一、前次使用部分暂时闲置募集资金进行现金管理到期赎回情况 2024 年 7 月 31 日，公司认购了兴业银行股份有限公司合肥分行的企业金融 人民币结构性存款产品（编号：CC49****31013），认购金额 30,000 万元，具体 内容详见公司于 2024 年 8 月 2 日披露于上海证券交易所网站（www.sse.com.cn） 的《公司关于使用部分暂时闲置募集资金进行现金管理的进展公告》（临 2024-083）。11 月 1 日，公司对上述结构性存款产品进行了到期赎回，收回本 金人民币 30,000 万元，获得收益人民币 207.95 万元，具体详见公司于 11 月 2 1 本次现金管理产品种类：结构性存款 本次现金管理受托方：招商银行股份有限公司合肥分行（以下简称"招商银 行"）、兴业银行股份有限公司合肥分行（以下简称"兴业银行"） 本次现金管理金额：15,000 万元、10,000 万元 本次现金管理产品名称及期限：招商银行点金系列看涨两层区间结构性存款 产品（71 天）、兴业银行企业金融人民币结构性存款产品（24 天） 履行的审议程序：安徽合力股份有限公司（以下简称"公司"）于 2024 年 1 ...

证券代码：600761 证券简称：安徽合力 公告编号：临 2024-104 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。 安徽合力股份有限公司（以下简称"公司"）于 2024 年 1 月 19 日召开第 十届董事会第三十次会议审议通过了《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，同意公司 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 130,000 万元（含），用于购买结构性存款、大额存单等安全性高及流动性好的保本型产 品，使用期限自董事会审议通过之日起 12 个月内有效。具体内容详见公司于 2024 年 1 月 20 日披露于上海证券交易所网站（www.sse.com.cn）的《公司关于使用 部分暂时闲置募集资金进行现金管理的公告》（临 2024-005）。 一、本次使用部分暂时闲置募集资金进行现金管理到期赎回情况 2024 年 7 月 31 日，公司认购了兴业银 ...

Investment Rating - The investment rating for Anhui Heli (600761) is "Buy" (maintained) [4] Core Views - The report indicates that the domestic macroeconomic environment in 2024 is expected to be less favorable than anticipated, leading to a decrease in demand for forklifts. However, the overseas demand is projected to remain robust due to the increasing penetration of lithium battery technology in forklifts. The company is expected to achieve revenues of 18.36 billion, 19.85 billion, and 21.48 billion yuan from 2024 to 2026, with net profits of 1.47 billion, 1.68 billion, and 1.90 billion yuan respectively, resulting in a CAGR of 14.11%. The EPS is projected to be 1.65, 1.88, and 2.13 yuan per share for the same period, leading to a maintained "Buy" rating [2][6][7]. Financial Performance - For the first three quarters of 2024, the company achieved a revenue of 13.409 billion yuan, a year-on-year increase of 2.11%, and a net profit of 1.101 billion yuan, up 11.63% year-on-year. In Q3 2024, the revenue was 4.4 billion yuan, a slight decline of 0.11% year-on-year, with a net profit of 298 million yuan, down 9.18% year-on-year [6][7]. - The company’s gross margin and net margin for the first three quarters of 2024 were 21.53% and 8.82%, respectively, showing a year-on-year increase of 1.29 and 0.47 percentage points. In Q3 2024, the gross margin was 21.42%, and the net margin was 7.26%, reflecting a year-on-year increase of 0.26 percentage points but a decline of 0.83 percentage points for net margin [7]. Market Position and Strategy - The domestic forklift industry is experiencing stable growth, with the total sales volume in China reaching 970,680 units in the first three quarters of 2024, a year-on-year increase of 10.8%. The company has established a strong domestic market presence with 27 provincial marketing agencies and nearly 500 secondary and tertiary service networks [6][7]. - The export demand for forklifts is growing rapidly, with a year-on-year increase of 19.9% in sales volume. The company has established seven overseas centers and plans to expand its international market share by setting up a European headquarters and an overseas R&D center in Germany [7]. Financial Projections - The financial projections for Anhui Heli from 2024 to 2026 include revenues of 18.36 billion, 19.85 billion, and 21.48 billion yuan, with net profits of 1.47 billion, 1.68 billion, and 1.90 billion yuan respectively. The EPS is expected to be 1.65, 1.88, and 2.13 yuan per share, with a projected CAGR of 14.11% [2][8].

