据证券之星公开数据整理，近期井松智能（688251）发布2025年中报。截至本报告期末，公司营业总收 入3.57亿元，同比上升3.18%，归母净利润49.87万元，同比下降98.05%。按单季度数据看，第二季度营 业总收入2.78亿元，同比下降5.49%，第二季度归母净利润121.67万元，同比下降96.6%。本报告期井松 智能公司应收账款体量较大，当期应收账款占最新年报归母净利润比达1121.45%。 本次财报公布的各项数据指标表现一般。其中，毛利率18.83%，同比减29.47%，净利率0.14%，同比减 98.11%，销售费用、管理费用、财务费用总计3989.98万元，三费占营收比11.16%，同比增7.45%，每股 净资产9.52元，同比增0.8%，每股经营性现金流0.12元，同比增116.74%，每股收益0.01元，同比减 97.62% | 项目 | 2024年中报 | 2025年中报 | 同比增幅 | | --- | --- | --- | --- | | 营业总收入(元) | 3.46亿 | 3.57亿 | 3.18% | | 归母浄利润（元） | 2558.26万 | 49.87万 | -98 ...

查看完整报告 点击注册小程序 特别申明： 本订阅号中所涉及的证券研究信息由光大证券研究所编写，仅面向光大证券专业投资者客户，用作新媒体形势下研究 信息和研究观点的沟通交流。非光大证券专业投资者客户，请勿订阅、接收或使用本订阅号中的任何信息。本订阅号 难以设置访问权限，若给您造成不便，敬请谅解。光大证券研究所不会因关注、收到或阅读本订阅号推送内容而视相 关人员为光大证券的客户。 报告摘要 业绩稳定增长，盈利能力持续提升 杭叉集团2025H1实现营业收入93.0亿元，同比增长8.7%；归母净利润11.2亿元，同比增长11.4%。毛利率 为22.0%，同比上升0.6个百分点；净利率为12.6%，同比上升0.1个百分点。 叉车锂电化进程不断推进，公司有望深度受益 2025H1中国叉车总销量73.9万台，同比增长11.7%；从车型结构来看，I、II、III、IV+V类叉车销量分别同 比+21.9%/+18.4%/+18.6%/-6.6%；电动叉车占比已经达到75.6%，平衡重式叉车电动化比例达38.0%，以 电动叉车尤其是新能源锂电池叉车为代表的车型竞争力明显提升，国际、国内市场占有率显著提高。 2025H1公司在锂电 ...

2025 年 8 月 26 日 公司研究/公司快 报 公司近一年市场表现 事件描述 公司披露 2025 年中报。上半年，公司实现营业收入 93.0 亿元，同比 +8.7%；归母净利润 11.2 亿元，同比+11.4%。其中，25Q2 实现营业收入 48.0 亿元，同比+9.4%，环比+6.4%；实现归母净利润 6.8 亿元，同比+9.1%，环 比+57.0%。 事件点评 | 年 月 市场数据：2025 8 | 日 25 | | | --- | --- | --- | | 收盘价（元）： | | 22.60 | | 年内最高/最低（元）： | | 23.91/15.58 | | 流通A股/总股本（亿）： | | 13.10/13.10 | | 流通 A 股市值（亿）： | | 296.02 | | 总市值（亿）： | | 296.02 | | 年 基础数据：2025 | 月 6 | 日 30 | | | --- | --- | --- | --- | | 基本每股收益(元)： | | | 0.86 | | 摊薄每股收益(元)： | | | 0.86 | | 每股净资产(元)： | | | 8.83 | | 净资 ...

"模式革新+渠道深耕+品牌升维"三维联动，国内外协同发展。国内市场，公司采取主抓销售渠道的执 行力，通过以租代售、租售等模式推动市占率提升，杭叉租赁上半年营收同比增幅80%以上。国外市 场，公司新成立杭叉中亚、法国阿勒斯锂电池等子公司，出口销量接近6 万台达到历史新高，同比增长 超25%。同时，公司在食品饮料、汽车、商超零售、石材、 物流等行业与全球顶尖的企业集团均达成 了稳固可靠的合作关系，泰国工厂有望Q4 建成，"生产本地化+市场全球化+服务属地化"战略持续落 地。 投资建议：维 持增持评级。尽管国内外需求景气存在波动，但公司经营业绩依然维持稳健发展，同时 新兴业务尤其是具身智能产业链进入快速发展期，我们看好公司持续整合优势资源，形成传统主业+新 兴业务双轮驱动的业务模式。我们维持公司2025-2027 年EPS 为1.71/1.96/2.26 元，参考行业14.16 倍PE 估值，给予公司2025 年16倍PE，上调目标价为27.35 元，维持增持评级。 事件：公司公告2025 年半年报，业绩维持稳健增长。25H1，公司实现收入/归母净利润93.02 亿元/11.21 亿元，同比+8.74%/+11.3 ...

