证券研究报告·公司深度研究·工程机械 中力股份（603194） 全球锂电叉车龙头，引领物料搬运绿色化+智 能化发展 增持（首次） | [Table_EPS] 盈利预测与估值 | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业总收入（百万元） | 5,921 | 6,552 | 7,166 | 7,906 | 8,742 | | 同比（%） | 18.16 | 10.66 | 9.36 | 10.34 | 10.56 | | 归母净利润（百万元） | 805.75 | 839.81 | 906.71 | 996.15 | 1,133.49 | | 同比（%） | 28.51 | 4.23 | 7.97 | 9.86 | 13.79 | | EPS-最新摊薄（元/股） | 2.01 | 2.09 | 2.26 | 2.48 | 2.83 | | P/E（现价&最新摊薄） | 18.24 | 17.50 | 16.21 | 14.76 | 12.97 | [Table_Tag] [投资要点 Tabl ...

来源：新浪证券-红岸工作室 11月26日，中力股份涨0.16%，成交额4573.98万元，换手率2.41%，总市值146.77亿元。 异动分析 (免责声明：分析内容来源于互联网，不构成投资建议，请投资者根据不同行情独立判断) 机器人概念+人民币贬值受益+智能物流+注册制次新股+新股与次新股 1、根据公司招股说明书：公司自成立以来专注于电动叉车等机动工业车辆的技术研发与产品创新。在 机动工业车辆现有生产技术的基础上，结合行业发展趋势和国内外市场需求，公司以绿色化、数字化、 智能化作为发展方向，充分利用多年技术积累，采用独创的"正向研发" 模式，以客户需求为导向，从 产品外形、功能设计出发，不断开发适应市场需求的产品、工艺与技术，历经多年积淀研发出小金刚、 油改电叉车、搬马机器人等多款具有里程碑意义的产品。公司积极发展和布局移动搬运机器人业务， 2020 年推出具备自动化程度高、灵活性强、安全性好等优势的搬马机器人系列产品，有效减少无效搬 运，降低移动搬运机器人应用门槛。 2、根据2024年年报，公司海外营收占比为51.63%，受益于人民币贬值。 3、2025年1月8日互动易回复，公司以"让人类搬运更简单、更绿色 ...

1、根据2024年年报，公司海外营收占比为51.63%，受益于人民币贬值。 来源：新浪证券-红岸工作室 11月24日，中力股份涨0.74%，成交额4755.94万元，换手率2.53%，总市值147.05亿元。 异动分析 人民币贬值受益+机器人概念+智能物流+注册制次新股+新股与次新股 主力持仓 主力轻度控盘，筹码分布较为分散，主力成交额3644.54万，占总成交额的14%。 技术面：筹码平均交易成本为40.61元 2、根据公司招股说明书：公司自成立以来专注于电动叉车等机动工业车辆的技术研发与产品创新。在 机动工业车辆现有生产技术的基础上，结合行业发展趋势和国内外市场需求，公司以绿色化、数字化、 智能化作为发展方向，充分利用多年技术积累，采用独创的"正向研发" 模式，以客户需求为导向，从 产品外形、功能设计出发，不断开发适应市场需求的产品、工艺与技术，历经多年积淀研发出小金刚、 油改电叉车、搬马机器人等多款具有里程碑意义的产品。公司积极发展和布局移动搬运机器人业务， 2020 年推出具备自动化程度高、灵活性强、安全性好等优势的搬马机器人系列产品，有效减少无效搬 运，降低移动搬运机器人应用门槛。 3、2025年1 ...

Core Viewpoint - The company, Zhejiang Zhongli Machinery Co., Ltd., is set to benefit from the depreciation of the RMB and is focused on the development and sales of electric forklifts and intelligent industrial vehicles, with a significant portion of its revenue coming from overseas markets [2][3]. Company Overview - Zhejiang Zhongli Machinery Co., Ltd. was established on September 20, 2007, and is located in Anji County, Huzhou City, Zhejiang Province. The company specializes in the research, production, and sales of electric forklifts and other industrial vehicles [7]. - The company's main business revenue composition includes 98.85% from forklifts and related parts, and 1.15% from other sources [7]. Financial Performance - As of September 30, 2025, the company reported a revenue of 5.243 billion yuan, representing a year-on-year growth of 8.62%. The net profit attributable to shareholders was 685 million yuan, with a year-on-year increase of 5.46% [8]. - The company has distributed a total of 253 million yuan in dividends since its A-share listing [9]. Market Position and Trends - The company is positioned within the machinery equipment sector, specifically in engineering machinery, and is part of several concept sectors including new industrialization, robotics, smart logistics, and new energy vehicles [7]. - The company has a strong focus on innovation, having developed several milestone products such as the "Little King Kong" electric forklift and the automated搬马机器人 (moving robot) series, which enhance operational efficiency and reduce handling costs [2]. Stock Performance - On November 18, the company's stock price decreased by 0.39%, with a trading volume of 35.0686 million yuan and a turnover rate of 1.78%. The total market capitalization stood at 15.370 billion yuan [1]. - The average trading cost of the stock is 41.11 yuan, with the stock currently near a resistance level of 38.35 yuan, indicating potential for upward movement if this level is surpassed [6].

