随着制造业复苏和仓储物流量的增长，叉车市场需求回升，公司产品销量同步提升，带动营业收入增 加，利润增长。叉车电动化渗透率持续提升，公司紧跟市场趋势调整并优化产品结构，报告期内，电动 叉车变速箱产品销量占比上升，该类产品凭借较高的毛利率水平，成为带动公司整体经营业绩增长的核 心驱动力。 格隆汇1月28日丨金道科技(301279.SZ)公布，预计2025年归属于上市公司股东的净利润6,115.67万元～ 6,759.43万元，比上年同期增长43.23%～58.30%，扣除非经常性损益后的净利润5,702.96万元～6,303.28 万元，比上年同期增长38.96%～53.59%。 ...

南财智讯1月28日电，金道科技发布年度业绩预告，预计2025年全年归属于上市公司股东的净利润为 6115.67万元—6759.43万元，同比预增43.23%—58.30%；预计2025年全年归属于上市公司股东的扣除非 经常性损益的净利润为5702.96万元—6303.28万元，同比预增38.96%—53.59%。归属于上市公司股东的 净利润同比变动原因：随着制造业复苏和仓储物流量的增长，叉车市场需求回升，公司产品销量同步提 升，带动营业收入增加，利润增长；叉车电动化渗透率持续提升，公司紧跟市场趋势调整并优化产品结 构，报告期内，电动叉车变速箱产品销量占比上升，该类产品凭借较高的毛利率水平，成为带动公司整 体经营业绩增长的核心驱动力。 ...

金道科技公告，预计2025年度净利润为6115.67万元～6759.43万元，同比增长43.23%～58.30%。随着制 造业复苏和仓储物流量的增长，叉车市场需求回升，公司产品销量同步提升，带动营业收入增加，利润 增长。叉车电动化渗透率持续提升，公司紧跟市场趋势调整并优化产品结构，报告期内，电动叉车变速 箱产品销量占比上升，该类产品凭借较高的毛利率水平，成为带动公司整体经营业绩增长的核心驱动 力。 ...

Investment Rating - The report maintains a "Market Perform" rating for the forklift industry, emphasizing the importance of lithium battery replacement and product export as key investment themes [1]. Core Insights - The forklift industry is experiencing a clear transition towards electrification, driven by increasing domestic demand and favorable policies. The focus is shifting towards safety regulations, emission controls, and digital supervision, which guide the industry's upgrade direction [4][11]. - The electrification of forklifts, particularly through lithium batteries, is identified as a primary growth driver. The advantages of electric forklifts include environmental friendliness, low noise, and low energy consumption, leading to increased penetration in high-demand sectors [4][38]. - The report highlights the competitive landscape, noting that domestic leaders are enhancing their core competitiveness through high-performance products and deepening international market presence. The industry is characterized by significant barriers to entry, including technology, brand, and distribution channels [4][29]. Summary by Sections 1. Domestic Demand and Market Overview - The forklift industry in China has seen rapid growth, with a projected 2024 sales volume of 1.45 million units, reflecting a year-on-year increase of 12.93% [18]. - The global forklift market is expected to reach 21.598 million units in 2024, with Asia accounting for 52.01% of sales [18][29]. - The competitive landscape is dominated by foreign companies, with the top three (CR3) holding approximately 53% market share in 2024 [29]. 2. Electrification and Lithium Battery Market - The report emphasizes that lithium batteries will lead the electrification transition, with electric forklifts expected to replace internal combustion models due to stricter environmental regulations [4][38]. - The market for electric forklifts is projected to grow significantly, with a compound annual growth rate (CAGR) of 4.16% from 2025 to 2030, reaching a market size of $71.85 billion [29]. 3. Investment Recommendations - The report suggests focusing on companies with lithium battery technology barriers and strong overseas channels, such as Hangcha Group, Anhui Heli, Zhongli Group, and Noli Group, which are expected to benefit from tightening environmental policies and the electrification wave [4][29].

