AHHL(SH:600761) Donghai Securities·2026-03-19 02:31Investment Rating - The industry investment rating is "Overweight" indicating that the industry index is expected to outperform the CSI 300 index by 10% or more over the next six months [6]. Core Insights - The forklift sales in China showed a mixed performance with a total of 80,900 units sold in February 2026, a year-on-year decrease of 20.3%. However, the cumulative sales for January-February 2026 reached 222,600 units, reflecting a year-on-year increase of 14.1% [5]. - Domestic forklift sales in January-February 2026 increased by 9.31% year-on-year, while export sales grew by 22% [5]. - The demand for forklifts is closely linked to the manufacturing and logistics sectors, with the manufacturing PMI new orders index at 48.60% in February 2026, indicating a gradual improvement in the manufacturing sector [5]. - Companies like Zhongli Co., Ltd. are investing in smart robotics projects to enhance their production capabilities, with a total investment of 350 million yuan planned for a new technology project [5]. - Anhui Heli, a leading company in industrial vehicles, received recognition for its strategic partnerships and is expanding its marketing network through collaboration with JD Industrial [5]. Summary by Sections Forklift Sales Performance - In February 2026, domestic forklift sales were 42,800 units, down 35.5% year-on-year, while overseas sales were 38,100 units, up 8.34% [5]. - The overall forklift sales trend is expected to continue its stable growth into 2026, supported by increasing domestic demand and favorable export conditions [5]. Company Developments - Zhongli Co., Ltd. announced a 350 million yuan investment in a project to produce 50,000 smart robots and 100,000 sets of forklift components, aiming to enhance its production capabilities and align with national policies [5]. - Anhui Heli was awarded the "2025 Super Strategic Partner Award" for its collaboration with JD Industrial, highlighting its strong market presence and product quality [5]. Market Outlook - The forklift industry is characterized by its broad applications and relatively weak cyclical features, with future demand expected to benefit from a recovery in manufacturing and growth in logistics [5]. - Domestic companies are accelerating their globalization efforts, establishing local production and service capabilities overseas, which is expected to enhance their market penetration [5].