Zhejiang Merchants Securities: Maintains a "buy" rating on Zhongli Group, with electric forklift production and sales volume leading the industry.

Zhejiang Merchants Securities research report pointed out that in the first quarter, the performance of Zhongli Corporation increased by 10% year-on-year, and the production and sales volume of electric forklifts continued to lead the industry. In 2024, the company's sales of electric warehouse forklifts ranked first domestically, while the sales of electric balance heavy-duty forklifts ranked third domestically. Among them, the production and sales volume of electric warehouse forklifts have ranked first domestically for 12 consecutive years, and the production and sales volume of lithium electric forklifts have ranked first domestically for 6 consecutive years. The company adheres to the strategy of innovation leading, with a comprehensive layout of electrification + internationalization. Fork-type mobile robots are expected to create new growth poles. In addition, the company is actively expanding into overseas markets and has opened a new marketing headquarters in the US market. The "buy" rating is maintained.