炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ 营收稳健增长，归母扣非净利润实现正增长 安徽合力2025H1实现营业收入93.9亿元，同比增长6.2%(调整后)；归母净利润8.0亿元，同比下降4.6%(调整后)；归母扣非净利润为7.3亿元，同比增长0.3%(调整后)。毛利率为23.6%， 叉车电动化进程不断推进，公司有望深度受益 2025H1公司叉车销量达20.4万台，同比增长17.2%；其中国内市场销量达12.6万台，同比增长11.3%；从车型结构来看，截至2025上半年末公司电动叉车销量占比提升至68%，较2024年末提 积极开拓国际市场，海外销量大幅增长 2025H1公司海外市场叉车销量达7.4万台，同比增长23.1%，海外收入占比达43%，并实现在34个海外国家和地区的市场占有率第一。公司在现有海外中心基础上，投资设立首个海外制造工厂 深化智能物流布局，积极打造新增长曲线 2025H1公司零部件、后市场、智能物流板块营收分别同比增长16.4%/15.3%/59.1%。公司加快智能物流业务专业化整合，与华为数据通信产品线共同揭牌成立"联合创新.天工实验室"，在"数 维持"买入" ...

Investment Rating - The report maintains a "Buy" rating for the company [5] Core Views - The company achieved a revenue of 9.39 billion yuan in H1 2025, representing a year-on-year growth of 6.2% (adjusted). The net profit attributable to shareholders was 800 million yuan, a decrease of 4.6% (adjusted), while the net profit excluding non-recurring items was 730 million yuan, showing a slight increase of 0.3% (adjusted). The gross margin was 23.6%, up by 0.4 percentage points (adjusted), and the net margin was 9.6%, down by 0.7 percentage points (adjusted) [1] - The company sold 204,000 forklifts in H1 2025, marking a 17.2% increase year-on-year, with domestic sales reaching 126,000 units, up 11.3%. The proportion of electric forklifts sold increased to 68%, up 2.5 percentage points from the end of 2024, indicating a strong benefit from the ongoing electrification of forklifts [2] - The company significantly expanded its international market presence, with overseas forklift sales reaching 74,000 units in H1 2025, a 23.1% increase year-on-year. Overseas revenue accounted for 43% of total revenue, and the company achieved the highest market share in 34 countries and regions. The establishment of its first overseas manufacturing plant is expected to further enhance its international operations [3] - The company is actively developing its smart logistics business, with revenue from components, aftermarket, and smart logistics segments growing by 16.4%, 15.3%, and 59.1% year-on-year, respectively. Collaborations with Huawei and Jianghuai are aimed at advancing research and development in smart logistics and robotics, positioning the company to capitalize on the increasing demand for intelligent logistics solutions [4] Summary by Sections Financial Performance - In H1 2025, the company reported a revenue of 9.39 billion yuan, a 6.2% increase year-on-year. The adjusted net profit was 800 million yuan, down 4.6%, while the adjusted net profit excluding non-recurring items was 730 million yuan, up 0.3%. The gross margin was 23.6%, and the net margin was 9.6% [1] Sales and Market Expansion - Forklift sales reached 204,000 units in H1 2025, a 17.2% increase year-on-year, with domestic sales at 126,000 units, up 11.3%. The electric forklift sales proportion increased to 68% [2] - Overseas forklift sales were 74,000 units, a 23.1% increase year-on-year, with overseas revenue making up 43% of total revenue. The company is establishing its first overseas manufacturing plant [3] Strategic Initiatives - The company is enhancing its smart logistics business, with significant revenue growth in related segments. Collaborations with technology partners aim to innovate in smart logistics and robotics [4]

