Investment Rating - The report maintains a "Buy" rating for the company, expecting a relative increase in stock price of over 20% within the next six months [10][16]. Core Insights - The company reported a revenue of 17.325 billion yuan for 2024, a year-on-year increase of 0.99%, and a net profit attributable to shareholders of 1.32 billion yuan, up 0.18% year-on-year [3][10]. - The gross margin improved by 1.62 percentage points to 23.25% in 2024, while the expense ratio increased significantly, impacting short-term performance [4][10]. - The company has made significant advancements in research and development, launching key technologies and expanding its product range, including the world's largest lithium electric forklift [5][10]. - The internationalization strategy has progressed, with nearly 40% of revenue coming from overseas markets, achieving the highest market share in 34 countries and regions [6][10]. - The company is expected to see revenue growth of 6.77%, 6.36%, and 6.10% for the years 2025, 2026, and 2027, respectively, with corresponding net profits of 1.39 billion, 1.50 billion, and 1.59 billion yuan [10][12]. Financial Summary - The company’s total assets are projected to grow from 19.105 billion yuan in 2024 to 22.336 billion yuan by 2027, with a steady decrease in the debt-to-asset ratio from 42.4% to 36.9% over the same period [15][12]. - Earnings per share (EPS) is expected to increase from 1.48 yuan in 2024 to 1.79 yuan in 2027, reflecting a positive growth trajectory [10][12]. - The price-to-earnings (P/E) ratio is forecasted to decrease from 11.18 in 2024 to 9.27 in 2027, indicating potential undervaluation [10][12].

| 受托方名称 | 产品 | 产品名称 | 本次赎 | 本次赎回 | 起息日 | 到期日 | | --- | --- | --- | --- | --- | --- | --- | | | 类型 | | 回金额 | 收益金额 | | | | 兴业银行股份有 | 结构性 | 兴业银行企业 金融人民币结 | 4,000 | 7.07 | 2025-4-14 | 2025-5-14 | | 限公司合肥分行 | 存款 | 构性存款产品 | | | | | 证券代码：600761 证券简称：安徽合力 公告编号：临 2025-029 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 7 ...

Investment Rating - The report suggests a positive outlook for the engineering machinery sector, indicating a potential upgrade to a comprehensive prosperity phase [2][9]. Core Insights - The recovery pace of excavators is accelerating, with the sector gradually transitioning towards comprehensive prosperity. In 2024 and the first four months of 2025, total excavator sales reached 201,100 and 83,500 units, respectively, with year-on-year growth of 3.1% and 21.4% [2][9]. - The main drivers of revenue growth in 2024 were exports, while domestic demand recovery is expected to further enhance growth in 2025 [8][20]. - The sector's overall revenue and profit performance showed positive growth in 2024, with a significant acceleration in growth in the first quarter of 2025 [20][27]. Summary by Sections 1. Operating Performance - The engineering machinery sector has shown a return to an upward revenue trajectory, with total revenue of 331.92 billion and 90.365 billion yuan in 2024 and Q1 2025, respectively, reflecting year-on-year growth of 2.81% and 10.17% [20][25]. - The net profit attributable to shareholders was 25.373 billion and 8.685 billion yuan for the same periods, with year-on-year increases of 13.58% and 32.79% [20][25]. 1.1 Market Performance - The engineering machinery sector has consistently outperformed the broader market, with a cumulative increase of 22.86% in 2024 compared to 16.2% for the CSI 300 index [14][15]. - Key catalysts for this performance include macroeconomic policy adjustments and the ongoing recovery of domestic demand [14][15]. 1.2 Growth Potential - The report indicates a shift from an "export-only" growth model to a "dual-core" model driven by both domestic and international demand [20][27]. - The sector's international business expansion has helped mitigate the impact of domestic demand fluctuations [20][27]. 1.3 Profitability - Profitability has improved, with the gross profit margin for 2024 and Q1 2025 at 25.08% and 24.61%, respectively, reflecting year-on-year increases of 1.23 percentage points and 0.21 percentage points [8][20]. - The net profit margin for the same periods was 7.96% and 9.83%, with year-on-year increases of 0.85 percentage points and 1.56 percentage points [8][20]. 1.4 Quality of Operations - The sector has seen a significant improvement in operating cash flow, achieving 32.869 billion yuan in 2024, with a net cash ratio of 1.3, indicating strong risk management capabilities [8][20]. 2. Engineering Machinery - The excavator segment is experiencing high growth, while non-excavator categories are stabilizing, indicating a potential upgrade to comprehensive prosperity [9][10]. - The report emphasizes the importance of focusing on leading manufacturers and component suppliers within the engineering machinery sector [9][10]. 3. Investment Recommendations - The report recommends focusing on leading manufacturers of complete machinery, component manufacturers, and high-altitude/ forklift manufacturers, as the sector is expected to experience a revenue inflection point in 2025 [9][10].

