Core Viewpoint - The industrial vehicle industry is undergoing a transformation towards high-end, intelligent, and green development, with Anhui Heli Co., Ltd. actively embracing this trend to become a benchmark in digital transformation and intelligent logistics [1] Group 1: Technological Innovation - Anhui Heli focuses on technological innovation to meet new market demands, leveraging its extensive experience in industrial vehicle R&D and advanced production management [2] - In 2024, Anhui Heli aims to achieve breakthroughs in key technologies, expanding its product range, including the development of a 55-ton lithium battery forklift and 42 low-temperature models [4] - The company plans to invest 1.086 billion yuan in R&D, accounting for 6.27% of its revenue, to enhance its core competitiveness [4] Group 2: Industry Ecosystem - Anhui Heli is committed to leveraging its brand influence to gather upstream and downstream resources, creating an industry co-creation ecosystem to promote sustainable development [5] Group 3: Smart Logistics - The company is positioning itself in the smart logistics sector, extending its industrial chain and establishing the Heli Smart Logistics Industrial Park to transition from equipment manufacturing to system solutions [7] - Strategic partnerships with Huawei and JD.com aim to explore digital transformation and technological integration in logistics [7] Group 4: International Expansion - Anhui Heli maintains a dual market strategy, with plans to open several international centers in 2024, achieving an export of 126,400 units, a 34.08% increase year-on-year [8] - The company is actively integrating into the RCEP market, enhancing its global brand presence and investment strategies [8][9]

证券代码：600761 证券简称：安徽合力 公告编号：临 2025-031 安徽合力股份有限公司 第十一届董事会第十三次会议决议公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或者重大 遗漏，并对其内容的真实性、准确性和完整性承担个别及连带责任。 安徽合力股份有限公司（以下简称"公司"）第十一届董事会第十三次会议 于2025年5月30日以通讯会议的方式召开，会议通知于2025年5月20日以邮件和专 人送达等方式发出。公司9名董事全部参加了本次会议，符合《公司法》《证券 法》及《公司章程》的有关规定。会议由董事长杨安国主持，审议并通过了以下 议案： 1、《关于拟收购合肥二宫机械有限公司相关资产的议案》： 根据公司发展战略需要，为进一步优化产业布局，公司拟通过收购合肥二宫 机械有限公司土地使用权、建筑（构）物、设备等相关资产，以持续支撑公司战 略新兴业务板块未来发展。本次相关资产收购价格为63,841,011.12元（含税）。 表决结果：同意 9 票，反对 0 票，弃权 0 票 2、《关于建立<公司市值管理制度>的议案》： 《公司市值管理制度》全文详见上海证券交易所网站 www.sse.c ...

Core Viewpoint - Central state-owned enterprises (SOEs) are actively implementing value management strategies to enhance their market capitalization and overall company value, transitioning from policy advocacy to practical implementation [1][2][3] Group 1: Central SOEs' Value Management Initiatives - Multiple central SOEs, including State Grid and China Huaneng, have held performance briefings emphasizing "value management" and "company value" as key themes [1] - China Huaneng has increased its shareholding in its listed companies four times in the past two years, with a total market capitalization exceeding 300 billion [2] - China Electric Power Construction has set a core goal of addressing "net asset value issues" and is systematically advancing its value management plan [2] Group 2: Local Government Support for Value Management - Local governments in Shanghai, Fujian, and Jilin have introduced policies to incorporate value management into the economic development strategies of state-owned enterprises [3] - Shanghai's recent action plan aims to enhance the value management systems of state-controlled listed companies [3] - Fujian's measures integrate value management into the performance assessment of state-owned listed companies, marking a shift from "soft constraints" to "hard indicators" [3] Group 3: Market Opportunities and Future Outlook - Analysts predict that the collective strengthening of value management among central SOEs will create new opportunities for value reassessment in the capital market [4][5] - The implementation of value management is expected to enhance operational efficiency, resource allocation, and innovation capabilities within these enterprises [4] - There is an anticipated acceleration in the development and implementation of value management systems among central SOEs, particularly those facing net asset value challenges [5]

