新股覆盖研究：中力股份

Investment Rating - The investment rating for the company is "Buy," indicating that it is expected to outperform the market index by more than 15% over the next 6-12 months [51]. Core Viewpoints - The company, Zhongli Co., Ltd. (603194.SH), specializes in the research, production, and sales of electric forklifts and other industrial vehicles, establishing itself as a leader in the electric forklift sector with a market penetration rate of 67.87% in 2023 [17][37]. - The company has shown consistent revenue growth, with operating income increasing from 4.206 billion yuan in 2021 to 5.921 billion yuan in 2023, representing a year-on-year growth of 69.84%, 19.13%, and 18.16% respectively [7][18]. - The company is actively expanding into the mobile handling robot business, which is expected to enhance its product structure and meet the growing demand for automated solutions in logistics [38]. Summary by Sections Basic Financial Status - The company achieved operating revenues of 4.206 billion yuan, 5.011 billion yuan, and 5.921 billion yuan for the years 2021, 2022, and 2023, with corresponding year-on-year growth rates of 69.84%, 19.13%, and 18.16% [7][18]. - The net profit attributable to shareholders was 352.8 million yuan, 627 million yuan, and 805.7 million yuan for the same years, with year-on-year growth rates of 59.34%, 77.71%, and 28.51% [7][18]. - For the first nine months of 2024, the company reported operating revenue of 4.827 billion yuan, a year-on-year increase of 7.79%, and a net profit of 650 million yuan, up 4.27% year-on-year [18]. Industry Situation - The global industrial vehicle market is experiencing stable growth, with electric forklifts gaining market share. The sales volume of electric forklifts increased from 534,700 units in 2013 to 1,544,000 units in 2023, with a compound annual growth rate of 11.19% [26][27]. - In China, the sales volume of electric forklifts surpassed that of internal combustion forklifts for the first time in 2020, with a market share of 67.87% in 2023 [34]. Company Highlights - Zhongli Co., Ltd. is recognized as a leading manufacturer in the electric forklift sector, with significant market shares in electric warehouse forklifts and lithium battery forklifts [37]. - The company has established a strong export presence, particularly in North America and Europe, which enhances its resilience against international trade risks [37]. - The company is also focusing on the development of mobile handling robots, which are expected to meet the increasing demand for automation in logistics [38]. Investment Projects - The company plans to invest in four projects through its IPO proceeds, including the production of electric forklifts and smart industrial robots, which are expected to significantly increase its production capacity and revenue [39][42]. Peer Comparison - In 2023, Zhongli Co., Ltd. achieved operating revenue of 5.921 billion yuan and a net profit of 806 million yuan, with a gross profit margin of 28.72%, which is above the industry average [44].