注册制新股纵览：中力股份：国内电动仓储叉车头部企业，全球化积极布局

Investment Rating - The report assigns an AHP score of 2.11 to Zhongli Co., Ltd., placing it at the 28.5th percentile of the non-STAR AHP model, indicating a mid-to-upper level performance [3] - When considering liquidity premium, the AHP score increases to 2.33, positioning it at the 40.1th percentile, which is at the lower end of the upper tier [3] - Under a neutral scenario with an 85% inclusion rate, the expected allocation ratios for Class A and Class B offline investors are 0.0210% and 0.0117%, respectively [3] Core Views Electric Forklift Market Leadership - Zhongli Co., Ltd. has maintained the top position in domestic electric warehouse forklift sales for 11 consecutive years since 2013, with a market share exceeding 35% in 2023 [4] - The company has also led in lithium battery forklift sales for five consecutive years since 2019, capturing over 30% of the domestic market in 2023 [4] - The global electric forklift market share reached 72.23% in 2023, with Europe at 88.71%, while China's market share was 67.87%, indicating significant growth potential [17] Expansion into Mobile Robotics - The company has ventured into the mobile robotics sector, launching the "Banma" robot series in 2020, which offers high automation, flexibility, and safety [19] - The mobile robot market in China saw a 46.62% year-on-year growth in 2023, with sales reaching 19,500 units [19] - A key project, "Annual Production of 300,000 Warehouse Handling Equipment and 1 Million Sets of Mechanical Parts Processing, Intelligent Robot Manufacturing (Phase I)," aims to enhance production capabilities in electric forklifts and intelligent handling robots [19] Global Market Expansion - From 2013 to 2023, China's electric forklift exports grew from 7.56% to 40.36% of overseas sales, reflecting strong global demand [5] - The company has established a global sales network, with overseas revenue growing at a compound annual rate of 25.03% from 2021 to 2023 [5] - Strategic acquisitions, such as the North American forklift brand BIG JOE, and subsidiaries like EP-Europe, have strengthened its presence in key markets like North America, Europe, and Southeast Asia [5][22] Financial Performance Comparison - Zhongli Co., Ltd.'s revenue and net profit are below the average of comparable companies, but it has shown steady growth with a compound annual growth rate (CAGR) of 18.65% in revenue and 51.12% in net profit from 2021 to 2023 [25] - The company's gross margin is higher than its peers, with 2021-2024H1 margins of 22.65%, 26.74%, 28.72%, and 29.20%, respectively [27] - However, its R&D expenditure as a percentage of revenue is lower than comparable companies, ranging from 3.00% to 3.22% during the same period [27] Fundraising and Development Projects - The company plans to issue up to 61 million new shares, raising funds for projects including the production of 300,000 warehouse handling equipment and 1 million sets of mechanical parts, as well as the construction of electric forklift assembly lines and casting projects [32] - The "Annual Production of 300,000 Warehouse Handling Equipment and 1 Million Sets of Mechanical Parts Processing, Intelligent Robot Manufacturing (Phase I)" project is expected to yield a post-tax internal rate of return (IRR) of 20.04% with a payback period of 5.37 years [33] - Other projects, such as the electric forklift assembly line and casting projects, are expected to enhance the company's production capabilities and R&D strength [32]