2026年01月06日，中力股份披露接待调研公告，公司于12月30日接待睿远基金、中信证券、东吴证券等 11家机构调研。 中力股份（603194）股价报40.45元，较前一交易日收盘价上涨0.95元，涨幅为2.41%，总市值162.20亿 元。从行业市盈率来看，中力股份所处的工程机械行业滚动市盈率平均32.56倍，行业中值24.44倍，中 力股份18.53倍排名第9位。 调研情况显示，中力股份接受了机构调研，活动包括参观公司展厅及产线、智慧物流应用场景，公司介 绍数智仓储、智能物流情况，第三季度业绩情况交流以及互动交流等环节。 关于数智物流业务发展前景，公司预计该业务在2026年有望实现规模跨越，收入规模较2025年实现一倍 左右的增长。公司认为爆发性增长是一个由需求和接纳共同作用的过程，从市场需求看，全球供应链重 构到国内产业升级，智能化、柔性化物流解决方案的需求正从可选变为必选项；从行业接纳度看，数智 物流业务正有序向食品纺织、酒水酿造、生物医药等多个关键产业领域渗透，验证了解决方案的适配性 与可复制性。 关于公司毛利率情况，公司三季度整体毛利率维持在较高水平，主要原因包括四个方面：研发效率与费 用管控的 ...

Core Insights - The express delivery industry in China is experiencing a peak season with daily express volume exceeding 600 million packages, driven by the rise of instant retail due to advancements in internet technology and diverse consumer demands [1][3] - Instant retail, characterized by online ordering and local supply fulfillment, is transforming consumer behavior by enabling immediate access to products, with the market expected to surpass 2 trillion yuan by 2030 [3][4] Group 1: Instant Retail Development - Instant logistics in China has surpassed 48 billion orders annually, with services like same-day and next-day delivery becoming commonplace [1][3] - The new consumption model of instant retail replaces traditional long supply chains with shorter routes, allowing for immediate needs to be met [3][4] Group 2: Operational Efficiency - A "flash warehouse" model is being utilized, where small local warehouses enable rapid order fulfillment, with staff required to process orders within three minutes [4][6] - The efficiency of these warehouses is enhanced by advanced inventory management and a deep understanding of product placement, allowing for quick access to a wide range of items [6][8] Group 3: Technology Integration - The logistics process is supported by an intelligent decision-making platform that optimizes delivery routes and resource allocation in real-time, achieving a "minute-level" shopping experience [16][17] - Automation through robotics has significantly increased sorting efficiency, with robots now handling tasks that previously required extensive human labor, improving sorting speed by over three times [17][20] Group 4: Market Trends - The logistics peak season is also witnessing a surge in large item transportation, with a 20% year-on-year increase in volume, indicating a shift in consumer purchasing behavior [17][18] - The integration of AI algorithms and digital twin technology is enhancing logistics efficiency, allowing for precise matching of products to delivery routes and improving overall service quality [27][28] Group 5: Global Expansion - China's logistics solutions are not only catering to domestic needs but are also being exported globally, with successful implementations in over ten countries, providing tailored logistics services to local e-commerce platforms and manufacturers [31][32]

Core Insights - The express delivery industry in China is experiencing a peak season, with daily express delivery volume exceeding 600 million packages [1] - The rise of instant retail, driven by advancements in internet technology and diverse consumer demands, has led to a significant increase in logistics efficiency [1] - The annual order volume for instant logistics in China has surpassed 48 billion orders, with services like same-day and next-day delivery becoming commonplace [1] Group 1: Instant Retail and Logistics - Instant logistics relies on technologies such as drones and optimized algorithms to enhance delivery speed and efficiency [1] - The concept of "flash warehouses" allows for rapid order fulfillment, with workers required to sort and package orders within three minutes [4][6] - Flash warehouses are stocked with a wide variety of products, including daily necessities and seasonal items, reflecting changing consumer preferences [6] Group 2: Delivery Efficiency - The average delivery time for orders from flash warehouses is around 20 to 30 minutes, facilitated by a well-prepared inventory and a sufficient number of delivery personnel [9][12] - An intelligent decision-making platform processes vast amounts of data to optimize order distribution and route planning in real-time [9][23] - The logistics peak season has seen a 20% year-on-year increase in large item transportation, highlighting the growing demand for efficient logistics solutions [11] Group 3: Advanced Warehouse Technologies - Automation in warehouses has significantly improved efficiency, with robots enhancing sorting speed and accuracy [18][21] - The use of digital twin technology allows for real-time monitoring and optimization of warehouse operations, improving overall logistics performance [23] - The integration of AI algorithms enables precise matching of inventory with consumer demand, ensuring timely delivery of both high and low-frequency items [23][24]

Investment Rating - The report gives a "Buy" rating for the company with a target price of 52.1 CNY, indicating a potential upside of 16.6% from the current price of 44.72 CNY [2][7][10]. Core Insights - The company is a leader in the electric forklift industry, focusing on product innovation and smart logistics solutions, which are expected to drive future growth [7][8][9]. - The demand for forklifts is expected to remain strong due to the ongoing electrification and automation trends in the industry, with lithium battery technology playing a crucial role [7][8][9]. - The company has established a solid presence in overseas markets through localized operations and strategic partnerships, enhancing its competitive advantage [7][8][9]. Financial Performance - The company’s total revenue is projected to grow from 6,552 million CNY in 2024 to 9,472 million CNY in 2027, with a compound annual growth rate (CAGR) of 14.5% [3][10]. - Net profit attributable to shareholders is expected to increase from 840 million CNY in 2024 to 1,248 million CNY in 2027, reflecting a CAGR of 19.4% [3][10]. - Earnings per share (EPS) are forecasted to rise from 2.09 CNY in 2024 to 3.11 CNY in 2027 [3][10]. Market Position and Strategy - The company has maintained its position as the top seller of electric forklifts in China for over a decade, with a market share exceeding 35% in 2021 [14][15]. - The introduction of innovative products like the "Little King Kong" series has significantly contributed to the company's growth and market recognition [7][15]. - The company is actively expanding its smart logistics product offerings, which are expected to become a significant growth driver alongside traditional forklift sales [7][9][10]. Industry Trends - The global forklift market is experiencing a steady increase in demand, with electric forklifts gaining a larger market share due to their environmental benefits and operational efficiency [38][39]. - The transition to electric forklifts is being accelerated by advancements in lithium battery technology, which enhances performance and reduces operational costs [51][54]. - The company is well-positioned to benefit from the growing trend of automation and smart logistics in various industries, including e-commerce and manufacturing [7][8][9].