叉车月度跟踪叉车10月销量同比+0.44%，开工率环比增长1.1pct

Investment Rating - The report suggests a positive outlook for the forklift industry, indicating that domestic forklift sales may benefit from a recovery in manufacturing and macroeconomic conditions [5]. Core Insights - Forklift sales in October 2024 increased by 0.44% year-on-year, with cumulative sales from January to October reaching 1.0693 million units, up 9.75% year-on-year. Domestic sales were 60,600 units, down 5.99%, while exports were 38,000 units, up 12.7% [1][21]. - The electric forklift segment accounted for 59.20% of sales in September 2024, a slight decrease of 0.29 percentage points month-on-month. Domestic companies dominated the market with a 92.28% share [2][22]. - The October PMI index was reported at 50.1%, indicating a recovery in manufacturing, with production and new orders indices showing positive trends [3][23]. - Forklift working hours increased by 4.46% month-on-month in October, with the average working hours for forklifts at 65.6 hours [4][24]. Summary by Company - Anhui Heli: For Q1-Q3 2024, revenue was RMB 13.409 billion, up 2.11% year-on-year, and net profit attributable to shareholders was RMB 1.101 billion, up 11.63% [5][25]. - Hangcha Group: For Q1-Q3 2024, revenue was RMB 12.733 billion, up 1.55% year-on-year, and net profit attributable to shareholders was RMB 1.573 billion, up 21.20% [5][26]. - Noblelift Intelligent Equipment: For Q1-Q3 2024, revenue was RMB 5.147 billion, down 3.57% year-on-year, while net profit attributable to shareholders was RMB 363 million, up 1.03% [5][27]. Investment Recommendations - The report emphasizes that the forklift industry is closely linked to macroeconomic conditions, suggesting that a recovery in manufacturing could positively impact domestic sales. It highlights the competitive advantages of domestic manufacturers in terms of cost, electrification, and delivery, and recommends focusing on Anhui Heli and Hangcha Group [5][28].