Investment Rating - The report maintains a "Buy" rating for Anhui Heli (600761) [5][6]. Core Views - The company's Q3 performance is under pressure due to weak domestic demand, although export sales remain strong [6]. - The company reported a revenue of 13.41 billion yuan for the first three quarters of 2024, a year-on-year increase of 2.11%, and a net profit of 1.10 billion yuan, up 11.63% year-on-year [5]. - The report anticipates a recovery in domestic demand as the macroeconomic environment improves, alongside continued growth in overseas sales [6]. Summary by Sections Market Data - Closing price as of October 29, 2024: 17.85 yuan - One-year high/low: 28.50/15.23 yuan - Market capitalization: 15,899 million yuan [2]. Financial Performance - Q3 2024 revenue: 4.40 billion yuan, down 0.30% year-on-year and down 6.46% quarter-on-quarter - Q3 2024 net profit: 298 million yuan, down 9.18% year-on-year and down 27.93% quarter-on-quarter [5][6]. - Gross margin for Q1-Q3 2024: 21.53%, up 1.29 percentage points year-on-year; net margin: 8.82%, up 0.47 percentage points year-on-year [6]. Future Projections - Revised net profit forecasts for 2024-2026 are 1.43 billion, 1.60 billion, and 1.87 billion yuan respectively, down from previous estimates [6]. - Projected PE ratios for 2024, 2025, and 2026 are 11, 10, and 8 times respectively, indicating a lower valuation compared to peers [6][10]. Market Positioning - The company is enhancing its marketing system domestically and accelerating global expansion, with over 300 overseas agents covering more than 150 countries [6]. - The domestic market saw a decline in sales volume, while exports increased by 20.4%, indicating a strong international competitive position [6].

Investment Rating - The report maintains a "Strong Buy" rating for the company, indicating an expectation to outperform the benchmark index by over 20% in the next six months [1][13]. Core Views - The company's performance in the domestic market has been affected by weak demand, while overseas expansion continues to accelerate. The third quarter of 2024 saw a revenue of 44.0 billion yuan, a slight decline of 0.1% year-on-year, and a net profit of 3.0 billion yuan, down 9.2% year-on-year [1]. - The company is focusing on enhancing its international presence, with plans to establish a European headquarters and a research center in Germany, which will strengthen its competitive edge in the global market [1]. - The shift towards lithium battery technology is seen as a significant opportunity for the company, as it positions itself to lead in the global forklift market, benefiting from the growth of China's manufacturing and logistics sectors [1]. Financial Performance Summary - For the first three quarters of 2024, the company achieved a revenue of 134.1 billion yuan, a year-on-year increase of 2.1%, and a net profit of 11.0 billion yuan, up 11.6% year-on-year. The adjusted net profit was 9.6 billion yuan, reflecting a growth of 13.8% year-on-year [1]. - The forecasted revenues for 2024, 2025, and 2026 are 205.0 billion yuan, 236.8 billion yuan, and 272.8 billion yuan, respectively, with year-on-year growth rates of 17.4%, 15.5%, and 15.2% [2][6]. - The projected net profits for the same years are 15.7 billion yuan, 17.9 billion yuan, and 20.2 billion yuan, with growth rates of 22.6%, 14.3%, and 13.0% respectively [2][6]. Market Position and Strategy - The company is recognized as a leading player in the domestic forklift industry, leveraging its comprehensive supply chain and distribution channels to enhance profitability amid market challenges [1]. - The report highlights the company's strategic investments in international markets, which are expected to yield positive results as the global demand for forklifts continues to rise [1]. - The ongoing transition to lithium battery technology is anticipated to provide a competitive advantage, allowing the company to replace traditional internal combustion and lead-acid forklifts, thus expanding its market share [1].

Investment Rating - The report maintains a "Buy" investment rating for Anhui Heli (600761.SH) [1] Core Views - The domestic market is under pressure, but profits continue to grow steadily. The company reported a revenue of 13.409 billion yuan for Q1-Q3 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 [1] - The overall forklift market in September 2024 showed growth, with total sales reaching 106,002 units, a year-on-year increase of 6.06%. However, domestic sales decreased by 5.32% to 62,755 units, while export sales increased by 28.5% to 43,247 units [1] - The company is accelerating its overseas market expansion and business development, including the establishment of a European headquarters and a research center in Germany, which is expected to enhance its international competitiveness and market share [1] - The company has made significant investments in the smart logistics sector, with a 42% year-on-year revenue growth in this segment in 2023 and a 161.20% increase in H1 2024 [1][2] Summary by Sections Financial Performance - For Q1-Q3 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 [2] - The company forecasts revenues of 19.378 billion yuan, 21.688 billion yuan, and 24.276 billion yuan for 2024, 2025, and 2026 respectively, with corresponding EPS of 1.73 yuan, 2.04 yuan, and 2.35 yuan [3] Market Dynamics - The report highlights a divergence between domestic and export markets, with domestic demand slowing down while exports show strong performance, providing new growth opportunities for the company [1] - The company is actively pursuing mergers and acquisitions to enhance its smart logistics capabilities, which are expected to become a new growth driver [1] Cost Management - The company has maintained good cost control, with sales expense ratio at 4.49%, management expense ratio at 2.69%, and R&D expense ratio at 5.45% for Q1-Q3 2024 [2]

