杭叉集团（603298）2025 年一季报点评 强推（维持） 证 券 研 究 报 告 盈利能力持续提升，海外布局发力 目标价：22.6 元 事项： 公司发布 2025 年一季度报告，2025 年一季度营业总收入 45.1 亿元，同比增长 8.02%，归母净利润 4.4 亿元，同比增长 15.18%，扣非归母净利润 4.3 亿元， 同比增长 13.97%。 评论： [主要财务指标 ReportFinancialIndex] | | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | | 营业总收入(百万) | 16,486 | 17,934 | 20,171 | 23,198 | | 同比增速(%) | 1.3% | 8.8% | 12.5% | 15.0% | | 归母净利润(百万) | 2,022 | 2,281 | 2,604 | 2,999 | | 同比增速(%) | 17.5% | 12.8% | 14.1% | 15.2% | | 每股盈利(元) | 1.54 | 1.74 | 1.99 | 2.29 | | 市盈率(倍) ...

杭叉集团股东大会会议资料 杭叉集团股份有限公司 2024 年年度股东大会 会议资料 1 杭叉集团股东大会会议资料 中国·杭州 二○二五年五月 | 目录 | | --- | | 会议议程 | | | | 3 | | --- | --- | --- | --- | --- | | 会议须知 | | | | 5 | | 议案一： | 公司 | 2024 | 年度董事会工作报告 | 7 | | 议案二： | 公司 | 2024 | 年度监事会工作报告 | 19 | | 议案三： | 公司 | 2024 | 年年度报告及摘要 | 23 | | 议案四： | 关于公司 | | 2024 年度财务决算报告 | 24 | | 议案五： | 关于公司 | | 2024 年度利润分配的预案 | 29 | | 议案六： | 关于公司 | | 2025 年度日常关联交易预计的议案 | 31 | | 议案七： | 关于公司 | | 2025 年度对外担保预计的议案 | 49 | | 议案八： | | | 关于开展远期结售汇及外汇衍生产品业务的议案 | 53 | | 议案九： | 关于续聘公司 | | 2025 年度审计机构的议案 | ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company has shown steady growth in performance, with 2024 revenue reaching 16.486 billion yuan, a year-on-year increase of 1.15%, and a net profit of 2.022 billion yuan, up 17.86% year-on-year. In Q1 2025, revenue was 4.506 billion yuan, an increase of 8.02%, with a net profit of 436 million yuan, up 15.18% [4][7] - The company is actively expanding its international market presence, with overseas revenue accounting for approximately 42%. In 2024, overseas revenue totaled 6.846 billion yuan, a year-on-year increase of 4.75%, representing 41.53% of total revenue [4][5] - The company has a comprehensive product line in the new energy sector, including various lithium battery and hydrogen fuel cell forklifts, which have gained wide recognition in both domestic and international markets [6] - The company is expected to leverage its new energy lithium battery forklifts to further penetrate traditional high-end markets in Europe and North America, while also tapping into emerging markets in Southeast Asia [5][6] Financial Summary - The company forecasts revenue for 2025-2027 to be 18.035 billion yuan, 20.214 billion yuan, and 23.083 billion yuan respectively, with corresponding net profits of 2.235 billion yuan, 2.557 billion yuan, and 2.963 billion yuan [7][10] - The projected EPS for 2025-2027 is 1.71 yuan, 1.95 yuan, and 2.26 yuan respectively, with a current P/E ratio of 11, 10, and 9 times for the respective years [7][10] - The gross margin is expected to improve from 23.6% in 2024 to 26.9% in 2027, indicating enhanced profitability [10][14]

