NOBLIFT(SH:603611) Tou Bao Yan Jiu Yuan·2025-02-26 13:16Investment Rating - The report indicates a positive investment outlook for the lithium battery forklift industry, highlighting its rapid growth and technological advancements. Core Insights - The lithium battery forklift market is experiencing significant demand growth driven by e-commerce logistics and automation, with a market size increase from 2.097 billion RMB in 2020 to 4.815 billion RMB in 2023, reflecting a compound annual growth rate (CAGR) of 31.93% [33] - The industry benefits from lower operational costs and environmental advantages compared to traditional lead-acid battery forklifts, with lithium batteries offering a cycle life of 2,000-5,000 times compared to 300-500 times for lead-acid batteries [5][4] - The report emphasizes the importance of technological innovation in lithium battery materials, which has led to reduced costs and improved safety, further driving market penetration [6] Industry Definition - Lithium battery forklifts are defined as industrial vehicles powered by lithium batteries, including electric balance forklifts, electric ride-on warehouse forklifts, and electric walk-behind warehouse forklifts [2] Industry Characteristics - The industry is characterized by low emissions and environmental benefits, economic advantages, and growth driven by market demand and technological innovation [3] Development History - The lithium battery forklift industry in China has evolved from the first electric balance forklift developed in the 1950s to a rapid expansion phase post-2016, with increasing applications and market acceptance [7][11][12] Industry Chain Analysis - The industry chain consists of upstream raw materials (steel, batteries, motors), midstream manufacturing, and downstream applications in logistics and industrial sectors [12][26] Upstream Analysis - Upstream raw materials account for a significant portion of costs, with fluctuations in prices of lithium battery materials impacting overall manufacturing costs [14][20] Midstream Analysis - Leading companies in the midstream sector include Zhongli Machinery, which has maintained a market share of 35% in 2023, and has a comprehensive product range [15][24] Downstream Analysis - The downstream market is broad, encompassing logistics, manufacturing, and transportation, with demand driven by economic growth and rising labor costs [28][30] Market Size and Forecast - The market size is projected to grow from 5.706 billion RMB in 2024 to 9.944 billion RMB in 2028, with a CAGR of 14.90% [33] Competitive Landscape - The competitive landscape features a tiered structure with leading companies like Zhongli Machinery and Noli Intelligent holding over 50% of the market share, emphasizing technological innovation and market expansion [41][42]