Investment Rating - The report maintains a "Buy" investment rating for the company [10] Core Views - The company has achieved significant success in its overseas expansion, with a notable increase in export volume and a growing share of overseas revenue, which now accounts for nearly 40% of total income [4][10] - The company is advancing its lithium battery technology, which is expected to enhance its competitive position in the industrial vehicle sector, particularly in electric forklifts [5][10] - The integration of smart logistics solutions and partnerships with key players in the industry is transforming the company from a manufacturer to a comprehensive intelligent solution provider [6][10] Summary by Sections Market Performance - The company’s export volume reached 126,400 units in 2024, marking a year-on-year growth of 34.08%, significantly outpacing the industry average [4] Lithium Battery Technology - In 2024, the total sales volume of industrial vehicles was 1.286 million units, with electric forklifts making up 73.6% of the market. The company has successfully developed a 55-ton lithium battery forklift and is ramping up production capacity for lithium batteries [5] Smart Logistics Ecosystem - The company has established a smart logistics industrial park and integrated various automated guided vehicle (AGV) product lines with intelligent systems, enhancing its service offerings across multiple sectors [6] Financial Forecast - Projected revenues for 2025, 2026, and 2027 are 186.73 billion, 203.56 billion, and 220.23 billion yuan respectively, with corresponding EPS of 1.61, 1.80, and 1.99 yuan. The current stock price reflects a PE ratio of 11.3, 10.1, and 9.1 for the respective years [10][12]

Core Viewpoint - The industrial vehicle industry is undergoing a transformation towards high-end, intelligent, and green development, with Anhui Heli Co., Ltd. actively embracing this trend to become a benchmark in digital transformation and intelligent logistics [1] Group 1: Technological Innovation - Anhui Heli focuses on technological innovation to meet new market demands, leveraging its extensive experience in industrial vehicle R&D and advanced production management [2] - In 2024, Anhui Heli aims to achieve breakthroughs in key technologies, expanding its product range, including the development of a 55-ton lithium battery forklift and 42 low-temperature models [4] - The company plans to invest 1.086 billion yuan in R&D, accounting for 6.27% of its revenue, to enhance its core competitiveness [4] Group 2: Industry Ecosystem - Anhui Heli is committed to leveraging its brand influence to gather upstream and downstream resources, creating an industry co-creation ecosystem to promote sustainable development [5] Group 3: Smart Logistics - The company is positioning itself in the smart logistics sector, extending its industrial chain and establishing the Heli Smart Logistics Industrial Park to transition from equipment manufacturing to system solutions [7] - Strategic partnerships with Huawei and JD.com aim to explore digital transformation and technological integration in logistics [7] Group 4: International Expansion - Anhui Heli maintains a dual market strategy, with plans to open several international centers in 2024, achieving an export of 126,400 units, a 34.08% increase year-on-year [8] - The company is actively integrating into the RCEP market, enhancing its global brand presence and investment strategies [8][9]

Investment Rating - The report indicates a positive investment outlook for the lithium battery forklift industry, highlighting its rapid growth and technological advancements. Core Insights - The lithium battery forklift market is experiencing significant demand growth driven by e-commerce logistics and automation, with a market size increase from 2.097 billion RMB in 2020 to 4.815 billion RMB in 2023, reflecting a compound annual growth rate (CAGR) of 31.93% [33] - The industry benefits from lower operational costs and environmental advantages compared to traditional lead-acid battery forklifts, with lithium batteries offering a cycle life of 2,000-5,000 times compared to 300-500 times for lead-acid batteries [5][4] - The report emphasizes the importance of technological innovation in lithium battery materials, which has led to reduced costs and improved safety, further driving market penetration [6] Industry Definition - Lithium battery forklifts are defined as industrial vehicles powered by lithium batteries, including electric balance forklifts, electric ride-on warehouse forklifts, and electric walk-behind warehouse forklifts [2] Industry Characteristics - The industry is characterized by low emissions and environmental benefits, economic advantages, and growth driven by market demand and technological innovation [3] Development History - The lithium battery forklift industry in China has evolved from the first electric balance forklift developed in the 1950s to a rapid expansion phase post-2016, with increasing applications and market acceptance [7][11][12] Industry Chain Analysis - The industry chain consists of upstream raw materials (steel, batteries, motors), midstream manufacturing, and downstream applications in logistics and industrial sectors [12][26] Upstream Analysis - Upstream raw materials account for a significant portion of costs, with fluctuations in prices of lithium battery materials impacting overall manufacturing costs [14][20] Midstream Analysis - Leading companies in the midstream sector include Zhongli Machinery, which has maintained a market share of 35% in 2023, and has a comprehensive product range [15][24] Downstream Analysis - The downstream market is broad, encompassing logistics, manufacturing, and transportation, with demand driven by economic growth and rising labor costs [28][30] Market Size and Forecast - The market size is projected to grow from 5.706 billion RMB in 2024 to 9.944 billion RMB in 2028, with a CAGR of 14.90% [33] Competitive Landscape - The competitive landscape features a tiered structure with leading companies like Zhongli Machinery and Noli Intelligent holding over 50% of the market share, emphasizing technological innovation and market expansion [41][42]

摘要 锂电池叉车采用锂电池作为动力，相比铅酸电池具有更轻、更小、能量密度高等优势，且充电速度快、使用寿命长、维护成本低、环保效益更佳。随着电商物流、车联网自 动化的发展，锂电池叉车市场需求增长迅速。同时，锂电池材料技术的发展也降低电池成本，提升能量密度和安全性。在双碳背景下，锂电池叉车行业市场规模不断扩大， 国民经济稳定增长和劳动力成本上升也带动行业需求增长。此外，海外市场对中国锂电池叉车的需求也持续增长，中国企业积极布局海外市场。 行业定义 2025-02-21 未经平台授权，禁止转载 企业竞争图谱：2025年锂电池叉车 头豹词条报告系列 行业特征 锂电池叉车即采用锂电池作为源动力，驱动行驶电机和油压系统电机，从而实现行驶与装卸作业的机动工业车辆，包括电动平衡重乘驾式叉 车、电动乘驾式仓储叉车和电动步行式仓储叉车。 锂电池叉车的行业特征包括具有低排放与环保优势、更具经济优势、市场需求增长与技术创新驱动。 中国电动叉车主要以铅酸电池或锂电池作为动力。传统的电动叉车通常采用铅酸电池，铅酸电池充放电次数少，使用寿命短，维护要求高， 对环境影响较大，且充电时间较长。相较于铅酸电池，锂电池具备质量更轻、体积更小、能量 ...