安徽合力（600761.SH）2024 年三季报点评 [盈利预测与财务指标 Table_Forcast] 毛利率继续提升，期间费用率短期上行 2024 年 10 月 29 日 ➢ 公司发布 2024 年三季报。2024Q1-Q3，公司实现营收 134.09 亿元，同比 增 2.11%，归母净利润 11.01 亿元，同比增 11.63%，毛利率 21.53%，同比增 1.29pct，净利率 8.82%，同比增 0.47pct。2023Q3，公司实现营收 44.00 亿 元，同比下滑 0.11%，归母净利润 2.98 亿元，同比下滑 9.18%，毛利率 21.42%， 同比增 0.26pct，净利率 7.26%，同比下滑 0.83pct。 ➢ 出口发力+电动化，Q3 毛利率继续提升。2024Q3，公司收入同比有一定回 落，毛利率有一定提升，净利率有一定下滑，我们预计收入同比下滑与国内需求 较弱有关，而毛利率提升主要与高毛利率的出口持续发力以及高毛利率的锂电车 占比提升有关，而净利率同比有一定下滑与期间费用率有一定提升有关。出口销 量快速增长：2024Q3，我国销售叉车 30.86 万台（yoy+6.2%），其中国 ...

Investment Rating - The investment rating for Anhui Heli is maintained at "Buy - A" with a 12-month target price of 21.48 CNY, compared to the current stock price of 18.61 CNY [5][8]. Core Views - The company has shown steady overseas growth and is expected to benefit from a cyclical recovery in domestic demand. The revenue for the first nine months of 2024 reached 13.409 billion CNY, a year-on-year increase of 2.11%, while the net profit attributable to shareholders was 1.101 billion CNY, up 11.63% year-on-year [1][2]. Summary by Sections Financial Performance - For Q3 2024, the company reported revenue of 4.4 billion CNY, a slight decrease of 0.3% year-on-year, and a net profit of 298 million CNY, down 9.18% year-on-year [1]. - The gross margin for the first nine months was 21.53%, an increase of 1.29 percentage points year-on-year, while the net margin was 8.82%, up 0.47 percentage points year-on-year [3]. Market Dynamics - Domestic sales of forklifts in China for the first nine months totaled 616,400 units, a year-on-year increase of 6.17%, while exports reached 354,300 units, up 19.9% year-on-year [2]. - The company is expected to benefit from government policies aimed at boosting the economy, which may lead to improved domestic sales performance [2]. Future Outlook - Revenue projections for 2024-2026 are estimated at 18.09 billion CNY, 19.72 billion CNY, and 22.03 billion CNY, with growth rates of 3.5%, 9.1%, and 11.7% respectively. Net profits are projected to be 1.46 billion CNY, 1.6 billion CNY, and 1.81 billion CNY, with growth rates of 14.2%, 9.4%, and 13.4% respectively [4][10].

证券代码：600761 证券简称：安徽合力 公告编号：临 2024-102 安徽合力股份有限公司 （2）公司 2024 年第三季度报告的内容和格式严格按照本意见第（1）款有 关法规要求披露，真实、全面地反映了公司 2024 年前三季度的经营成果和财务 状况； （3）截止提出本书面审核意见前，没有发现参与公司 2024 年第三季度报告 编制和审议的人员有违反保密规定的行为。 表决结果：同意 5 票，反对 0 票，弃权 0 票 特此公告。 安徽合力股份有限公司监事会 2024 年 10 月 29 日 第十一届监事会第三次会议决议公告 本公司监事会及全体监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"）第十一届监事会第三次会议于 2024 年 10 月 28 日以通讯会议方式召开，会议通知于 2024 年 10 月 18 日以邮件 和专人送达等方式发出。公司 5 名监事全部参加了本次会议，符合《公司法》、 《证券法》及《公司章程》的有关规定。会议由监事会主席宗学彬主持，审议并 通过了《公司 2024 年第三 ...

证券代码：600761 证券简称：安徽合力 公告编号：临 2024-103 安徽合力股份有限公司 关于召开 2024 年第三季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。 会议召开时间：2024 年 11 月 08 日(星期五) 上午 09:00-10:00 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：上证路演中心网络文字互动方式 投资者可于 2024 年 11 月 01 日(星期五) 至 11 月 07 日(星期四)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 10 月 29 日发布公 司 2024 年第三季度报告，为便于广大投资者更全面深入地了解公司 2024 年第三 季度报告经营成果、 ...

