0JyAXHm2qWdVcW6MdNaQpNrRsQqOeRmMoPjMoPxO7NpPsNxNrRrMvPsPnR 本报告来源于"慧博投研"，请勿外传！ |证券研究报告！ 长江证券 公司研究1点评报告杭叉集团（603298.SH） 杭叉集团：AI元年开启，看好高泛化智能体在物 流场景的爆发潜力 报告要点 公司发布2025年度业绩预告，预计2025全年实现归母净利润21.13-23.15亿元。与上年同期 （重述后的财务数据）相比，预计同比增加5%-15%，中值22.14亿元，中值对应增速10%： 预计实现扣非归母净利润20.58-22.55亿元，与上年同期（重述后的财务数据）相比，预计同 比增加4.99%-15.01%，中值21.57亿元，中值对应增速10%。公司叉车主业稳步向上，有望 持续贡献稳定现金流；智能化业务持续做深做强，看好公司未来高泛化智能体在物流场景的埋 发潜力，有望带来收入和利润的高速增长及估值重望， 分析师及联系人 赵智勇 诚雄 曹小敏 王硕 SAC: S0450517110001 SAC: $0490518070005 SAC: S0490521050001 SFC: BRP550 SFC ...

Investment Rating - The investment rating for the company is "Buy" and is maintained [8]. Core Views - The company is expected to achieve a net profit attributable to shareholders of 2.113 to 2.315 billion yuan in 2025, representing a year-on-year increase of 5% to 15%, with a median estimate of 2.214 billion yuan, corresponding to a growth rate of 10% [2][5]. - The company’s core forklift business is steadily growing, which is expected to continue contributing stable cash flow. The ongoing development of its intelligent business is anticipated to unlock significant revenue and profit growth, as well as a revaluation of the company [2][5]. Summary by Relevant Sections Financial Performance - The company forecasts a net profit of 2.058 to 2.255 billion yuan for 2025, with a year-on-year increase of 4.99% to 15.01%, and a median estimate of 2.157 billion yuan, also corresponding to a growth rate of 10% [2][5]. - The total revenue for 2025 is projected to be 18.155 billion yuan, with a gross profit margin of 24% [10]. Market Position and Strategy - The company is positioned as a leader in the forklift industry and is focusing on expanding its intelligent business, particularly in logistics scenarios, which are expected to have significant market potential [10]. - The company is enhancing its product structure, with an increasing proportion of electric forklifts and high-value products like new energy and large-tonnage forklifts driving growth [10]. Global Expansion - The company is expected to see better performance in overseas markets compared to domestic ones, with a focus on expanding into Southeast Asia, Brazil, and the Middle East [10]. - The global strategy is showing results, with an increasing share of overseas sales contributing positively to the company's revenue [10].