Core Viewpoint - The company, Zhejiang Zhongli Machinery Co., Ltd., is set to benefit from the depreciation of the RMB and is focused on the development and sales of electric forklifts and intelligent industrial vehicles, with a significant portion of its revenue coming from overseas markets [2][3]. Company Overview - Zhejiang Zhongli Machinery Co., Ltd. was established on September 20, 2007, and is located in Anji County, Huzhou City, Zhejiang Province. The company specializes in the research, production, and sales of electric forklifts and other industrial vehicles [7]. - The company will be listed on December 24, 2024, and its main business revenue composition includes 98.85% from forklifts and related parts, with 1.15% from other sources [3][7]. Financial Performance - As of September 30, 2025, the company reported a revenue of 5.243 billion yuan, representing a year-on-year growth of 8.62%, and a net profit attributable to shareholders of 685 million yuan, up 5.46% year-on-year [8]. - The company has distributed a total of 253 million yuan in dividends since its A-share listing [9]. Market Position and Trends - The company has a significant overseas revenue share of 51.63%, which positions it well to benefit from the depreciation of the RMB [2]. - The company is actively developing mobile handling robot business and has launched a series of automated handling robots since 2020, aimed at reducing ineffective handling and lowering application barriers [2]. Shareholder Information - As of September 30, 2025, the number of shareholders is 18,200, a decrease of 9.15% from the previous period, with an average of 2,834 circulating shares per person, an increase of 10.07% [8].

Core Viewpoint - The company, Zhejiang Zhongli Machinery Co., Ltd., specializes in the research, development, production, and sales of electric forklifts and intelligent forklifts, with a focus on green, digital, and intelligent development trends in the industry [2][3]. Company Overview - Zhejiang Zhongli Machinery Co., Ltd. was established on September 20, 2007, and is located in Anji County, Huzhou City, Zhejiang Province. The company is set to be listed on December 24, 2024, and its main business revenue composition includes 98.85% from forklifts and related parts, and 1.15% from other sources [7]. - The company has developed several milestone products, including the "Little King Kong," oil-to-electric forklifts, and the "搬马" robot series, which are designed to enhance automation and reduce inefficiencies in material handling [2]. Financial Performance - As of September 30, 2025, the company reported a revenue of 5.243 billion yuan, representing a year-on-year growth of 8.62%, and a net profit attributable to shareholders of 685 million yuan, up 5.46% year-on-year [8]. - The company has a significant overseas revenue share of 51.63%, benefiting from the depreciation of the Renminbi [3]. Market Activity - On November 14, the company's stock price fell by 1.35%, with a trading volume of 76.572 million yuan and a turnover rate of 3.83%, resulting in a total market capitalization of 15.563 billion yuan [1]. - The stock has seen a net outflow of 5.0958 million yuan from major investors today, with a total of 30.1836 million yuan in major transactions, indicating a lack of control by major investors and a dispersed chip distribution [4][5]. Technical Analysis - The average trading cost of the stock is 41.20 yuan, with recent reductions in holdings slowing down. The current stock price is near a resistance level of 38.82 yuan, suggesting potential for a price correction unless this level is broken [6].

Core Viewpoint - The company, Zhejiang Zhongli Machinery Co., Ltd., focuses on the research, development, production, and sales of electric forklifts and intelligent forklifts, benefiting from the depreciation of the RMB and the growing demand in the market [2][3]. Company Overview - Zhejiang Zhongli Machinery Co., Ltd. was established on September 20, 2007, and is set to be listed on December 24, 2024. The company specializes in electric forklifts and other industrial vehicles [7]. - The main business revenue composition includes 98.85% from forklifts and related parts, and 1.15% from other sources [7]. Financial Performance - For the period from January to September 2025, the company achieved a revenue of 5.243 billion yuan, representing a year-on-year growth of 8.62%, and a net profit attributable to shareholders of 685 million yuan, up 5.46% year-on-year [8]. - As of September 30, the company had 18,200 shareholders, a decrease of 9.15% from the previous period, with an average of 2,834 circulating shares per person, an increase of 10.07% [8]. Market Position and Trends - The company is positioned within the machinery equipment sector, specifically in engineering machinery, and is part of several concept sectors including new industrialization, robotics, smart logistics, and new energy vehicles [7]. - The company has developed several milestone products, including the "Little King Kong" electric forklift and the "搬马" (Moving Horse) robot, which enhances efficiency in material handling [2]. Stock Performance - On November 13, the stock price of Zhongli fell by 0.30%, with a trading volume of 50.24 million yuan and a turnover rate of 2.48%, leading to a total market capitalization of 15.775 billion yuan [1].

