Investment Rating - The report maintains an "Accumulate" rating for the company [7] Core Views - The company has shown steady growth in performance, with a net profit of 632 million yuan, representing a year-on-year increase of 12.79% [1] - The company is expected to benefit from the favorable market conditions for both domestic and international forklift sales, as well as the upcoming launch of humanoid robots [1][4] Financial Performance - For the first three quarters of 2025, the company achieved a revenue of 13.972 billion yuan, up 10.98% year-on-year, and a net profit of 1.753 billion yuan, up 11.21% year-on-year [1] - The gross profit margin for the first three quarters was 23.48%, an increase of 0.47 percentage points year-on-year [2] Market Demand - The demand for forklifts in the industry has been strong, with total sales of 1,106,406 units from January to September 2025, a year-on-year increase of 14% [3] - Domestic sales reached 697,375 units, up 13.1% year-on-year, while exports totaled 409,031 units, up 15.5% year-on-year [3] Strategic Developments - The company acquired a 99.23% stake in Zhejiang Guozi Robot Technology Co., enhancing its capabilities in intelligent logistics solutions and expanding its global market channels [4] - The upcoming launch of the "X1 Series" humanoid robot is anticipated to provide a new growth curve for the company's intelligent business [4] Profit Forecast and Valuation - The net profit forecasts for 2025-2027 have been slightly adjusted upwards to 2.285 billion yuan, 2.591 billion yuan, and 2.880 billion yuan, respectively [5] - The target price has been raised to 33.66 yuan, reflecting a valuation of 17 times the expected earnings for 2026 [5]