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 research and development, launching key technologies and expanding its product range, including the world's largest lithium electric forklift [5][10]. - The internationalization strategy has progressed, with nearly 40% of revenue coming from overseas markets, achieving the highest market share in 34 countries and regions [6][10]. - The company is expected to see revenue growth of 6.77%, 6.36%, and 6.10% for the years 2025, 2026, and 2027, respectively, with corresponding net profits of 1.39 billion, 1.50 billion, and 1.59 billion yuan [10][12]. Financial Summary - The company’s total assets are projected to grow from 19.105 billion yuan in 2024 to 22.336 billion yuan by 2027, with a steady decrease in the debt-to-asset ratio from 42.4% to 36.9% over the same period [15][12]. - Earnings per share (EPS) is expected to increase from 1.48 yuan in 2024 to 1.79 yuan in 2027, reflecting a positive growth trajectory [10][12]. - The price-to-earnings (P/E) ratio is forecasted to decrease from 11.18 in 2024 to 9.27 in 2027, indicating potential undervaluation [10][12].

Investment Rating - The industry investment rating is maintained as "Positive" [1] Core Viewpoints - The engineering machinery industry is experiencing a positive cycle driven by both domestic and overseas demand, with significant revenue growth and improved profitability expected in 2024 and Q1 2025 [3][4] - The "Belt and Road" initiative is expected to boost exports, with a notable increase in overseas market share and a recovery in the domestic cycle anticipated [4][5] Revenue Growth - In 2024, the total revenue of the five major engineering machinery manufacturers reached 259.8 billion, a year-on-year increase of 3% [6][11] - In Q1 2025, the total revenue reached 72.6 billion, marking a year-on-year increase of 12% and a quarter-on-quarter increase of 11% [6][11] Profitability Improvement - The net profit attributable to shareholders for the five major manufacturers in 2024 was 17.9 billion, up 19% year-on-year [24] - In Q1 2025, the net profit reached 6.8 billion, reflecting a year-on-year increase of 42% and a quarter-on-quarter increase of 164% [24] Export Growth - In April 2025, export sales reached 9,595 units, a year-on-year increase of 19.3%, with the "Belt and Road" region accounting for 64% of the total export value in Q1 2025, up 15% year-on-year [4][5] Domestic Market Recovery - Domestic sales in April 2025 reached 12,547 units, a year-on-year increase of 16.4%, indicating a recovery in the domestic cycle [4][5] Investment Recommendations - The report recommends focusing on industry leaders such as SANY Heavy Industry, XCMG, Shantui, and others, while also paying attention to companies like Noli [5] Cash Flow and Financial Health - Operating cash flow for the five major manufacturers increased by 75% in 2024 and by 16% in Q1 2025, indicating improved operational quality [59][62] - The asset-liability ratio for 2024 and Q1 2025 was 57%, showing a year-on-year decrease of 1.7 percentage points and 1.1 percentage points, respectively [65]

Investment Rating - The industry investment rating is "Positive" (maintained) [5] Core Viewpoints - In April 2025, the total sales of excavators reached 22,142 units, representing a year-on-year growth of 17.6%, with domestic sales increasing by 16.4% and export sales rising by 19.3% [2][3] - The excavator sales from January to April 2025 totaled 83,514 units, showing a year-on-year increase of 21.4%, with domestic sales up by 31.9% and export sales up by 9.0% [2] - The demand for small excavators is driven by agricultural and municipal needs, while domestic demand for large and super-large excavators is expected to gradually increase due to water conservancy projects [3] - The loader sales in April 2025 reached 11,653 units, a year-on-year increase of 19.2%, with domestic sales growing by 35.4% [3] - The electric loader sales in April 2025 were 2,924 units, marking a significant year-on-year growth of 211%, with a penetration rate of 25% [15][16] - The report anticipates a gradual recovery in the domestic machinery industry, driven by improved domestic demand, increased export market share, and the initiation of a replacement cycle [3][4] Summary by Sections Excavator Sales - April 2025 excavator sales totaled 22,142 units, with domestic sales at 12,547 units and export sales at 9,595 units, reflecting year-on-year growth of 16.4% and 19.3% respectively [2][12] - The sales from January to April 2025 reached 83,514 units, with domestic sales at 49,109 units and export sales at 34,405 units, indicating a year-on-year increase of 31.9% for domestic sales [2] Loader Sales - Loader sales in April 2025 were 11,653 units, with domestic sales at 7,191 units and export sales at 4,462 units, showing a year-on-year increase of 35.4% for domestic sales [3] - The total loader sales from January to April 2025 were 42,220 units, with domestic sales at 23,570 units, reflecting a year-on-year growth of 27.8% [3] Market Trends - The report highlights the ongoing globalization of the Chinese construction machinery industry, with an expected increase in overseas market share [3] - Domestic demand is projected to improve due to government initiatives, including the issuance of long-term special bonds and local government special bonds aimed at infrastructure investment [4] - The report suggests that the domestic replacement cycle for excavators is expected to gradually initiate in 2025, following a historical cycle of 8-10 years [4]

