东海证券：晨会纪要-20250228

Group 1 - Forklift sales maintained growth in 2024, with total sales reaching 1.2855 million units, a year-on-year increase of 9.52%. Domestic sales were 805,000 units, up 4.77%, while exports were 480,500 units, up 18.53% [6][7] - In January 2025, forklift sales were 93,648 units, a year-on-year decrease of 15.4%, with domestic sales down 24% and exports slightly up by 0.69% [6][7] - The electric forklift segment showed strong performance, with sales of 946,300 units in 2024, accounting for 73.61% of total sales, reflecting a year-on-year increase of 5.74 percentage points [7] Group 2 - The price of potassium chloride in China rose rapidly, reaching 3,121 CNY per ton by February 24, 2025, a 10.05% increase from the previous week and a 24.05% increase since the beginning of 2025 [12][14] - The increase in potassium chloride prices is attributed to tight domestic supply, limited import sources, and low inventory levels, alongside rising demand from compound fertilizer manufacturers preparing for the spring farming season [12][14] - The International Fertilizer Association (IFA) forecasts a 2.2% increase in global fertilizer consumption in 2025, with potassium chloride consumption expected to reach 41 million tons, indicating a supportive environment for potassium fertilizer demand [14]