Group 1: Changan Automobile (000625) - In H1 2025, Changan Automobile achieved revenue of 72.691 billion yuan, a decrease of 5.25% year-on-year, while the net profit attributable to shareholders was 2.291 billion yuan, down 19.09%. However, the net profit excluding non-recurring items increased by 26.36% to 1.477 billion yuan [6][7] - In Q2 2025, the company reported a net profit of 939 million yuan, a decrease of 43.93% year-on-year, while the net profit excluding non-recurring items was 693 million yuan, down 34.40% year-on-year. Revenue for the quarter was 38.531 billion yuan, showing a slight decrease of 2.94% quarter-on-quarter but a 12.79% increase year-on-year [7] - The company plans to launch three new models in Q4 2025, with a clear strategy for global expansion, aiming for overseas sales of 1 million vehicles by the end of the year [8][9] Group 2: Sailun Tire (601058) - In H1 2025, Sailun Tire achieved revenue of 17.587 billion yuan, a year-on-year increase of 16.05%, but the net profit decreased by 14.90% to 1.831 billion yuan. In Q2 2025, revenue was 9.175 billion yuan, up 16.76% year-on-year, while net profit fell by 29.11% to 792 million yuan [10][11] - The company benefited from overseas market expansion, with tire production reaching 40.6 million units in H1 2025, a 14.66% increase year-on-year, and sales of 39.14 million units, up 13.32% [11] - Sailun Tire is focusing on enhancing its international influence through increased R&D investment and product innovation, with a notable presence in the global tire brand value rankings [11][12] Group 3: Xinjieneng (605111) - In H1 2025, Xinjieneng reported revenue of 930 million yuan, a year-on-year increase of 6.44%, and a net profit of 235 million yuan, up 8.03%. The net profit excluding non-recurring items was 207 million yuan, down 3.22% [14][15] - The SGT MOS product line's revenue share increased to 45.21%, indicating strong market competitiveness and application in various strategic fields [16] - The company is focusing on emerging markets such as automotive electronics, AI servers, and robotics, with significant growth in these areas expected [17] Group 4: Lizhu Group (000513) - In H1 2025, Lizhu Group achieved revenue of 6.272 billion yuan, a slight decrease of 0.17%, while net profit increased by 9.40% to 1.281 billion yuan. The net profit excluding non-recurring items was 1.258 billion yuan, up 8.91% [22][23] - The company is experiencing growth in its chemical preparation segment, with a focus on new product launches and improved operational efficiency [23][24] - Multiple products are entering the harvest phase, contributing to the overall positive performance [24] Group 5: Anhui Heli (600761) - In H1 2025, Anhui Heli reported revenue of 9.39 billion yuan, a year-on-year increase of 6.18%, with net profit reaching 796 million yuan, down 4.60%. Overseas revenue was 4.016 billion yuan, up 15.20% [27][28] - The company is enhancing its international presence with a new overseas manufacturing facility and a strong network of over 300 overseas agents [28] - Anhui Heli is focusing on electric and intelligent logistics solutions, with significant growth in electric vehicle sales and strategic partnerships in the logistics sector [29][30] Group 6: Domestic Industrial Profit Data - In July 2025, the total profit of industrial enterprises above designated size decreased by 1.7% year-on-year, showing a slight improvement from the previous month's decline of 1.8% [32][33] - The report indicates that the "anti-involution" policy is affecting profit structures across various sectors, with upstream raw material manufacturing seeing a recovery in profit margins [34] - Inventory levels are decreasing, with nominal inventory growth slowing to 2.4% year-on-year, indicating a reduction in production and a passive consumption of inventory [35] Group 7: Mechanical Equipment Industry - In July 2025, the overall sales of forklifts reached 118,600 units, a year-on-year increase of 14.4%, with both domestic and overseas sales showing double-digit growth [36][37] - The growth in forklift demand is linked to improvements in manufacturing and logistics sectors, with positive macroeconomic indicators supporting future sales [38] - Companies like Anhui Heli and Hangcha Group are expanding their global presence and enhancing their product offerings in intelligent logistics [39][40]

智通财经APP获悉，上海证券发布研报称，美元降息或将增强美国地区工业品和消费品资本开支意愿， 出口链企业有望因此受益。智元机器人加快具身智能商业化落地进程，推动产业从"技术探索"迈向"规 模商用"。另外芯片巨头英伟达推出的人工智能全新产品，被期待成为智能领域的重大突破。推荐关注 三一重工(600031.SH)、安徽合力(600761.SH)、拓普集团(601689.SH)、博众精工(688097.SH)等。 上海证券主要观点如下： 出口链：美元降息或将增强资本开支意愿 1)工程机械：三一重工、中联重科、徐工机械、柳工、山推股份、恒立液压等; 2)通用板块：叉车(安徽合力、杭叉集团)、机床(海天精工、豪迈科技、纽威股份、科德数控、华中数控 等)、刀具(华锐精密、欧科亿、鼎泰高科、新锐股份等); 3)人形机器人：建议关注技术壁垒高、价值量高、国产化率低的环节，如总成(拓普集团、三花智控、 恒立液压)、PEEK结构件(唯科科技、福赛科技、万朗磁塑、江苏博云等)、传感器(汉威科技、日盈电 子、东华测试、安培龙等)、减速器(宏昌科技等)、丝杠(恒立液压、浙江荣泰、福达股份、鼎泰高科 等)、电机(鸣志电器、江苏雷利、信捷 ...

