Group 1: Industry Overview - In December 2025, the overall forklift sales reached 111,400 units, a slight increase of 0.03% year-on-year [1] - Domestic sales accounted for 63,800 units, showing a decline of 5.17%, while overseas sales were 47,600 units, reflecting a growth of 7.97% [1] - Cumulative forklift sales for 2025 totaled 1,451,800 units, marking a year-on-year increase of 12.9% [1] Group 2: Domestic Market Insights - Domestic forklift sales increased by 12.6% in 2025, driven by a recovery in demand linked to the manufacturing and logistics sectors [2] - The manufacturing PMI new orders index reached 50.8 in December 2025, indicating a strong growth of 1.6 percentage points month-on-month [2] - The total social logistics volume in November 2025 grew by 5.0% year-on-year, reflecting steady growth in logistics demand [2] Group 3: Export Market Insights - Forklift exports grew by 13.4% year-on-year in 2025, indicating a positive trend in overseas demand [2] - The manufacturing PMI new export orders index was at 49.0 in December 2025, with a month-on-month increase of 1.4 percentage points [2] - The engineering machinery export trade value reached $6.417 billion in December 2025, a year-on-year increase of 27.2% [2] Group 4: Company Performance - Hangcha Group expects a net profit of between 2.113 billion and 2.315 billion yuan for 2025, representing a year-on-year increase of 5.00% to 15.00% [3] - The growth is attributed to the company's ability to capture market demand, with a focus on electric forklifts and high-value products [3] - The company is expanding its presence in emerging markets such as Southeast Asia, Brazil, and the Middle East, enhancing its global sales revenue [3] Group 5: Strategic Developments - Hangcha Group established a Southeast Asia service center to enhance local operations and service capabilities [4] - The service center aims to improve service coverage and response efficiency in the region [4] - A manufacturing base in Thailand is expected to commence operations in 2026, marking an important expansion of the company's global manufacturing system [4]

Core Viewpoint - The report from Zhongyou Securities highlights that Hangcha Group has demonstrated stable performance and is awaiting the ramp-up of its embodied intelligence products [1] Financial Performance - The company has effectively seized market demand growth opportunities, resulting in a favorable increase in operating revenue alongside continuous profit growth due to its core products' strong technological foundation and advantages in large-scale production [1] Product Structure - The sales proportion of electric forklifts continues to rise, leading to further optimization of the product structure, with high-value-added products such as new energy forklifts and large-tonnage forklifts becoming the main drivers of growth [1] Market Expansion - In addition to consolidating its traditional markets in Europe and the United States, the company is accelerating its expansion into emerging markets such as Southeast Asia, Brazil, and the Middle East, showcasing the effectiveness of its globalization strategy [1] Intelligent Development - The company is gradually improving its layout in the field of intelligence, with data-driven development of embodied intelligence [1] Valuation - The projected PE valuations for the company from 2025 to 2027 are 15.88, 14.46, and 13.37 respectively, maintaining a "buy" rating [1]

Core Viewpoint - The forklift industry is experiencing stable growth driven by the recovery of manufacturing and logistics demand, with domestic and overseas sales both increasing in 2025 [1][2] Group 1: Industry Overview - Forklift sales in 2025 are projected to reach 145.18 million units, a year-on-year increase of 12.9%, with domestic sales at 90.68 million units (up 12.6%) and export sales at 54.50 million units (up 13.4%) [1] - The domestic forklift market is closely linked to the manufacturing and logistics sectors, with a positive correlation to the manufacturing PMI and social logistics growth [2] - The overall forklift sales in December 2025 are expected to be 11.14 million units, with domestic sales at 6.38 million units (down 5.17%) and overseas sales at 4.76 million units (up 7.97%) [1] Group 2: Company Performance - Hangcha Group anticipates a net profit of 21.13 billion to 23.15 billion yuan for 2025, representing a year-on-year increase of 5% to 15% due to strong market demand and improved product structure [3] - The company is focusing on electric forklifts and high-value products, which are becoming the main drivers of growth [3] - Hangcha Group is expanding its global presence, particularly in Southeast Asia, Brazil, and the Middle East, with an increasing share of overseas sales [3][4] Group 3: Strategic Developments - Hangcha Group established a Southeast Asia service center to enhance local operations and service capabilities, marking a significant milestone in its regional development strategy [4] - The service center aims to provide comprehensive support, including spare parts, technical assistance, and after-sales service, improving efficiency and reliability [4] - The company's manufacturing base in Thailand is expected to commence operations in 2026, further expanding its global manufacturing capabilities [4]

