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]

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].

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]

[Table_Reportdate] 2025年03月13日 [晨会纪要 Table_NewTitle] 20250313 [证券分析师： Table_Authors] 吴骏燕 S0630517120001 wjyan@longone.com.cn 证券分析师： 王洋 S0630513040002 wangyang@longone.com.cn 证券分析师： 刘思佳 S0630516080002 liusj@longone.com.cn [table_main] 重点推荐 财经要闻 晨 会 纪 要 证券研究报告 HTTP://WWW.LONGONE.COM.CN 请务必仔细阅读正文后的所有说明和声明 [Table_Report] ➢ 1.安徽合力（600761）：首次海外合资建厂，全球化布局加速——公司简评报告 ➢ 2.制冷剂价格稳步上行，未来空间广阔——氟化工行业月报 ➢ 1.国常会：讨论通过《国务院2025年重点工作分工方案》 ➢ 2.美国对所有进口钢铁和铝征收25%关税正式生效 ➢ 3.美国2月CPI及核心CPI低于预期 | 1. 重点推荐 | 3 | | --- | --- | | 1.1. 安徽合力 ...

钟鼎资本在新交通、新能源、新出海领域再下一城。 本文为IPO早知道原创 作者｜Stone Jin 微信公众号｜ipozaozhidao 据IPO早知道消息，浙江中力机械股份有限公司（以下简称"中力股份"）于2024年12月24日正式 以"603194"为股票代码在上交所主板挂牌上市。 中力股份今日高开244%。截至10:05，中力股份报于每股60.96元，较发行价上涨200.00%，市值 244.45亿元。 钟鼎资本合伙人尹军平表示："创始人何金辉董事长是叉车行业的顶尖企业家，在搬运工具电动化与 智能化的长期大趋势下，带领中力成功整合中国供应链与海外品牌，成为这一行业毫无疑问的引领 者。今天，中力叉车成功在主板上市，我们为中力感到骄傲与自豪，也祝愿中力叉车在何金辉董事长 的带领下更上一层楼，加速全球搬运设备产业的电动化和智能化进程。" 随着中力股份今日成功登陆上交所主板，也意味着钟鼎资本在新交通、新能源、新出海领域再下一 城。 事实上， 钟鼎资本 长期 立足供应链创新视角，重点布 局新能源、新交通、新出海的科技服务 —— 深 耕 物 流 交 通 行 业 ， 钟 鼎 感 受 到 交 通 电 动 化 的 大 趋 ...