Industry Overview - The overall forklift sales in July 2025 reached 118,600 units, representing a year-on-year growth of 14.4% [1][2] - Domestic sales accounted for 69,700 units, with a growth of 14.3%, while overseas sales were 48,900 units, growing by 14.5% [1][2] - Cumulative forklift sales from January to July 2025 totaled 857,900 units, up 12% year-on-year, with domestic sales at 546,100 units (10.4% growth) and export sales at 311,900 units (15.1% growth) [1][2] Market Dynamics - Both domestic and overseas sales achieved double-digit growth in July 2025, indicating a robust growth trend [2] - The growth is attributed to improved competitiveness of domestic forklift companies in overseas markets and increasing global demand for forklifts, alongside a gradual recovery in domestic demand [2] - The manufacturing PMI new order index reached 49.40% in July 2025, reflecting a slight year-on-year increase, indicating improved manufacturing sentiment [2] Company Performance Anhui Heli - In the first half of 2025, Anhui Heli reported revenue of 9.39 billion yuan, a year-on-year increase of 6.18%, and a net profit of 796 million yuan, down 4.60% [3] - The company sold 204,200 units, a growth of 17.23%, capturing 27.62% of the industry market share [3] - Electric vehicle sales increased by 28%, accounting for 68% of total sales, contributing to an overall improvement in gross margin [3] - Overseas revenue reached 4.016 billion yuan, up 15.20%, with exports of 73,600 units, a growth of 23.08% [3] Hangcha Group - Hangcha Group achieved revenue of 9.302 billion yuan in the first half of 2025, an increase of 8.74%, and a net profit of 1.121 billion yuan, up 11.38% [4][5] - The company sold nearly 60,000 units in overseas markets, marking a historical high with a growth rate exceeding 25% [5] - The company is expanding its global network and has initiated the construction of a production base in Thailand, expected to be completed in Q4 2025 [5] - The smart logistics business experienced explosive growth, with significant increases in revenue and new orders [5] Investment Insights - The forklift industry has a wide range of applications and is less cyclical, closely linked to the manufacturing sector's performance [6] - The recovery in manufacturing and growth in logistics volume are expected to positively impact domestic forklift demand [6] - Domestic companies are accelerating their globalization efforts, establishing local production and service systems overseas, enhancing market penetration [6] - Leading domestic forklift manufacturers are actively investing in smart logistics and robotics, reshaping the competitive landscape of the logistics industry [6]

Industry Overview - Forklift demand is positively influenced by the recovery of the manufacturing sector and the growth of warehousing logistics [1][2] - The overall forklift sales in July 2025 reached 118,600 units, a year-on-year increase of 14.4%, with domestic sales at 69,700 units and overseas sales at 48,900 units [1][2] - The manufacturing PMI new order index in July 2025 was 49.40%, indicating a slight recovery in manufacturing sentiment compared to the previous year [2] Company Performance: Anhui Heli - Anhui Heli achieved revenue of 9.39 billion yuan in the first half of 2025, a year-on-year increase of 6.18%, with a net profit of 796 million yuan, down 4.60% [3] - The company's sales volume reached 204,200 units, a year-on-year increase of 17.23%, capturing 27.62% of the industry market share [3] - The proportion of electric products increased to 68%, with electric vehicle sales growing by 28% year-on-year, contributing to an overall improvement in gross profit margin [3] - Overseas revenue reached 4.016 billion yuan, a growth of 15.20%, with exports of 73,600 units, up 23.08% [3] - The company is actively engaging in smart logistics, partnering with Huawei and other firms to enhance its capabilities in this area [3] Company Performance: Hangcha Group - Hangcha Group reported revenue of 9.302 billion yuan in the first half of 2025, an increase of 8.74%, with a net profit of 1.121 billion yuan, up 11.38% [4] - The company achieved record overseas sales of nearly 60,000 units, with a growth rate exceeding 25% [4] - The establishment of over 20 overseas subsidiaries supports the company's strategy of local production, global marketing, and localized service [4] - The smart logistics segment experienced explosive growth, with significant increases in revenue and new orders, and over 7,000 AGVs deployed across various industries [4]

