今天分享的是：2025叉车行业市场空间、发展趋势及行业龙头杭又集团销量、布局分析报告 报告共计：34页 叉车行业迎全球化与智能化浪潮，杭叉集团多赛道布局打开增长空间 在工业物流领域，叉车作为物料搬运的核心装备，正经历着全球化扩张与智能化转型的双重变革。作为中国叉车行业的龙头企 业，杭叉集团不仅在传统叉车市场稳固领先地位，更在无人化、电动化及智能物流系统等新兴赛道积极布局，同时依托"巨星 系"资源优势，持续拓展全球市场，为行业发展树立了新标杆。 从全球叉车市场格局来看，行业规模持续扩大且全球化特征显著。2023年全球叉车销量已达214万台，2013-2023年复合增长率 保持8%的稳健水平，其中亚洲和欧洲是主要消费市场，分别占据47%和30%的份额。中国作为全球叉车消费主力，2023年销量 占全球36%，2013-2023年复合增长率达12.2%。2024年中国叉车总销量进一步增至129万台，出口量达48万台，出口占比提升至 37%，2019-2024年出口量复合增长率高达26%，彰显出中国叉车企业在全球市场的竞争力不断提升。 在竞争格局方面，全球叉车行业集中度较高，2023年行业CR3营收市占率达55%，日本 ...

Investment Rating - The investment rating for the company is "Buy" [6] Core Views - The company's mid-year performance for 2025 met expectations, with a year-on-year revenue growth of 11%, driven by globalization and electrification [2] - The company is positioned as a leader in the forklift industry, with growth potential in humanoid robots and unmanned vehicles [3][4] - The forecasted net profit for 2025-2027 is expected to grow by 10%, 15%, and 18% respectively, with a compound annual growth rate (CAGR) of 16% [4] Summary by Sections Financial Performance - In H1 2025, the company achieved a revenue of 9.3 billion yuan, a 9% increase year-on-year. Q2 2025 revenue was 4.8 billion yuan, also up 9% year-on-year and 6% quarter-on-quarter [2] - The net profit attributable to the parent company for H1 2025 was 1.12 billion yuan, reflecting an 11% year-on-year increase. Q2 2025 net profit was 680 million yuan, up 9% year-on-year and 57% quarter-on-quarter [2] - The gross margin for H1 2025 was 22.0%, up 0.5 percentage points year-on-year, while the net margin was 12.6%, up 0.1 percentage points year-on-year [2] Market Position and Growth Potential - The global sales of industrial vehicles increased from 990,000 units in 2013 to 2.14 million units in 2023, with a CAGR of 8.0%. In 2024, China's total forklift sales are projected to reach 1.2855 million units, a 9.5% increase year-on-year [3] - The company is expanding its international presence, with forklift sales in China growing by 10.4% year-on-year in the first seven months of 2025 [3] - The unmanned forklift market is expected to enhance warehouse space utilization, with global sales reaching approximately 30,700 units in 2023, a 46% increase year-on-year [3] Investment Forecast - The projected revenue for the company is expected to reach 18.15 billion yuan in 2025, with a year-on-year growth of 10% [5] - The estimated net profit for 2025 is 2.22 billion yuan, with a year-on-year increase of 10% [5] - The price-to-earnings (P/E) ratio is projected to be 14, 12, and 10 for 2025, 2026, and 2027 respectively [5]

证券研究报告 杭叉集团 (603298 CH) 2025 年秋季策略会速递— 加速拓展机器人在搬运场景的应用 | 华泰研究 | | | 动态点评 | 投资评级(维持): | 增持 | | --- | --- | --- | --- | --- | --- | | 2025 年 | 8 月 | 28 日│中国内地 | 专用设备 | 目标价(人民币): | 29.24 | 3、软件和算法能力积累深厚：国自机器人 GRACE 系统算法领先，具有高 效率、高柔性、高稳定的特点。其调度和交通算法能实现单个场景中实时调 度多类 AGV 超 2000 台，支持超 100000 ㎡场地。AGV 自标定算法能通过 自动收集 AGV 日常运行数据，通过海量数据校正长期运行后的 AGV 参数， 让机器人在长时间运行后仍能保持高精度。项目开发方面，系统预置百余个 常用功能模块并配备可视化配置和调试界面，让项目现场工程人员快速完成 需求定制开发和调试上线，实施和调试周期缩短 40%。 4、海外机器人解决方案有望持续落地：2016 年国自携手美国 Staples，共 同研发全球首个 Picking AGV 并取得国际专利，开启了国自的全 ...

Core Viewpoint - The company maintains steady growth in its performance for H1 2025, with strong results in emerging sectors such as intelligent logistics and lithium batteries, while accelerating the layout of the embodied intelligence industry chain, indicating a positive outlook for the recovery of traditional businesses and synergistic growth in new businesses [1] Group 1: Financial Performance - In H1 2025, the company achieved revenue and net profit attributable to shareholders of 9.302 billion and 1.121 billion respectively, representing year-on-year increases of 8.74% and 11.38% [2] - The gross margin and net profit margin for H1 2025 were 21.96% and 12.58%, showing increases of 0.55 percentage points and 0.05 percentage points year-on-year [2] - In Q2 2025, the company reported revenue and net profit attributable to shareholders of 4.796 billion and 685 million respectively, with year-on-year growth of 9.43% and 9.08% [2] Group 2: Business Strategy and Market Development - The company is focusing on enhancing sales channels domestically, utilizing models such as rental and sales to increase market share, with its leasing segment seeing over 80% year-on-year revenue growth [3] - Internationally, the company has established new subsidiaries in Central Asia and France, achieving record export sales of nearly 60,000 units, a year-on-year increase of over 25% [3] - The company has formed stable partnerships with leading global enterprises across various industries, and a factory in Thailand is expected to be completed in Q4, supporting its strategy of "local production + global market + localized service" [3] Group 3: Emerging Business Growth - The intelligent logistics sector has expanded to cover over 20 industries, with more than 7,000 AGVs deployed, and customized solutions in North America improving customer warehouse efficiency by 50% [4] - In the lithium battery segment, the company’s PACK assembly revenue exceeded 100 million, marking a year-on-year growth of over 100% [4] - The company is advancing its layout in humanoid intelligent logistics robots, with accelerated progress since Q2, and has acquired a robotics company to enhance its overall solution capabilities in intelligent logistics [4]

