Financial Performance - The company's basic earnings per share for 2024 is 1.5900 yuan, a decrease of 10.67% compared to 1.7800 yuan in 2023 [1] - The net profit for 2024 is 13.2 billion yuan, slightly up from 13.17 billion yuan in 2023, reflecting a 0.23% increase [1] - The return on equity (ROE) has decreased to 14.04% from 17.56% in the previous year, indicating a decline of 20.05% [1] - The total revenue for 2024 is reported at 173.25 billion yuan, a marginal increase of 0.99% from 171.56 billion yuan in 2023 [1] Shareholder Structure - The top ten unrestricted shareholders hold a total of 42,884.83 million shares, accounting for 48.15% of the circulating shares, with an increase of 2,491.36 million shares compared to the previous period [1] - Anhui Forklift Group Co., Ltd. remains the largest shareholder with 31,291.47 million shares, representing 35.13% of the total share capital, with no change in its holdings [2] - New entrants among the top shareholders include the National Social Security Fund 113 Portfolio, holding 2,295.14 million shares (2.58%) [2] Dividend Distribution - The company has announced a dividend distribution plan of 10 yuan per share, including tax [3]

证券代码：600761 证券简称：安徽合力 公告编号：临 2025-010 安徽合力股份有限公司 关于使用部分暂时闲置募集资金 进行现金管理的进展公告 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。 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 2025 年 1 月 20 日，公司认购了民生银行聚赢黄金-挂钩黄金 AU9999 结构性 存款（编号：SDGA******Z），认购金 6,000 万元，具体内容详见公司于 2025 年 1 月 22 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 2025-006）。3 月 12 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 6,000 万元，获得 收益人民币 12.81 万元。 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：6,000 万元。 本次现金管理产品名称及 ...

[Table_Reportdate] 2025年03月13日 [晨会纪要 Table_NewTitle] 20250313 [证券分析师： Table_Authors] 吴骏燕 S0630517120001 wjyan@longone.com.cn 证券分析师： 王洋 S0630513040002 wangyang@longone.com.cn 证券分析师： 刘思佳 S0630516080002 liusj@longone.com.cn [table_main] 重点推荐 财经要闻 晨 会 纪 要 证券研究报告 HTTP://WWW.LONGONE.COM.CN 请务必仔细阅读正文后的所有说明和声明 [Table_Report] ➢ 1.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 ➢ 2.制冷剂价格稳步上行，未来空间广阔——氟化工行业月报 ➢ 1.国常会：讨论通过《国务院2025年重点工作分工方案》 ➢ 2.美国对所有进口钢铁和铝征收25%关税正式生效 ➢ 3.美国2月CPI及核心CPI低于预期 | 1. 重点推荐 | 3 | | --- | --- | | 1.1. 安徽合力 ...

Investment Rating - The report maintains a "Buy" rating for the company [10] Core Views - The company plans to invest in a factory in Thailand, aiming to enhance its overseas market share with an annual production capacity of 10,000 forklifts and 10,000 lithium battery packs [2] - The forklift industry is expected to see a recovery in demand due to increased investment in manufacturing and logistics, as well as rising labor costs [3] - The company is advancing its smart logistics business, which is anticipated to become a second growth curve through partnerships with technology firms like Huawei [4] Financial Projections - Total revenue is projected to grow from 17,471 million RMB in 2023 to 22,260 million RMB in 2026, with a compound annual growth rate (CAGR) of approximately 10.76% [11] - Net profit attributable to the parent company is expected to increase from 1,278 million RMB in 2023 to 1,808 million RMB in 2026, reflecting a growth rate of 40.89% in 2023 [11] - The latest diluted earnings per share (EPS) is forecasted to rise from 1.43 RMB in 2024 to 2.03 RMB in 2026 [10][11] Market Position and Strategy - The company is actively expanding its global footprint, having established several subsidiaries in Europe, Australia, and South America, with a focus on enhancing brand image and service channels [2] - The report highlights the potential for increased lithium battery adoption in forklifts, with current rates at 19% in China and 13% overseas, indicating significant room for growth [3] - The company is also focusing on digital transformation and smart logistics, which are expected to drive future revenue growth [4]

证券代码：600761 证券简称：安徽合力 公告编号：临 2025-009 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。 2025 年 1 月 17 日，安徽合力股份有限公司（以下简称"公司"）第十一届 董事会第八次会议审议通过了《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，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 75,000 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 2025 年 1 月 18 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 2025-005）。 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 2025 年 1 月 20 日，公司认购了民生银行聚赢黄金- ...