Investment Rating - The report maintains an "Accumulate" rating for the company [2] Core Insights - The company is expected to achieve a net profit attributable to shareholders of 2.113 to 2.315 billion yuan in 2025, representing a year-on-year increase of 5% to 15% [5] - The company is focusing on electric and international markets, with a notable increase in the sales proportion of electric forklifts and a strategic expansion into emerging markets such as Southeast Asia and Brazil [6] - The company is enhancing its layout in the intelligent field, having acquired a 99.23% stake in Guozi Robotics, and launched its first humanoid logistics robot, the "X1 series" [7] Financial Performance - Revenue projections for 2025-2027 are 18.247 billion, 20.230 billion, and 22.034 billion yuan, with year-on-year growth rates of 10.68%, 10.87%, and 8.92% respectively [8] - The net profit attributable to shareholders is projected to be 2.231 billion, 2.449 billion, and 2.650 billion yuan for the same period, with growth rates of 10.32%, 9.78%, and 8.20% respectively [8] - The company's price-to-earnings (P/E) ratios for 2025-2027 are estimated at 15.88, 14.46, and 13.37 [8]

Investment Rating - The investment rating for the company is "Accumulate" and is maintained [2] Core Views - The company is expected to achieve a net profit attributable to shareholders of 2.113 to 2.315 billion yuan in 2025, representing a year-on-year increase of 5% to 15% [5] - The company is actively advancing electrification and internationalization, with a notable increase in the sales proportion of electric forklifts and a focus on high-value-added products [6] - The company is enhancing its layout in the field of intelligence, with a strategic emphasis on models, data, hardware, and scenarios to drive the development of embodied intelligence [7] Financial Performance - The company forecasts revenues of 18.247 billion yuan in 2025, with a year-on-year growth rate of 10.68% [8] - The projected net profit for 2025 is 2.231 billion yuan, with a growth rate of 10.32% [10] - The company's PE ratios for 2025, 2026, and 2027 are expected to be 15.88, 14.46, and 13.37 respectively [8]

Investment Rating - The report maintains a "Buy" rating for the company [4][6]. Core Views - The company is expected to achieve a net profit attributable to shareholders of 21.13-23.15 billion yuan in 2025, representing a year-on-year increase of 5%-15%, with a median estimate of 22.14 billion yuan, corresponding to a growth rate of 10% [4][6]. - The forecast for the net profit excluding non-recurring items is 20.58-22.55 billion yuan, with a year-on-year increase of 4.99%-15.01%, and a median estimate of 21.57 billion yuan, also corresponding to a growth rate of 10% [4][6]. - The company's core business in forklifts is steadily improving, expected to continue contributing stable cash flow, while its intelligent business is deepening and strengthening, with high potential for generalized intelligent agents in logistics scenarios, which may lead to rapid revenue and profit growth [4][6]. Company Overview - The company is positioned as a leader in the forklift industry, with a focus on enhancing its intelligent business by integrating AI into logistics scenarios, aiming for low-cost scalability and broad market coverage [9][10]. - The company has demonstrated prototype products at industry exhibitions, validating the feasibility of its models, and plans to transition from project-based sales to product-based sales, which could significantly boost revenue and profits [9][10]. - The company is expected to achieve net profits of 22.14 billion yuan and 24.82 billion yuan in 2025 and 2026, respectively, with corresponding price-to-earnings ratios of 16 and 14 [9][10].

Investment Rating - The investment rating for the company is "Buy" and is maintained [8]. Core Views - The company is expected to achieve a net profit attributable to shareholders of 2.113 to 2.315 billion yuan in 2025, representing a year-on-year increase of 5% to 15%, with a median estimate of 2.214 billion yuan, corresponding to a growth rate of 10% [2][5]. - The company’s core forklift business is steadily growing, which is expected to continue contributing stable cash flow. The ongoing development of its intelligent business is anticipated to unlock significant revenue and profit growth, as well as a revaluation of the company [2][5]. Summary by Relevant Sections Financial Performance - The company forecasts a net profit of 2.058 to 2.255 billion yuan for 2025, with a year-on-year increase of 4.99% to 15.01%, and a median estimate of 2.157 billion yuan, also corresponding to a growth rate of 10% [2][5]. - The total revenue for 2025 is projected to be 18.155 billion yuan, with a gross profit margin of 24% [10]. Market Position and Strategy - The company is positioned as a leader in the forklift industry and is focusing on expanding its intelligent business, particularly in logistics scenarios, which are expected to have significant market potential [10]. - The company is enhancing its product structure, with an increasing proportion of electric forklifts and high-value products like new energy and large-tonnage forklifts driving growth [10]. Global Expansion - The company is expected to see better performance in overseas markets compared to domestic ones, with a focus on expanding into Southeast Asia, Brazil, and the Middle East [10]. - The global strategy is showing results, with an increasing share of overseas sales contributing positively to the company's revenue [10].