Investment Rating - The report maintains a "Buy" rating for Anhui Heli (600761) [1] Core Views - The company's revenue for the first three quarters of 2024 reached 13.41 billion yuan, a year-on-year increase of 2.1%, while the net profit attributable to shareholders was 1.1 billion yuan, up 11.6% year-on-year. However, the third quarter saw a revenue decline of 0.1% year-on-year and a net profit decrease of 9.2% year-on-year, primarily due to a decline in domestic demand [1][3] Summary by Sections Financial Performance - In Q3 2024, the company achieved a gross margin of 21.4%, an increase of 0.3 percentage points year-on-year, but a decrease of 1.0 percentage points quarter-on-quarter. The net profit margin for Q3 was 7.3%, down 0.8 percentage points year-on-year and 2.3 percentage points quarter-on-quarter [2] - The comprehensive gross margin for the first three quarters of 2024 was 21.5%, up 1.3 percentage points year-on-year, driven by an increase in the sales proportion of electric forklifts and low raw material prices [2] Market Dynamics - The domestic forklift demand has declined in Q3 2024, with a year-on-year decrease of 1.8% in domestic sales, while exports grew by 20.4%. The overall growth rate for the first three quarters was 10.8% [3] - The company is accelerating its overseas market expansion, with the establishment of subsidiaries in Oceania and South America, and plans to set up a European headquarters and a research center in Germany [3] Profit Forecast and Investment Suggestion - The forecast for net profit attributable to shareholders for 2024-2026 is 1.43 billion, 1.64 billion, and 1.85 billion yuan, respectively, with a compound annual growth rate of 13.2% over the next three years [3][4]

Investment Rating - The investment rating for Anhui Heli (600761.SH) is "Buy" (maintained) [1] Core Views - The company reported a total operating revenue of 13.409 billion yuan for the first three quarters of 2024, a year-on-year increase of 2.11%, and a net profit attributable to shareholders of 1.101 billion yuan, up 11.63% year-on-year. In the third quarter alone, the operating revenue was 4.4 billion yuan, a slight decrease of 0.11% year-on-year, with a net profit of 298 million yuan, down 9.18% year-on-year [1] - The gross profit margin improved, while the expense ratio increased. For the first three quarters of 2024, the company achieved a gross profit margin of 21.53%, an increase of 1.29 percentage points year-on-year, and a net profit margin of 8.82%, up 0.47 percentage points year-on-year. In the third quarter, the gross profit margin was 21.42%, a year-on-year increase of 0.26 percentage points, but a quarter-on-quarter decrease of 1.03 percentage points, primarily due to the increase in expense ratios [1] - The company accelerated its overseas expansion, establishing a research and development center in Europe and operating eight overseas companies and one overseas R&D center, with products sold in over 180 countries and regions [1] Financial Performance Summary - For the first three quarters of 2024, the company sold 616,422 forklifts, a year-on-year increase of 6.17%, with exports reaching 354,258 units, up 19.9% year-on-year. The total sales for 2024 are projected to be 970,680 units, a year-on-year increase of 10.8% [1] - The company’s financial forecasts indicate operating revenues of 18.405 billion yuan in 2024, with a growth rate of 5.35%, and net profits attributable to shareholders of 1.411 billion yuan, reflecting a growth rate of 10.42% [2][4] - The company’s PE ratios for 2024, 2025, and 2026 are projected to be 11.3x, 9.7x, and 8.0x respectively, compared to the average PE ratios of comparable companies of 12.8x, 10.5x, and 8.7x for the same periods [2][3]

