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]

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 report maintains a "Buy" rating for Anhui Heli (600761) [10] Core Views - Anhui Heli has established a joint venture in Thailand, marking a significant step in its global expansion strategy. The company aims to enhance its international brand influence and is building an overseas production supply system [8][9] - The company reported overseas revenue of 3.486 billion yuan in the first half of 2024, a year-on-year increase of 20.52%, accounting for 38.69% of total revenue [8] - The collaboration with Huawei is expected to reshape the competitive landscape of smart logistics, leveraging digital transformation and AI technologies [9] - The domestic demand for forklifts is anticipated to improve, supported by a favorable manufacturing PMI and a projected GDP growth of around 5% for the year [9] Summary by Sections 1. Anhui Heli Overview - Anhui Heli has formed a joint venture with a local Thai company, investing approximately 319.5 million yuan for a 75% stake in the new company, which will manufacture industrial vehicles and lithium battery packs [7][8] - The company plans to produce 10,000 forklifts and 10,000 sets of lithium battery packs annually [7] 2. Refrigerant Industry Insights - The prices of refrigerants are steadily increasing, with R32, R125, and R134a prices rising by 2.30%, 2.33%, and 2.27% month-on-month, respectively [12] - The production of second-generation refrigerants is being reduced, while the demand for third-generation refrigerants is expected to remain strong due to high air conditioning production [13] - The report suggests focusing on leading companies in the refrigerant industry, such as Juhua Co. and Sanmei Co., which have well-established supply chains [13]

Investment Rating - The report indicates a positive investment outlook for the lithium battery forklift industry, highlighting its rapid growth and technological advancements. Core Insights - The lithium battery forklift market is experiencing significant demand growth driven by e-commerce logistics and automation, with a market size increase from 2.097 billion RMB in 2020 to 4.815 billion RMB in 2023, reflecting a compound annual growth rate (CAGR) of 31.93% [33] - The industry benefits from lower operational costs and environmental advantages compared to traditional lead-acid battery forklifts, with lithium batteries offering a cycle life of 2,000-5,000 times compared to 300-500 times for lead-acid batteries [5][4] - The report emphasizes the importance of technological innovation in lithium battery materials, which has led to reduced costs and improved safety, further driving market penetration [6] Industry Definition - Lithium battery forklifts are defined as industrial vehicles powered by lithium batteries, including electric balance forklifts, electric ride-on warehouse forklifts, and electric walk-behind warehouse forklifts [2] Industry Characteristics - The industry is characterized by low emissions and environmental benefits, economic advantages, and growth driven by market demand and technological innovation [3] Development History - The lithium battery forklift industry in China has evolved from the first electric balance forklift developed in the 1950s to a rapid expansion phase post-2016, with increasing applications and market acceptance [7][11][12] Industry Chain Analysis - The industry chain consists of upstream raw materials (steel, batteries, motors), midstream manufacturing, and downstream applications in logistics and industrial sectors [12][26] Upstream Analysis - Upstream raw materials account for a significant portion of costs, with fluctuations in prices of lithium battery materials impacting overall manufacturing costs [14][20] Midstream Analysis - Leading companies in the midstream sector include Zhongli Machinery, which has maintained a market share of 35% in 2023, and has a comprehensive product range [15][24] Downstream Analysis - The downstream market is broad, encompassing logistics, manufacturing, and transportation, with demand driven by economic growth and rising labor costs [28][30] Market Size and Forecast - The market size is projected to grow from 5.706 billion RMB in 2024 to 9.944 billion RMB in 2028, with a CAGR of 14.90% [33] Competitive Landscape - The competitive landscape features a tiered structure with leading companies like Zhongli Machinery and Noli Intelligent holding over 50% of the market share, emphasizing technological innovation and market expansion [41][42]