杭叉集团：海外拓展顺利，盈利能力持续提升

Investment Rating - The investment rating for the company is "Buy" (maintained) with a current price of 16.98 CNY [1]. Core Insights - The company reported a revenue of 8.55 billion CNY for the first half of 2024, representing a year-on-year growth of 3.7%, and a net profit attributable to shareholders of 1.01 billion CNY, which is a 29.3% increase year-on-year [2]. - The gross profit margin for the first half of 2024 was 21.4%, an increase of 2.3 percentage points year-on-year, while the net profit margin was 12.5%, up by 2.5 percentage points year-on-year [2]. - The company has significantly increased its R&D investment, with a research and development expense ratio reaching a historical high of 4.9% in the first half of 2024 [2]. - The trend towards electrification in forklifts is evident, with the company having a first-mover advantage in the market [2]. - The company is expanding its international presence, with a 20% increase in exports from January to July 2024, and has established ten overseas subsidiaries [2]. Summary by Sections Financial Performance - In the second quarter of 2024, the company achieved a revenue of 4.38 billion CNY, a year-on-year increase of 1.5% and a quarter-on-quarter increase of 5.0% [2]. - The net profit for the second quarter was 630 million CNY, reflecting a year-on-year growth of 28.2% and a quarter-on-quarter growth of 65.8% [2]. - The company expects net profits for 2024, 2025, and 2026 to be 2.03 billion CNY, 2.34 billion CNY, and 2.70 billion CNY respectively, with a compound annual growth rate of 16.3% [3]. Market Trends - The domestic demand for forklifts is steadily increasing, with a 9.3% growth in domestic sales from January to July 2024 [2]. - The overall electrification rate of forklifts in the industry reached 70.8%, an increase of 2.9 percentage points from the end of 2023 [2]. - The company has launched a full range of high-pressure lithium battery models, marking a significant transition from internal combustion to electric [2]. Future Outlook - The company is projected to maintain a strong growth trajectory, with expected revenue growth rates of 10.3%, 12.3%, and 14.5% for the years 2024, 2025, and 2026 respectively [4]. - The gross profit margin is anticipated to be 21.64%, 21.54%, and 21.44% for the years 2024, 2025, and 2026 respectively [8].