Core Insights - The sales of forklifts in China reached 1.2207 million units from January to October this year, marking a year-on-year increase of 14.2% [1] - In October alone, 114,300 forklifts were sold, reflecting a year-on-year growth of 15.9% [1] - The growth in forklift sales is driven by the urgent demand for enhanced efficiency and resilience in the economic supply chain, alongside the acceleration of intelligent transformation in manufacturing and logistics [1] Industry Trends - The industry is transitioning from "automation" to "intelligence" with the rapid implementation of advanced technologies such as AI and embodied intelligence [1] - The market for unmanned forklifts is expected to exceed 14 billion yuan by 2029, driven by advancements in navigation, perception, and large models [1] Company Developments - Hangcha Group has expanded its offerings to include AGV products and integrated software systems, enhancing its position in the intelligent logistics sector [2] - Hangcha Group's subsidiary recently acquired a 99.23% stake in Zhejiang Guozi Robot Technology Co., improving its product lineup in unmanned forklifts and mobile robots [2] - Zhongli Machinery has developed a range of smart logistics products, creating a closed-loop industrial process from warehousing to automated unloading [3] - Companies are increasingly focusing on building comprehensive intelligent logistics solutions and enhancing their product matrices to align with the industry's shift towards intelligence and flexibility [3]

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]