According to Guosen's research reports, Hangcha Group (603298.SH) is the leading company in the domestic forklift industry, and fully benefits from the trends of product electrification, lithium electrification, and global business. Its performance is expected to steadily increase, and it maintains a 'better than the market' rating. In terms of the domestic market, although the domestic penetration rate of electric forklifts has greatly improved, there is still a certain gap compared to Europe. At the same time, the domestic electricization rate of balance heavy forklifts is still low, and there is still room for improvement in the future. In terms of globalization, the company has established multiple overseas sales companies and accessory service centers in Europe, North America, Southeast Asia, Oceania, etc. With the establishment of overseas channels, the brand strength of the company continues to increase. With the development of lithium electrification and globalization, the company's profitability is expected to continue to improve.