杭叉集团：完善全球网络布局，智能物流业务增长迅速。公司2025上半年实现营收 93.02亿元，同比+8.74%；实现归母净利润达11.21亿元，同比+11.38%；毛利率和净利率分 别达21.96%和12.58%，同比+0.55pct和+0.05pct。公司上半年实现海外市场产品销售近6万台 的历史新高，同比增幅超25%。主要系公司加速推进"生产本地化+市场全球化+服务属地 化"战略落地，海外子公司达20余家，形成了营销、研发、制造、租赁等方面的布局，为公 司国际化战略注入强劲动能。公司泰国生产基地正式开工建设，预计今年四季度高质量建 成。同时，公司抢抓各行业智能化转型升级对智能物流需求的发展机遇，组建杭叉智能、杭 奥智能、汉和智能三大业务群，打造产业链一体化建设，研发了堆垛、全向、前移、平衡重 系列化AGV产品。报告期内，智能物流业务爆发式增长，智能板块营收及新增订单同比均 有大幅度提升，累计落地7000余台AGV，覆盖光伏、锂电等20余个行业。 投资要点： 事件：根据中国工程机械工业协会发布数据，2025年7月叉车整体销量为11.86万台，同 比增长14.4%。其中，国内销量6.97万台，同比增长14.3 ...

东海证券发布研报称，叉车下游应用广泛，周期性特征较弱，与制造业景气程度关联度较高。未来制造 业复苏和仓储物流量的增长，对国内叉车需求呈现积极作用。同时，国内企业正加速全球化布局，建立 海外本土产能与售后服务体系，全球市场渗透率逐步提升。另外，国内叉车龙头正积极布局智能物流与 物流机器人领域，将重塑物流行业竞争格局。建议关注安徽合力（600761）(600761.SH)、杭叉集团 （603298）(603298.SH)及中力股份（603194）(603194.SH)。 东海证券主要观点如下： 安徽合力：电动化产品占比提升，外销高增推动收入创新高 公司2025年上半年实现营收93.90亿元，同比+6.18%;实现归母净利润达7.96亿元，同比-4.60%;毛利率和 净利率分别达23.58%和9.59%，同比+2.00pct和+0.01pct。2025年上半年公司销量20.42万台，同比 +17.23%，增速高于行业，行业占比高达27.62%。绿色化方面，公司电动车销量同比增长28%，占比升 至68%，较上年末提高2.5pct，带动整体产品毛利率提升。公司海外业务营收达40.16亿元，同比增长 15.20%，海外收 ...

证券研究报告 杭叉集团 (603298 CH) 业绩稳健增长，拓展 AI 在物流场景应用 | | 8 月 | 22 日│中国内地 | 专用设备 | | --- | --- | --- | --- | | 2025 年 | | | | | 华泰研究 | | 中报点评 | 投资评级(维持): | 增持 | | --- | --- | --- | --- | --- | | 2025 年 8 月 | 22 日│中国内地 | 专用设备 | 目标价(人民币): | 29.24 | 杭叉集团发布半年报，2025 年 H1 实现营收 93.02 亿元（yoy+8.74%）， 归母净利 11.21 亿元（yoy+11.38%），扣非净利 10.96 亿元（yoy+11.04%）。 其中 Q2 实现营收 47.96 亿元（yoy+9.43%，qoq+6.42%），归母净利 6.85 亿元（yoy+9.08%，qoq+57.03%）。我们预计，公司业绩有望在产品结构 优化、国内外布局不断深入、以及拓展 AI 在物流场景的应用下保持稳健增 长态势，维持"增持"评级。 25H1 盈利能力提升，费用率微微增长 25H1 公司毛利率 2 ...

Core Viewpoint - The report highlights the steady improvement in profitability of Hangcha Group, with a positive outlook on its overseas business growth potential, leading to an "Accumulate" rating for the company [1] Financial Performance - In 2024, the company achieved operating revenue of 16.486 billion yuan, a year-on-year increase of 1.15% - The net profit attributable to shareholders was 2.022 billion yuan, up 17.86% year-on-year, while the net profit after deducting non-recurring gains and losses was 1.989 billion yuan, also up 17.82% year-on-year [1] - For Q1 2025, the operating revenue reached 4.506 billion yuan, a year-on-year increase of 8.02%, with a net profit of 436 million yuan, up 15.18% year-on-year [1] Profitability Metrics - The company achieved a historical best sales net profit margin of 13.11% in 2024, an increase of 1.84 percentage points year-on-year - The gross profit margin was 23.55%, up 2.77 percentage points year-on-year, with domestic and international gross profit margins at 18.74% and 30.72%, respectively [1] Market Position - The forklift industry saw a total sales volume of 1.2855 million units in 2024, a year-on-year increase of 9.52% - Hangcha Group sold approximately 280,000 units, a growth of 14.06% year-on-year, capturing about 22% of the market share [1] R&D and Product Development - In 2024, the company invested 774 million yuan in R&D, representing 4.7% of its revenue, and plans to develop humanoid intelligent logistics robots - The company launched new energy products, including high-pressure lithium battery forklifts and hydrogen fuel cell forklifts, with over 63% of its sales coming from new energy products [2] International Expansion - The company achieved a record overseas sales volume of over 100,000 units in 2024, generating foreign revenue of 6.846 billion yuan, a year-on-year increase of 4.75%, contributing 41.53% to total revenue - New overseas companies were established in the US, Europe, Indonesia, and Japan, with a manufacturing base in Thailand [2] Strategic Development - The company formed three major business groups focusing on intelligent logistics, high machines, and lithium batteries, with a contract amount exceeding 1 billion yuan for the first time in 2024 - The company plans to distribute a total cash dividend of 655 million yuan, representing 32.39% of the net profit attributable to shareholders, with a corresponding dividend yield of approximately 2.5% [3] Investment Outlook - The company is expected to benefit from the accelerating trends of high-end, digital, green, and international development in the forklift industry - EPS forecasts for 2025, 2026, and 2027 are 1.74, 1.94, and 2.14 yuan, respectively, with corresponding PE ratios of 11.1, 10.0, and 9.1 [4]