Group 1: Forklift Industry Overview - Forklift sales in January-February 2025 showed steady growth, with total sales reaching 195,100 units, a year-on-year increase of 9.15%. Domestic sales were 121,200 units, up 6.48%, while overseas sales were 73,900 units, up 13.84% [6][7] - In February 2025, major forklift manufacturers sold 101,500 units, a significant year-on-year increase of 49.1%. Domestic sales were 66,200 units, up 59.4%, and export sales were 35,200 units, up 32.9% [6][7] - The strong performance in February is attributed to a low base from the previous year due to the Spring Festival occurring in February 2024. The overall demand for forklifts is closely linked to the manufacturing and logistics sectors, which are showing signs of recovery [7][9] Group 2: Key Players and Global Expansion - Anhui Heli has announced its first overseas joint venture factory in Thailand, aiming for an annual production of 10,000 forklifts and 10,000 lithium battery packs. This move is part of its strategy to enhance global presence and brand influence [8] - Hangcha Group plans to establish companies in the United States and the Middle East to strengthen its market position and enhance competitiveness in North America and the Middle East [8] - The domestic forklift leaders are accelerating their globalization efforts, establishing local production capacities and after-sales services abroad, which is expected to increase their market penetration [9] Group 3: Economic Data and Implications - The economic data for January-February 2025 indicates a positive trend, with retail sales increasing by 4.0% year-on-year and fixed asset investment rising by 4.1% [11][12] - High-tech industries are highlighted as a significant growth area, with high-tech manufacturing value-added and investment growing faster than the overall economy [11][12] - The manufacturing sector remains stable, with industrial production growth at 5.9%, supported by strong performance in equipment manufacturing [12][14]

Investment 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 [8]. Core Insights - The forklift sales in January and February 2025 showed a steady growth of 9.15% year-on-year, with domestic sales increasing by 6.48% and overseas sales by 13.84%. February alone saw a significant increase of 49.1% in sales compared to the previous year, driven by a low base effect from the previous year's Spring Festival [7]. - The demand for forklifts is closely linked to the manufacturing and logistics sectors, with the manufacturing PMI indicating a positive outlook as it remained above the threshold line since October 2024 [7]. - Anhui Heli's establishment of a joint venture in Thailand marks a significant step in its global expansion strategy, aiming for an annual production of 10,000 forklifts and lithium battery packs [7]. - Hangcha Group is also expanding internationally by setting up companies in the USA and the Middle East to enhance its market presence and competitiveness [7]. - The report suggests focusing on leading domestic forklift manufacturers with strong brand recognition and R&D capabilities, such as Anhui Heli and Hangcha Group, as they are well-positioned to benefit from the recovery in manufacturing and logistics demand [7]. Summary by Sections Forklift Sales Performance - In January-February 2025, total forklift sales reached 195,100 units, with domestic sales at 121,200 units and overseas sales at 73,900 units [7]. - February 2025 saw a monthly sales figure of 101,500 units, with domestic sales at 66,200 units and exports at 35,200 units [7]. Global Expansion Initiatives - Anhui Heli's joint venture in Thailand involves an investment of approximately 319.5 million yuan, holding a 75% stake in the new company [7]. - Hangcha Group's plans include establishing a smart logistics company in the USA and a company in Dubai to enhance its global marketing and operational capabilities [7]. Market Outlook - The report highlights the positive correlation between forklift demand and the manufacturing sector's health, with expectations of a rebound in domestic demand supported by favorable macroeconomic indicators [7].