Core Viewpoint - The company is a leader in the intelligent manufacturing equipment and smart logistics systems industry, established in 2000 and listed in 2015, with a focus on intelligent manufacturing equipment and smart logistics systems [1] Group 1: Business Overview - The core product lines of intelligent manufacturing equipment include a full range of industrial vehicles, fork-type AGVs, and embodied intelligent robots [1] - The smart logistics systems business provides customized and intelligent internal logistics solutions by integrating logistics management software with various logistics equipment [1] - The company has maintained a dividend payout ratio of over 31% since 2020, with a projected dividend rate of 50.02% and a dividend yield of 5.00% for 2024 [1] Group 2: Market Trends and Growth Potential - The trend towards electric forklifts is clear, with sales growth in China exceeding 18% over the past two years, and the company aims to capture 45% of the EU market and 35% of the global market for light and small vehicles by October 2025 [2] - The company’s large electric forklift strategy has shown significant results, with a projected additional profit of 300 million yuan after the completion of the fifth smart factory, which will have a capacity of 50,000 vehicles [2] Group 3: Revenue Projections - Revenue from the company's new energy intelligent logistics solutions is expected to grow from 1.306 billion yuan in 2024 to 2.635 billion yuan in 2029, with a CAGR of 14.7% from 2024 to 2029 [3] - The company’s subsidiary, Zhongding Intelligent, is expected to contribute to revenue growth, with a combined revenue of 3.225 billion yuan in 2024 [3] Group 4: Innovation and R&D - The company has established a joint laboratory for embodied intelligent logistics robots with Zhejiang University, addressing the increasing demand for flexibility in the logistics industry [4] - The "Nobor II" embodied intelligent robot was launched in August 2025, targeting high-risk industrial applications, and has already secured development and procurement agreements with quality clients [4] Group 5: Investment Outlook - The company is well-positioned to benefit from the electric forklift trend and the growing demand for new energy intelligent logistics systems, with expectations for revenue growth of 7.326 billion yuan in 2025, 8.054 billion yuan in 2026, and 9.006 billion yuan in 2027 [5] - Projected net profits are 511 million yuan in 2025, 609 million yuan in 2026, and 729 million yuan in 2027, with corresponding EPS of 1.98, 2.36, and 2.83 yuan [5]

Investment Rating - The report assigns an "Accumulate" rating for Zhongli Co., Ltd. (603194) [1] Core Views - Zhongli Co., Ltd. is a global leader in electric warehouse forklifts, driving the transformation of material handling technology towards electrification, greening, and intelligence [2][16] - The company has a complete product line of warehouse forklifts and intelligent handling robots, with a strong market position in China and significant international presence [2][3] - The company is expected to benefit from the ongoing electrification trend in the forklift industry, with robust revenue and profit growth projected in the coming years [4][48] Summary by Sections Company Overview - Established in 2007, Zhongli Co., Ltd. focuses on the R&D, production, and sales of forklifts and intelligent handling robots, leading the industry in electrification and green development [2][16] - The company has maintained a leading market share in electric warehouse forklifts in China since 2013, with a strong international sales network covering North America, Europe, and Southeast Asia [2][16] Financial Performance - Revenue is projected to grow from 22 billion yuan in 2019 to 66 billion yuan in 2024, with a CAGR of 25% [2][26] - The net profit attributable to shareholders is expected to increase from 1.5 billion yuan in 2019 to 8.4 billion yuan in 2024, with a CAGR of 41% [2][26] - For the first three quarters of 2025, the company reported a revenue of 52 billion yuan, up 8.6% year-on-year, and a net profit of 6.9 billion yuan, up 5.5% year-on-year [2][26] Market Trends - The forklift industry is expected to grow at a CAGR of approximately 8% from 2015 to 2024, driven by investments in manufacturing and logistics, as well as the electrification trend [2][3] - The global market for balance-weight forklifts is projected to have significant growth potential, with the lithium battery penetration rate expected to increase [3][41] Competitive Advantages - Zhongli Co., Ltd. has a strong competitive edge due to its established brand, comprehensive product offerings, and significant international market share [3][41] - The company's gross profit margin has improved from 26.7% in 2022 to 29.7% in 2025, driven by scale effects and efficient management [28][41] - The company maintains a higher gross margin compared to domestic competitors, with a sales gross margin of 29.7% and a net profit margin of 13.3% [41][44] Future Outlook - The company is well-positioned to capitalize on the ongoing electrification and automation trends in the material handling industry, with expected growth in both domestic and international markets [4][48] - The strategic focus on intelligent logistics solutions and the development of autonomous handling equipment is anticipated to further enhance growth opportunities [3][4]

