8]