Investment Rating - The investment rating for the company is "Accumulate" (maintained) [2] Core Views - The company reported a rapid growth in net profit, with a 22% year-on-year increase in net profit for the first half of 2024, reaching 8.03 billion yuan, while operating revenue increased by 3.32% to 9.009 billion yuan [3] - The company's profitability has improved, with a gross margin of 21.58%, up 1.96 percentage points year-on-year, and a net profit margin of 8.92%, up 1.37 percentage points year-on-year [3] - The company is advancing in internationalization and electrification, with overseas revenue increasing by 20.52% year-on-year and electric forklift sales rising by 37.66% [3] Summary by Sections Financial Performance - In Q2 2024, the company achieved an operating revenue of 4.704 billion yuan, a 5.45% increase year-on-year, and a net profit of 413 million yuan, a 4.59% increase year-on-year [3] - The company’s total market capitalization is approximately 13.97 billion yuan [3] Profitability Metrics - The company’s operating income for 2024 is projected to be 18.716 billion yuan, with a year-on-year growth rate of 7% [6] - The projected net profit for 2024 is 1.569 billion yuan, reflecting a year-on-year growth rate of 23% [6] Business Development - The company’s new business segments are showing significant growth, with intelligent logistics business revenue increasing by 161.20% year-on-year [3] - The company’s total assets are expected to reach 20.044 billion yuan by 2024 [8]

[Table_StockInfo] 2024 年 08 月 27 日 证券研究报告•2024 年半年报点评 买入 （维持） 当前价：16.01 元 安徽合力（600761）机械设备 目标价：——元（6 个月） [Table_QuotePic] 相对指数表现 电动化+全球化驱动，盈利能力提升显著 [Table_Summary] 事件：公司发布 2024年半年报，2024年上半年公司实现营收 90.1亿元，同比 增长 3.3%；归母净利润为 8.0亿元，同比增长 22.0%。单二季度营收 47.0亿元， 同比增长 4.1%，环比增长 9.3%，实现归母净利润 4.1亿元，同比增长 4.5%， 环比增长 6.0%，业绩稳步提升，盈利能力持续向好。 电叉销售占比提升，助力公司利润率增长。2024 年上半年公司综合毛利率为 21.6%，同比增长 1.8个百分点，主要系电叉车销售占比提升所致。上半年公司 期间费用率为 11.7%，同比增加 1.6个百分点，主要系公司加大海外市场推广力 度，销售费用增长所致；销售、管理、研发、财务费用分别同比+1.0、+0.2、 +0.6、-0.3 个百分点。上半年净利率 9.6%，同比增 ...

证 券 研 究 报 告 安徽合力（600761）2024 年中报点评 强推（维持） 国际化助力盈利能力提升，多元化布局强化 行业竞争力 | --- | --- | --- | --- | |-------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- ...

Investment Rating - The report maintains a "Recommended" rating for the company, with a target price of 15.68 CNY [3]. Core Insights - The company reported a revenue of 9.009 billion CNY for H1 2024, a year-on-year increase of 3.32%, and a net profit of 803 million CNY, up 22.00% year-on-year. The gross margin improved to 21.58%, an increase of 1.96 percentage points year-on-year [1]. - The growth in exports and the shift towards lithium battery technology have contributed to the continuous improvement in gross margins. In Q2 2024, the gross margin reached 22.45%, reflecting an increase due to optimized product structure and higher export ratios [1]. - The company achieved a 29.62% year-on-year increase in complete machine export volume, with overseas revenue reaching 3.486 billion CNY, a 20.52% increase year-on-year, accounting for 38.69% of total revenue [1]. - The sales, research and development, and management expense ratios have increased, with sales expenses rising by 34.7% year-on-year in H1 2024, primarily due to the company's expansion in domestic and international markets [1]. - The company’s parts, aftermarket, and smart logistics businesses have shown significant growth, with smart logistics revenue increasing by 161.20% year-on-year in H1 2024 [1]. Financial Forecasts - The company is expected to achieve net profits of 1.537 billion CNY, 1.820 billion CNY, and 2.139 billion CNY for the years 2024, 2025, and 2026, respectively, with corresponding P/E ratios of 9x, 8x, and 7x [2][4]. - The projected revenue growth rates for the years 2024 to 2026 are 10.8%, 5.7%, and 11.0%, respectively [2][4]. - The gross margin is expected to improve gradually, reaching 22.40% by 2026 [4].

