The downstream application industry of forklifts is very extensive, and the demand for forklifts in the manufacturing and logistics industries*. From the sales situation of China's forklift sub-sectors, the manufacturing industry accounts for about 52%, and transportation, warehousing, logistics, warehousing and postal services account for about 21%. .
In recent years, the huge number of online shopping orders has placed higher demands on the speed and speed of logistics, and the automation equipment is a reliable guarantee of speed and accuracy. In the future, the total demand for logistics will be stable and the demand for logistics in the consumption and people's livelihood areas will continue to grow. At present, China's logistics industry is in the stage of continuous improvement of infrastructure, cost reduction and operational efficiency. The industrial transformation and upgrading trend is obvious, and it is in an accelerated period of transition to automation and intelligence. It is expected that the demand for logistics forklifts will remain high in the next few years. increase.
Domestic forklift industry is highly competitive, resulting in lower profit margins
Compared with the fiercely competitive international market, the competition in the Chinese forklift market is becoming more and more intense. Only 200 forklift manufacturers are included, and so many companies have led to lower profit margins.
However, in recent years, with the trend of electrification and the increasing demand for forklift brands, reliability and price in domestic enterprises, market share has a tendency to concentrate on head enterprises. According to the data provided by the General Administration of Customs, in terms of sales volume, the leading enterprises represented by Anhui Heli and Hangcha Group in 2017 accounted for 45.1% of the market share of the entire forklift market, while the top 20 companies accounted for 90%. More than % share.
The duopoly pattern is getting together and the potential of Hangcha is huge.
The domestic forklift industry started in the 1950s and gradually formed a pattern of Heli and Hangcha Duo.
Among the top 10 forklift brands in the world, Heli and Hangcha are ranked 7/8. Although Anhui Forklift Group (Heli) ranked seventh, its revenue growth rate ranked second. In 2017, Heli Group's forklift production reached 121,000 units, an increase of more than 40% year-on-year. The annual revenue reached US$1.3 billion and the US dollar-denominated revenue increased by 45%. Hangcha's revenue increased by about 30%. Compared with 2016, equipment production increased by 28% to 105,100 units. In recent years, the two leading faucets, Heli and Hangcha, have achieved rapid growth, and their revenues have surpassed Doosan, Clark and other brands, and they have gradually moved closer to Hyster and Kelang.
Moreover, with the improvement of environmental protection requirements (the national four emissions are on the agenda), the intelligent development of products, the industry entry threshold for forklifts is also getting higher and higher, the domestic forklift pattern is also expected to gather to the head, Hangcha Group and The market share of Anhui Heli is expected to increase further.Hangcha Group
In 2018, the sales volume of Hangcha Group forklifts is expected to exceed 125,000 units, an increase of about 20% year-on-year. Among them, the sales volume of the second and third class vehicles increased by 70%, and the sales volume of the four or five types of internal combustion vehicles increased by 10%. The overall sales volume of forklifts in the whole year is close to that of Anhui.
In 2018, the Hangcheu Group's export sales increased by 30% year-on-year. The main sales areas include the EU, Southeast Asia and South America, of which the EU accounted for more than 50%, and its overseas market share increased further. After the establishment of the North American subsidiary in 18 years, Will continue to expand the North American market. At present, the price of domestic forklifts is generally about 50% of overseas Toyota and other brands, and the cost performance advantage is obvious.
The industry expects that the forklift industry's growth rate will slow down in 2019, but the overall trend is still growing. Hangchai Group's market share will increase steadily in 2019. It is estimated that the annual income will be 8.6 billion yuan and the net profit will be 673 million yuan. Corresponding to 2019 PE11.3 times.Anhui Heli
In the first three quarters of 2018, Anhui Heli achieved revenue of 7.378 billion yuan, a year-on-year increase of 17.5%; net profit attributable to shareholders of listed companies was 440 million, a year-on-year increase of 29%, and sales growth was lower than the industry, but the performance growth was slightly better than the competitors. At the same time, the company announced in December that it would acquire the evaluation system of Ningbo Lida and its executives from the Group, which will benefit the company's long-term development.