● 本报记者 刘丽靓 5月23日，国家电网称，集团多措并举推动控股上市公司高质量发展，提升控股上市公司功能价值、品 牌价值和投资价值，深化科技创新、产业创新和机制创新，打造了资本市场上主业突出、优强发展、治 理完善、诚信经营的表率。未来，将继续指导上市公司聚焦能源转型和新型电力系统建设，不断增强核 心功能、提升核心竞争力，坚定不移推动高质量发展，为社会和股东创造价值，为资本市场健康稳定发 展贡献力量。 中国华能董事长温枢刚近日表示，中国华能近两年合计4次增持控股上市公司股份，旗下3家上市公司总 市值突破3000亿元，未来将促进各上市公司提高分红比例和频次，积极运用增持手段等举措，维护市值 稳定。中国船舶总经理施卫东称，计划依法依规适时适度运用资本市场的有力政策和市值管理举措引导 价值提升。此外，中国电建近日在业绩说明会上明确，以解决"破净问题"为核心目标，围绕《估值提升 计划》的"价值创造-价值经营-价值传递"三大环节，系统性推进市值管理。 同时，多家央企纷纷制定针对性方案，以提升上市公司价值。中国西电、中远海发、中国中铁、长江电 力等企业公告称已制定《市值管理制度》。 中国企业改革与发展研究会研究员周丽莎认 ...

证券研究报告·行业跟踪周报·机械设备 机械设备行业跟踪周报 挖掘机作为工程机械行业的"晴雨表"，在连续数年的下滑后于 24H2 实现筑底反转， 需求持续复苏。挖机销量持续上行的同时，景气度逐渐向非挖转移，2025 年以来道路 机械呈高增趋势。2025 年 4 月，压路机/摊铺机/平地机销量分别为 1713/200/ 756 台， 分别同比+36%/52%/22%，1-4 月累计同比+30%/+38%/+20%。由于起重机与地产行业 相关性较强，需求复苏较行业处于滞后位置。2025 年来，工程起重机整体筑底企稳趋 势较为明显，2025 年 1-4 月，汽车起重机/履带起重机/随车起重机累计销量分别为 7355/1021/ 9014 台，分别同比-9%/+0%/-0%。展望后续，国内挖机率先复苏&非挖筑底 企稳，出口新兴市场地区景气度持续，工程机械行业有望迎来国内外共振。相关个股： 三一重工、某全品类龙头、中联重科、柳工、山推股份、恒立液压。 [Table_Tag] [Table_Summary] 1.推荐组合：北方华创、三一重工、中微公司、恒立液压、中集集团、拓荆科技、海天 国际、柏楚电子、晶盛机电、杰瑞股份、 ...

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 ...

2025 年 5 月 20 日 行业研究 华为与优必选签署全面合作协议，工程机械景气度持续复苏 ——机械行业周报 2025 年第 20 周（2025.5.12-2025.5.18） 机械行业 买入（维持） 作者 分析师：黄帅斌 执业证书编号：S0930520080005 0755-23915357 huangshuaibin@ebscn.com 分析师：陈佳宁 执业证书编号：S0930512120001 021-52523851 chenjianing@ebscn.com 分析师：汲萌 执业证书编号：S0930524010002 021-52523859 jimeng@ebscn.com 分析师：李佳琦 执业证书编号：S0930524070006 021-52523836 lijiaqi@ebscn.com 联系人：夏天宇 xiatianyu@ebscn.com 行业与沪深 300 指数对比图 要点 重点子行业观点 人形机器人： 5 月 12 日，华为与优必选科技在深圳正式签署了全面合作协议。双方将围绕具身智 能和人形机器人领域展开深度合作，重点聚焦于产品技术研发、场景应用及产业体 系创新。根据协议内容，双方 ...

行 业 及 产 业 机械设备 2025 年 05 月 19 日 物流+机器人应用空间广阔，降本 行 业 研 究 / 行 业 点 评 证券分析师 王珂 A0230521120002 wangke@swsresearch.com 闫海 A0230519010004 yanhai@swsresearch.com 胡书捷 A0230524070007 husj@swsresearch.com 王易 A0230525050001 wangyi@swsresearch.com 苏萌 A0230524080011 sumeng@swsresearch.com 联系人 胡书捷 (8621)23297818× husj@swsresearch.com 本研究报告仅通过邮件提供给 中庚基金 使用。1 提效为核心驱动力 看好 ——机器人行业点评 本期投资提示： 请务必仔细阅读正文之后的各项信息披露与声明 证 券 研 究 报 告 行业点评 表 1：重点公司估值表 | 公司代码 | 公司简称 | 2025/5/16 | | EPS（元/股） | | | | PE | | | PB | | --- | --- | --- | --- | ...

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].