Core Insights - Anta Sports reported a revenue growth of 13.6% to RMB 70.83 billion in the fiscal year 2024, marking its first time exceeding RMB 70 billion [1] - The operating profit margin decreased by 1.2 percentage points to 23.4% [1] - Shareholder profit increased by 7.1% to RMB 11.73 billion, excluding certain gains related to Amer Sports [1] - Including the impact of Amer Sports, shareholder profit surged by 52.4% to RMB 15.6 billion [1] Segment Performance - Anta's segment revenue grew by 10.6% to RMB 33.52 billion, with an operating profit margin decline of 1.2 percentage points to 21.0% [2] - FILA's revenue increased by 6.1% to RMB 26.63 billion, despite a challenging market environment, with an operating profit margin decrease of 2.3 percentage points to 25.3% [2] - DESCENTE and KOLON SPORT achieved significant growth, with combined revenue surpassing RMB 10.68 billion, a 53.7% increase [3] Digital and International Expansion - The group's e-commerce business saw a 21.8% increase, driven by enhanced consumer insights through digitalization [3] - Anta is focusing on Southeast Asia for international expansion, successfully entering markets such as Singapore, Malaysia, and Vietnam [3] - Strategic partnerships with leading retail distributors in mature markets have led to significant progress in global brand positioning [3]

Investment Rating - The investment rating for the company is "Outperform the Market" [5] Core Views - The company achieved a net profit of 50.745 billion yuan in 2024, representing a year-on-year increase of 15%. However, revenue decreased by 10% to 362.013 billion yuan. The gross margin improved to 24.44%, up by 5.25 percentage points year-on-year, while the net margin increased to 14.92%, up by 3.26 percentage points [1][8] - The company maintained its leading position in the global power battery market, with a sales volume of 381 GWh in 2024, a year-on-year increase of 19%. The gross margin for power batteries was 23.94%, up by 5.81 percentage points [2][20] - The company is accelerating its capacity expansion and global layout, with a total planned capacity of 895 GWh by the end of 2024, an increase of 96 GWh from the first half of 2024 [3][24] Summary by Sections Financial Performance - In 2024, the company reported a revenue of 362.013 billion yuan, down 10% year-on-year, and a net profit of 50.745 billion yuan, up 15%. The gross margin was 24.44%, and the net margin was 14.92% [1][8] - For Q4 2024, the company achieved revenue of 1029.68 billion yuan, a decrease of 3% year-on-year but an increase of 12% quarter-on-quarter. The net profit for Q4 was 147.44 billion yuan, up 14% year-on-year and 12% quarter-on-quarter [1][8] Market Position - The company continues to lead the global power battery market with a market share of 37.9%, and it has maintained its position as the top supplier for eight consecutive years [2][20] - The company also leads the global energy storage battery market, achieving a sales volume of 94 GWh in 2024, a year-on-year increase of 36% [2][26] Capacity Expansion - The company’s battery production capacity reached 676 GWh by the end of 2024, with an additional 219 GWh under construction, totaling a planned capacity of 895 GWh [3][24] - The company is actively expanding its global footprint, with production facilities in Germany, Hungary, Spain, and Indonesia [3][24] Future Outlook - The company has raised its profit forecast, expecting net profits of 66.202 billion yuan, 81.466 billion yuan, and 96.820 billion yuan for 2025, 2026, and 2027, respectively, reflecting year-on-year growth rates of 31%, 23%, and 19% [33]

摘要 借由港股市场，中国锂电产业链企业有望借由国际融资的助力，走出更开阔的全球化道路。 从2024年底开始，锂电池产业链上下游多家企业扎堆港股。 不只是锂电产业链企业，包括蜜雪冰城、恒瑞医药、三花智控，包括消费品、医疗保健、工业科 技、休闲用品、商业银行等领域的企业，近期已经或筹备在港股上市。其中，蜜雪冰城港股IPO认 购倍数高达5125倍，申购冻结资金超过1.77万亿港元（折合约1.65万亿元），创下2025年港股融 资新纪录。 锂电企业赴港上市掀起高潮。而锂电企业选择港股上市，主要是看中港股透明高效的上市流程以及 其国际融资的便利性便于锂电企业更好地发力全球化布局。 港股上市的高包容性 上市的锂电企业中，既有将首次IPO选在港股的企业，例如正力新能、海辰储能、金晟新能源，也 有已在A股上市的企业准备冲刺A+H上市，如宁德时代、龙蟠科技、中伟股份、格林美、先导智 能。 这首先体现出港股对于企业更高的开放性与包容性。 电池企业包括宁德时代、海辰储能、正力新能； 材料企业包括龙蟠科技、中伟股份、格林美； 电池回收企业有金晟新能源； 设备企业有先导智能； 终端还有车企奇瑞、工程机械企业三一重工。 现阶段，锂电企业 ...

