Events
The industrial vehicle branch of China Construction Machinery Industry Association released the sales data of forklift industry in 2021. In 2021, the total sales volume of industrial vehicles in China was 1099000 units, a year-on-year increase of 37.4%; Among them, the sales volume in China was 784000 units, with a year-on-year increase of 26.7%; The export sales volume was 316000 units, a year-on-year increase of 73.8%.
Key investment points
The proportion of electrification has accelerated, and the export market has grown rapidly affected by the epidemic
Combined with the trend of electrification in developed countries and the background of "carbon neutrality" in China, the proportion of electric forklifts in China is accelerating. The annual sales growth rate of electric forklift (class I + class III) was nearly 650000, accounting for nearly 60.6% of the total sales growth rate of industrial forklift in 2023; Among them, the sales volume in China was 423000 units, a year-on-year increase of 49.4%; The export sales volume was 235000 units, a year-on-year increase of 84.8%. As the gap between China's electric forklift and overseas products in terms of technology, performance and appearance continues to narrow, the export sales volume of electric forklift has increased significantly.
In 2021, the total sales volume of electric balance weight passenger forklift (I) was 113000 units, with a year-on-year increase of 48.2%; China's sales volume was 81000 units, a year-on-year increase of 33.9%; The export sales volume was 32000 units, with a year-on-year increase of 103.5%; The growth rate of China's sales volume is lower than that of export sales, and the export sales volume has doubled. In 2021, the total sales volume of electric passenger driven storage forklift (II) was 16000, with a year-on-year increase of 40.6%; China's sales volume was 11000 units, a year-on-year increase of 26.7%; The export sales volume was 4094 units, with a year-on-year increase of 103%; The growth rate of export sales is much higher than that of China, and the export sales volume has doubled. In 2021, the sales volume of electric walking storage forklift (III) was 529000 units, with a year-on-year increase of 63.9%, accounting for 80.5% of all electric forklifts; China's sales volume was 331000 units, a year-on-year increase of 54.7%; The export sales volume was 199000 units, with a year-on-year increase of 81.8%; The year-on-year growth rate of export sales is higher than that of China.
In 2021, due to the effective control of the epidemic situation, the demand in the Chinese market increased steadily; Due to the impact of the epidemic, the forklift production capacity of overseas forklift host factories and supporting parts manufacturers has not been fully restored, and still can not meet the forklift demand of the market. It is estimated that the sales volume of domestic forklifts is expected to reach 1.3 million in 2022, with a year-on-year growth rate of about 18%.
The penetration rate of lithium and other new energy forklifts continues to grow, and the post market construction has become an important path for the development of forklift enterprises
Lithium battery has been widely used in the global forklift industry because of its high energy density, small volume, maintenance free, fast charging, long service life and many other advantages. The penetration rate of lithium battery forklifts in China has been increasing. Lithium battery walking storage forklifts account for 85% of the total sales of lithium forklifts. In 2021, the total sales volume of lithium forklifts in China reached 333000 units, with a year-on-year increase of 106.3%; Among them, the sales volume in China was 151000 units, a year-on-year increase of 58.6%; The export sales volume was 182000 units, a year-on-year increase of 175.1%; The year-on-year growth rate of export sales is higher than that of China.
In 2021, the sales volume of lithium battery balance weight passenger forklift (I) was 48000 units, with a year-on-year increase of 103.1%; China's sales volume was 35000 units, an increase of 83.2% year-on-year; The export sales volume was 14000 units, a year-on-year increase of 181.5%; Export sales doubled. In 2021, the sales volume of lithium electric passenger storage forklift (II) was 2856, with a year-on-year increase of 15.9%; Among them, the sales volume in China was 2034 units, a year-on-year decrease of 7%; The export sales volume was 822 sets, with a year-on-year increase of 195.7%; The growth rate of export sales is much higher than that in China, and the export sales volume has doubled, while the sales volume in China has decreased slightly. In 2021, the sales volume of lithium electric walking storage forklift (III) was 281000 units, with a year-on-year increase of 108.5%; China's sales volume was 114000 units, a year-on-year increase of 54.3%; The export sales volume was 167000 units, with a year-on-year increase of 174.5%; Both China's sales volume and export sales volume have increased significantly, and the growth of export sales volume is greater than that of China's sales volume. At the same time, Hangcha Group Co.Ltd(603298) , Anhui Heli Co.Ltd(600761) and other Chinese forklift leaders continue to increase investment in R & D, actively layout new energy forklift technologies such as hydrogen energy, and have realized mass production application. In the future, China's forklift industry will continue to focus on electrification, new energy, intelligence and networking; As the industry moves from the incremental era to the stock era, equipment renewal, purchase and sublease and service upgrading will become an important development path for enterprises in the future.
Investment advice
We are optimistic that the forklift industry will continue to grow in the Chinese market, overseas exports are expected to accelerate the penetration, and the industry concentration will continue to improve. Continue to recommend industry Duopoly Enterprises: Hangcha Group Co.Ltd(603298) , Anhui Heli Co.Ltd(600761) .
Risk tips
The growth rate of manufacturing investment is lower than expected; The price of raw materials fluctuates greatly; Deterioration of competition pattern