Group 1 - The company focuses on automation, information technology, and intelligent control technology [1] - The industrial robots produced by the company include inspection robots, palletizing robots, and AGVs [1] - The main applications of these robots are in the power and lithium battery equipment industries [1]

Group 1: Company Overview and Business Scope - The company has over 20 years of expertise in intelligent logistics and manufacturing equipment, primarily serving the tobacco industry with integrated solutions [2] - Main business areas include intelligent logistics systems, production line systems, operation maintenance, and specialized products and services [2] - The company is expanding its technology applications from the tobacco industry to other sectors such as liquor and energy chemicals, developing a range of high-quality solutions and proprietary products [2] Group 2: International Market Development - The company is actively pursuing international market expansion while focusing on domestic growth, aligning with the "Belt and Road" initiative to support national strategies [3] Group 3: Robotics and Technology Advancements - The company is one of the early domestic developers of AGV (Automated Guided Vehicle) technology, holding complete proprietary rights and recognized as a "Famous Brand" in Yunnan Province [3] - New technologies such as communication, artificial intelligence, big data, and cloud technology are being integrated into smart equipment to enhance the capabilities of industrial robots [3] - Continuous optimization of the mobile robot control system software platform is planned for 2024, enabling intelligent collaborative scheduling in complex scenarios [3]

Core Viewpoint - The company reported strong financial performance for the first half of 2025, with significant year-on-year growth in revenue and net profit, indicating robust operational capabilities and market demand [1][3]. Group 1: Financial Performance - In H1 2025, the company achieved revenue of 1.662 billion yuan, a year-on-year increase of 48.30%, and a net profit attributable to shareholders of 227 million yuan, up 40.33% year-on-year [1]. - For Q2 2025, revenue reached 915 million yuan, reflecting a year-on-year growth of 48.74% and a quarter-on-quarter increase of 22.51% [1]. - The gross profit margin for Q2 2025 was 26.35%, with a net profit margin of 16.28%, both showing improvements compared to the previous year [1]. Group 2: Business Development - The company established a wholly-owned subsidiary, Wuhu Ruixiang Intelligent Robot Co., Ltd., to accelerate its robotics business in response to the Anhui Province's action plan for humanoid robot industry development [2]. - The automotive manufacturing equipment business continues to see growth, with a backlog of orders amounting to 4.38 billion yuan, a 13.59% increase from the end of the previous year [3]. - The lightweight component business has entered mass production, with significant increases in supply volume, indicating a positive outlook for future performance [3]. Group 3: Investment Outlook - The company is expected to see revenue growth from 3.46 billion yuan in 2025 to 5.56 billion yuan in 2027, with net profit projected to rise from 450 million yuan to 725 million yuan over the same period [4]. - The earnings per share (EPS) are forecasted to increase from 2.17 yuan in 2025 to 3.46 yuan in 2027, suggesting a strong growth trajectory [4]. - The company maintains a "recommended" rating based on its solid order backlog and anticipated performance improvements from its lightweight business [3][4].

