[Table_Page] 年报点评|工程机械 [Table_Title] 安徽合力（600761.SH） [Table_Summary] 核心观点： 国际化+锂电化驱动下盈利能力稳步上升。根据公司年报，2023 年公 司毛利率20.61%，同比增长3.62pct；净利率8.10%，同比增长1.56pct。 23 年公司电动化产品及高端仓储车销售增量明显，I 类电动平衡重乘 驾式叉车销量同比增长 29.31%，II 类高端电动仓储车销量同比增长 100%；电动产品销量占比达 57%，同比提升超 6 个百分点。此外， 2023 年公司海外销售收入同比增长 32.0%，占收入比重上升 5.43pct 至 35%。国际化+锂电化趋势下，公司盈利能力有望持续提升。 突破智能物流及叉车后市场，加速布局新兴产业。根据公司年报，2023 盈利预测： 盈利预测与投资建议。预计公司 2024-2026 年实现归母净利润 15.41、 18.26、21.00 亿元，参考可比公司估值，给予公司 2024 年 13xPE， 对应合理价值 26.26 元/股，维持"买入"评级。 风险提示。宏观环境变化；成本费用上升；海外拓展不及预期等。 ...

丨证券研究报告丨 公司研究丨点评报告丨安徽合力（600761.SH） [Table_Title] 出口业务高增，结构优化带动盈利能力显著提升 | --- | |-------| | | | | | | | | | | | | | | 分析师及联系人 [Table_Author] 赵智勇 臧雄 SAC：S0490517110001 SAC：S0490518070005 SFC：BRP550 请阅读最后评级说明和重要声明 安徽合力（600761.SH） cjzqdt11111 相关研究 [Table_Title 出口业务高增，结构优化带动盈利能力显著提 2] 升 [Table_Summary2] 事件描述 公司发布年报，2023 年实现营收 174.71 亿元，同比+10.76%；实现归母净利润 12.78 亿元， 同比+40.89%；实现扣非归母净利润 10.97 亿元，同比+47.06%。23Q4 公司实现营收 43.38 亿元，同比+15.92%；实现归母净利润 2.91 亿元，同比+32.97%；实现扣非归母净利润 2.50 亿元，同比+31.28%。 事件评论 ⚫ 公司收入持续增长，出口高增优于行业。2 ...

请认真阅读文后免责条款 阔。同时，随着国内龙头企业产品结构和附加值不断优化和提 高，全球竞争力有望持续增强，出口有望保持高景气。预计： 2024-2026 年公司归母净利润为 14.90、17.68、20.53 亿元，根 据最新股价，对应 PE 分别为 11.03、9.3、8.01 倍，首次覆盖， 给予"买入"评级。 | --- | --- | --- | --- | --- | --- | --- | --- | |----------------------|----------|----------|-------|----------|----------|----------|----------| | | | | | | | | | | | | | | | | | | | 财务和估值数据摘要 | 2021A | 2022A | | 2023A | 2024E | 2025E | 2026E | | 营业收入 | 15416.66 | 15673.14 | | 17470.51 | 20251.60 | 23296.49 | 26556.34 | | 增长率(%) | 20.47% | 1.66% ...

债券代码：110091 债券简称：合力转债 证券代码：600761 证券简称：安徽合力 公告编号：临 2024-034 安徽合力股份有限公司 2023 年报 沪市主板高端制造集体业绩说明会投资者问答 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。 为便于广大投资者更加全面、深入了解公司 2023 年度经营成果、财务状况， 2024 年 4 月 9 日，安徽合力股份有限公司（以下简称"公司"）党委书记、董事 长杨安国先生，副董事长薛白先生，独立董事吴培国先生等一行应邀参加 2023 年报沪市主板高端制造集体业绩说明会，并围绕新质生产力、公司经营状况、国 际化以及战略布局等投资者关心的问题进行互动交流。相关投资者问答具体如下： 1、上海证券交易所日前向全沪市企业发出"提质增效"的倡议，其中就提 到要抓住新质生产力带来的新课题与新机遇。作为高端制造代表企业，如何理解 和践行新质生产力？如何抓住产业升级与科技驱动的时代机遇？ 尊敬的投资者您好：从具体内涵上，新质生产力可以从"新""质""先进 性"三个方面来理解，体现了生产力发展 ...

证券代码：600761 证券简称：安徽合力 公告编号：临 2024-033 债券代码：110091 债券简称：合力转债 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 部分赎回的公告 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》（公告编号：临 2024-005）。 一、本次部分暂时闲置募集资金现金管理部分赎回情况 ...

