证券研究报告 | 公司点评 | 工程机械 前三季度业绩增长 6%，智能搬运机器人打开空间 ——中力股份点评报告 投资要点 ❑ 事件：公司发布 2025 年三季报 2025 年前三季度实现收入 52.4 亿元，同比增长 8.6%；实现归母净利润 6.9 亿元，同比增 长 5.5%。单三季度实现收入 18.1 亿元，同比增长 7.5%；实现归母净利润 2.4 亿元，同比 增长 3.3%。 ❑ 数智化新品持续推出，智慧物流布局持续完善 1）全球首发具身拣料"袋鼠机器人"：①搭载视觉相机，可识别各种零件、包装；②仿 生双臂架构，左右臂可独立作业、同步联动，实现抓、磁吸、气吸等多种操作范式；③身 体可升、转、弯，灵活适配各类场景；④搭载轮式底盘，配合多传感器融合感知与实时运 动规划算法，可实现全域自主导航、精准避障、平稳急停；⑤具备强大多机协作能力。 2）小件料数智化方案"数智飞仓"推出：高兼容性（支持不同规格料箱混用）、高柔性 （货架+料箱+飞箱机器人，无需改造）、配合 DAS 可实现全局调度等。 3）与无人物流车企业白犀牛达成战略合作，共同探索智慧物流创新模式。 ❑ 与永恒力战略合作；拟建设泰国工厂完善产能布局 1 ...

Core Viewpoint - The company, Zhejiang Zhongli Machinery Co., Ltd., focuses on the research, development, production, and sales of electric forklifts and other industrial vehicles, aiming to lead the industry transformation towards greener and smarter logistics solutions [2][3][5]. 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 [9]. - The company's revenue composition includes 98.85% from forklifts and related parts, and 1.15% from other sources [9]. Business Strategy and Innovations - The company has adopted a "positive research and development" model, focusing on customer needs and market demands, leading to the development of significant products such as the "Little King Kong" and oil-to-electric forklifts [2]. - The company aims to transition from manual to electric handling and is pushing for a shift from diesel to lithium battery forklifts, as well as advancing towards robotic handling solutions [3]. Financial Performance - For the first half of 2025, the company reported a revenue of 3.431 billion yuan, representing a year-on-year growth of 9.20%, and a net profit attributable to shareholders of 448 million yuan, with a year-on-year increase of 6.64% [10]. - As of June 30, the company had 20,000 shareholders, a decrease of 36.39% from the previous period, with an average of 2,575 circulating shares per person, an increase of 62.35% [10]. Market Position and Trends - The company benefits from a significant overseas revenue share of 51.63%, aided by the depreciation of the Chinese yuan [4]. - The stock has shown a trading volume of 136 million yuan with a turnover rate of 6.63%, and a total market capitalization of 15.799 billion yuan [1].

Core Viewpoint - The company, Zhejiang Zhongli Machinery Co., Ltd., focuses on the research, development, and sales of electric forklifts and other industrial vehicles, aiming to lead the industry transformation towards greener and smarter logistics solutions [2][3][5]. 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 electric forklifts and other industrial vehicles, with 98.85% of its revenue coming from forklifts and related parts [9]. - The company is set to be listed on December 24, 2024, and operates within the machinery equipment sector, specifically in engineering machinery [5][9]. Financial Performance - For the first half of 2025, the company reported a revenue of 3.431 billion yuan, representing a year-on-year growth of 9.20%. The net profit attributable to shareholders was 448 million yuan, with a year-on-year increase of 6.64% [10]. - As of June 30, 2025, the company had 20,000 shareholders, a decrease of 36.39% from the previous period, while the average number of circulating shares per person increased by 62.35% [10]. Market Position and Trends - The company has a significant international presence, with overseas revenue accounting for 51.63%, benefiting from the depreciation of the Chinese yuan [4]. - The company is actively developing mobile handling robots and has launched the X-Mover series, which is designed to enhance automation and efficiency in logistics [2][3]. Stock Performance - On September 1, the company's stock price fell by 2.23%, with a trading volume of 152 million yuan and a turnover rate of 7.34%, resulting in a total market capitalization of 16.02 billion yuan [1]. - The average trading cost of the stock is 41.85 yuan, with the current price approaching a support level of 39.56 yuan [8].