Investment Rating - The report maintains a "Buy" rating for Anhui Heli (600761) [1][4] Core Views - The company's performance is primarily impacted by a decline in domestic demand and increased expenses related to overseas channel development [2][3] - Despite a temporary setback in Q3, the company is expected to maintain steady growth in the medium term, driven by recovery in domestic demand and global expansion [3][4] Financial Performance Summary - For the first three quarters of 2024, the company achieved total revenue of 13.4 billion, a year-on-year increase of 2%, and a net profit attributable to shareholders of 1.1 billion, up 12% year-on-year [2] - In Q3 alone, total revenue was 4.4 billion, a slight decline of 0.3% year-on-year, with net profit at 300 million, down 9% year-on-year [2] - The gross profit margin for Q3 was 21.4%, a year-on-year increase of 0.3 percentage points, while the net profit margin was 7.3%, down 0.8 percentage points year-on-year [2] Earnings Forecast and Valuation - The report adjusts the net profit forecasts for 2024-2026 to 1.46 billion (previously 1.53 billion), 1.68 billion (previously 1.89 billion), and 1.93 billion (previously 2.26 billion) respectively [4] - The current market capitalization corresponds to P/E ratios of 11, 9, and 8 times for the years 2024, 2025, and 2026 respectively [4] Market Data - The closing price is 17.85, with a one-year low of 15.23 and a high of 28.50 [5] - The circulating A-share market value is approximately 15.9 billion [5] Basic Data - The net asset per share is 11.48, and the debt-to-asset ratio is 42.18% [6]

Investment Rating - The report maintains a "Buy" rating for the company, with expected earnings growth leading to a price-to-earnings (PE) ratio of 12, 10, and 8 times for the years 2024 to 2026 respectively [2]. Core Insights - The company reported a revenue of 13.4 billion yuan for the third quarter, a year-on-year increase of 2%, and a net profit attributable to shareholders of 1.1 billion yuan, up 11.63% year-on-year. However, the third quarter revenue of 4.4 billion yuan showed a decline of 2.6% year-on-year, and net profit was 298 million yuan, down 9.3%, which was below expectations [1][2]. - Domestic market demand is weak, while exports remain strong. In the third quarter, the industry forklift sales reached 308,600 units, a year-on-year increase of 6.2%. Domestic sales were 182,500 units, down 1.8%, while export sales were 126,000 units, up 20.38%. This indicates a divergence between domestic and export markets, with the latter showing stronger growth [2]. - The company's gross margin for the first three quarters of 2024 was 21.53%, an increase of 1.28 percentage points year-on-year. The net profit margin was 8.82%, up 0.47 percentage points year-on-year. However, the gross margin for the third quarter was 21.42%, a year-on-year increase of 0.26 percentage points but a decrease of 1.03 percentage points quarter-on-quarter, primarily due to increased overseas market promotion and R&D expenses [2]. Summary by Sections Performance Review - The company achieved a revenue of 134 billion yuan in the third quarter, with a year-on-year growth of 2%. The net profit attributable to shareholders was 11 billion yuan, reflecting an increase of 11.63% year-on-year. However, the third quarter results were below expectations [1]. Operational Analysis - The domestic market is experiencing weak demand, while exports are performing well. The industry saw a total of 308,600 forklifts sold in the third quarter, with domestic sales at 182,500 units and exports at 126,000 units [2]. - The gross margin for the first three quarters was 21.53%, with a net profit margin of 8.82%. The third quarter gross margin was 21.42%, showing a decline from the previous quarter due to increased expenses [2]. Financial Forecast and Valuation - The company is expected to achieve net profits of 1.37 billion, 1.61 billion, and 1.97 billion yuan for the years 2024 to 2026. The current stock price corresponds to PE ratios of 12, 10, and 8 for the respective years [2].

Investment Rating - The report maintains a "Buy" rating for Anhui Heli (600761) [5][6]. Core Views - The company's Q3 performance is under pressure due to weak domestic demand, although export sales remain strong [6]. - The company reported a revenue of 13.41 billion yuan for the first three quarters of 2024, a year-on-year increase of 2.11%, and a net profit of 1.10 billion yuan, up 11.63% year-on-year [5]. - The report anticipates a recovery in domestic demand as the macroeconomic environment improves, alongside continued growth in overseas sales [6]. Summary by Sections Market Data - Closing price as of October 29, 2024: 17.85 yuan - One-year high/low: 28.50/15.23 yuan - Market capitalization: 15,899 million yuan [2]. Financial Performance - Q3 2024 revenue: 4.40 billion yuan, down 0.30% year-on-year and down 6.46% quarter-on-quarter - Q3 2024 net profit: 298 million yuan, down 9.18% year-on-year and down 27.93% quarter-on-quarter [5][6]. - Gross margin for Q1-Q3 2024: 21.53%, up 1.29 percentage points year-on-year; net margin: 8.82%, up 0.47 percentage points year-on-year [6]. Future Projections - Revised net profit forecasts for 2024-2026 are 1.43 billion, 1.60 billion, and 1.87 billion yuan respectively, down from previous estimates [6]. - Projected PE ratios for 2024, 2025, and 2026 are 11, 10, and 8 times respectively, indicating a lower valuation compared to peers [6][10]. Market Positioning - The company is enhancing its marketing system domestically and accelerating global expansion, with over 300 overseas agents covering more than 150 countries [6]. - The domestic market saw a decline in sales volume, while exports increased by 20.4%, indicating a strong international competitive position [6].