| 受托方名称 | 产品 | 产品名称 | 本次赎 | 本次赎回 | 起息日 | 到期日 | | --- | --- | --- | --- | --- | --- | --- | | | 类型 | | 回金额 | 收益金额 | | | | 兴业银行股份有 | 结构性 | 兴业银行企业 金融人民币结 | 4,000 | 7.07 | 2025-4-14 | 2025-5-14 | | 限公司合肥分行 | 存款 | 构性存款产品 | | | | | 证券代码：600761 证券简称：安徽合力 公告编号：临 2025-029 安徽合力股份有限公司 关于使用部分暂时闲置募集资金进行现金管理 到期赎回的公告 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。 2025 年 1 月 17 日，安徽合力股份有限公司（以下简称"公司"）第十一届 董事会第八次会议审议通过了《关于使用部分暂时闲置募集资金进行现金管理的 议案》，在确保不影响募投项目建设和募集资金使用的前提下，使用部分暂时闲 置募集资金进行现金管理，现金管理总额不超过人民币 7 ...

Core Viewpoint - The company reported a slight revenue growth in Q1 2025, but net profit declined significantly, indicating challenges in profitability despite a positive sales environment [1][2]. Financial Performance - In Q1 2025, the company achieved revenue of 4.274 billion yuan, a year-on-year increase of 2.05% - The net profit attributable to shareholders was 322 million yuan, a year-on-year decrease of 20.05% - The non-recurring net profit was 279 million yuan, down 14.42% year-on-year [1]. Market Dynamics - The company’s revenue growth is attributed to better export performance compared to domestic sales, with total forklift sales in China increasing by 10.16% in Q1 2025 [2]. - Domestic sales reached 229,044 units, up 8.82%, while export sales were 119,139 units, reflecting a growth of 12.82% [2]. Cost and Profitability Analysis - The gross margin for Q1 2025 was 22.31%, slightly up by 0.06 percentage points year-on-year due to accounting adjustments [3]. - The net profit margin was 8.49%, down 1.81 percentage points year-on-year, primarily due to increased expenses in sales, management, and R&D [3]. - Investment income decreased by 49 million yuan year-on-year, mainly due to reduced bank wealth management returns [3]. Innovation and Product Development - The company has strong R&D capabilities, launching significant products such as the world's largest lithium battery forklift and a series of new warehouse vehicles [4]. - The second-generation hybrid stacker has improved fuel efficiency by 69% and operational efficiency by 25% [4]. - The company aims to transition towards high value-added products, which is expected to positively impact revenue performance [4]. Future Outlook - The domestic manufacturing demand is expected to stabilize, supported by trends in automation and growth in smart logistics and aftermarket services [4]. - Despite short-term uncertainties in international trade, the company’s advantages in new energy products and ongoing overseas expansion are anticipated to drive steady growth in international revenue [4]. - Projected net profits for 2025 and 2026 are 1.409 billion yuan and 1.627 billion yuan, respectively, with corresponding price-to-earnings ratios of 10x and 9x [4].

Investment Rating - The investment rating for the company is "Buy" and is maintained [8] Core Views - The company reported a revenue of 4.274 billion yuan in Q1 2025, representing a year-on-year increase of 2.05%. The net profit attributable to shareholders was 322 million yuan, down 20.05% year-on-year, while the net profit excluding non-recurring items was 279 million yuan, down 14.42% year-on-year [6][11] - The gross margin slightly increased year-on-year, while the expense ratio rose due to increased overseas investments and R&D expenditures. The domestic manufacturing demand is expected to stabilize, and the company’s domestic business is likely to recover. Despite short-term uncertainties from tariffs, the company’s advantages in new energy products and ongoing overseas expansion are expected to drive steady growth in overseas revenue [2][11] - The company is focusing on R&D innovation, with significant breakthroughs in key technologies and the launch of new high-value-added products. This innovation is expected to enhance revenue performance [11] Summary by Sections Financial Performance - In Q1 2025, the company achieved a revenue of 4.274 billion yuan, a 2.05% increase year-on-year. The gross margin was 22.31%, with a slight year-on-year increase of 0.06 percentage points. The net profit margin was 8.49%, down 1.81 percentage points year-on-year due to increased expenses and reduced investment income [6][11] Market Outlook - The domestic manufacturing sector is expected to stabilize, supported by trends in automation and contributions from smart logistics and aftermarket services. The company’s domestic business is anticipated to recover, while overseas revenue is projected to grow steadily despite tariff uncertainties [2][11] R&D and Product Development - The company has a strong R&D capability, with recent achievements including the launch of the world's largest lithium battery forklift and a series of new products. This focus on innovation is expected to facilitate a transition towards higher value-added products [11]

