中力股份：新股覆盖研究

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 powered industrial vehicles, achieving significant revenue growth and maintaining a leading market position in the electric forklift sector [17][18]. - The company has demonstrated strong financial performance, with revenues increasing from 4.206 billion yuan in 2021 to 5.921 billion yuan in 2023, and a net profit growth from 352.8 million yuan to 805.7 million yuan during the same period [7][18]. - The electric forklift market is experiencing a notable shift towards electric vehicles, with the penetration rate of electric forklifts in China reaching 67.87% in 2023, reflecting a growing trend of replacing internal combustion forklifts [37][34]. Summary by Sections Basic Financial Status - The company reported revenues of 4.206 billion yuan, 5.011 billion yuan, and 5.921 billion yuan for the years 2021, 2022, and 2023, respectively, with year-over-year growth rates of 69.84%, 19.13%, and 18.16% [18]. - The net profit for the same years was 352.8 million yuan, 627 million yuan, and 805.7 million yuan, with corresponding growth rates of 59.34%, 77.71%, and 28.51% [18]. - For the first nine months of 2024, the company achieved revenues of 4.827 billion yuan, a year-over-year increase of 7.79%, and a net profit of 650 million yuan, up 4.27% [18]. Industry Situation - The global powered 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][34]. - In China, the sales volume of electric forklifts surpassed that of internal combustion forklifts for the first time in 2020, and by 2023, the market share of electric forklifts reached 67.87% [34][37]. Company Highlights - Zhongli Co., Ltd. is a leading manufacturer in the electric forklift sector, with a market share exceeding 30% from 2021 to 2023. The company has maintained its position as the top producer of electric warehouse forklifts and lithium battery forklifts in China [37][38]. - The company is actively expanding into the mobile handling robot business, which is becoming a trend in the industry due to rising labor costs and the need for automation [38]. Fundraising Project Investment - The company plans to invest in four projects through its IPO, including the production of electric forklifts and smart industrial robots, which are expected to enhance production capacity and market share [39][42]. Comparison with Peers - In 2023, Zhongli Co., Ltd. achieved revenues of 5.921 billion yuan and a net profit of 806 million yuan, while comparable companies had an average revenue of 13.568 billion yuan and an average PE-TTM of 11.05X [44].