Investment Rating - The report maintains a "Buy" rating for Anhui Heli [8][6] Core Views - The forklift industry in China experienced a year-on-year export volume increase of 20.4%, indicating that the company's foreign sales revenue is likely to continue growing rapidly [4][5] - The company's gross profit margin improved by 0.26 percentage points year-on-year to 21.42%, primarily due to an increase in overseas sales proportion and product structure optimization [5][6] - The company achieved a revenue of 13.409 billion yuan in the first three quarters of 2024, a year-on-year increase of 2.11%, and a net profit of 1.101 billion yuan, up 11.63% year-on-year [3][4] Summary by Sections Revenue and Profitability - In Q3 2024, the company reported a revenue of 4.4 billion yuan, a slight decrease of 0.11% year-on-year, and a net profit of 298 million yuan, down 9.18% year-on-year [3][4] - The company’s net profit margin in Q3 was 7.26%, a decrease of 0.83 percentage points year-on-year, attributed to increased expenses from overseas expansion [5][6] Market Outlook - The domestic forklift market is expected to recover gradually, supported by stable growth policies and ongoing trends of machinery replacing labor [6] - The company is focusing on high-value-added products, including large-tonnage and new energy products, which are anticipated to drive future growth [6][4] Future Projections - The company is projected to achieve a net profit of 1.453 billion yuan in 2024 and 1.808 billion yuan in 2025, corresponding to price-to-earnings ratios of 11x and 9x, respectively [6][10]

Investment Rating - The report maintains a "Buy" rating for the company, with a target price adjusted to 23.36 yuan, down from the previous 26.50 yuan [5][11]. Core Viewpoints - The company is experiencing short-term pressure on performance due to domestic market conditions, but there is optimism regarding the growth of export demand, which is expected to drive future performance [2][3]. - The company has made significant progress in internationalization, electrification, and lithium battery technology, leading to continuous improvement in product and market structure [2][3]. Summary by Relevant Sections Financial Performance - For the first three quarters of 2024, the company reported revenue of 13.409 billion yuan, 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 [3]. - The gross profit margin for the first three quarters was 21.53%, an increase of 1.29 percentage points, attributed to the expansion of overseas business and the rising sales proportion of high-margin electric products [3]. Market Conditions - The domestic forklift market is under short-term pressure, with total forklift sales from January to September 2024 reaching 971,000 units, a year-on-year increase of 10.8%. However, domestic sales were 616,000 units, up 6.2% year-on-year, indicating a decline in sales in September [3][4]. - The company is actively expanding its overseas presence, having established operations in Oceania and South America, and is planning a European headquarters and a research center in Germany [3]. Future Outlook - The company has revised its earnings per share (EPS) forecasts for 2024-2026 to 1.61, 1.83, and 1.90 yuan, respectively, down from previous estimates of 1.79, 2.05, and 2.32 yuan [3][11]. - The report highlights a strong outlook for export trends, suggesting that the company will benefit from sustained demand in international markets [11].

Investment Rating - The report maintains a "Buy" rating for the company, with a target price set at 18.59 CNY per share, indicating a potential upside in the next six months [5]. Core Views - The company has shown resilience in growth despite facing pressure from domestic sales, with a year-on-year revenue increase of 2.11% and a net profit increase of 11.63% for the first three quarters of 2024 [1]. - The company is accelerating its industrial layout optimization and expanding strategic emerging businesses, with significant growth in its component business and intelligent logistics [3]. - The company is enhancing its marketing system and advancing its internationalization strategy, including the establishment of overseas headquarters and R&D centers [4]. - Profit forecasts for the company indicate a net profit of 14.6 billion CNY in 2024, increasing to 20.6 billion CNY by 2026, reflecting a positive outlook on internationalization and electrification trends [4]. Financial Performance Summary - For the first three quarters of 2024, the company achieved a revenue of 134.09 billion CNY, with a net profit of 11.01 billion CNY, and a gross margin of 21.53% [1]. - In Q3 2024, the company reported a revenue of 44.0 billion CNY, with a net profit of 2.98 billion CNY, showing a decline compared to the previous quarter [2]. - The company’s gross margin for Q3 2024 was 21.42%, with a net margin of 7.26% [2]. - The company’s financial projections show a steady increase in revenue and net profit from 2022 to 2026, with a projected revenue of 22.16 billion CNY in 2026 [7][8].

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].