杭叉集团：年产1万台泰国全资子公司预计今年底投产 智通财经4月25日电，杭叉集团董秘陈赛民在今天举行的2024年度业绩说明会上表示，公司投建的杭叉 集团泰国制造公司预计于2025年年底建成投产，建成后具备年产各类工业车辆1万台的生产能力，投产 后将有力支撑杭叉在全球市场的本地化制造与服务布局，同时还可通过东盟自贸协定有效降低关税成 本，提升公司应对贸易壁垒风险能力。（智通财经记者 汪斌） ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company has shown steady growth in performance, with 2024 revenue reaching 16.486 billion yuan, a year-on-year increase of 1.15%, and a net profit of 2.022 billion yuan, up 17.86% year-on-year [4][7] - The company is actively expanding its international market presence, with overseas revenue accounting for approximately 42% of total revenue, and has established over 10 overseas companies in key global markets [4][5] - The company has a comprehensive product line in the new energy sector, including various lithium battery and hydrogen fuel cell forklifts, which have gained wide recognition in both domestic and international markets [6] Financial Performance - In Q1 2025, the company achieved revenue of 4.506 billion yuan, an increase of 8.02%, and a net profit of 436 million yuan, up 15.18% [4] - The forecasted revenue for 2025-2027 is 18.035 billion yuan, 20.214 billion yuan, and 23.083 billion yuan respectively, with corresponding net profits of 2.235 billion yuan, 2.557 billion yuan, and 2.963 billion yuan [7][10] - The company's current P/E ratios are projected to be 11, 10, and 9 for the years 2025, 2026, and 2027 respectively [7] Strategic Initiatives - The company is leveraging its lithium battery forklifts to penetrate traditional high-end markets in Europe and North America, while also tapping into emerging markets in Southeast Asia [5] - The establishment of a wholly-owned manufacturing subsidiary in Thailand enhances local supply capabilities and reduces tariff costs through ASEAN free trade agreements [5] - The intelligent logistics segment is expected to become a new growth curve for the company, with over 1,000 projects implemented across various industries [6]

事件：公司发布24 全年、2025Q1 业绩报告：1）24 全年营收164.86 亿元，同比+1.15%，归母净利润 20.22 亿元，同比+17.86%；2）25Q1：营收45.06 亿元，同比+8.02%，归母净利润4.36 亿元，同比 +15.18%，业绩符合市场预期，龙头国际化+电动化持续驱动，单25Q1 收入创单季度历史新高，业绩增 速高于收入。 电动化+国际化持续驱动，全球化布局步履不停。24 全年公司毛利率、净利率分别提升2.77、1.84pcts 至23.55%、13.11%；费用率同比+1.55pcts至11.28%，销售、管理、研发费用均有上升，与公司的海外 布局推进、产品谱系拓展有关；经营性现金流有所下滑，或与公司外销业务账期较长、租赁业务占比提 升等因素有关。公司24 年内锂电叉车总销量达到44.88万台，占电动叉车比例上升至47.43%；电动平衡 重叉车中，锂电叉车占比上升至71.71%。公司成功推出多个系列的高性能锂电专用叉车，如XA 系列、 XE 系列等，产品线覆盖0.6t-48t，产品的结构、谱系持续优化。 国内市场有所企稳，海外成长空间依旧充足。24 全年公司海外产品销量突破 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1][9] Core Views - The company is executing a globalization strategy and developing a diversified business system to create a new growth curve [2][5] - The company has shown steady improvement in profitability, with a significant increase in net profit and gross margin in recent quarters [5][8] - The company is expanding its overseas market presence, achieving record sales and establishing a robust global service network [5][6][8] Financial Performance - In 2024, the company achieved revenue of 16.5 billion, a year-on-year increase of 1.3%, and a net profit of 2 billion, up 18% year-on-year [5] - For Q1 2025, the company reported revenue of 4.51 billion, a year-on-year increase of 8%, and a net profit of 440 million, up 15% year-on-year [5] - The gross margin for Q1 2025 was 20.5%, a slight decrease compared to the previous year, while the net profit margin improved to 10% [5] Market Expansion - The company achieved domestic and overseas revenues of 9.4 billion and 6.8 billion respectively in 2024, with overseas revenue growing by 4.8% year-on-year [5] - The company has established over 10 overseas subsidiaries in key markets, enhancing its global marketing and after-sales service network [5][6] R&D and Innovation - The company invested 770 million in R&D in 2024, a year-on-year increase of 4.6%, focusing on integrating global technology resources [5][8] - The company has developed 52 marketable R&D projects and 25 technology applications in 2024 [5][6] Future Projections - Revenue projections for 2025-2027 are 18.45 billion, 20.47 billion, and 22.51 billion respectively, with corresponding net profits of 2.23 billion, 2.43 billion, and 2.68 billion [7][9] - The company is expected to maintain a stable gross margin and leverage its competitive product offerings to sustain growth [8][9]