Core Viewpoint - The company, Zhejiang Zhongli Machinery Co., Ltd., specializes in the research, development, production, and sales of electric forklifts and other industrial vehicles, with a focus on green, digital, and intelligent development trends [2][3][7]. Company Overview - Zhejiang Zhongli Machinery Co., Ltd. was established on September 20, 2007, and is set to be listed on December 24, 2024. The company primarily engages in the development, production, and sales of electric forklifts and intelligent forklifts [3][7]. - The company's main revenue source comes from forklifts and related parts, accounting for 98.85% of total revenue, while other sources contribute 1.15% [7]. Financial Performance - As of September 30, 2025, the company reported a revenue of 5.243 billion yuan, representing a year-on-year growth of 8.62%. The net profit attributable to shareholders was 685 million yuan, with a year-on-year increase of 5.46% [8]. - The company has distributed a total of 253 million yuan in dividends since its A-share listing [9]. Market Position and Trends - The company benefits from a significant overseas revenue share of 51.63%, aided by the depreciation of the Chinese yuan [3]. - The company has developed several milestone products, including the "Little King Kong" electric forklift and the "Moving Horse" robot series, which enhance automation and reduce operational inefficiencies [2][3]. Shareholder Information - As of September 30, 2025, the number of shareholders was 18,200, a decrease of 9.15% from the previous period, with an average of 2,834 circulating shares per person, an increase of 10.07% [8].

Core Viewpoint - The company, Zhejiang Zhongli Machinery Co., Ltd., focuses on the research, development, production, and sales of electric forklifts and intelligent industrial vehicles, benefiting from trends in green, digital, and intelligent development in the industry [2][3]. Company Overview - Zhejiang Zhongli Machinery Co., Ltd. was established on September 20, 2007, and is located in Anji County, Huzhou City, Zhejiang Province. The company is set to be listed on December 24, 2024, with its main business involving electric forklifts and other industrial vehicles [7]. - The company's revenue composition includes 98.85% from forklifts and related parts, and 1.15% from other sources [7]. Financial Performance - For the period from January to September 2025, the company achieved a revenue of 5.243 billion yuan, representing a year-on-year growth of 8.62%. The net profit attributable to shareholders was 685 million yuan, with a year-on-year increase of 5.46% [8]. - As of September 30, the company had 18,200 shareholders, a decrease of 9.15% from the previous period, with an average of 2,834 circulating shares per person, an increase of 10.07% [8]. Market Position and Trends - The company has a significant overseas revenue share of 51.63%, benefiting from the depreciation of the RMB [3]. - The company is positioned within the machinery equipment sector, specifically in engineering machinery, and is associated with concepts such as new industrialization, robotics, and smart logistics [7]. Stock Performance - On November 6, the stock price of Zhongli shares increased by 0.73%, with a trading volume of 65.661 million yuan and a turnover rate of 3.20%, leading to a total market capitalization of 15.976 billion yuan [1].

Investment Rating - The report maintains a "Buy" rating for the company [7] Core Insights - The company achieved a revenue of 5.24 billion yuan in the first three quarters of 2025, representing a year-on-year growth of 8.6%, and a net profit attributable to shareholders of 690 million yuan, up 5.5% year-on-year [1] - The introduction of intelligent handling robots and continuous product innovation is expected to open new market opportunities [2][4] - Strategic partnerships and international expansion efforts, including a new factory in Thailand, are aimed at enhancing production capacity and global presence [3][4] Summary by Sections Financial Performance - In Q3 2025, the company reported a revenue of 1.81 billion yuan, a 7.5% increase year-on-year, and a net profit of 240 million yuan, up 3.3% year-on-year [1] - Revenue projections for 2025-2027 are estimated at 7.3 billion, 8.2 billion, and 9.6 billion yuan, with respective growth rates of 11%, 13%, and 16% [5] Product Development - The launch of the "Kangaroo Robot" features advanced capabilities such as visual recognition and multi-functional operation modes [2] - The "Smart Flying Warehouse" solution offers high compatibility and flexibility for logistics operations [2] Strategic Initiatives - A strategic cooperation agreement with Jungheinrich aims to promote electrification in the material handling industry [3] - The company plans to invest 10 million USD over five years to establish a factory in Thailand, targeting an annual production capacity of 10,000 forklifts [3] Market Positioning - The company leads the domestic market in electric warehouse forklift sales and has a strong focus on innovation and internationalization [4] - The introduction of customized solutions for mobile robots is expected to create new growth opportunities [4]