Core Points - The stock price of Anhui Heli (600761) closed at 16.37 yuan on May 23, 2025, down 1.15% from the previous week [1] - The company has a total market capitalization of 14.581 billion yuan, ranking 10th in the engineering machinery sector and 1045th among all A-shares [1] Company Announcements - Anhui Heli announced a cash dividend of 0.60 yuan per share for the fiscal year 2024, with the record date set for May 27, 2025 [2] - The total cash dividend distribution amounts to approximately 534.42 million yuan [2] - The dividend will be distributed to all shareholders registered with the China Securities Depository and Clearing Corporation Limited as of the record date [2] Dividend Distribution Details - The cash dividend will be paid on May 28, 2025, following the record date [2] - Individual shareholders holding shares for more than one year will be exempt from personal income tax on dividend income [2] - For QFII shareholders and other institutional investors, a 10% withholding tax will apply [2]

Investment Rating - The report maintains a "Buy" rating for Anhui Heli, with a target price of 17.21 CNY [5][2] Core Views - The company faces high costs that are squeezing some profits, but its internationalization and industrial chain layout continue to inject development momentum [1] - Revenue for 2024 is projected to be 17.33 billion CNY, a slight increase of 1% year-on-year, while net profit is expected to be 1.32 billion CNY, reflecting a minimal growth of 0.2% [10] - The company is expanding its overseas strategy, with significant growth in exports and overseas revenue, which accounted for 40% of total revenue in 2024 [10] - The company is enhancing its industrial chain layout by investing in smart logistics and reducing related transactions through acquisitions [10] Financial Summary - Revenue and profit figures for 2023 and projections for 2024-2027 are as follows: - 2023 Revenue: 17.156 billion CNY, 2024 Revenue: 17.325 billion CNY (1% growth) - 2024 Net Profit: 1.32 billion CNY, 2025 Net Profit: 1.442 billion CNY (9.3% growth) [4][10] - The gross margin for 2024 is expected to be 23.46%, an increase of 2.84 percentage points year-on-year [10] - The company’s net profit margin for 2024 is projected at 7.6% [4][10] - The company’s earnings per share (EPS) for 2024 is estimated at 1.48 CNY, with a gradual increase to 2.02 CNY by 2027 [4][10]

Investment Rating - The report maintains a "Buy" rating for the company [5] Core Views - The company experienced a slight revenue increase in 2024, with total revenue reaching 17.33 billion yuan, a year-on-year growth of 1% [10] - The net profit attributable to the parent company for 2024 is projected at 1.32 billion yuan, reflecting a year-on-year increase of 0.2% [10] - The report highlights the company's ongoing international expansion and strategic investments in the supply chain, which are expected to drive future growth [10] Financial Performance Summary - Revenue for 2023 was 17.16 billion yuan, with a year-on-year growth of 8.8% [4] - The company forecasts revenue growth to 19.02 billion yuan in 2025, representing a 9.8% increase [4] - The gross profit margin for 2024 is expected to be 23.46%, up 2.84 percentage points year-on-year [10] - The net profit margin for 2024 is projected at 8.49%, an increase of 0.56 percentage points year-on-year [10] - The company plans to achieve a net profit of 1.799 billion yuan by 2027, with a compound annual growth rate of 11.3% from 2024 [2][4] Valuation and Price Target - The target price for the company is set at 17.21 yuan, based on a price-to-earnings ratio of 10.6 times for comparable companies in 2025 [2] - The current share price is 16.6 yuan, indicating potential upside [5] Strategic Initiatives - The company is enhancing its overseas strategy, with significant investments in establishing manufacturing bases in regions like Thailand [10] - The report notes the successful opening of multiple overseas centers, which are expected to improve operational resilience [10] - The company is also focusing on mergers and acquisitions to strengthen its position in the intelligent logistics sector [10]