Investment Rating - The report maintains a "Strong Buy" rating for the company, expecting it to outperform the benchmark index by over 20% in the next six months [3][15]. Core Views - The company reported a total revenue of 4.27 billion yuan in Q1 2025, a year-on-year increase of 2.05%, while the net profit attributable to shareholders decreased by 20.05% to 320 million yuan [2][6]. - The report highlights the company's internationalization and diversification strategies as key growth drivers, despite facing pressure from high costs impacting net profit [2][6]. - The domestic forklift industry showed a total sales volume of 348,183 units in Q1 2025, reflecting a year-on-year growth of 10.2%, with exports also increasing by 12.8% [6][7]. Financial Summary - The projected total revenue for the company is expected to grow from 19.29 billion yuan in 2025 to 24.27 billion yuan in 2027, with year-on-year growth rates of 11.3%, 12.3%, and 12.0% respectively [2][7]. - The net profit attributable to shareholders is forecasted to increase from 1.45 billion yuan in 2025 to 1.86 billion yuan in 2027, with corresponding growth rates of 9.9%, 12.9%, and 13.6% [2][7]. - The earnings per share (EPS) is projected to rise from 1.63 yuan in 2025 to 2.09 yuan in 2027 [2][7]. Market Position and Strategy - The company is recognized as a leading player in the domestic forklift market, benefiting from its complete industrial chain and improved domestic and international channels [6][7]. - The report emphasizes the company's ongoing efforts in international market expansion and the establishment of a diversified business model, including investments in smart logistics [6][7]. - The collaboration with Huawei to establish a joint innovation lab is expected to enhance the company's capabilities in key technological areas [6][7].

Core Viewpoint - Anhui Heli (600761) reported a slight increase in revenue for Q1 2025, but experienced a significant decline in net profit and cash flow, indicating potential challenges in profitability and operational efficiency [2][3]. Financial Performance - The company achieved total revenue of 4.27 billion yuan, a year-on-year increase of 2.05% [2][3]. - Net profit attributable to shareholders was 322 million yuan, down 20.05% year-on-year [2][3]. - The net profit excluding non-recurring gains and losses was 279 million yuan, a decrease of 14.42% compared to the previous year [2][3]. - The net cash flow from operating activities was 162 million yuan, reflecting a significant decline of 51.34% year-on-year [2][3][22]. - Basic earnings per share were 0.36 yuan, down from 0.51 yuan in the same period last year [2][3]. Profitability Metrics - The weighted average return on equity for Q1 2025 was 3.03%, a decrease of 1.55 percentage points from the previous year [19]. - The return on invested capital was 2.6%, down 0.54 percentage points year-on-year [19]. Asset and Liability Changes - Total assets as of the end of Q1 2025 were approximately 20.11 billion yuan, an increase from 19.10 billion yuan at the end of the previous year [3][31]. - The company’s cash and cash equivalents increased by 49.83%, while trade receivables rose by 17.23% [31]. - Total liabilities included a 15.84% increase in accounts payable, indicating a rise in short-term obligations [34]. Shareholder Composition - The top ten shareholders included new entrants such as Da Cheng Zhong Zheng Financial Asset Management Plan and Yi Fang Da Zhong Zheng Financial Asset Management Plan, replacing previous shareholders [41][42].

安徽合力股份有限公司 第十一届董事会第十二次会议决议公告 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。 证券代码：600761 证券简称：安徽合力 公告编号：临 2025-027 2025 年 4 月 29 日 报备文件： 《安徽合力股份有限公司第十一届董事会第十二次会议决议》 2、《关于公司高级管理人员陆勤四获公司外补贴资金的议案》。 （同意 9 票，反对 0 票，弃权 0 票） 特此公告。 安徽合力股份有限公司董事会 安徽合力股份有限公司（以下简称"公司"）第十一届董事会第十二次会议 于2025年4月28日在公司会议室以现场表决的方式召开，会议通知于2025年4月17 日以邮件和专人送达等方式发出。公司8名董事参加了本次会议，公司董事长杨 安国因公出差，书面委托公司副董事长薛白代为行使表决权。公司5名监事及高 级管理人员列席了本次会议，符合《公司法》《证券法》及《公司章程》的有关 规定。会议由公司副董事长薛白主持，审议并通过了以下议案： 1、《公司2025年第一季度报告》： 《 公 司 2025 年 第 一 季 度 ...