华龙证券：行业基本面向好 关注叉车龙头企业

Core Insights - The forklift industry is experiencing significant growth, with both domestic and export sales showing double-digit year-on-year increases from January to September 2025, driven by a low base effect in the second half of 2024 [1] - The logistics sector is identified as an ideal application for intelligent robotics, with ample opportunities for forklift usage [1] - The industry is undergoing a transformation towards automation and intelligence, with the rise of unmanned forklifts expected to enhance profitability as their penetration rate increases [1] - The fundamentals of the industry are strong, supported by electrification and globalization, which provide a solid foundation for the upgrade to intelligent systems [1] Sales Data Summary - In September 2025, a total of 130,380 forklifts were sold, representing a 23% year-on-year increase, with domestic sales of 81,119 units (up 29.3%) and exports of 49,261 units (up 13.9%) [1] - From January to September 2025, cumulative forklift sales reached 1,106,406 units, marking a 14% year-on-year increase, with domestic sales of 697,375 units (up 13.1%) and exports of 409,031 units (up 15.5%) [1] - Excluding electric walk-behind warehouse vehicles, 51,150 forklifts were sold in September 2025, reflecting an 18.2% year-on-year increase, with domestic sales of 31,910 units (up 15.7%) and exports of 19,240 units (up 22.7%) [2] - For the period from January to September 2025, a total of 451,048 forklifts (excluding electric walk-behind warehouse vehicles) were sold, showing a 5.99% year-on-year increase, with domestic sales of 298,148 units (up 3.32%) and exports of 152,900 units (up 11.6%) [2]