Core Insights - The company achieved a revenue of 9.39 billion yuan in H1 2025, representing a year-on-year growth of 6.2% (adjusted) [1] - The net profit attributable to shareholders decreased by 4.6% year-on-year to 800 million yuan (adjusted), while the net profit excluding non-recurring items increased by 0.3% to 730 million yuan (adjusted) [1] - The gross profit margin stood at 23.6% [1] Group 1: Sales Performance - The company sold 204,000 forklifts in H1 2025, marking a year-on-year increase of 17.2%, with domestic sales reaching 126,000 units, up 11.3% [1] - The proportion of electric forklifts in the product mix increased to 68% by the end of H1 2025, up from the end of 2024 [1] Group 2: International Market Expansion - The company’s overseas forklift sales reached 74,000 units in H1 2025, a year-on-year growth of 23.1%, with overseas revenue accounting for 43% of total revenue [1] - The company achieved the highest market share in 34 overseas countries and regions and is investing in its first overseas manufacturing facility [1] Group 3: Smart Logistics Development - Revenue from components, aftermarket, and smart logistics segments grew by 16.4%, 15.3%, and 59.1% year-on-year, respectively [1] - The company is accelerating the professional integration of its smart logistics business and has established a "Joint Innovation Tian Gong Laboratory" in collaboration with Huawei's data communication product line [1] Group 4: Future Outlook - The company maintains a "buy" rating, with net profit forecasts for 2025-2027 at 1.42 billion, 1.60 billion, and 1.81 billion yuan, respectively, corresponding to EPS of 1.60, 1.80, and 2.03 yuan [1] - The company is expected to benefit significantly from the internationalization and electrification of the forklift industry, as well as the development of smart logistics [1]

Investment Rating - The report maintains a "Buy" rating for the company [5] Core Views - The company achieved a revenue of 9.39 billion yuan in H1 2025, representing a year-on-year growth of 6.2% (adjusted). The net profit attributable to shareholders was 800 million yuan, a decrease of 4.6% (adjusted), while the net profit excluding non-recurring items was 730 million yuan, showing a slight increase of 0.3% (adjusted). The gross margin was 23.6%, up by 0.4 percentage points (adjusted), and the net margin was 9.6%, down by 0.7 percentage points (adjusted) [1] - The company sold 204,000 forklifts in H1 2025, marking a 17.2% increase year-on-year, with domestic sales reaching 126,000 units, up 11.3%. The proportion of electric forklifts sold increased to 68%, up 2.5 percentage points from the end of 2024, indicating a strong benefit from the ongoing electrification of forklifts [2] - The company significantly expanded its international market presence, with overseas forklift sales reaching 74,000 units in H1 2025, a 23.1% increase year-on-year. Overseas revenue accounted for 43% of total revenue, and the company achieved the highest market share in 34 countries and regions. The establishment of its first overseas manufacturing plant is expected to further enhance its international operations [3] - The company is actively developing its smart logistics business, with revenue from components, aftermarket, and smart logistics segments growing by 16.4%, 15.3%, and 59.1% year-on-year, respectively. Collaborations with Huawei and Jianghuai are aimed at advancing research and development in smart logistics and robotics, positioning the company to capitalize on the increasing demand for intelligent logistics solutions [4] Summary by Sections Financial Performance - In H1 2025, the company reported a revenue of 9.39 billion yuan, a 6.2% increase year-on-year. The adjusted net profit was 800 million yuan, down 4.6%, while the adjusted net profit excluding non-recurring items was 730 million yuan, up 0.3%. The gross margin was 23.6%, and the net margin was 9.6% [1] Sales and Market Expansion - Forklift sales reached 204,000 units in H1 2025, a 17.2% increase year-on-year, with domestic sales at 126,000 units, up 11.3%. The electric forklift sales proportion increased to 68% [2] - Overseas forklift sales were 74,000 units, a 23.1% increase year-on-year, with overseas revenue making up 43% of total revenue. The company is establishing its first overseas manufacturing plant [3] Strategic Initiatives - The company is enhancing its smart logistics business, with significant revenue growth in related segments. Collaborations with technology partners aim to innovate in smart logistics and robotics [4]