智通财经4月21日电，杭叉集团(603298.SH)公告称，杭叉集团发布2025年第一季度报告，实现营业收入 45.06亿元，同比增长8.02%；归属于上市公司股东的净利润为4.36亿元，同比增长15.18%。 杭叉集团：一季度净利润增长15.18% ...

杭叉集团（603298）公告，2025年第一季度营收为45.06亿元，同比增长8.02%；净利润为4.36亿元，同 比增长15.18%。 ...

Investment Rating - The report assigns an "Add-A" rating to the company, indicating a positive outlook for its stock performance [4][9]. Core Insights - The company reported a revenue of 17.325 billion yuan for 2024, a slight increase of 0.99% year-on-year, while the net profit was 1.32 billion yuan, up 0.18% year-on-year [5][6]. - The company has shown a strong growth in forklift sales, outperforming the industry with a 16.53% increase in sales volume, capturing a market share of 26.5% [6]. - The overseas business has been a significant growth driver, with a 34% increase in complete machine exports and overseas revenue reaching 6.928 billion yuan, accounting for nearly 40% of total revenue [6][7]. Market Performance - As of April 18, 2025, the company's closing price was 15.55 yuan, with a yearly high of 28.50 yuan and a low of 14.31 yuan [2]. - The total market capitalization stands at 13.85 billion yuan [2]. Financial Data - The basic earnings per share (EPS) for 2024 is reported at 1.59 yuan, with a diluted EPS also at 1.59 yuan [3]. - The return on equity (ROE) is 13.63%, indicating a solid profitability level [3]. - The company plans to distribute a cash dividend of 534 million yuan, with a payout ratio of 40.5%, resulting in a dividend yield of approximately 3.4% [7]. Future Projections - The company expects revenues of 18.213 billion yuan in 2025, with projected EPS of 1.59 yuan, 1.71 yuan, and 1.95 yuan for 2025, 2026, and 2027 respectively [11][9]. - The projected price-to-earnings (P/E) ratios for 2025, 2026, and 2027 are 9.8, 9.1, and 8.0 respectively, indicating a potentially undervalued stock [11][9].

2025年4月18日，杭叉集团(603298.SH)发布2024年年度报告。截至2025年4月17日，共有243个机构投资 者披露持有杭叉集团A股股份，合计持股量达9.57亿股，占杭叉集团总股本的73.04%。其中，前十大机 构投资者包括浙江杭叉控股股份有限公司、杭州市实业投资集团有限公司、香港中央结算有限公司、中 国人寿保险股份有限公司-传统-普通保险产品-005L-CT001沪、全国社保基金四一八组合、全国社保基 金四零六组合、上海呈瑞投资管理有限公司-永隆精选B基金、南方中证500ETF、睿远成长价值混合A、 兴全合润混合A，前十大机构投资者合计持股比例达69.43%。相较于上一季度，前十大机构持股比例合 计下跌了2.35个百分点。 公募基金方面，本期较上一期持股增加的公募基金共计3个，包括兴银高端制造混合A、宏利先进制造 股票A、财通多策略精选混合(LOF)，持股增加占比小幅上涨。本期较上一季度持股减少的公募基金共 计17个，主要包括融通中国风1号灵活配置混合A/B、景顺长城核心中景一年持有期混合、东方红启东 三年持有混合、景顺长城核心招景混合A、南方中证500ETF等，持股减少占比达1.22%。本期 ...

4月17日晚，杭叉集团（603298）披露2024年年报。去年，公司在产品结构优化调整、产业转型升级等 多项举措加持下，保持了效益增幅远大于营收增幅的经营佳绩，实现营业收入164.86亿元，同比增长 1.15%，实现归属于上市公司股东的净利润20.22亿元，同比增长17.86%；拟每股派发现金红利0.5元(含 税)。 面对全球化竞争的新形势，杭叉集团坚持创新驱动，强化技术赋能，着力构建技术研发核心竞争力。去 年公司的研发费用增至7.74亿元，同比增长4.64%；研发人员达到1151人，占公司总人数的比例 17.85%。 报告期内，杭叉集团通过整合全球技术资源，以电池、电驱、电控等新能源技术为核心，以"用户需求 +技术创新"为驱动主线，全年实现52个研发项目产品批量可售和25项技术研发项目成果产业应用。公 司授权专利129件，其中发明专利82件，较上年同比增长60%以上。 目前，杭叉集团已成功构建了行业最为齐全的新能源产品体系，48吨高压锂电叉车、45吨高压锂电集装 箱正面吊、48吨氢燃料电池叉车、高压锂电越野叉车等多个产品实现行业领先。 新经济形势下，杭叉集团坚持以提高市场占有率为第一要务，全面推进营销变革。 ...