Core Viewpoint - The company, Zhejiang Zhongli Machinery Co., Ltd., focuses on the research, development, production, and sales of electric forklifts and other industrial vehicles, aiming to lead the industry transformation towards greener and smarter logistics solutions [2][3][5]. 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 R&D, production, and sales of electric forklifts and other industrial vehicles, with 98.85% of its revenue coming from forklifts and related parts [9]. - The company has developed several milestone products, including the "Little King Kong," oil-to-electric forklifts, and the "搬马" (搬马) robot series, which enhance operational efficiency and reduce manual handling [2][3]. Financial Performance - For the first half of 2025, the company reported a revenue of 3.431 billion yuan, representing a year-on-year growth of 9.20%, and a net profit attributable to shareholders of 448 million yuan, up 6.64% year-on-year [10]. - As of June 30, 2025, the company had 20,000 shareholders, a decrease of 36.39% from the previous period, with an average of 2,575 circulating shares per person, an increase of 62.35% [10]. Market Position and Trends - The company benefits from a significant overseas revenue share of 51.63%, aided by the depreciation of the Chinese yuan [4]. - The company is actively pursuing a transition from diesel to lithium battery forklifts and advancing towards robotic handling solutions, aiming for green, smart, and digital logistics [3]. Stock Performance - On August 27, the company's stock price fell by 1.34%, with a trading volume of 276 million yuan and a turnover rate of 12.64%, resulting in a total market capitalization of 16.517 billion yuan [1].

Core Viewpoint - The company, Zhejiang Zhongli Machinery Co., Ltd., focuses on the research, development, production, and sales of electric forklifts and other industrial vehicles, aiming to lead the industry transformation towards greener and smarter logistics solutions [2][3][5]. 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 R&D, production, and sales of electric forklifts and other industrial vehicles, with 98.85% of its revenue coming from forklifts and related parts [5][9]. - The company has developed several milestone products, including the "Little King Kong" electric forklift and the "搬马" (Moving Horse) robot, which are designed to meet market demands and enhance operational efficiency [2][3]. Financial Performance - As of March 31, 2025, the company reported a revenue of 1.541 billion yuan, representing a year-on-year growth of 10.57%, and a net profit attributable to shareholders of 192 million yuan, up 9.55% year-on-year [10]. - The company's overseas revenue accounted for 51.63% of total revenue, benefiting from the depreciation of the Chinese yuan [4]. Market Position and Trends - The company is positioned within the mechanical equipment industry, specifically in engineering machinery, and is part of several concept sectors, including express delivery, new industrialization, smart logistics, new energy vehicles, and robotics [9]. - The company aims to transition from manual to electric handling and is actively promoting the shift from diesel to lithium battery forklifts, as well as advancing towards robotic handling solutions [3]. Stock Performance - On August 21, the company's stock price fell by 1.35%, with a trading volume of 145 million yuan and a turnover rate of 6.61%, resulting in a total market capitalization of 17.006 billion yuan [1].

Core Viewpoint - Zhejiang Zhongli Machinery Co., Ltd. focuses on the research, development, production, and sales of electric forklifts and other industrial vehicles, benefiting from the depreciation of the RMB and the growing demand for automation in logistics and material handling [2][3][4]. 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 electric forklifts and other industrial vehicles [8]. - The company's main business revenue composition is 98.85% from forklifts and related parts, with 1.15% from other sources [8]. Business Performance - For the period from January to March 2025, Zhongli achieved a revenue of 1.541 billion yuan, representing a year-on-year growth of 10.57%, and a net profit attributable to shareholders of 192 million yuan, up 9.55% year-on-year [9]. - As of March 31, the number of shareholders was 31,400, a decrease of 23.65% from the previous period, while the average circulating shares per person increased by 30.97% [9]. Market Position and Trends - The company is positioned in the machinery equipment sector, specifically in engineering machinery, and is part of several concept sectors including new industrialization, new shares, smart logistics, and robotics [8]. - The company has a strong focus on technological innovation and product development, utilizing a unique "forward research and development" model to meet market demands [2][4]. Financial Insights - As of July 31, Zhongli's stock price decreased by 0.93%, with a trading volume of 113 million yuan and a market capitalization of 15.856 billion yuan [1]. - The average trading cost of the stock is 41.60 yuan, with recent trading activity indicating a decrease in holdings but at a slowing rate [7].