Core Viewpoint - Hangcha Group is expected to achieve a record net profit attributable to shareholders of 2.113 billion to 2.315 billion yuan in 2025, marking ten consecutive years of positive growth in net profit [1][2][4]. Financial Performance - The projected net profit for 2025 represents an increase of 101 million to 302 million yuan compared to the previous year, reflecting a year-on-year growth of 5.00% to 15.00% [2]. - The expected net profit excluding non-recurring items is forecasted to be between 2.058 billion and 2.255 billion yuan, with a year-on-year increase of 97.92 million to 294 million yuan, or 4.99% to 15.01% [2][4]. - The company's gross profit margin has shown a steady increase, with figures of 17.78%, 20.76%, 23.55%, and 23.48% from 2022 to the first three quarters of 2025 [4]. Market Strategy and Growth Drivers - Hangcha Group has capitalized on market demand growth, leading to improved operating revenue and sustained profit growth [4]. - The sales volume of electric forklifts has been increasing, with high-value products such as new energy forklifts and large-tonnage forklifts becoming key growth drivers [4]. - The company is expanding its presence in emerging markets such as Southeast Asia, Brazil, and the Middle East, with overseas sales revenue steadily increasing [4][6]. Financial Health and Cash Flow - Hangcha Group has maintained a strong financial position, with total assets reaching 18.83 billion yuan and a debt-to-asset ratio of 35.88% as of September 2025 [6]. - The company has a cash balance of 3.735 billion yuan, indicating no pressure on debt repayment [1][6]. - Operating cash flow has consistently been positive, with a net cash flow from operating activities of 689 million yuan in the first three quarters of 2025 [6]. R&D and Innovation - The company has invested significantly in research and development, with R&D expenses increasing from 602 million yuan in 2021 to 665 million yuan in 2025, maintaining a R&D expense ratio of around 4.76% [5][6]. - Hangcha Group has pioneered several innovative products in the field of electric and hydrogen-powered forklifts, enhancing its competitive edge in the market [5].

Investment Rating - The investment rating for the company is maintained at "Buy-A" with a target price of 34.69 CNY for the next six months, which corresponds to an 18 times dynamic price-to-earnings ratio for 2026 [3][6]. Core Insights - The company is expected to achieve a net profit attributable to shareholders of 21.13 to 23.15 billion CNY in 2025, representing a year-on-year growth of 5.0% to 15.0% compared to 20.13 billion CNY in 2024 [1]. - The growth in performance is attributed to several factors, including capturing market demand, increasing sales of electric forklifts, and expanding into emerging markets such as Southeast Asia, Brazil, and the Middle East [2]. - The company is focusing on the logistics sector and embodied intelligence, with plans to enhance its capabilities through acquisitions and the deployment of over 7,000 mobile robots [2]. Financial Projections - Revenue projections for 2025, 2026, and 2027 are estimated at 182.5 billion CNY, 206.2 billion CNY, and 227.2 billion CNY, respectively, with year-on-year growth rates of 10.7%, 13.0%, and 10.2% [3]. - Net profit forecasts for the same years are 22.5 billion CNY, 25.2 billion CNY, and 28.5 billion CNY, reflecting growth rates of 11.4%, 12.1%, and 13.0% [3]. - The company’s gross profit margin is projected to improve from 20.8% in 2023 to 24.3% in 2027, indicating a positive trend in profitability [13].

Core Viewpoint - Hangcha Group expects a net profit attributable to shareholders for the year 2025 to be between 2,113.50 million and 2,314.78 million yuan, representing a year-on-year increase of 5.00% to 15.00% [1] Financial Performance - The net profit excluding non-recurring gains and losses is projected to be between 2,058.50 million and 2,254.78 million yuan, with a year-on-year increase of 4.99% to 15.01% [1] Growth Drivers - The main reasons for the expected performance increase include the company's ability to seize market demand growth opportunities, leading to good revenue growth alongside the advantages of deep technical accumulation and large-scale production of core products [1] - The sales proportion of electric forklifts continues to rise, with an optimized product structure, where high value-added products such as new energy forklifts and large-tonnage forklifts become the main growth drivers [1] Market Expansion - The company is consolidating its traditional markets in Europe and the United States while accelerating expansion into emerging markets such as Southeast Asia, Brazil, and the Middle East, resulting in a steady increase in the proportion of overseas sales revenue [1] - The effectiveness of the company's globalization strategy is becoming evident [1]