Core Insights - The company achieved a revenue of 17.325 billion yuan in 2024, representing a year-on-year growth of 0.99%, while the net profit attributable to shareholders was 1.32 billion yuan, up 0.18% year-on-year [1] - The company's gross margin and net margin for 2024 were 23.46% and 8.66%, respectively, reflecting an increase of 2.85 and 0.56 percentage points year-on-year, driven by a higher proportion of overseas sales and high-margin electric products [1] Group 1: Financial Performance - In Q4 2024, the company reported a revenue of 3.917 billion yuan, a decline of 2.67% year-on-year, and a net profit of 218 million yuan, down 33.98% year-on-year [1] - The company’s selling, general, and administrative expenses as a percentage of revenue were 5.08%, 3.30%, 6.27%, and 0.18%, with year-on-year changes of +1.03, +0.71, +1.16, and +0.13 percentage points, respectively [1] Group 2: International Expansion - The company’s overseas revenue reached 6.928 billion yuan in 2024, growing by 13.33% year-on-year, with an overseas revenue share of 39.99%, an increase of 5 percentage points [2] - The gross margin for overseas operations was 26.20%, significantly higher than the domestic gross margin of 21.25% [2] - The company exported 126,400 units in 2024, marking a year-on-year increase of 34.08%, outpacing industry growth [2] Group 3: Product Development and Innovation - The company’s electric product share exceeded 65% in 2024, an increase of 8 percentage points year-on-year, with the total industry sales of electric forklifts reaching 946,200 units, up 18.76% year-on-year [2] - The company successfully developed and launched a 55-ton lithium battery forklift, the largest in the world, filling a gap in the domestic high-end product market [2] - The company is expanding its smart logistics segment through investments and acquisitions, enhancing collaboration with leading firms in AI and cloud computing [2] Group 4: Strategic Acquisitions - The company acquired stakes in Youhuan Machinery and Anxin Forklift, strengthening its industrial vehicle supply chain collaboration [3]

Investment Rating - The report maintains a "Buy" rating for the company [5][6] Core Views - The company's revenue for 2024 is projected to be 17.33 billion, a slight decrease of 0.83% year-on-year, while the net profit is expected to grow by 3.25% to 1.32 billion [5] - The gross margin has improved to 23.5%, an increase of 2.9 percentage points, and the net margin has risen to 8.7%, up by 0.6 percentage points [5] - The company is expected to benefit significantly from the ongoing electrification of forklifts, with electric forklifts accounting for 73.6% of total sales in 2024, and the company is advancing its lithium battery and hybrid forklift series [2] - International revenue is projected to reach 6.93 billion, a growth of 13.3%, with a notable increase in complete machine exports by 34.1% [3] - The company is expanding its smart logistics business, which is anticipated to create a second growth curve, supported by a partnership with Huawei for digital transformation and AI [4] Summary by Sections Financial Performance - In 2024, the company achieved a revenue of 173.3 billion, a 1.0% increase year-on-year, and a net profit of 13.2 billion, a 0.2% increase [1] - The gross margin improved to 23.5%, and the net margin increased to 8.7% [1] Market Trends - The total sales of forklifts in China for 2024 are expected to reach 1.286 million units, a growth of 9.5%, with significant increases in electric forklift sales [2] - The company is leading in the lithium battery forklift sector, having launched the world's largest lithium electric forklift [2] International Expansion - The company reported overseas revenue of 69.3 billion, a 13.3% increase, with exports of complete machines growing by 34.1% [3] - The company is establishing a comprehensive international marketing system to enhance its global presence [3] Strategic Initiatives - The company is extending its smart logistics chain and has opened a smart logistics industrial park, indicating a strategic shift towards digital and AI-driven solutions [4] - A partnership with Huawei aims to bolster the company's capabilities in digital transformation and smart logistics [4]

