增持 |维持 个股表现 2025-01 2025-04 2025-06 2025-08 2025-11 2026-01 -16% -9% -2% 5% 12% 19% 26% 33% 40% 47% 杭叉集团 机械设备 资料来源：聚源，中邮证券研究所 公司基本情况 | 最新收盘价（元） | 27.04 | | --- | --- | | 总股本/流通股本（亿股）13.10 | / 13.10 | | 总市值/流通市值（亿元）354 | / 354 | | 52 周内最高/最低价 | 30.11 / 16.88 | | 资产负债率(%) | 36.1% | | 市盈率 | 17.56 | | 第一大股东 | 浙江杭叉控股股份有限 | | 公司 | | 证券研究报告：机械设备 |公司点评报告 发布时间：2026-01-21 股票投资评级 研究所 分析师:刘卓 SAC 登记编号:S1340522110001 Email:liuzhuo@cnpsec.com 分析师:陈基赟 SAC 登记编号:S1340524070003 Email:chenjiyun@cnpsec.com 分析师:苏千叶 SAC 登记编号:S134 ...

证券研究报告：机械设备 |公司点评报告 增持 |维持 个股表现 2025-01 2025-04 2025-06 2025-08 2025-11 2026-01 -16% -9% -2% 5% 12% 19% 26% 33% 40% 47% 杭叉集团 机械设备 资料来源：聚源，中邮证券研究所 公司基本情况 | 最新收盘价（元） | 27.04 | | --- | --- | | 总股本/流通股本（亿股）13.10 | / 13.10 | | 总市值/流通市值（亿元）354 | / 354 | | 52 周内最高/最低价 | 30.11 / 16.88 | | 资产负债率(%) | 36.1% | | 市盈率 | 17.56 | | 第一大股东 | 浙江杭叉控股股份有限 | | 公司 | | 发布时间：2026-01-21 股票投资评级 研究所 分析师:刘卓 SAC 登记编号:S1340522110001 Email:liuzhuo@cnpsec.com 分析师:陈基赟 SAC 登记编号:S1340524070003 Email:chenjiyun@cnpsec.com 分析师:苏千叶 SAC 登记编号:S134 ...

0JyAXHm2qWdVcW6MdNaQpNrRsQqOeRmMoPjMoPxO7NpPsNxNrRrMvPsPnR 本报告来源于"慧博投研"，请勿外传！ |证券研究报告！ 长江证券 公司研究1点评报告杭叉集团（603298.SH） 杭叉集团：AI元年开启，看好高泛化智能体在物 流场景的爆发潜力 报告要点 公司发布2025年度业绩预告，预计2025全年实现归母净利润21.13-23.15亿元。与上年同期 （重述后的财务数据）相比，预计同比增加5%-15%，中值22.14亿元，中值对应增速10%： 预计实现扣非归母净利润20.58-22.55亿元，与上年同期（重述后的财务数据）相比，预计同 比增加4.99%-15.01%，中值21.57亿元，中值对应增速10%。公司叉车主业稳步向上，有望 持续贡献稳定现金流；智能化业务持续做深做强，看好公司未来高泛化智能体在物流场景的埋 发潜力，有望带来收入和利润的高速增长及估值重望， 分析师及联系人 赵智勇 诚雄 曹小敏 王硕 SAC: S0450517110001 SAC: $0490518070005 SAC: S0490521050001 SFC: BRP550 SFC ...

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].

长江商报消息 ●长江商报记者 徐阳 国内叉车龙头杭叉集团（603298.SH）继续稳健经营。 在经营发展过程中，杭叉集团保持了良好的财务状况和分红传统。长江商报记者注意到，公司累计分红 32.26亿元，派现融资比达143.49%；截至2025年9月末货币资金余额达到37.35亿元，偿债无压力。 2025年盈利将创新高 杭叉集团的经营业绩持续稳健增长。 2025年度业绩预告显示，杭叉集团预计实现归母净利润21.13亿元至23.15亿元；与上年同期（重述后的 财务数据）相比，预计增加1.01亿元至3.02亿元，同比增加5.00%至15.00%；归属于上市公司股东的扣 除非经常性损益的净利润（以下简称"扣非净利润"）预计为20.58亿元至22.55亿元，与上年同期（重述 后的财务数据）相比，预计增加9792.15万元至2.94亿元，同比增加4.99%至15.01%。 对比往年财务数据来看，杭叉集团在2025年的归母净利润和扣非净利润将双双创下年度新高。 自2016年起，杭叉集团的归母净利润和扣非净利润就持续增长，加上2025年将连续十年保持正增长。 关于2025年度业绩预增的主要原因，杭叉集团表示，报告期内，公司充 ...

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]