Investment Rating - The investment rating for the company is "Outperform the Market" [5][18]. Core Views - The company has shown steady revenue growth and continuous improvement in profitability, with a projected revenue of 17.325 billion yuan in 2024, a year-on-year increase of 0.99%, and a net profit of 1.32 billion yuan, up 0.18% year-on-year [1][3]. - The increase in profitability is attributed to a higher proportion of high-margin overseas sales and electric products [1]. - The company is actively expanding its international presence and electric product offerings, with overseas revenue reaching 6.928 billion yuan in 2024, a 13.33% increase, and accounting for 39.99% of total revenue [2][3]. Summary by Sections Financial Performance - In 2024, the company achieved a gross margin of 23.46% and a net margin of 8.66%, both showing improvements of 2.85 and 0.56 percentage points year-on-year, respectively [1]. - The company’s R&D investment continues to grow, with R&D expense ratios increasing to 6.27% [1]. International Business - The company has established a "1+N+X" international marketing system, with new centers opening in Oceania, Europe, and South America [2]. - The export of complete machines reached 126,400 units in 2024, marking a 34.08% increase, which is higher than the industry average [2]. Electric Product Development - The company has increased its electric product share to over 65% in 2024, an 8 percentage point increase year-on-year, and has launched the world's largest lithium battery forklift with a capacity of 55 tons [2]. Emerging Business Segments - The company is expanding into smart logistics, having invested in and acquired companies to enhance its industrial vehicle supply chain [3]. - The company is implementing new technologies such as AI and cloud computing in its operations [3]. Profit Forecast - The company’s projected net profits for 2025, 2026, and 2027 are 1.405 billion, 1.568 billion, and 1.723 billion yuan, respectively, with corresponding PE ratios of 10, 9, and 8 [3][4].

【项目投资】 海鸥住工(002084.SZ)：出口美国业务占整体营收约为30% 可立克(002782.SZ)：本轮美国加征关税对公司收入利润的影响较小 | | | 4月10日重要公告精选 | | --- | --- | --- | | 类型 | 公司 | 主要内容 | | 热点追踪 | 蜀道装备 | 本轮美国加征关税政策不会对公司海外销售及整体经营业绩造成影响 | | | 可立克 | 本轮美国加征关税对公司收入利润的影响较小 | | 项目投资 | 华东重机 | 拟投资10亿元建设"华东重机智能制造基地项目" | | 合同中标 | 中铝国际 | 中标约20.33亿元几内亚西芒杜项目Simfer矿区采矿运维项目 | | 业绩披露 | 长安汽车 | 2024年度净利润73.21亿元 拟10派2.95元 | | | 中金公司 | 一季度净利同比预增50%至70% | | 股权转让 | ST汇金 | 拟收购控股子公司中科拓达30%股权 | | 回购 | 歌尔股份 | 拟斥资5亿元-10亿元回购股份 | | 增减持 | 浪潮信息 | 浪潮集团拟增持1亿元-2亿元公司股份 | | | 新风鸣 | 控股股东拟增持2亿元-3亿 ...

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - The company continues to enhance its market share and is firmly advancing its internationalization strategy [1] - The company reported a revenue of 17.33 billion yuan for 2024, a year-on-year increase of 0.99%, and a net profit of 1.32 billion yuan, up 0.18% year-on-year, which aligns with expectations [4][7] - The company achieved a forklift sales volume of 340,200 units in 2024, representing a year-on-year growth of 16.53%, outpacing industry growth [7] - The company has increased its research and development efforts, leading to a short-term rise in expense ratios [7] - The internationalization strategy has made significant progress, with exports of complete machines reaching 126,400 units, a year-on-year increase of 34.08% [7] - The profit forecast for 2025-2027 has been revised downwards, with expected net profits of 1.45 billion, 1.60 billion, and 1.78 billion yuan respectively [7] Financial Data and Profit Forecast - The company’s total revenue is projected to grow from 17.33 billion yuan in 2024 to 22.16 billion yuan by 2027, with a compound annual growth rate of approximately 9.8% [6] - The net profit is expected to increase from 1.32 billion yuan in 2024 to 1.78 billion yuan in 2027, reflecting a growth rate of 11.3% [6] - The company’s price-to-earnings (PE) ratio is projected to decrease from 11 in 2024 to 8 in 2027, indicating a relatively lower valuation compared to peers [10]

