2024 年 8 月 29 日 收益表现 % 1M 3M 1Y 相对 -3.70 -27.45 -6.82 绝对 -6.77 -36.39 -19.24 资料来源：Wind 公司研究 电动化&国际化驱动业绩稳步增长，智能物流、维保业务打开第二成长曲线 ——安徽合力（600761.SH）2024 年中报点评 买入（维持） 当前价：15.42 元 作者 分析师：陈佳宁 执业证书编号：S0930512120001 021-52523851 chenjianing@ebscn.com 分析师：黄帅斌 执业证书编号：S0930520080005 0755-23915357 huangshuaibin@ebscn.com 分析师：李佳琦 执业证书编号：S0930524070006 021-52523836 lijiaqi@ebscn.com 联系人：夏天宇 xiatianyu@ebscn.com 市场数据 总股本(亿股) 8.91 总市值(亿元)： 137.34 一年最低/最高(元)： 14.91/27.79 近 3 月换手率： 104.66% 股价相对走势 -22% -6% 10% 26% 41% 08/23 11/2 ...

| --- | --- | --- | |-----------------------|-------|-------| | | | | | | | | | 月 26 日 公司点评 | | | | 买入/维持 | | | 安徽合力(600761) 目标价: 22.62 昨收盘:16.01 销售结构继续优化，盈利能力显著提升 ◼ 走势比较 (30%) (14%) 2% 18% 34% 50% 23/8/2823/11/824/1/1924/3/3124/6/1124/8/22 安徽合力 沪深300 ◼ 股票数据 总股本/流通(亿股) 8.91/8.91 总市值/流通(亿元) 142.6/142.6 12 个月内最高/最低价 (元) 28.5/15.29 相关研究报告 <<三季度业绩同比高增，看好行业需 求复苏>>--2022-10-21 <<叉车行业景气向上，静待公司利润 率修复>>--2021-04-06 <<受益制造业投资向上，公司三季报 实现高增长>>--2020-10-28 证券分析师：崔文娟 电话：021-58502206 E-MAIL：cuiwj@tpyzq.com 分析师登记编号：S119052 ...

证券研究报告 非金融公司|公司点评|安徽合力（600761） 2024 年半年报点评： 营收小幅增长，盈利能力稳健增长 请务必阅读报告末页的重要声明 glzqdatemark1 2024年08月28日 证券研究报告 |报告要点 2024 年国内宏观环境景气度不及预期，叉车下游需求减弱。海外叉车锂电化率较低，随着锂 电渗透率增加，海外需求仍有望保持较高景气度。我们预计公司 2024-2026 年营收分别为 187.2/202.6/219.2 亿元，归母净利润分别为 15.7/18.5/21.6 亿元，CAGR 为 19.07%。EPS 分 别为 1.76/2.08/2.42 元/股,考虑到国内制造业景气度有望逐步回暖；电动化产品带来公司海 外业务新需求，维持"买入"评级。 |分析师及联系人 田伊依 SAC：S0590524070001 请务必阅读报告末页的重要声明 1 / 5 非金融公司|公司点评 glzqdatemark2 2024年08月28日 安徽合力(600761) 2024 年半年报点评： 营收小幅增长，盈利能力稳健增长 | --- | --- | |------------------------- ...

Investment Rating - The investment rating for the company is "Accumulate" (maintained) [2] Core Views - The company reported a rapid growth in net profit, with a 22% year-on-year increase in net profit for the first half of 2024, reaching 8.03 billion yuan, while operating revenue increased by 3.32% to 9.009 billion yuan [3] - The company's profitability has improved, with a gross margin of 21.58%, up 1.96 percentage points year-on-year, and a net profit margin of 8.92%, up 1.37 percentage points year-on-year [3] - The company is advancing in internationalization and electrification, with overseas revenue increasing by 20.52% year-on-year and electric forklift sales rising by 37.66% [3] Summary by Sections Financial Performance - In Q2 2024, the company achieved an operating revenue of 4.704 billion yuan, a 5.45% increase year-on-year, and a net profit of 413 million yuan, a 4.59% increase year-on-year [3] - The company’s total market capitalization is approximately 13.97 billion yuan [3] Profitability Metrics - The company’s operating income for 2024 is projected to be 18.716 billion yuan, with a year-on-year growth rate of 7% [6] - The projected net profit for 2024 is 1.569 billion yuan, reflecting a year-on-year growth rate of 23% [6] Business Development - The company’s new business segments are showing significant growth, with intelligent logistics business revenue increasing by 161.20% year-on-year [3] - The company’s total assets are expected to reach 20.044 billion yuan by 2024 [8]