Core Viewpoint - Hangcha Group is accelerating its layout in the smart logistics and robotics sector through the acquisition of a 99.23% stake in Guozi Robotics, enhancing its capabilities in intelligent logistics solutions [1][2][3]. Group 1: Acquisition Details - Hangcha Group's subsidiary, Hangcha Intelligent, plans to acquire the majority stake in Guozi Robotics from related parties, marking a significant step in the company's strategic expansion [1]. - The acquisition involves an increase in registered capital from 50 million to approximately 91.47 million yuan, with Hangcha Group holding 44.28% of Hangcha Intelligent post-transaction [4]. - The transaction does not involve cash expenditure, ensuring no direct impact on operating cash flow and alleviating financial pressure on the company [4]. Group 2: Industry Context - The forklift industry is rapidly transitioning towards smart logistics and robotics, with Hangcha Group leveraging its strong manufacturing capabilities and supply chain to establish a solid foundation in intelligent logistics [2]. - Hangcha Group has developed three major business segments in intelligent logistics, with a projected contract amount exceeding 1 billion yuan in 2024 [2]. Group 3: Future Prospects - The acquisition is expected to enhance the company's product development capabilities and facilitate the transition from traditional forklifts to intelligent solutions, positioning Hangcha Group for future growth [3]. - Guozi Robotics, recognized as a leading mobile robotics company, has a robust product line and a strong commitment to future profitability, with projected net profits showing a compound annual growth rate of 85.2% from 2025 to 2027 [5].

Summary of Hangcha Group's Conference Call Company and Industry Overview - **Company**: Hangcha Group - **Industry**: Smart Logistics and Robotics Key Points and Arguments 1. **Acquisition of Guozi Robotics**: Hangcha Group aims to enhance its competitiveness in smart logistics and robotics through the acquisition of Guozi Robotics, which is expected to significantly improve technology R&D and market expansion capabilities, driving revenue growth. The acquisition will not impact cash flow as it involves stock issuance rather than cash payment [2][6][45]. 2. **Formation of New Company**: A new entity named "Hangcha Guozi Intelligent Technology Robotics Co., Ltd." will be established post-acquisition, integrating resources from Hangcha Technology and Guozi Robotics, including Okam and Haier Intelligent, to provide comprehensive logistics solutions [2][5]. 3. **Market Share and Production Goals**: The cloud logistics segment holds over 70% market share, with AGV production expected to exceed 4,000 units in 2024, capturing 75% of the domestic market, reflecting a year-on-year growth of over 50% [2][8]. 4. **Guozi Robotics Overview**: Established in 2011, Guozi Robotics is a national-level specialized enterprise with 100 patents, focusing on intelligent logistics systems and software, serving clients like State Grid and Shanghai Metro [10][11]. 5. **Future Planning**: The merged entity plans to enhance team integration, product planning, and capital strategy, targeting 5 billion in revenue and 500 million in profit within five years, with domestic and international compound growth rates projected at over 30% and 50%, respectively [12][18]. 6. **International Market Expansion**: Hangcha is focusing on North America, Europe, and Southeast Asia, with overseas orders expected to grow over 200% in 2025, having already secured over 200 million in orders in the first half of the year [3][24]. 7. **Technological Integration**: The integration of Hangcha's manufacturing capabilities with Guozi's R&D strengths aims to create a synergistic effect, enhancing product development and market competitiveness [3][17]. 8. **Financial Impact**: The acquisition is expected to boost overall revenue, with the technology segment achieving approximately 800 million in revenue in 2024, split evenly between system integration and AGV products [6][7]. 9. **Product Development Focus**: Future product development will emphasize humanoid intelligent logistics robots, with plans for application scenario testing in 2025 and showcasing at the Shanghai Asia Logistics Exhibition [3][14]. 10. **Revenue Goals**: The company aims for 50 billion in revenue over five years, with 30 billion from domestic markets and 20 billion from international markets, with Guozi expected to contribute significantly to this target [19][18]. Additional Important Insights - **Market Penetration of Unmanned Forklifts**: Currently at about 2%, the penetration rate of unmanned forklifts is expected to rise significantly in the coming years due to technological advancements [16]. - **Cash Flow Management**: The company employs strategies to manage operational cash flow effectively, including prioritizing high-quality clients and reducing production cycles [21]. - **Future Product Launches**: New products are expected to be fully launched by late 2025, offering high cost-performance ratios compared to traditional forklifts [43]. - **Challenges in Standardization**: The standardization of unmanned forklifts and AGVs is contingent on the type of product, with some products being more amenable to standardization than others [31]. - **Long-term Profitability Outlook**: The company anticipates achieving its revenue goals, with a stable profit outlook based on operational efficiency and market demand [27]. This summary encapsulates the strategic direction, market positioning, and future growth plans of Hangcha Group following its acquisition of Guozi Robotics, highlighting the company's commitment to becoming a leader in the smart logistics and robotics industry.