杭叉集团中报点评：盈利能力大幅提升，电动化、全球化进程持续推进

Investment Rating - The report maintains a "Buy" rating for the company with a target price of 22.26 CNY [5][3]. Core Insights - The company's performance growth significantly outpaces revenue growth, leading to a substantial increase in profitability. In Q2 2024, the company achieved revenue of 4.382 billion CNY, a year-on-year increase of 1.53% and a quarter-on-quarter increase of 5.05%. The net profit attributable to the parent company was 628 million CNY, up 28.19% year-on-year and 65.80% quarter-on-quarter. For the first half of 2024, total revenue reached 8.554 billion CNY, a year-on-year increase of 3.74%, with a net profit of 1.007 billion CNY, up 29.29% year-on-year [2]. - The industry continues to experience strong export performance, with the electric forklift rate steadily increasing. In the first half of 2024, a total of 662,000 forklifts were sold nationwide, representing a year-on-year increase of 13.1%. The overall electrification rate of sold forklifts reached 71%, with the electrification rate of counterbalance forklifts at 32% [2]. - The company is accelerating its internationalization process to enhance global competitiveness. It has been optimizing its overseas market layout and expanding its sales range, including establishing subsidiaries in Indonesia and Japan, and setting up a leasing company in Europe [2]. Financial Summary - The company's revenue for 2022 was 14.412 billion CNY, with a projected revenue of 17.531 billion CNY for 2024, reflecting a year-on-year growth of 7.7%. The net profit attributable to the parent company is expected to reach 2.082 billion CNY in 2024, up 21.0% from 2023 [4]. - The overall gross margin for the first half of 2024 was 21.41%, an increase of 2.32 percentage points year-on-year, while the net margin was 12.53%, up 2.46 percentage points year-on-year [2][4]. - The company's financial ratios indicate a strong performance, with a projected net profit margin of 11.9% for 2024 and a return on equity (ROE) of 22.1% [4].