证券代码：600761 证券简称：安徽合力 公告编号：临 2024-101 安徽合力股份有限公司 第十一届董事会第六次会议决议公告 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"）第十一届董事会第六次会议于 2024年10月28日以通讯会议方式召开，会议通知于2024年10月18日以邮件和专人 送达等方式发出。公司9名董事全部参加了本次会议，公司5名监事及部分高级管 理人员列席了会议，符合《公司法》、《证券法》及《公司章程》的有关规定。 会议由董事长杨安国主持，审议并通过了以下议案： 1、《公司2024年第三季度报告》： 该报告已经董事会审计委员会审议通过，并同意提交公司董事会审议。 表决结果：同意9票，反对0票，弃权0票 2、《关于修订<公司领导班子成员及相关高管履职待遇、业务支出实施细则> 的议案》。 表决结果：同意9票，反对0票，弃权0票 特此公告。 安徽合力股份有限公司董事会 1 2024 年 10 月 29 日 ...

Financial Performance - The company's operating revenue for Q3 2024 was ¥4,400,154,651.29, a decrease of 0.11% compared to the same period last year[2] - Net profit attributable to shareholders for Q3 2024 was ¥297,991,104.91, down 9.18% year-on-year[2] - The basic earnings per share for Q3 2024 was ¥0.37, reflecting a decline of 15.91% compared to the same period last year[2] - Total operating revenue for the first three quarters of 2024 reached ¥13,408,712,120.65, an increase from ¥13,132,054,904.40 in the same period of 2023, representing a growth of approximately 2.1%[14] - Operating profit for the first three quarters of 2024 was ¥1,343,286,035.24, up from ¥1,251,062,709.78 in 2023, reflecting a growth of approximately 7.4%[14] - The net profit margin for the first three quarters of 2024 improved to approximately 10.0%, compared to 9.5% in the same period of 2023[14] - The net profit for the third quarter of 2024 reached CNY 1,182,103,291.79, an increase of 7.9% compared to CNY 1,096,001,461.71 in the same period of 2023[15] - The net profit attributable to shareholders of the parent company was CNY 1,101,410,915.78, up from CNY 986,685,005.99, reflecting a growth of 11.6%[15] - The total comprehensive income for the third quarter was CNY 1,178,378,812.81, compared to CNY 1,093,785,670.84 in the previous year, indicating an increase of 7.7%[15] Assets and Liabilities - Total assets increased by 10.77% year-on-year, reaching ¥18,717,755,786.68[3] - The company's total liabilities decreased to ¥7,894,551,818.86 in Q3 2024 from ¥8,636,055,419.96 in Q3 2023, a reduction of about 8.6%[13] - The total equity attributable to shareholders increased to ¥10,227,599,415.42 in Q3 2024, compared to ¥7,757,826,979.27 in Q3 2023, marking an increase of approximately 31.8%[13] - As of September 30, 2024, total assets increased to CNY 18.72 billion, up from CNY 16.90 billion as of December 31, 2023, representing a growth of approximately 10.0%[11] - Current assets totaled CNY 13.46 billion, compared to CNY 12.38 billion at the end of 2023, indicating an increase of about 8.7%[12] - The company's total equity increased to CNY 5.26 billion, up from CNY 4.52 billion, representing a growth of about 16.3%[12] - Non-current assets totaled CNY 5.26 billion, up from CNY 4.52 billion, indicating an increase of approximately 16.3%[12] Cash Flow - The net cash flow from operating activities showed a significant decline of 75.58% year-to-date[7] - Cash inflows from operating activities totaled CNY 11,910,595,278.71, a rise from CNY 11,073,511,789.27 year-over-year[16] - Cash outflows from operating activities increased to CNY 11,652,746,556.46, compared to CNY 10,017,463,139.96 in the same period last year[16] - The net cash flow from operating activities was CNY 257,848,722.25, a significant decrease from CNY 1,056,048,649.31 in the previous year[16] - The net cash flow from investing activities was -CNY 1,189,362,077.51, compared to -CNY 1,111,069,827.08 in the same period of 2023[17] - The cash and cash equivalents at the end of the period were CNY 814,959,203.43, down from CNY 2,293,593,688.09 at the end of the previous year[17] - Cash and cash equivalents decreased to CNY 1.62 billion from CNY 2.83 billion, a decline of approximately 42.9%[11] Shareholder Information - The company had a total of 26,163 common shareholders at the end of the reporting period[8] - The largest shareholder, Anhui Forklift Group Co., Ltd., held 35.13% of the shares[8] - The company completed the redemption of "HeLi Convertible Bonds," increasing total shares from 740,180,802 to 890,692,761[10] Inventory and Receivables - Inventory rose significantly to CNY 3.06 billion, up from CNY 2.28 billion, reflecting an increase of around 34.0%[12] - Accounts receivable rose to CNY 2.53 billion, compared to CNY 2.05 billion, an increase of approximately 23.7%[11] - The company reported a significant increase in prepayments, which rose to CNY 265.36 million from CNY 85.10 million, a growth of about 212.5%[12] Future Outlook - The company plans to continue expanding its market presence and investing in new technologies to drive future growth[14]

证券代码：600761 证券简称：安徽合力 公告编号：临 2024-100 安徽合力股份有限公司 关于使用部分暂时闲置募集资金 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： 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 9 月 2 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****29027-000****0），认购金额 17,000 万 元，具体内容详见公司于 2024 年 9 月 3 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 2024-097）。10 月 8 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 17,000 万元，获得收益人民币 37.00 万元，具体内容详 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：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：13,000 万元 本次现金 ...