证券代码：600761 证券简称：安徽合力 公告编号：2025-030 安徽合力股份有限公司2024年年度权益分派实施公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或者重大遗 漏，并对其内容的真实性、准确性和完整性承担法律责任。 重要内容提示： 每股分配比例 A 股每股现金红利0.60元 相关日期 | 股份类别 | 股权登记日 | 最后交易日 | 除权（息）日 | 现金红利发放日 | | --- | --- | --- | --- | --- | | A 股 | 2025/5/27 | － | 2025/5/28 | 2025/5/28 | 差异化分红送转： 否 一、 通过分配方案的股东大会届次和日期 2. 分派对象： 截至股权登记日下午上海证券交易所收市后，在中国证券登记结算有限责任 公司上海分公司（以下简称"中国结算上海分公司"）登记在册的本公司全体股东。 3. 分配方案： 本次利润分配以方案实施前的公司总股本890,692,761股为基数，每股派发现 金红利0.60元（含税），共计派发现金红利534,415,656.60元。 | 股份类别 | 股权登记日 | 最后交易日 | 除 ...

Investment Rating - The report gives an "Overweight" rating for the logistics automation and robotics industry, indicating that it is expected to outperform the overall market [3][10]. Core Insights - The logistics automation application space is extensive, covering various sectors such as factory logistics, commercial distribution, and consumer logistics. It can be categorized by application scenarios, functions, and industry chain segments [4]. - The core driving force behind the adoption of robotics and unmanned vehicles in logistics is to enhance operational efficiency and reduce labor costs. For instance, leading express delivery companies like SF Express have deployed numerous robots in their operations, indicating significant future potential [4]. - The report highlights that there is still a vast space for logistics automation and robotics, as many manual processes remain in logistics scenarios. Technological advancements in AI, sensors, and control systems are enabling the deployment of humanoid and wheeled robots, as well as drones [4]. Summary by Relevant Sections Application Areas - Logistics automation encompasses factory logistics, commercial distribution, and consumer logistics, with functionalities including automated warehousing, transportation, sorting, and control [4]. Market Dynamics - The logistics sector is experiencing a structural change with an increasing share of automated equipment, particularly robots and unmanned vehicles, despite the overall capital expenditure peak having passed [4]. Key Companies and Their Focus - Key companies in the logistics automation sector include: 1. Dematic Technology: Focuses on logistics automation components and systems solutions [4]. 2. Lanjian Intelligent: Concentrates on industrial robotics and warehouse automation [4]. 3. Zhongyou Technology: Develops intelligent sorting systems and relies on postal group resources for unmanned delivery [4]. 4. Jintian International: Provides comprehensive solutions for smart logistics and manufacturing systems [4]. 5. Zhongke Weizhi: Engages in intelligent logistics sorting systems with clients like Zhongtong and SF Express [4]. 6. Yinfeng Storage: Develops intelligent logistics robots and high-precision shelving equipment [4]. 7. Kunshan Intelligent: Covers intelligent logistics systems and equipment in the tobacco industry [4]. 8. Anhui Heli: A leading forklift company also venturing into logistics robotics [4]. 9. Hangcha Group: Offers a range of products including forklifts and automated guided vehicles [4]. Financial Metrics - The report includes a valuation table for key companies, showing metrics such as EPS and PE ratios for the years 2024 to 2027, indicating growth expectations for several companies in the sector [5].

