叉车行业专题研究：他山之石，以海外叉车龙头看中国叉车全球化路径

Investment Rating - The report rates the forklift industry as "Overweight" [2] Core Insights - Domestic forklift companies are positioned to expand globally, leveraging favorable conditions such as the Belt and Road Initiative and increasing manufacturing demands in Southeast Asia and the Middle East [3][4] - The report recommends investing in domestic forklift leaders Hangcha Group and Anhui Heli, which are establishing subsidiaries and production capacities overseas to enhance their global market presence [4] Summary by Sections 1. Insights from Overseas Forklift Leaders - The five major overseas forklift companies have a long history and significant scale, benefiting from the post-World War II global manufacturing boom [9][10] - Southeast Asia and the Middle East are identified as competitive advantage regions for domestic forklift companies, as these areas are less prioritized by international giants [12] - The global forklift market has shown strong growth, with sales increasing from 988,800 units in 2013 to 2,137,400 units in 2023, reflecting a compound annual growth rate of 8.01% [12][14] 2. Growth and Expansion History of Overseas Forklift Companies - Toyota Industries, established in 1926, has maintained the largest global market share in forklifts since 2001, with a diversified product range and extensive global operations [25][26] - The report outlines the historical development phases of Toyota, highlighting its strategic acquisitions and establishment of manufacturing facilities overseas [25][27] 3. Domestic Forklift Companies' Global Expansion - Hangcha Group and Anhui Heli are actively establishing sales subsidiaries and service networks globally, focusing on internationalization [4][22] - The report emphasizes the need for domestic companies to adopt diverse strategies for overseas expansion, including acquisitions and establishing local production facilities [22][23]