Core Viewpoint - The company reported its 2024 annual results, showing stable revenue growth and a slight increase in net profit, although the fourth quarter experienced declines in both revenue and net profit [1] Group 1: Financial Performance - In 2024, the company achieved operating revenue of 17.325 billion yuan, 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, meeting expectations [1] - For Q4 2024, the company recorded revenue of 4.14 billion yuan, a year-on-year decrease of 4.58% and a quarter-on-quarter decrease of 4.66%; net profit attributable to shareholders was 157 million yuan, down 46.07% year-on-year and 52.06% quarter-on-quarter [1] Group 2: Industry and Market Position - In 2024, China's industrial vehicle sales reached 1.2855 million units, a year-on-year increase of 9.52%, with domestic sales of 805,000 units (up 4.77%) and overseas sales of 480,500 units (up 18.53%) [2] - The company achieved main business revenue of 17.114 billion yuan, a year-on-year increase of 0.72%, with domestic revenue of 10.186 billion yuan (down 6.37%) and overseas revenue of 6.928 billion yuan (up 13.33%) [2] - The company sold 340,200 forklifts in 2024, a year-on-year increase of 16.53%, outperforming the industry growth rate, and its forklift market share increased to 26.5%, up 1.6 percentage points year-on-year [2] Group 3: R&D and Market Expansion - The company increased R&D and market expansion efforts, leading to a short-term rise in expense ratios; the gross margin was 23.46%, up 2.84 percentage points year-on-year, and the net margin was 8.66%, up 0.56 percentage points year-on-year [3] - The company invested in establishing provincial marketing companies and expanded its international marketing system, achieving a 34.08% year-on-year increase in complete machine exports, totaling 126,400 units [3] - The overseas business revenue accounted for nearly 40% of total revenue, with the company holding the number one market share in 34 overseas countries and regions [3] Group 4: Profit Forecast and Rating - The profit forecast for 2025-2027 has been lowered due to cost pressures from marketing channels and overseas center layouts, with expected net profits of 1.447 billion yuan, 1.601 billion yuan, and 1.782 billion yuan respectively [4] - The current stock price corresponds to a PE ratio of 10, 9, and 8 for 2025, 2026, and 2027, respectively, which is lower than the comparable company's PE of 13 [4] - The company maintains a "buy" rating, anticipating a recovery in domestic forklift demand and continued growth in non-U.S. markets [4]

持续督导保荐总结报告书 招商证券股份有限公司 关于安徽合力股份有限公司 公开发行可转换公司债券之 持续督导保荐总结报告书 招商证券股份有限公司（以下简称"招商证券"或"保荐机构"）担安徽合 力股份有限公司（以下简称"安徽合力"、"公司"）2022 年公开发行可转换 公司债券的保荐机构，负责本次可转债发行上市后的持续督导工作，持续督导期 自 2023 年 1 月 6 日至 2024 年 12 月 31 日止（以下简称"持续督导期间 "）。 招商证券根据《证券发行上市保荐业务管理办法》《上海证券交易所股票上市规 则》和《上海证券交易所上市公司自律监管指引第 11 号——持续督导》等相关 规定，出具本持续督导保荐总结报告书。 一、保荐机构及保荐代表人承诺 （一）保荐总结报告书和证明文件及其相关资料的内容不存在虚假记载、误 导性陈述或重大遗漏，保荐机构及保荐代表人对其真实性、准确性、完整性承担 法律责任。 （二）保荐机构及保荐代表人自愿接受中国证监会对保荐总结报告书相关事 项进行的任何质询和调查。 （三）保荐机构及保荐代表人自愿接受中国证监会按照《证券发行上市保荐 业务管理办法》的有关规定采取的监管措施。 二、保荐机 ...