Investment Rating - The report maintains a "Buy" rating for Anhui Heli (600761) [1][3] Core Views - The company reported a revenue of 9.01 billion yuan for the first half of 2024, representing a year-on-year growth of 3.3%, while the net profit attributable to shareholders reached 800 million yuan, up 22.0% year-on-year [2] - The increase in sales of electric forklifts has significantly contributed to the improvement in profit margins, with a gross margin of 21.6%, up 1.8 percentage points year-on-year [2] - The company is actively expanding its overseas market presence, achieving overseas revenue of 3.486 billion yuan, a year-on-year increase of 20.52% [2] Summary by Sections Financial Performance - In Q2 2024, the company achieved revenue of 4.7 billion yuan, a year-on-year increase of 4.1% and a quarter-on-quarter increase of 9.3% [2] - The net profit for Q2 was 410 million yuan, reflecting a year-on-year growth of 4.5% and a quarter-on-quarter growth of 6.0% [2] - The overall net profit margin for the first half of 2024 was 9.6%, an increase of 1.1 percentage points year-on-year, primarily due to increased government subsidies [2] Market Trends - The electricization rate in the domestic forklift industry has significantly improved, with sales of electric forklifts increasing by 37.7% year-on-year, accounting for 62.7% of total sales [2] - The overall electricization rate in the industry reached 70.8%, up 2.9 percentage points from the end of 2023 [2] Future Outlook - The company forecasts net profits attributable to shareholders of 1.53 billion yuan, 1.8 billion yuan, and 2.07 billion yuan for 2024, 2025, and 2026 respectively, with a compound annual growth rate of 17.4% over the next three years [3] - The report highlights ongoing investments in R&D and the launch of new electric forklift models as part of the company's strategy to enhance its competitive edge in the global market [2]

证 券 研 究 报 告 安徽合力（600761）2024 年中报点评 强推（维持） 国际化助力盈利能力提升，多元化布局强化 行业竞争力 | --- | --- | --- | --- | |-------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- ...

Investment Rating - The report maintains a "Recommended" rating for the company, with a target price of 15.68 CNY [3]. Core Insights - The company reported a revenue of 9.009 billion CNY for H1 2024, a year-on-year increase of 3.32%, and a net profit of 803 million CNY, up 22.00% year-on-year. The gross margin improved to 21.58%, an increase of 1.96 percentage points year-on-year [1]. - The growth in exports and the shift towards lithium battery technology have contributed to the continuous improvement in gross margins. In Q2 2024, the gross margin reached 22.45%, reflecting an increase due to optimized product structure and higher export ratios [1]. - The company achieved a 29.62% year-on-year increase in complete machine export volume, with overseas revenue reaching 3.486 billion CNY, a 20.52% increase year-on-year, accounting for 38.69% of total revenue [1]. - The sales, research and development, and management expense ratios have increased, with sales expenses rising by 34.7% year-on-year in H1 2024, primarily due to the company's expansion in domestic and international markets [1]. - The company’s parts, aftermarket, and smart logistics businesses have shown significant growth, with smart logistics revenue increasing by 161.20% year-on-year in H1 2024 [1]. Financial Forecasts - The company is expected to achieve net profits of 1.537 billion CNY, 1.820 billion CNY, and 2.139 billion CNY for the years 2024, 2025, and 2026, respectively, with corresponding P/E ratios of 9x, 8x, and 7x [2][4]. - The projected revenue growth rates for the years 2024 to 2026 are 10.8%, 5.7%, and 11.0%, respectively [2][4]. - The gross margin is expected to improve gradually, reaching 22.40% by 2026 [4].