证券研究报告 2024 年 04 月 10 日 公 司 报 告│ 公 司 年 报 点 评 安徽合力(600761) 电动化+全球化推动公司高质量发展 事件： 公司发布 2023 年年报，公司 2023 年实现营收 174.71 亿元，同比增长 10.76%；实现归母净利润 12.78 亿元，同比增长 40.89%；实现扣非归母净 利润 10.97 亿元，同比增长 47.06%，公司业绩符合预期。 ➢ 2023 年公司海外业务保持高速增长，电动化产品占比持续提升 2023 年公司实现营收 174.71 亿元，同比增长 10.76%。从地区看，公司国 内业务实现收入 111.93 亿元，同比增长 1.61%；海外业务实现收入 61.13 亿元，同比增长 31.97%。公司持续加强海外市场拓展力度，全年实现整机 出口销量同比增长 21%，海外产销规模持续扩大。从产品结构看，公司全年 实现整机销量 29.2 万台，同比增长 11.93%；其中电动新能源车量占比由 2019 年的 36.06%增长至 2023 年的 57.17%，提升速度较行业快 2.33pcts。 ➢ 公司加快产业布局优化，零部件、后市场、智能物流业 ...

| --- | --- | --- | --- | --- | |----------------------------------------------------|-------|-----------------------------|------------|-------| | 项目 /年度 | 2023A | 2024E | 2025E | 2026E | | 营业收入（百万元） | | 17,471 20,067 23,052 26,486 | | | | 增长率（%） | | 10.8 14.9 14.9 14.9 | | | | 归属母公司股东净利润（百万元） | | 1,278 1,561 1,847 2,232 | | | | 增长率（ %） | | 40.9 22.1 18.3 20.9 | | | | 每股收益（元） | | 1.68 2.05 2.42 2.93 | | | | PE | | 13 11 9 7 | | | | PB | | 2.1 1.8 1.6 1.4 | | | | 资料来源： Wind ，民生证券研究院预测；（注：股价为 | 2024 | 年 4 月 ...

Product Development and Innovation - The company launched the Helix Intelligent I series products, integrating AI, IoT, and cloud computing, resulting in 22 product varieties across 8 categories[3] - A total of 463 patents were granted during the year, including 66 invention patents, and the company participated in the formulation of 11 national standards and 3 industry standards[3] - The company launched the G2 and H4 series lithium battery forklifts globally, advancing its ESG strategy[60] - The company is developing new products including laser forklift AGVs and magnetic navigation AGVs, applicable in various industries[118] - The company has established a comprehensive product development system, including a national-level enterprise technology center and a key laboratory for industrial vehicles, which supports its ongoing innovation efforts[152] Financial Performance - The company achieved a net profit of CNY 1,278,126,521.94, with a cash dividend of CNY 444,124,878.00, accounting for 34.75% of the net profit attributable to ordinary shareholders[50] - Revenue increased by 13% year-on-year[113] - The company's operating revenue for 2023 reached ¥17,470,511,155.46, representing a 10.76% increase compared to ¥15,773,599,661.05 in 2022[134] - Net profit attributable to shareholders for 2023 was ¥1,278,126,521.94, a significant increase of 40.89% from ¥907,193,556.41 in 2022[134] - The net cash flow from operating activities for 2023 was ¥1,457,824,804.47, showing a 104.27% increase compared to ¥713,686,107.93 in 2022[134] Market Expansion and Sales Growth - The company achieved a 21% year-on-year increase in complete machine exports and a 32% increase in overseas business revenue[4] - The company established the Helix South America and Australia centers as part of its "5+X" overseas strategic layout[4] - The company's overseas business revenue increased by 32% year-on-year, with total machine exports growing by 21%[58] - Domestic market sales reached 768,400 units, growing by 11.94%, while exports totaled 405,400 units, up by 12.13%[80] - The company plans to expand into the Australian and South American markets[124] Environmental Responsibility and Sustainability - The company has committed to reducing carbon emissions by promoting electric new energy forklifts and upgrading internal combustion forklift emission standards[163] - The company invested 4.4811 million yuan in environmental protection during the reporting period[75] - The company achieved a total of 1,400,000 kWh of solar power generation through new distributed photovoltaic power stations[62] - The company has implemented an emergency response plan for environmental incidents, which is regularly rehearsed[103] - The company completed a full upgrade of its internal combustion products to meet non-road National IV and Euro V emission standards, demonstrating its commitment to environmental responsibility[140] Research and Development - The company's R&D investment reached nearly 900 million yuan, representing 5% of its total revenue, highlighting its commitment to innovation and development of new technologies[152] - Research and development expenses rose to 891.51 million RMB, marking a 39.75% increase due to strategic investments in emerging sectors[188] - The company has formed an innovation alliance and technical expert committee to enhance the smart industrial vehicle industry in Anhui Province[158] Corporate Governance and Recognition - The company was recognized as a "World-Class Professional Leading Demonstration Enterprise" by the State-owned Assets Supervision and Administration Commission[26] - The company has been rated as an A-level company for information disclosure by the Shanghai Stock Exchange for four consecutive years[62] - The company was recognized as a "leader" in China's industrial carbon peak initiative, reflecting its commitment to green industry[62] - The company was recognized as a "World-Class Specialized and Innovative Demonstration Enterprise" in 2023[182] Strategic Initiatives and Acquisitions - The company completed the acquisition of He Ding Electromechanical, enhancing the synergy of the electric new energy industry chain[26] - The company completed the acquisition of all equity interests in Anhui Heding Electromechanical Equipment Co., Ltd. in September 2023, which will require retrospective adjustments to financial data[137] - The strategic committee approved several key investment proposals during the year, including the establishment of subsidiaries in Australia and South America[124] Employee and Community Engagement - The total investment in social responsibility projects amounted to CNY 1.779 million, benefiting 187 individuals through various educational and community support initiatives[166] - In 2023, the company invested CNY 1.9872 million in targeted poverty alleviation and rural revitalization projects, with a collective economic income increase of 7.5% for one community and 96.43% for another[169] - The company has a total of 8,734 employees, with 3,928 in production, 1,995 in sales, and 1,375 in technical roles[162] Operational Efficiency and Cost Management - The gross margin for the main business improved by 3.53 percentage points to 20.36%[188] - The company aims to enhance its high-value-added market competitiveness through continuous technology development and application[93] - The company has implemented advanced algorithms in its intelligent logistics system to enhance production efficiency[115]