Investment Rating - The report maintains a "Buy" rating for the company [10] Core Views - The company plans to invest in a factory in Thailand, aiming to enhance its overseas market share with an annual production capacity of 10,000 forklifts and 10,000 lithium battery packs [2] - The company has been accelerating its global market expansion, establishing subsidiaries in various regions including Europe and South America [2] - The forklift industry is expected to see a recovery in demand due to increased investment in manufacturing and logistics, as well as rising labor costs [3] - The company is advancing its smart logistics business, which is anticipated to become a second growth curve through partnerships with technology firms like Huawei [4] Financial Projections - Total revenue is projected to grow from 17,471 million RMB in 2023 to 22,260 million RMB in 2026, with a compound annual growth rate (CAGR) of approximately 10.76% [11] - Net profit attributable to the parent company is expected to increase from 1,278 million RMB in 2023 to 1,808 million RMB in 2026, reflecting a CAGR of around 13.14% [11] - The latest diluted earnings per share (EPS) is forecasted to rise from 1.43 RMB in 2024 to 2.03 RMB in 2026 [11] Market Data - The company's closing price is 20.88 RMB, with a market capitalization of approximately 18,597.66 million RMB [7] - The price-to-earnings (P/E) ratio is projected to decrease from 14.55 in 2023 to 10.29 in 2026, indicating potential undervaluation [11]

安徽合力（600761） 证券研究报告·公司点评报告·工程机械 除去传统叉车整机板块，公司智能物流领域进展值得关注：2025 年 2 月，公 司控股股东安徽叉车集团与华为举行深化合作协议签约仪式，根据协议，双方 将在数字化转型、智能物流、人工智能、人才培养等领域开展深化合作，实现 合作共赢：（1）产品端，华为有望为公司的智能物流设备等提供技术支持，解 决 AGV/AMR 应用端痛点问题，（2）业务端，公司有望为华为智慧工厂解决 方案提供配套硬件设备等。近年来合力加快对智慧物流领域的布局：①2023 年 子公司合力工业车辆引入战略投资者，完成混改，②2024 上半年收购安徽宇 锋智能，实现合力智能物流产业园顺利开园。2024 上半年，智能物流业务营 收同比增长 161%。未来随华为等多方合作深入、公司主动拓展业务，智能物 流板块有望成为公司第二成长曲线。 [投资要点 Table_Summary] ◼ 拟投资建设泰国工厂，助力海外份额提升 2025 年 3 月 10 日公司发布公告，拟投资设立泰国工厂，规划年产叉车 10000 台，年产锂电池组 10000 套。根据公告，公司决定与泰国当地企业以现金方式 共同出资 ...

Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook for the stock over the next six months [1][11]. Core Insights - The company is establishing a joint venture in Thailand, marking its first overseas factory, which accelerates its global expansion strategy. The joint venture aims to produce 10,000 forklifts and 10,000 lithium battery packs annually [9]. - The partnership with Huawei is expected to enhance the company's capabilities in digital transformation and smart logistics, potentially reshaping the competitive landscape in the logistics sector [9]. - Domestic demand for forklifts is anticipated to improve due to favorable macroeconomic indicators, including a manufacturing PMI above the neutral line and a projected GDP growth of around 5% [9]. - The company is positioned as a leader in the domestic forklift market, with a comprehensive manufacturing capability across the entire supply chain, and is advancing strategies in globalization, electrification, and automation [9]. Financial Summary - The total revenue for 2023 is projected at 17,470.51 million, with a year-on-year growth rate of 10.76%. By 2026, revenue is expected to reach 22,888.21 million, reflecting a growth rate of 11.62% [6]. - The net profit attributable to the parent company is forecasted to grow from 1,278.13 million in 2023 to 1,865.54 million in 2026, with a compound annual growth rate of 17.57% [6]. - The diluted EPS is expected to increase from 1.43 in 2023 to 2.09 in 2026, indicating strong earnings growth [6]. - The company's P/E ratio is projected to decrease from 14.55 in 2023 to 9.97 in 2026, suggesting an attractive valuation as earnings grow [6].

[Table_Reportdate] 2025年03月11日 买入（维持） 报告原因：重大事项 [证券分析师 Table_Authors] 谢建斌 S0630522020001 xjb@longone.com.cn 联系人 商俭 shangjian@longone.com.cn | [数据日期 Table_cominfo] | 2025/03/11 | | --- | --- | | 收盘价 | 20.88 | | 总股本(万股) | 89,069 | | 流通A股/B股(万股) | 89,069/0 | | 资产负债率(%) | 42.18% | | 市净率(倍) | 1.72 | | 净资产收益率(加权) | 12.64 | | 12个月内最高/最低价 | 28.50/15.23 | [Table_QuotePic] -37% -25% -14% -3% 9% 20% 32% 43% 24-03 24-06 24-09 24-12 25-03 安徽合力 沪深300 [相关研究 Table_Report] 1.安徽合力（600761）：母公司与华 为合作深入，引领智能物流领域技术 升级——公司简评报告 2. ...

证券代码：600761 证券简称：安徽合力 公告编号：临 2025-008 安徽合力股份有限公司 第十一届董事会第十次会议决议公告 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"）第十一届董事会第十次会议于 2025 年 3 月 10 日以通讯会议方式召开，会议通知已于 2025 年 2 月 28 日通过邮 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，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、《关于调整安徽和鼎机电设备有限公司股东增资方案的议案》： 2024 年 5 月 23 日，公司第十一届董事会第二次会议审议通过了《关于公司 拟向控股子公司安徽和鼎机电设备有限公司增资的议案》，公司控股子公司安徽 和鼎机电设备有限公司（以下简称"和鼎机电"）计划面向现有股东增资 1 亿元， 其中公司计划增资 7,199.5895 万元；天津力神电池股份有限公司（以下简称"天 津力神"）计划增资 1,999.3210 ...