Investment Rating - The report maintains a "Strong Buy" rating for the company, with a target price of 24.4 CNY [2][6]. Core Views - The company's performance in the first half of 2025 met expectations, with total revenue of 9.39 billion CNY, a year-on-year increase of 6.2%, and a net profit attributable to shareholders of 800 million CNY, a decrease of 4.6% [2]. - The company is focusing on smart logistics and embodied robotics, enhancing its product offerings and market position [2][6]. - The report highlights the company's strong market presence, achieving the highest market share in 34 overseas countries and regions [6]. Financial Summary - For the first half of 2025, the company reported total revenue of 93.9 billion CNY, with a net profit of 8.0 billion CNY, and a non-recurring net profit of 7.3 billion CNY [2]. - The second quarter saw a revenue of 51.2 billion CNY, a year-on-year increase of 9.9%, and a net profit of 4.7 billion CNY, a year-on-year increase of 9.8% [2]. - The financial projections for 2025 to 2027 indicate a steady growth in revenue and net profit, with expected revenues of 192.9 billion CNY, 216.7 billion CNY, and 242.7 billion CNY, respectively [2][7]. Market Position and Strategy - The company is positioned as a leading player in the forklift industry, benefiting from its complete supply chain and domestic and international channels [6]. - The report emphasizes the company's strategic partnerships and investments in smart logistics, including collaborations with Huawei and other logistics firms [6]. - The company aims to leverage the lithium battery trend to enhance its competitive edge against international giants [6].

[Table_Reportdate] 2025年08月27日 | [数据日期 Table_cominfo] | 2025/08/26 | | --- | --- | | 收盘价 | 19.87 | | 总股本(万股) | 89,069 | | 流通A股/B股(万股) | 89,069/0 | | 资产负债率(%) | 40.48% | | 市净率(倍) | 1.55 | | 净资产收益率(加权) | 7.43 | | 12个月内最高/最低价 | 23.90/14.31 | [Table_QuotePic] -16% -6% 5% 15% 26% 36% 47% 57% 24-08 24-11 25-02 25-05 安徽合力 沪深300 [Table_invest] 买入（维持） 报告原因：业绩点评 [相关研究 Table_Report] [证券分析师 Table_Authors] 《安徽合力（600761）：全年销量增 速高于行业，国际化实现新跨越—— 公司简评报告》 2025.04.08 《安徽合力（600761）：首次海外合 资建厂，全球化布局加速——公司简 评报告》 2025.03.11 《安徽合力（ ...

Investment Rating - The report maintains a "Buy" rating for the company [2][8] Core Insights - The company reported a revenue of 9.39 billion yuan for the first half of 2025, a year-on-year increase of 6.18%, while the net profit attributable to shareholders was 796 million yuan, a decrease of 4.60% [5][8] - In Q2 2025, the company achieved a revenue of 5.12 billion yuan, a year-on-year increase of 9.89% and a quarter-on-quarter increase of 19.69%, with a net profit of 474 million yuan, up 9.80% year-on-year and 47.40% quarter-on-quarter [5][8] - The company is expanding its global footprint, with a significant increase in overseas sales, which reached 4.016 billion yuan, a year-on-year increase of 15.20%, accounting for 43% of total revenue [8] Financial Data and Profit Forecast - The company expects total revenue to grow from 18.61 billion yuan in 2025 to 22.16 billion yuan in 2027, with a compound annual growth rate (CAGR) of 9.8% [7][10] - The net profit attributable to shareholders is projected to increase from 1.447 billion yuan in 2025 to 1.782 billion yuan in 2027, reflecting a CAGR of 11.3% [7][10] - The gross margin is expected to remain stable around 23.3% to 23.7% from 2025 to 2027, with a return on equity (ROE) projected to improve from 12.6% in 2025 to 13.2% in 2027 [7][10] Company Performance and Strategic Initiatives - The company sold 204,200 forklifts in the first half of 2025, a year-on-year increase of 17.23%, with electric forklifts accounting for 68% of total sales [8] - The company is investing in R&D and has established strategic partnerships with major firms like Huawei to enhance its smart logistics capabilities [8] - The establishment of the first overseas manufacturing plant in Thailand marks a significant step in the company's global production strategy [8]

Group 1 - The core viewpoint of the report is that Goer Group plans to acquire Shanghai Aolai through its subsidiary Goer Optics, which will enhance its optical waveguide capacity and technical strength, accelerating the integration of optical products into global leading XR clients [1][2] - The report maintains a "Buy" rating for Goer Group, raising the target price to 43.05 yuan, considering the impact of product life cycles and client new product release schedules, while also increasing R&D investment [1][2] - The expected EPS for Goer Group is adjusted to 0.96/1.23 yuan for 2025-2026, with a forecast of 1.50 yuan for 2027, reflecting the company's high growth rate and leading position in AI glasses and AR products [1][2] Group 2 - Goer Group has established a vertical integration layout in the XR field, benefiting from future industry demand surges, and has close cooperation with global leading XR clients [3] - The company has made strategic investments and acquisitions to strengthen its customer resources and technical capabilities, including acquiring a stake in Silan Microelectronics and investing in Plessey to enhance its AR display capabilities [3] - The merger with Shanghai Aolai is expected to accelerate the expansion of mature optical waveguide production capacity and consolidate Goer Group's competitive advantage in wafer-level micro-nano optical devices [2][3]