Investment Rating - The investment rating for the company is "Buy" and is maintained [8] Core Views - The company reported a revenue of 4.274 billion yuan in Q1 2025, representing a year-on-year increase of 2.05%. The net profit attributable to shareholders was 322 million yuan, down 20.05% year-on-year, while the net profit excluding non-recurring items was 279 million yuan, down 14.42% year-on-year [6][11] - The gross margin slightly increased year-on-year, while the expense ratio rose due to increased overseas investments and R&D expenditures. The domestic manufacturing demand is expected to stabilize, and the company’s domestic business is likely to recover. Despite short-term uncertainties from tariffs, the company’s advantages in new energy products and ongoing overseas expansion are expected to drive steady growth in overseas revenue [2][11] - The company is focusing on R&D innovation, with significant breakthroughs in key technologies and the launch of new high-value-added products. This innovation is expected to enhance revenue performance [11] Summary by Sections Financial Performance - In Q1 2025, the company achieved a revenue of 4.274 billion yuan, a 2.05% increase year-on-year. The gross margin was 22.31%, with a slight year-on-year increase of 0.06 percentage points. The net profit margin was 8.49%, down 1.81 percentage points year-on-year due to increased expenses and reduced investment income [6][11] Market Outlook - The domestic manufacturing sector is expected to stabilize, supported by trends in automation and contributions from smart logistics and aftermarket services. The company’s domestic business is anticipated to recover, while overseas revenue is projected to grow steadily despite tariff uncertainties [2][11] R&D and Product Development - The company has a strong R&D capability, with recent achievements including the launch of the world's largest lithium battery forklift and a series of new products. This focus on innovation is expected to facilitate a transition towards higher value-added products [11]

Investment Rating - The report maintains a "Strong Buy" rating for the company, expecting it to outperform the benchmark index by over 20% in the next six months [3][15]. Core Views - The company reported a total revenue of 4.27 billion yuan in Q1 2025, a year-on-year increase of 2.05%, while the net profit attributable to shareholders decreased by 20.05% to 320 million yuan [2][6]. - The report highlights the company's internationalization and diversification strategies as key growth drivers, despite facing pressure from high costs impacting net profit [2][6]. - The domestic forklift industry showed a total sales volume of 348,183 units in Q1 2025, reflecting a year-on-year growth of 10.2%, with exports also increasing by 12.8% [6][7]. Financial Summary - The projected total revenue for the company is expected to grow from 19.29 billion yuan in 2025 to 24.27 billion yuan in 2027, with year-on-year growth rates of 11.3%, 12.3%, and 12.0% respectively [2][7]. - The net profit attributable to shareholders is forecasted to increase from 1.45 billion yuan in 2025 to 1.86 billion yuan in 2027, with corresponding growth rates of 9.9%, 12.9%, and 13.6% [2][7]. - The earnings per share (EPS) is projected to rise from 1.63 yuan in 2025 to 2.09 yuan in 2027 [2][7]. Market Position and Strategy - The company is recognized as a leading player in the domestic forklift market, benefiting from its complete industrial chain and improved domestic and international channels [6][7]. - The report emphasizes the company's ongoing efforts in international market expansion and the establishment of a diversified business model, including investments in smart logistics [6][7]. - The collaboration with Huawei to establish a joint innovation lab is expected to enhance the company's capabilities in key technological areas [6][7].

以4月28日收盘价计算，安徽合力目前市盈率（TTM）约为11.33倍，市净率（LF）约1.32倍，市销率（TTM）约0.81倍。 近年来市盈率变化情况 (倍) 25 0 (超) 15 15 13691 13°C 12:22 42:03 11658 10 5 0 - 2020-06-30 ' 2019-12-37 ' 2020-12-37 2021-06-30 ' 2021-12-37 2022-06-30 ' 122-12-37 ?O> – 行业均值 公司 制图数据来自恒生聚源数据库 中证智能财讯 安徽合力（600761）4月29日披露2025年第一季度报告。公司实现营业总收入42.74亿元，同比增长2.05%；归母净利润3.22亿元，同比下降 20.05%；扣非净利润2.79亿元，同比下降14.42%；经营活动产生的现金流量净额为1.62亿元，同比下降51.34%；报告期内，安徽合力基本每股收益为0.36 元，加权平均净资产收益率为3.03%。 | 项目 | 本报告期 | | 上年同期 | | --- | --- | --- | --- | | | | 调整前 | | | 营业收入 | 4, 274, 42 ...