Investment Rating - The investment rating for the company is "Accumulate" [2][10] Core Views - The company has shown steady growth in performance, with revenue of 16.486 billion yuan in 2024, a year-on-year increase of 1.15%, and a net profit attributable to shareholders of 2.022 billion yuan, up 17.86% year-on-year [5] - The gross margin has significantly improved, reaching 23.55% in 2024, an increase of 2.77 percentage points year-on-year, driven by the growth in international sales [6] - The company is well-positioned to benefit from the strong trend towards electrification in the industry, with electric forklifts accounting for 73.61% of the market [7] - The company has expanded its international presence, with overseas sales surpassing 100,000 units in 2024, representing over 40% of total revenue [8] Financial Performance - In Q1 2025, the company achieved revenue of 4.506 billion yuan, a year-on-year increase of 8.02%, and a net profit of 436 million yuan, up 15.18% year-on-year [5] - The company forecasts revenue growth for 2025-2027, with expected revenues of 17.656 billion yuan, 19.375 billion yuan, and 21.136 billion yuan, representing year-on-year growth rates of 7.10%, 9.74%, and 9.09% respectively [9] - The projected net profit for the same period is 2.230 billion yuan, 2.449 billion yuan, and 2.672 billion yuan, with growth rates of 10.30%, 9.80%, and 9.11% respectively [9] Valuation Metrics - The company’s projected P/E ratios for 2025-2027 are 10.95, 9.98, and 9.14, indicating a favorable valuation outlook [10]

Investment Rating - The report maintains an "Accumulate" rating for the company [2][10]. Core Insights - The company has demonstrated steady growth in performance, with 2024 revenue reaching 16.486 billion yuan, a year-on-year increase of 1.15%, and a net profit attributable to shareholders of 2.022 billion yuan, up 17.86% year-on-year [5]. - The gross profit margin has significantly improved, with a 2024 gross margin of 23.55%, an increase of 2.77 percentage points year-on-year [6]. - The company is benefiting from the strong momentum in the lithium battery sector, with electric forklifts accounting for 73.61% of the market and lithium battery forklifts making up 47.43% of electric forklifts [7]. - The company has expanded its international presence, with overseas sales surpassing 100,000 units in 2024, accounting for over 40% of total revenue [8]. Financial Performance Summary - In 2024, the company achieved a revenue of 16.486 billion yuan, with a net profit of 2.022 billion yuan and a net profit margin of 12.3% [12]. - The projected revenues for 2025, 2026, and 2027 are 17.656 billion yuan, 19.375 billion yuan, and 21.136 billion yuan, respectively, with corresponding growth rates of 7.10%, 9.74%, and 9.09% [9][12]. - The earnings per share (EPS) are expected to increase from 1.54 yuan in 2024 to 2.04 yuan by 2027 [12].

Investment Rating - The investment rating for the company is "Accumulate" [5] Core Views - The company's performance growth is steady, with a 15% year-on-year increase in net profit attributable to shareholders, slightly exceeding expectations [2] - The company achieved a revenue of 4.5 billion yuan in Q1 2025, representing an 8% year-on-year growth, while the net profit attributable to shareholders reached 440 million yuan, marking a 15% increase [2] - The company maintains stable profitability and cost control, with a gross margin of 20.5% and a net profit margin of 10.0% in Q1 2025 [3] - The company's exposure to the U.S. market is limited, and the impact is manageable due to pre-stocking and overseas capacity layout [4] - Future focus areas include domestic demand recovery, electrification, and advancements in smart logistics [4] Summary by Sections Financial Performance - In Q1 2025, the company reported a revenue of 4.5 billion yuan, a year-on-year increase of 8%, and a net profit of 440 million yuan, up 15% year-on-year [2] - The gross margin was 20.5%, remaining stable year-on-year, while the net profit margin increased by 0.4 percentage points to 10.0% [3] Market Outlook - The company has a limited exposure to the U.S. market, with revenue exposure in single digits, and has taken measures to mitigate risks [4] - The domestic market is expected to recover, driven by equipment upgrades and the replacement of manual hydraulic trucks, with a projected electrification rate of 35% by 2024 [4] - The non-U.S. market expansion remains promising, with significant opportunities in regions like Europe and Thailand [4] Profit Forecast and Valuation - The profit forecast for 2025-2027 is maintained at 22 billion, 24 billion, and 27 billion yuan respectively, with current market capitalization corresponding to P/E ratios of 11, 10, and 9 times [5]