东海证券发布研报称，叉车下游应用广泛，周期性特征较弱，与制造业景气程度关联度较高。未来制造 业复苏和仓储物流量的增长，对国内叉车需求呈现积极作用。同时，国内企业正加速全球化布局，建立 海外本土产能与售后服务体系，全球市场渗透率逐步提升。另外，国内叉车龙头正积极布局智能物流与 物流机器人领域，将重塑物流行业竞争格局。建议关注安徽合力（600761）(600761.SH)、杭叉集团 （603298）(603298.SH)及中力股份（603194）(603194.SH)。 东海证券主要观点如下： 安徽合力：电动化产品占比提升，外销高增推动收入创新高 公司2025年上半年实现营收93.90亿元，同比+6.18%;实现归母净利润达7.96亿元，同比-4.60%;毛利率和 净利率分别达23.58%和9.59%，同比+2.00pct和+0.01pct。2025年上半年公司销量20.42万台，同比 +17.23%，增速高于行业，行业占比高达27.62%。绿色化方面，公司电动车销量同比增长28%，占比升 至68%，较上年末提高2.5pct，带动整体产品毛利率提升。公司海外业务营收达40.16亿元，同比增长 15.20%，海外收 ...

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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]