全球知名汽车制造大国——泰国，不完全统计已吸引六大锂电池企业入境布局，具体包括宁德 时代、比亚迪、亿纬锂能、国轩高科、蜂巢能源以及欣旺达。 宁德时代方面 ，2023年6月，与泰国国家石油PTT集团子公司Arun Plus达成CTP合作协议，提 供CTP电池包生产线和技术支持。同时，双方将致力于满足当地电动车生产需求，助力泰国成 为东南亚地区的电池生产中心。 比亚迪方面 ，在泰国投资建设了首个海外乘用车工厂，生产的车型主要包括比亚迪海豚/海豹/ 元PLUS（ATTO 3）等，同时该厂实现了整车四大工艺和零部件的生产。其中，配套搭载的电 芯也是在泰国工厂进行生产。 亿纬锂能方面 ，2023年7月，与泰国Energy Absolute签订谅解备忘录，双方拟在泰国共同组建 合资公司，建设至少6GWh年产能的电池生产基地，同时积极合作开拓泰国及东南亚市场的电 动汽车和储能业务。 国轩高科方面 ，2022年与PTT集团旗下Nuovo Plus达成合作，2023年12月，国轩高科泰国工 厂首款电池产品正式下线，成为了首家在泰国实现电池包本土生产的企业。工厂一期电池包规 划产能为每年2GWh，未来根据市场需求计划扩大到每年8 ...

[Table_Reportdate] 2025年03月13日 [晨会纪要 Table_NewTitle] 20250313 [证券分析师： Table_Authors] 吴骏燕 S0630517120001 wjyan@longone.com.cn 证券分析师： 王洋 S0630513040002 wangyang@longone.com.cn 证券分析师： 刘思佳 S0630516080002 liusj@longone.com.cn [table_main] 重点推荐 财经要闻 晨 会 纪 要 证券研究报告 HTTP://WWW.LONGONE.COM.CN 请务必仔细阅读正文后的所有说明和声明 [Table_Report] ➢ 1.安徽合力（600761）：首次海外合资建厂，全球化布局加速——公司简评报告 ➢ 2.制冷剂价格稳步上行，未来空间广阔——氟化工行业月报 ➢ 1.国常会：讨论通过《国务院2025年重点工作分工方案》 ➢ 2.美国对所有进口钢铁和铝征收25%关税正式生效 ➢ 3.美国2月CPI及核心CPI低于预期 | 1. 重点推荐 | 3 | | --- | --- | | 1.1. 安徽合力 ...

Investment Rating - The investment rating for the company is maintained as "Buy" with a target price of 17.55 HKD [4][7]. Core Insights - The company achieved a record monthly sales of 266,700 vehicles in January, representing a year-on-year increase of 24.9% and a month-on-month increase of 27.0%. The sales of new energy vehicles reached 121,100 units, up 83.9% year-on-year [9]. - The company continues to deepen its global strategic layout, with significant growth in its self-owned brands. The sales of the Geely brand reached 224,700 units in January, a year-on-year increase of 30.1% [9]. - The company plans to expand its overseas sales network, aiming for over 300 sales and service outlets by 2025, with a target overseas sales growth rate of 15.6% [9]. Financial Forecast and Investment Recommendations - The earnings per share (EPS) are forecasted to be 1.43, 1.08, and 1.29 CNY for 2024, 2025, and 2026 respectively. The company maintains a comparable company PE average valuation of 15 times, leading to a target price of 16.20 CNY [4]. - The projected revenue for 2024 is 224.63 billion CNY, with a year-on-year growth of 25.4%. The revenue is expected to reach 316.01 billion CNY by 2026 [6][10]. - The net profit attributable to the parent company is forecasted to be 14.44 billion CNY in 2024, reflecting a significant year-on-year growth of 172.1% [6][10]. Key Financial Metrics - The company reported a revenue of 147.97 billion CNY in 2022, with a gross profit margin of 14.1% and a net profit margin of 3.6% [6][10]. - The projected net profit for 2025 is 10.88 billion CNY, with a net profit margin of 4.0% [6][10]. - The company's return on equity (ROE) is expected to improve from 6.6% in 2023 to 11.2% by 2026 [6][10].