Investment Rating - The report maintains a "Recommended" investment rating for the mechanical industry [7]. Core Insights - The low-altitude economy is accelerating, with significant growth in export machinery. The report highlights strong performance in the mechanical sector, with a 2.69% increase in the Shenwan Mechanical Equipment Index, outperforming the CSI 300 Index by 2.31 percentage points [2][12]. - The report emphasizes the resilience of domestic and export sales in the excavator market, with a total of 61,372 units sold in Q1 2025, representing a year-on-year growth of 22.8% [4]. Weekly Market Review - From April 21 to April 25, 2025, the Shanghai Composite Index rose by 0.56%, the Shenzhen Component Index by 1.38%, and the ChiNext Index by 1.74%. The Shenwan Mechanical Equipment Index outperformed these indices with a 2.69% increase, ranking 4th among 31 Shenwan primary industries [2][12]. - The sub-sectors of general equipment, specialized equipment, rail transit equipment II, engineering machinery, and automation equipment experienced varied performance, with increases of 4.65%, 2.32%, 0.43%, 1.30%, and 2.45% respectively [12][15]. Key Sector Tracking - The low-altitude economy is characterized by deepening policies and accelerated application scenarios. The government has included low-altitude consumption in its top-level design, with cities like Shenzhen and Hefei promoting industrialization through substantial subsidies [3]. - The mechanical equipment sector is significantly influenced by the ongoing U.S.-China tariff negotiations, with a recommendation to focus on companies with strong overseas production capabilities and diversified customer bases [4]. Investment Recommendations - For the low-altitude economy, recommended companies include Deep City Transportation, Sujiao Technology, Huasheng Group, and Nairui Radar. In the complete machine sector, focus on Wan Feng Ao Wei, Yihang Intelligent, Zongheng Co., and Green Energy Hui Charge [5]. - In the mechanical equipment sector, recommended companies include Juxing Technology, Quan Feng Holdings, and Nine Companies for the export chain, and Sany Heavy Industry, XCMG, and Anhui Heli for engineering machinery [5].

安徽合力股份有限公司 第十一届董事会第十二次会议决议公告 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。 证券代码：600761 证券简称：安徽合力 公告编号：临 2025-027 2025 年 4 月 29 日 报备文件： 《安徽合力股份有限公司第十一届董事会第十二次会议决议》 2、《关于公司高级管理人员陆勤四获公司外补贴资金的议案》。 （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 安徽合力股份有限公司（以下简称"公司"）第十一届董事会第十二次会议 于2025年4月28日在公司会议室以现场表决的方式召开，会议通知于2025年4月17 日以邮件和专人送达等方式发出。公司8名董事参加了本次会议，公司董事长杨 安国因公出差，书面委托公司副董事长薛白代为行使表决权。公司5名监事及高 级管理人员列席了本次会议，符合《公司法》《证券法》及《公司章程》的有关 规定。会议由公司副董事长薛白主持，审议并通过了以下议案： 1、《公司2025年第一季度报告》： 《 公 司 2025 年 第 一 季 度 ...

安徽王良其律师事务所 关于安徽合力股份有限公司 2024 年年度股东会的法律意见书 （2025）良证字第 016 号 致：安徽合力股份有限公司 根据《中华人民共和国公司法》《中华人民共和国证券法》《上市公司股东 大会规则》等法律、法规（以下简称"有关法律"）、《安徽合力股份有限公司 章程》（以下简称"公司章程"）的规定，安徽王良其律师事务所（以下简称"本 所"）作为安徽合力股份有限公司（以下简称"公司"）聘请的常年法律顾问， 指派汤俊鑫、孙丽律师（以下简称"本所律师"）出席公司 2024 年年度股东会 （以下简称"本次股东会"），对本次股东会进行法律见证。本所律师按照律师 行业公认的业务标准、道德规范和勤勉尽责精神，对本次股东会的召集、召开 程序和出席人员的资格、召集人资格、大会表决程序、表决结果等重要事项的 合法性进行现场核验后，出具法律意见如下： 一、本次股东会召集、召开的程序 公司董事会于 2025 年 4 月 7 日在《证券时报》上就本次股东会的召开时 间、地点和审议事项进行了公告（以下简称"公告"）。本次股东会于 2025 年 4 月 28 日如期举行，会议召开的时间、地点和内容与公告所载明的事项一 ...