Investment Rating - The report maintains a "Buy" rating for the company, with an expected increase in net profit for 2024-2026 projected at 15, 18, and 21 billion RMB respectively [1]. Core Insights - The company achieved a revenue of 9.009 billion RMB in the first half of 2024, representing a year-on-year increase of 3.32%, and a net profit attributable to shareholders of 803 million RMB, up 22% year-on-year [1]. - The electric forklift segment is showing strong growth, with electric forklifts accounting for 70.77% of total sales, reflecting a 6 percentage point increase from the previous year [1]. - The company’s overseas revenue reached 3.486 billion RMB, a 20.52% increase year-on-year, indicating a growing international market presence [1]. Performance Analysis - The company’s gross margin improved to 21.58%, up 1.96 percentage points year-on-year, driven by an increase in the sales of large-tonnage and electric forklifts [1]. - The net profit margin also increased to 9.58%, up 1.1 percentage points year-on-year, showcasing enhanced profitability [1]. - The sales, research and development, and management expense ratios were reported at 4.2%, 2.5%, and 5.4% respectively, with increases attributed to market expansion efforts [1]. Financial Projections - Revenue projections for 2024-2026 are set at 19.938 billion RMB, 23.294 billion RMB, and 27.232 billion RMB, with growth rates of 14.12%, 16.83%, and 16.91% respectively [3]. - The projected net profit for the same period is expected to grow from 1.512 billion RMB in 2024 to 2.120 billion RMB in 2026, with corresponding growth rates of 18.27%, 18.50%, and 18.35% [3]. - The price-to-earnings (P/E) ratio is forecasted to decrease from 9 times in 2024 to 7 times in 2026, indicating a potentially attractive valuation [1][3].

证券研究报告 | 公司点评 | 工程机械 安徽合力(600761) 报告日期：2024 年 08 月 26 日 上半年业绩同比增长 22%，国际化+电动化趋势有望持续 ——安徽合力点评 事件：8 月 26 日晚，公司发布 2024 年半年报告。 投资要点 ❑ 上半年业绩同比增长 22%，符合市场预期，单二季度毛利率显著提升 2024 年中报实现营收 90.09 亿元，同比增长 3.32%；归母净利润 8.03 亿元，同比 增长 22%，业绩高增主要是由于公司锂电新能源叉车及国际化业务产销规模实现 快速增长，原材料价格下降、汇率等利好因素。单二季度看，实现营收 47.04 亿 元，同比增长 4.08%，归母净利润 4.13 亿元，同比增长 4.53%，毛利率 22.45%，同比提升 1.37pct，环比提升 1.82pct。净利率 9.60%，同比提升下降 0.38pct，环比提升 0.05pct。销售费用率、管理费用率、研发费用率、财务费用 率分别为 4.52%、2.71%、5.96%、-0.68%，同比提升 1.11pct、0.50pct、1.30pct、 -0.15pct。销售费用提升主要系公司加大国内外 ...

Investment Rating - The report maintains a "Buy" rating for Anhui Heli (600761) [1] Core Views - The company's performance is generally in line with expectations, with significant growth in overseas markets. In the first half of 2024, the company achieved operating revenue of 9.01 billion yuan, a year-on-year increase of 3.3%, and a net profit attributable to shareholders of 800 million yuan, up 22.0% year-on-year [2][9] - The gross margin has improved significantly, with a gross margin of 21.6% in the first half of 2024, an increase of 1.8 percentage points year-on-year. The net profit margin also rose to 9.6%, up 1.1 percentage points year-on-year [2][10] - The company is expected to maintain steady growth, driven by lithium battery electrification, globalization, and after-market services. The domestic market is at a low point, but policies for environmental protection and equipment updates are expected to provide support [2][9] Summary by Sections Financial Performance - In Q2 2024, the company achieved revenue of 4.7 billion yuan, a year-on-year increase of 4.1%, and a net profit of 410 million yuan, up 4.5% year-on-year. The overseas revenue reached 3.5 billion yuan, growing 21% year-on-year, accounting for 39% of total revenue [2][9] - The company’s operating income is projected to reach 19.8 billion yuan in 2024, with a year-on-year growth of 13.34% [1][14] Profitability Metrics - The company’s sales expense ratio, management expense ratio, and R&D expense ratio have all increased, reflecting the company's proactive investment in overseas expansion and new product development [2][10] - The net profit attributable to shareholders is forecasted to be 1.53 billion yuan in 2024, with a growth rate of 19.82% [1][14] Market Outlook - The report highlights the potential for growth in the lithium battery market, with domestic and overseas electrification rates at 19% and 13%, respectively, indicating significant room for improvement [2][9] - The company’s strategy of enhancing its business structure and increasing the proportion of high-margin products is expected to support profit growth [2][9]