Investment Rating - The report assigns a "Buy" rating to the company with a target price of 262.31, compared to the last closing price of 228.95 [1][10][19] Core Insights - The company achieved a revenue of 15.839 billion, representing a year-on-year growth of 40.63%, and a net profit of 3.327 billion, up 63.09% year-on-year [3][11] - The company plans to distribute a cash dividend of 2.5 per share, totaling 1.3 billion [3] - The company is expected to maintain a revenue and profit growth target of no less than 20% for 2025 [10] Financial Performance - In Q4, the company reported a revenue of 3.281 billion, a year-on-year increase of 25.12%, and a net profit of 619 million, up 61.21% year-on-year [3][4] - The overall sales revenue exceeded 20 billion, marking a 47% increase year-on-year [4] - The gross profit margin increased by 1.7 percentage points to 44.8% for the year, with a net profit margin reaching a historical high of 21.0% [9][10] Product Performance - The company's flagship energy drink, Dongpeng Special Drink, achieved a market share increase of 4.9 percentage points to 47.9% [4] - The new product "Brew Water" saw an extraordinary growth rate of 280%, becoming a billion-level product within two years [4] Regional Expansion - The company experienced significant growth in various regions, with the North region showing an 83.9% increase in revenue [5] - The number of active sales points grew to nearly 4 million, a 17.6% increase year-on-year [5] Future Outlook - The company aims for revenue projections of 20.653 billion, 25.503 billion, and 30.136 billion for 2025, 2026, and 2027 respectively, with corresponding profit targets of 4.366 billion, 5.454 billion, and 6.331 billion [11][15] - The company is also pursuing international expansion, particularly in Southeast Asia and the Middle East, with a focus on the energy drink market [10][11]

Core Viewpoint - The A-share companies are actively engaging in cross-border mergers and acquisitions (M&A) in sectors such as advanced manufacturing, energy, and healthcare, driven by strategic goals to enhance competitiveness and expand global presence [1][2][5]. Group 1: Advanced Manufacturing - Suzhou Ousheng Electric Co., Ltd. plans to acquire 100% of German cleaning equipment manufacturer Producteers International GmbH to enhance technology and market competitiveness [1]. - Huizhou Guanghong Technology Co., Ltd. intends to acquire 100% of French electronic manufacturing service provider All Circuits S.A.S. and 0.003% of TIS Circuits SARL, marking a significant step in its global industrial layout [1]. Group 2: Energy Sector - Hainan Mining Co., Ltd. is pursuing acquisitions of 47.63% of ATZ Mining Limited and 36.06% of Felston Enterprises Limited, focusing on zirconium-titanium projects in Africa to diversify its strategic metal resources [1][2]. Group 3: Healthcare Sector - Ningbo Tianyi Medical Equipment Co., Ltd. is acquiring the global CRRT business from Japan's Nikkiso Co., Ltd. and plans to purchase assets from BELLCO S.R.L. for €1.199 million, enhancing its product line and international business platform [3][4]. Group 4: Market Trends and Characteristics - The cross-border M&A activities reflect trends such as vertical integration around core businesses, technology acquisition, and overseas market expansion [2]. - The industry is witnessing increased concentration, diversification through technology complementarity, and a shift from opportunistic to systematic global layouts [2][5]. Group 5: Future Opportunities and Challenges - The cross-border M&A market is expected to remain active due to global economic integration and supportive domestic policies, with sectors like renewable energy, smart manufacturing, information technology, and healthcare being key areas for future M&A [5][6]. - Challenges include cultural differences, regulatory compliance, valuation risks, and market competition, necessitating thorough pre-merger research and strategic planning for successful integration [6].