"模式革新+渠道深耕+品牌升维"三维联动，国内外协同发展。国内市场，公司采取主抓销售渠道的执 行力，通过以租代售、租售等模式推动市占率提升，杭叉租赁上半年营收同比增幅80%以上。国外市 场，公司新成立杭叉中亚、法国阿勒斯锂电池等子公司，出口销量接近6 万台达到历史新高，同比增长 超25%。同时，公司在食品饮料、汽车、商超零售、石材、 物流等行业与全球顶尖的企业集团均达成 了稳固可靠的合作关系，泰国工厂有望Q4 建成，"生产本地化+市场全球化+服务属地化"战略持续落 地。 投资建议：维 持增持评级。尽管国内外需求景气存在波动，但公司经营业绩依然维持稳健发展，同时 新兴业务尤其是具身智能产业链进入快速发展期，我们看好公司持续整合优势资源，形成传统主业+新 兴业务双轮驱动的业务模式。我们维持公司2025-2027 年EPS 为1.71/1.96/2.26 元，参考行业14.16 倍PE 估值，给予公司2025 年16倍PE，上调目标价为27.35 元，维持增持评级。 事件：公司公告2025 年半年报，业绩维持稳健增长。25H1，公司实现收入/归母净利润93.02 亿元/11.21 亿元，同比+8.74%/+11.3 ...

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.