Core Viewpoint - The company, Anhui Heli (600761), has shown stable revenue growth, but short-term performance is impacted by rising expenses, leading to a "buy" rating from analysts [1][2]. Financial Performance - In 2024, the company achieved revenue of 17.325 billion, a year-on-year increase of 0.99%, and a net profit attributable to shareholders of 1.32 billion, up 0.18%. However, the net profit after deducting non-recurring items decreased by 5.84% to 1.037 billion [2]. - For Q1 2025, revenue was 4.274 billion, a year-on-year increase of 2.05%, while net profit dropped by 20.05% to 322 million, and the net profit after deducting non-recurring items decreased by 14.42% to 279 million [2]. Margin and Expense Analysis - The gross margin improved, with the overall gross margin increasing by 1.62 percentage points to 23.25%. Domestic gross margin rose by 1.06 percentage points to 21.25%, and international gross margin increased by 2 percentage points to 26.2% [3]. - The company's expense ratio increased significantly, with the total expense ratio rising by 3.03 percentage points to 14.82%. This includes a sales expense ratio increase of 1.03 percentage points to 5.08%, a management expense ratio increase of 0.5 percentage points to 3.3%, and a research and development expense ratio increase of 1.16 percentage points to 6.27% [3]. R&D and Product Development - The company has made significant advancements in R&D, achieving breakthroughs in key technologies such as efficient distributed electric drive technology. It launched the world's largest lithium battery forklift (55 tons) and has fully electrified its heavy-duty product line [3]. - New product developments include 42 low-temperature models suitable for operations in -55°C environments, breaking the monopoly of foreign brands, and 26 warehouse vehicles to enhance its product lineup [3]. International Expansion and Market Strategy - The company is enhancing its marketing system domestically and has established provincial marketing companies. It is also expanding its online sales and improving after-sales service quality [4]. - Internationally, the company has implemented a "1+N+X" marketing system, opening centers in Oceania, Europe, and South America. In 2024, overseas business accounted for nearly 40% of total revenue, achieving the top market share in 34 countries and regions [4]. Strategic Investments and Industry Positioning - The company is focusing on internal and external growth, investing in smart logistics and acquiring companies to enhance its industrial chain. It has launched several key projects, including a high-end casting and processing base and a new energy lithium battery project [5]. - The company is also deepening collaborations with leading domestic enterprises to accelerate digital transformation and the application of new technologies such as AI and cloud computing [5]. Earnings Forecast and Valuation - The company is projected to achieve revenues of 18.498 billion, 19.675 billion, and 20.875 billion for 2025, 2026, and 2027, respectively, with year-on-year growth rates of 6.77%, 6.36%, and 6.10%. Net profits are expected to be 1.39 billion, 1.496 billion, and 1.591 billion, with growth rates of 5.37%, 7.56%, and 6.37% [6]. - The estimated PE ratios for 2025, 2026, and 2027 are 10.61, 9.86, and 9.27, respectively, maintaining a "buy" rating [6].

Investment Rating - The report maintains a "Buy" rating for the company, expecting a relative increase in stock price of over 20% within the next six months [10][16]. Core Insights - The company reported a revenue of 17.325 billion yuan for 2024, a year-on-year increase of 0.99%, and a net profit attributable to shareholders of 1.32 billion yuan, up 0.18% year-on-year [3][10]. - The gross margin improved by 1.62 percentage points to 23.25% in 2024, while the expense ratio increased significantly, impacting short-term performance [4][10]. - The company has made significant advancements in R&D, launching the world's largest lithium battery forklift and developing 42 low-temperature models suitable for extreme conditions [5][10]. - The international market strategy has seen success, with nearly 40% of revenue coming from overseas, and the company holds the top market share in 34 countries [6][10]. Financial Summary - Revenue projections for 2025-2027 are 18.498 billion, 19.675 billion, and 20.875 billion yuan, with year-on-year growth rates of 6.77%, 6.36%, and 6.10% respectively [10][12]. - The net profit attributable to shareholders is expected to reach 1.39 billion, 1.496 billion, and 1.591 billion yuan for the same years, with growth rates of 5.37%, 7.56%, and 6.37% respectively [10][12]. - The company's price-to-earnings (P/E) ratio is projected to decrease from 10.61 in 2025 to 9.27 in 2027, indicating improving valuation metrics [10][12].