Investment Rating - The report maintains a "Buy" rating for the company [2][5] Core Views - The company's performance in 2023 met expectations, with total revenue reaching 17.471 billion yuan, a year-on-year increase of 10.76%, and a net profit attributable to shareholders of 1.278 billion yuan, up 40.89% year-on-year [3][5] - The company successfully expanded its overseas market, achieving a revenue of 6.1 billion yuan from international sales, a growth of 32% year-on-year, which now accounts for 35% of total revenue [3][4] - The company plans to distribute a cash dividend of 6.0 yuan per 10 shares, totaling 400 million yuan, with a payout ratio of approximately 35% and a dividend yield of 3.29% [3] Financial Performance Summary - In 2023, the company achieved total revenue of 17.471 billion yuan, a year-on-year growth of 10.76%, and a net profit of 1.278 billion yuan, reflecting a 40.89% increase [3][5] - The company's sales gross margin improved to 20.6%, up 3.6 percentage points year-on-year, while the net profit margin increased to 8.1%, up 1.6 percentage points [4] - The company sold 290,000 forklifts in 2023, with a year-on-year growth of approximately 12%, and notable growth in electric forklifts [3][4] Future Outlook - The company is expected to maintain steady growth in 2024, benefiting from domestic environmental policies and equipment upgrades, as well as a favorable overseas market outlook [5] - The report forecasts net profits of 1.529 billion yuan for 2024 and 1.883 billion yuan for 2025, with corresponding P/E ratios of 10.64 and 8.65 [5]

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected stock price increase of over 20% relative to the benchmark index within the next six months [7][34]. Core Views - The company is expected to see revenue growth from 199.88 billion in 2024 to 252.65 billion in 2026, with year-on-year growth rates of 14.41%, 12.86%, and 11.99% respectively [18]. - The net profit attributable to the parent company is projected to increase from 14.44 billion in 2024 to 18.21 billion in 2026, with growth rates of 12.99%, 12.85%, and 11.73% [18]. - The company has shown improved profitability, with a significant increase in gross margin and a strong performance in both domestic and international markets [26]. Financial Summary - The company's revenue for 2023 was 17,471 million, with a year-on-year growth of 10.76%. The net profit was 1,278 million, reflecting a growth of 40.89% [26]. - The projected EBITDA for 2024 is 2,076.12 million, with a corresponding PE ratio of 11.27 [19]. - The company’s asset-liability ratio stands at 51.1%, indicating a balanced financial structure [16]. Market Performance - The company achieved a quarterly revenue of 43.38 billion in Q4 2023, with a year-on-year growth of 16.49%, and a net profit of 2.91 billion, growing by 33.45% [26]. - The gross margin improved by 3.53 percentage points to 20.36%, with domestic and international margins also showing positive trends [26]. Strategic Initiatives - The company is focusing on innovation, launching new products such as hydrogen fuel engines and electric forklifts, which are filling gaps in the domestic market [26]. - The international market strategy has been enhanced, with a 21% increase in machine exports and a 32% rise in overseas revenue [26].