Core Viewpoint - The company demonstrates stable revenue growth and continuous improvement in profitability, with significant advancements in lithium battery forklift technology and strategic overseas expansion [2][3][4][5]. Group 1: Financial Performance - In 2024, the company achieved a revenue of 16.49 billion yuan, representing a year-on-year growth of 1.15% (adjusted), and a net profit attributable to shareholders of 2.02 billion yuan, up 17.9% (adjusted) [2]. - For Q1 2025, the company reported a revenue of 4.51 billion yuan, reflecting an 8.0% year-on-year increase, and a net profit of 440 million yuan, which is a 15.2% growth [2]. Group 2: Lithium Battery Forklift Development - In 2024, China's total forklift sales reached 1.286 million units, marking a 9.5% increase year-on-year, with electric forklifts accounting for 73.6% of total sales [3]. - The company made significant breakthroughs in the lithium battery forklift sector, launching multiple high-performance models, enhancing its competitive edge in both domestic and international markets [3]. Group 3: Overseas Expansion - The company generated 6.85 billion yuan in overseas revenue in 2024, a 4.8% increase, with overseas sales exceeding 100,000 units, setting a historical record [4]. - To mitigate risks from international trade uncertainties, the company established a wholly-owned manufacturing subsidiary in Thailand, enhancing local supply capabilities and reducing tariff costs through ASEAN free trade agreements [4]. Group 4: AI and Smart Logistics - In 2024, the company's smart logistics solutions contracts exceeded 1 billion yuan, achieving significant milestones in overseas markets [5]. - The company is actively promoting the application of AI technology in smart logistics, investing in humanoid robots, and aiming to create comprehensive AI logistics solutions to meet the growing market demand [5].

业绩稳定增长，盈利能力持续提升 杭叉集团2024年实现营业收入164.9亿元，同比增长1.15%（调整后）；归母净利润20.2亿元，同比增长 17.9%（调整后）。毛利率为23.6%，同比上升2.8个百分点；净利率为13.1%，同比上升1.8个百分点。 公司2025年一季度实现营业收入45.1亿元，同比增长8.0%；归母净利润4.4亿元，同比增长15.2%。毛利率 为20.5%，同比下降0.1个百分点；净利率为10.0%，同比上升0.4个百分点。 点击注册小程序 查看完整报告 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 本订阅号是光大证券股份有限公司研究所（以下简称"光大证券研究所"）依法设立、独立运营的 官方唯一订阅号。其他任何以光大证券研究所名义注册的、或含有"光大证券研究"、与光大证券 研究 ...