东海证券晨会纪要-20251009

Group 1: Postal Savings Bank of China (601658) - The bank reported a revenue of 179.446 billion yuan (+1.50% YoY) and a net profit of 49.228 billion yuan (+0.85% YoY) for the first half of 2025 [6] - Total assets reached 18.19 trillion yuan (+10.83% YoY) with total loans of 9.54 trillion yuan (+10.13% YoY) [6] - The non-performing loan (NPL) ratio was 0.92% (+1 basis point QoQ) and the NPL coverage ratio was 260.35% (-5.78 percentage points QoQ) [6] - The bank's net interest margin for Q2 was 1.69%, reflecting a decrease of 2 basis points QoQ and 21 basis points YoY [8] - Fee and commission income increased by 16.31% YoY, driven by growth in corporate business and a recovery in investment income, which rose by 34.02% YoY [9][12] - The bank's management expenses decreased significantly, allowing for more room in credit risk provisions [11] Group 2: Industrial and Mechanical Equipment Sector - In August 2025, the overall sales of forklifts reached 118,100 units, a year-on-year increase of 19.4%, with domestic sales at 70,200 units (+19.3%) and overseas sales at 47,900 units (+19.6%) [13] - The cumulative sales from January to August 2025 were 976,000 units, reflecting a 12.9% increase YoY [13] - The demand for forklifts is closely linked to the manufacturing and logistics sectors, with the manufacturing PMI showing signs of recovery [14] - Companies like Anhui Heli and Hangcha Group are enhancing their competitive positions through acquisitions and showcasing innovative products at trade exhibitions [15][16] - The sector is expected to benefit from a recovery in manufacturing and logistics demand, as well as increased global market penetration by domestic companies [16]