Investment Rating - The report maintains a "Recommended" rating for the company, with a target price based on the closing price of 40.89 CNY on July 21, 2025, corresponding to PE ratios of 19, 15, and 12 for the years 2025, 2026, and 2027 respectively [4][7]. Core Insights - The company reported a strong performance in H1 2025, with revenue of 1.662 billion CNY, a year-on-year increase of 48.30%, and a net profit attributable to shareholders of 227 million CNY, up 40.33% year-on-year [1]. - The company's robot business is progressing steadily, with the establishment of a wholly-owned subsidiary to accelerate its robotics layout in response to the provincial industrial development plan [3]. - The equipment business has a robust order backlog, with total orders amounting to 4.38 billion CNY, a 13.59% increase from the end of the previous year [4]. Summary by Sections Financial Performance - In Q2 2025, the company achieved revenue of 915 million CNY, a year-on-year increase of 48.74% and a quarter-on-quarter increase of 22.51%. The net profit for the same period was 130 million CNY, reflecting a year-on-year growth of 50.78% [2]. - The gross margin for Q2 2025 was 26.35%, with a net profit margin of 16.28%, both showing improvements due to changes in product structure [2]. Business Development - The company has initiated the establishment of a wholly-owned subsidiary focused on robotics, which includes manufacturing, research, and sales, aligning with the provincial action plan for humanoid robot industry development [3]. - The lightweight component business has entered mass production, with significant increases in supply volume expected, contributing to further revenue growth [4]. Revenue and Profit Forecast - The company forecasts revenues of 3.46 billion CNY, 4.46 billion CNY, and 5.56 billion CNY for the years 2025, 2026, and 2027 respectively, with net profits projected at 450 million CNY, 580 million CNY, and 730 million CNY for the same years [6][8].

Investment Rating - The report provides a "Buy" rating for the industry, indicating a strong expectation for stock performance relative to the market index over the next six months [62]. Core Insights - The AGV (Automated Guided Vehicle) and unmanned forklift industry is approaching a technological inflection point, with anticipated demand growth. Beneficiaries include companies like Anhui Heli, Hangcha Group, Noli Forklift, Zhongli Group, and Lanjian Intelligent [5][62]. - The AGV market in China is projected to reach 22.1 billion yuan by 2024, with a compound annual growth rate (CAGR) of 21% from 2022 to 2024. The penetration rate of unmanned forklifts is expected to increase significantly as technology advances [5][44]. Summary by Sections What is an Unmanned Forklift? - Unmanned forklifts are a branch of AGVs, which are battery-powered vehicles equipped with navigation modules that can autonomously transport goods [3][11]. Core Technologies of AGVs and Unmanned Forklifts - The core technologies include positioning and navigation, perception, control systems, and robot scheduling systems. The development of AI models is expected to enhance the perception capabilities of AGVs, allowing for more autonomous operations [4][22][30][34]. Market Size - The global AGV market was approximately $4.75 billion in 2022, with a projected growth to 22.1 billion yuan in China by 2024. The domestic market is expected to grow at a CAGR of 21% from 2022 to 2024 [5][44][49]. Competitive Landscape - The AGV industry in China has seen the emergence of various players, categorized into three main types: specialized AGV manufacturers, traditional forklift manufacturers, and new entrants. The competitive landscape remains uncertain with many participants [5][59].

Investment Rating - The report maintains a "Buy" recommendation for the industry, highlighting the potential for significant growth in the adoption of unmanned forklifts as part of the smart logistics trend [6]. Core Insights - The rise of SLAM natural navigation technology is driving the transition from simple automation to autonomous intelligence in on-site logistics, with unmanned forklifts representing a leading product in this commercial evolution [1][2]. - The penetration rate of unmanned forklifts in traditional forklift markets is currently low at 1.66%, indicating substantial room for growth and replacement opportunities [2][42]. - The industry is characterized by a diverse competitive landscape, with major players including traditional forklift manufacturers and AGV/AMR companies, leading to a relatively fragmented market [2][6]. Summary by Sections 1. Current Development of Unmanned Forklifts - Unmanned forklifts are a fusion of forklift and AGV technologies, evolving from basic automated guided vehicles to more intelligent autonomous mobile robots (AMR) [1][13]. - The industry has a rich history of over 70 years, with significant advancements in navigation technology since 2010 [1][27]. 2. Factors Driving Penetration of Unmanned Forklifts - Economic benefits, technological advancements, and supportive policies are the three main drivers for the rapid increase in the penetration rate of unmanned forklifts [2][50]. - The sales volume of unmanned forklifts in China surged from 300 units in 2015 to 19,500 units in 2023, with a CAGR of 68.51% [2][38]. 3. Competitive Landscape - The competitive landscape features both traditional forklift companies and AGV/AMR firms, with a market concentration that remains relatively low [2][6]. - Key players include Anhui Heli, Hangcha Group, and Zhongli Group among traditional manufacturers, and Hikvision Robotics and Xian Gong Intelligent among AGV/AMR leaders [2][6]. 4. Investment Recommendations - The report suggests focusing on traditional forklift leaders and emerging AGV/AMR companies as potential investment opportunities, given the expected rise in unmanned forklift adoption [6][2].