招商证券股份有限公司 关于安徽合力股份有限公司 2024 年度持续督导年度报告书 经中国证券监督管理委员会的《关于核准安徽合力股份有限公司公开发行可 转换公司债券的批复》（证监许可[2022]2887 号）核准，并经上海证券交易所同 意，安徽合力股份有限公司（以下简称"安徽合力"、"公司"、"上市公司"）向 社会公开发行可转换公司债券 2,047.505 万张，每张面值为人民币 100 元，募集 资金总额为 2,047,505,000 元，扣除发行费用人民币 4,327,271.89 元（不含税） 后，实际募集资金净额为人民币 2,043,177,728.11 元。上述资金于 2022 年 12 月 19 日到达公司募集资金专户，经容诚会计师事务所（特殊普通合伙）予以验资 并出具《验资报告》（容诚验字[2022]230Z0358 号）。 招商证券股份有限公司（以下简称"招商证券"、"保荐机构"）作为公司 2022 年公开发行可转换公司债券的保荐机构，根据《证券法》《证券发行上市保荐业 务管理办法》《上海证券交易所股票上市规则》和《上海证券交易所上市公司自 律监管指引第 11 号——持续督导》等相关法律法规及规 ...

Investment Rating - The investment rating for the company is "Buy" and is maintained [8] Core Insights - The company reported a revenue of 17.325 billion yuan in 2024, representing 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 [6][12] - The company achieved a total sales volume of 340,200 units in 2024, a year-on-year growth of 16.53%, significantly outpacing the industry growth rate [2][12] - The company has expanded its market share, achieving the number one position in 34 overseas countries and regions, with international revenue growing by 13.33% [2][12] - The company is actively developing new sectors, particularly in smart logistics, with a partnership with Huawei expected to accelerate growth in this area [2][12] Summary by Sections Financial Performance - In Q4 2024, the company recorded a revenue of 3.917 billion yuan, down 2.67% year-on-year, and a net profit of 218 million yuan, down 33.98% year-on-year [6] - The gross profit margin for the main business was 23.25%, an increase of 1.62 percentage points year-on-year, driven by higher sales of electric vehicles and an increase in the proportion of foreign revenue [12] Market Dynamics - The domestic forklift market is stabilizing, with a slight decline in domestic revenue by 6.37% year-on-year, while the international market continues to grow [12] - The company’s international sales volume increased by 34.08% year-on-year, indicating strong demand for its products abroad [12] Future Outlook - The company is expected to see steady growth in its core forklift business, supported by favorable policies and ongoing trends in automation [12] - Projections for net profit are 1.409 billion yuan in 2025 and 1.627 billion yuan in 2026, with corresponding price-to-earnings ratios of 10x and 9x [12]