事件： 公司发布2024 年年报，全年实现营业收入173.25 亿元，同比增长0.99%；归母净利润13.20 亿元，同比 增长0.18%；扣非归母净利润10.37 亿元，同比下降5.84%；销售毛利率为23.46%，同比上升2.85pct；销 售净利率为8.66%，同比上升0.56pct。 单四季度公司营业收入为39.17 亿元，同比下降2.67%，环比下降10.99%；归母净利润为2.18 亿元，同 比下降33.98%，环比下降26.77%；扣非归母净利润为0.73 亿元，同比下降70.85%，环比下降70.26%。 利润增速低于收入增速，主要系期间费用提升影响2024 年，公司实现营收173.25 亿元，同比增长 0.99%；实现归母净利润13.20亿元，同比增长0.18%。利润增速略低于收入增速，主要系期间费用增加 影响：①销售费用8.80 亿元，同比增加24.67%，主要用于南美、大洋洲、欧洲等海外中心的建设以及 新兴板块的布局；②研发费用10.86 亿元，同比增加14.02%，主要用于加大材料方面研发投入，且海外 研发中心建设费用在第四季度集中体现；③管理费用5.71 亿元，同比增加19.02%， ...

Investment Rating - The report maintains a "Strong Buy" rating for Anhui Heli (600761), expecting it to outperform the benchmark index by over 20% in the next six months [2][17]. Core Views - The company reported a revenue of 17.33 billion yuan in 2024, a year-on-year increase of 0.99%, and a net profit attributable to shareholders of 1.32 billion yuan, up 0.18% year-on-year. However, the net profit excluding non-recurring items decreased by 5.84% [2]. - The report highlights the impact of rising costs on profits but remains optimistic about the company's diversified layout and international expansion efforts [2][3]. Financial Performance Summary - In 2024, the company achieved a gross margin of 23.25%, an increase of 1.62 percentage points year-on-year, despite a challenging domestic market [7]. - The total sales volume of complete machines reached 340,200 units, a year-on-year increase of 16.53%, with electric products accounting for over 65% of sales [7]. - The company’s overseas revenue reached 6.93 billion yuan, a year-on-year increase of 13.3%, with foreign revenue accounting for 40% of total revenue [7]. Market Position and Strategy - The company is focusing on smart logistics and has made significant investments in this area, including the establishment of a smart logistics industrial park and partnerships with technology firms like Huawei [7]. - The report notes that the domestic demand for internal combustion forklifts is weak, but the company is accelerating its overseas expansion and product differentiation [7]. Future Projections - Revenue projections for 2025, 2026, and 2027 are 19.29 billion yuan, 21.67 billion yuan, and 24.27 billion yuan, respectively, with expected year-on-year growth rates of 11.3%, 12.3%, and 12.0% [8]. - The net profit attributable to shareholders is projected to be 1.45 billion yuan, 1.64 billion yuan, and 1.86 billion yuan for the same years, with growth rates of 9.9%, 12.9%, and 13.6% [8].

Financial Performance - The company's basic earnings per share for 2024 is 1.5900 yuan, a decrease of 10.67% compared to 1.7800 yuan in 2023 [1] - The net profit for 2024 is 13.2 billion yuan, slightly up from 13.17 billion yuan in 2023, reflecting a 0.23% increase [1] - The return on equity (ROE) has decreased to 14.04% from 17.56% in the previous year, indicating a decline of 20.05% [1] - The total revenue for 2024 is reported at 173.25 billion yuan, a marginal increase of 0.99% from 171.56 billion yuan in 2023 [1] Shareholder Structure - The top ten unrestricted shareholders hold a total of 42,884.83 million shares, accounting for 48.15% of the circulating shares, with an increase of 2,491.36 million shares compared to the previous period [1] - Anhui Forklift Group Co., Ltd. remains the largest shareholder with 31,291.47 million shares, representing 35.13% of the total share capital, with no change in its holdings [2] - New entrants among the top shareholders include the National Social Security Fund 113 Portfolio, holding 2,295.14 million shares (2.58%) [2] Dividend Distribution - The company has announced a dividend distribution plan of 10 yuan per share, including tax [3]