Investment Rating - The report maintains a "Buy" rating for the company, with an expected increase in net profit for 2024-2026 projected at 15, 18, and 21 billion RMB respectively [1]. Core Insights - The company achieved a revenue of 9.009 billion RMB in the first half of 2024, representing a year-on-year increase of 3.32%, and a net profit attributable to shareholders of 803 million RMB, up 22% year-on-year [1]. - The electric forklift segment is showing strong growth, with electric forklifts accounting for 70.77% of total sales, reflecting a 6 percentage point increase from the previous year [1]. - The company’s overseas revenue reached 3.486 billion RMB, a 20.52% increase year-on-year, indicating a growing international market presence [1]. Performance Analysis - The company’s gross margin improved to 21.58%, up 1.96 percentage points year-on-year, driven by an increase in the sales of large-tonnage and electric forklifts [1]. - The net profit margin also increased to 9.58%, up 1.1 percentage points year-on-year, showcasing enhanced profitability [1]. - The sales, research and development, and management expense ratios were reported at 4.2%, 2.5%, and 5.4% respectively, with increases attributed to market expansion efforts [1]. Financial Projections - Revenue projections for 2024-2026 are set at 19.938 billion RMB, 23.294 billion RMB, and 27.232 billion RMB, with growth rates of 14.12%, 16.83%, and 16.91% respectively [3]. - The projected net profit for the same period is expected to grow from 1.512 billion RMB in 2024 to 2.120 billion RMB in 2026, with corresponding growth rates of 18.27%, 18.50%, and 18.35% [3]. - The price-to-earnings (P/E) ratio is forecasted to decrease from 9 times in 2024 to 7 times in 2026, indicating a potentially attractive valuation [1][3].

证券研究报告 | 公司点评 | 工程机械 安徽合力(600761) 报告日期：2024 年 08 月 26 日 上半年业绩同比增长 22%，国际化+电动化趋势有望持续 ——安徽合力点评 事件：8 月 26 日晚，公司发布 2024 年半年报告。 投资要点 ❑ 上半年业绩同比增长 22%，符合市场预期，单二季度毛利率显著提升 2024 年中报实现营收 90.09 亿元，同比增长 3.32%；归母净利润 8.03 亿元，同比 增长 22%，业绩高增主要是由于公司锂电新能源叉车及国际化业务产销规模实现 快速增长，原材料价格下降、汇率等利好因素。单二季度看，实现营收 47.04 亿 元，同比增长 4.08%，归母净利润 4.13 亿元，同比增长 4.53%，毛利率 22.45%，同比提升 1.37pct，环比提升 1.82pct。净利率 9.60%，同比提升下降 0.38pct，环比提升 0.05pct。销售费用率、管理费用率、研发费用率、财务费用 率分别为 4.52%、2.71%、5.96%、-0.68%，同比提升 1.11pct、0.50pct、1.30pct、 -0.15pct。销售费用提升主要系公司加大国内外 ...

证券研究报告·公司点评报告·工程机械 安徽合力（600761） 2024 年中报点评：Q2 归母净利润同比+5%， 出海引领增长 2024 年 08 月 27 日 买入（维持） | --- | --- | --- | --- | --- | --- | |------------------------------|--------|----------|----------|----------|----------| | 盈利预测与估值 [Table_EPS] | 2022A | 2023A | 2024E | 2025E | 2026E | | 营业总收入（百万元） | 15774 | 17471 | 19800 | 22416 | 25719 | | 同比（ % ） | 2.32 | 10.76 | 13.34 | 13.21 | 14.73 | | 归母净利润（百万元） | 907.19 | 1,278.13 | 1,531.48 | 1,885.78 | 2,256.72 | | 同比（ % ） | 43.10 | 40.89 | 19.82 | 23.13 | 19.67 | | EPS- 最新 ...