Group 1: Industrial AI and Automation - The core business of the company shows stable growth, with revenue reaching 9.14 billion yuan in 2024, a year-on-year increase of 6% [3] - The industrial automation and intelligent manufacturing solutions segment achieved revenue of 5.64 billion yuan, up 14% year-on-year, accounting for 62% of total revenue [3] - The company has established a robot product business system, generating revenue of 56.01 million yuan in 2024, marking rapid growth from zero [4] Group 2: Alibaba's E-commerce and Cloud Computing - Alibaba is expected to achieve total revenue of 236.1 billion yuan in FY2025Q4, representing a year-on-year growth of 6% [9] - The Taotian Group's revenue is projected to grow by 5% to 98 billion yuan, with a gross merchandise volume (GMV) increase of 5% [10] - The cloud computing segment is anticipated to generate revenue of 30 billion yuan, reflecting a year-on-year growth of 17% [12] Group 3: Jitu Express Logistics - Jitu Express has expanded its logistics business across 13 countries, leveraging e-commerce growth in Southeast Asia and China [14] - The company achieved profitability in 2024, marking a significant turnaround [15] - Revenue projections for Jitu Express are set at 11.44 billion, 13.01 billion, and 14.89 billion USD for 2025-2027, with corresponding net profits of 343 million, 583 million, and 886 million USD [23] Group 4: Anhui Heli Engineering Machinery - Anhui Heli reported revenue of 17.325 billion yuan in 2024, a year-on-year increase of 0.99% [25] - The company has accelerated its overseas market expansion, achieving a 13% year-on-year increase in overseas revenue to 6.93 billion yuan [27] - The domestic market revenue decreased by 6% to 10.19 billion yuan, but the company is optimizing its industrial layout [27] Group 5: China Oriental Education - The company achieved revenue of 4.12 billion yuan in 2024, a year-on-year increase of 3.5%, with a net profit of 510 million yuan, up 88% [29] - The gross profit margin improved to 51.4%, driven by an optimized course structure [30] - The company plans to maintain a dividend payout ratio of no less than 60% from 2025 to 2027 [31] Group 6: Weichai Power - Weichai Power reported revenue of 215.69 billion yuan in 2024, with a net profit of 11.4 billion yuan, reflecting a year-on-year growth of 26.5% [34] - The company plans to distribute a cash dividend of 3.47 yuan per 10 shares, totaling approximately 30.24 billion yuan [37] - Revenue projections for Weichai Power are set at 227.7 billion, 244.5 billion, and 263.5 billion yuan for 2025-2027, with corresponding net profits of 12.4 billion, 13.7 billion, and 15.5 billion yuan [38] Group 7: Hehe Information Technology - Hehe Information is a leading AI and big data company, with a revenue compound annual growth rate (CAGR) of 21% from 2022 to 2024 [39] - The company has a large user base, with 168 million monthly active users (MAU) across its core products as of Q3 2024 [39] - The intelligent text recognition market is projected to reach 33 billion USD globally by 2030, with a CAGR of 14.8% from 2023 to 2030 [44]

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Investment Rating - The report maintains a rating of "Accumulate" for the company [11]. Core Views - The company has demonstrated stable performance in 2024, with an increase in market share and a focus on internationalization and smart technology growth opportunities, indicating a positive long-term growth outlook [3][11]. - The company’s forklift business remains a leader domestically, and it is actively advancing its international and intelligent logistics strategies, which are expected to enhance profitability [11]. Financial Summary - In 2024, the company achieved a revenue of 17,325 million yuan, a year-on-year increase of 0.99%, and a net profit attributable to shareholders of 1,320 million yuan, up 0.18% year-on-year [11]. - The projected earnings per share (EPS) for 2025 and 2026 are adjusted to 1.59 yuan and 1.78 yuan respectively, with a new EPS forecast of 2.00 yuan for 2027 [11]. - The company’s gross profit margin and net profit margin for 2024 were 23.46% and 7.62%, reflecting a year-on-year increase of 1.58 percentage points and a decrease of 0.06 percentage points respectively [11]. Market Position - The company’s domestic and international revenue for 2024 was 10,186 million yuan and 6,928 million yuan respectively, with international revenue accounting for nearly 40% of total revenue, an increase of 5 percentage points [11]. - The domestic sales volume reached 213,800 units, with a market share of 26.56%, an increase of 0.83 percentage points year-on-year [11]. Strategic Initiatives - The company is enhancing its global presence with the establishment of operational centers in Oceania, Europe, and South America, achieving the top market share in 34 overseas countries and regions [11]. - The company is also focusing on digital transformation and smart logistics, including partnerships with Huawei to accelerate technology innovation and talent development [11].