Investment Rating - The report maintains a "Strong Buy" rating for the company, indicating an expectation to outperform the benchmark index by over 20% in the next six months [1][13]. Core Views - The company's performance in the domestic market has been affected by weak demand, while overseas expansion continues to accelerate. The third quarter of 2024 saw a revenue of 44.0 billion yuan, a slight decline of 0.1% year-on-year, and a net profit of 3.0 billion yuan, down 9.2% year-on-year [1]. - The company is focusing on enhancing its international presence, with plans to establish a European headquarters and a research center in Germany, which will strengthen its competitive edge in the global market [1]. - The shift towards lithium battery technology is seen as a significant opportunity for the company, as it positions itself to lead in the global forklift market, benefiting from the growth of China's manufacturing and logistics sectors [1]. Financial Performance Summary - For the first three quarters of 2024, the company achieved a revenue of 134.1 billion yuan, a year-on-year increase of 2.1%, and a net profit of 11.0 billion yuan, up 11.6% year-on-year. The adjusted net profit was 9.6 billion yuan, reflecting a growth of 13.8% year-on-year [1]. - The forecasted revenues for 2024, 2025, and 2026 are 205.0 billion yuan, 236.8 billion yuan, and 272.8 billion yuan, respectively, with year-on-year growth rates of 17.4%, 15.5%, and 15.2% [2][6]. - The projected net profits for the same years are 15.7 billion yuan, 17.9 billion yuan, and 20.2 billion yuan, with growth rates of 22.6%, 14.3%, and 13.0% respectively [2][6]. Market Position and Strategy - The company is recognized as a leading player in the domestic forklift industry, leveraging its comprehensive supply chain and distribution channels to enhance profitability amid market challenges [1]. - The report highlights the company's strategic investments in international markets, which are expected to yield positive results as the global demand for forklifts continues to rise [1]. - The ongoing transition to lithium battery technology is anticipated to provide a competitive advantage, allowing the company to replace traditional internal combustion and lead-acid forklifts, thus expanding its market share [1].

Investment Rating - The report maintains a "Buy" investment rating for Anhui Heli (600761.SH) [1] Core Views - The domestic market is under pressure, but profits continue to grow steadily. The company reported a revenue of 13.409 billion yuan for Q1-Q3 2024, a year-on-year increase of 2.11%, and a net profit attributable to shareholders of 1.101 billion yuan, up 11.63% year-on-year [1] - The overall forklift market in September 2024 showed growth, with total sales reaching 106,002 units, a year-on-year increase of 6.06%. However, domestic sales decreased by 5.32% to 62,755 units, while export sales increased by 28.5% to 43,247 units [1] - The company is accelerating its overseas market expansion and business development, including the establishment of a European headquarters and a research center in Germany, which is expected to enhance its international competitiveness and market share [1] - The company has made significant investments in the smart logistics sector, with a 42% year-on-year revenue growth in this segment in 2023 and a 161.20% increase in H1 2024 [1][2] Summary by Sections Financial Performance - For Q1-Q3 2024, the company achieved a gross profit margin of 21.53%, an increase of 1.29 percentage points year-on-year, and a net profit margin of 8.82%, up 0.47 percentage points year-on-year [2] - The company forecasts revenues of 19.378 billion yuan, 21.688 billion yuan, and 24.276 billion yuan for 2024, 2025, and 2026 respectively, with corresponding EPS of 1.73 yuan, 2.04 yuan, and 2.35 yuan [3] Market Dynamics - The report highlights a divergence between domestic and export markets, with domestic demand slowing down while exports show strong performance, providing new growth opportunities for the company [1] - The company is actively pursuing mergers and acquisitions to enhance its smart logistics capabilities, which are expected to become a new growth driver [1] Cost Management - The company has maintained good cost control, with sales expense ratio at 4.49%, management expense ratio at 2.69%, and R&D expense ratio at 5.45% for Q1-Q3 2024 [2]