来源：公司年报、国金证券研究所 业绩简评 公司发布半年度报告：公司实现营业收入90.09亿元，同比+3.32%； 归母净利润 8.03 亿元，同比+22.00%；单 Q2，收入 47 亿，同比 +4%，归母净利润 4.13 亿，同比+4.5%。，符合预期。 经营分析 出口保持亮眼，电动化持续渗透。根据中国工业车辆协会数据， 1H2024 行业叉车销量 66.21 万台，同比+13.09%，其中，国内市场 销售量 43.38 万台，同比+9.92%；出口销售量 22.82 万台，同比 +19.64%。国内和出口两个市场出现分化，出口增长率大于国内市 场增长率，说明国产品牌产品全球竞争力在持续提升，工业车辆行 业总体呈现市场份额集中度加速提升的趋势。从车型结构来看，电 动平衡重乘驾式叉车（Ⅰ类车）实现销量 90,973 台，同比+19.04%； 电动乘驾式仓储叉车（Ⅱ类车）实现销量 12,995 台，同比+22.62%； 电动步行式仓储叉车（Ⅲ类车）实现销量364,589台，同比+25.58%； 内燃平衡重式叉车（Ⅳ+Ⅴ类车）实现销量193,561台，同比-7.02%。 电动叉车占比已经达到 70.77%（去年年 ...

让世界更合力 u 7 11 让世界更合力 2024 年半年度报告 SEMI ANNUAL REPORT OF 2024 2024 年半年度报告 重要提示 一、 本公司董事会、监事会及董事、监事、高级管理人员保证半年度报告内容的真实 性、准确性、完整性，不存在虚假记载、误导性陈述或重大遗漏，并承担个别和连带 的法律责任。 二、 公司全体董事出席董事会会议。 三、 本半年度报告未经审计。 四、 公司负责人杨安国先生、主管会计工作负责人薛白先生及会计机构负责人张红 梅女士声明：保证半年度报告中财务报告的真实、准确、完整。 五、 董事会决议通过的本报告期利润分配预案或公积金转增股本预案 无 六、 前瞻性陈述的风险声明 √适用 □不适用 本报告涉及的未来计划等前瞻性陈述，不构成公司对投资者的实质承诺，请投资 者注意投资风险。 七、 是否存在被控股股东及其他关联方非经营性占用资金情况 否 八、 是否存在违反规定决策程序对外提供担保的情况 否 2 / 211 2024 年半年度报告 九、 是否存在半数以上董事无法保证公司所披露半年度报告的真实性、准确性和完 整性 否 十、 重大风险提示 公司结合行业特点及自身经营实际，本着 ...

证券代码：600761 证券简称：安徽合力 公告编号：临 2024-095 安徽合力股份有限公司 关于召开 2024 年半年度业绩说明会的公告 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。 重要内容提示： 会议召开时间：2024 年 09 月 05 日(星期四) 上午 10:00-11:30 会 议 召 开 地 点 ： 上海证 券 交 易 所 上 证 路 演 中 心 （ 网 址 ： https://roadshow.sseinfo.com/） 会议召开方式：上证路演中心视频直播和网络互动 投资者可于 2024 年 08 月 29 日(星期四) 至 09 月 04 日(星期三)16:00 前 登录上证路演中心网站首页点击"提问预征集"栏目或通过公司邮箱 zqb@helichina.com 进行提问。公司将在说明会上对投资者普遍关注的问题进行 回答。 安徽合力股份有限公司（以下简称"公司"）已于 2024 年 8 月 27 日发布公 司 2024 年半年度报告，为便于广大投资者更全面深入地了解公司 2024 年半年度 度经 ...