Investment Rating - The investment rating for the company is "Buy" and is maintained [8] Core Insights - The company reported a revenue of 17.325 billion yuan in 2024, representing 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 [6][12] - The company achieved a total sales volume of 340,200 units in 2024, a year-on-year growth of 16.53%, significantly outpacing the industry growth rate [2][12] - The company has expanded its market share, achieving the number one position in 34 overseas countries and regions, with international revenue growing by 13.33% [2][12] - The company is actively developing new sectors, particularly in smart logistics, with a partnership with Huawei expected to accelerate growth in this area [2][12] Summary by Sections Financial Performance - In Q4 2024, the company recorded a revenue of 3.917 billion yuan, down 2.67% year-on-year, and a net profit of 218 million yuan, down 33.98% year-on-year [6] - The gross profit margin for the main business was 23.25%, an increase of 1.62 percentage points year-on-year, driven by higher sales of electric vehicles and an increase in the proportion of foreign revenue [12] Market Dynamics - The domestic forklift market is stabilizing, with a slight decline in domestic revenue by 6.37% year-on-year, while the international market continues to grow [12] - The company’s international sales volume increased by 34.08% year-on-year, indicating strong demand for its products abroad [12] Future Outlook - The company is expected to see steady growth in its core forklift business, supported by favorable policies and ongoing trends in automation [12] - Projections for net profit are 1.409 billion yuan in 2025 and 1.627 billion yuan in 2026, with corresponding price-to-earnings ratios of 10x and 9x [12]

Group 1: Industrial AI and Automation - The core business of the company shows stable growth, with revenue reaching 9.14 billion yuan in 2024, a year-on-year increase of 6% [3] - The industrial automation and intelligent manufacturing solutions segment achieved revenue of 5.64 billion yuan, up 14% year-on-year, accounting for 62% of total revenue [3] - The company has established a robot product business system, generating revenue of 56.01 million yuan in 2024, marking rapid growth from zero [4] Group 2: Alibaba's E-commerce and Cloud Computing - Alibaba is expected to achieve total revenue of 236.1 billion yuan in FY2025Q4, representing a year-on-year growth of 6% [9] - The Taotian Group's revenue is projected to grow by 5% to 98 billion yuan, with a gross merchandise volume (GMV) increase of 5% [10] - The cloud computing segment is anticipated to generate revenue of 30 billion yuan, reflecting a year-on-year growth of 17% [12] Group 3: Jitu Express Logistics - Jitu Express has expanded its logistics business across 13 countries, leveraging e-commerce growth in Southeast Asia and China [14] - The company achieved profitability in 2024, marking a significant turnaround [15] - Revenue projections for Jitu Express are set at 11.44 billion, 13.01 billion, and 14.89 billion USD for 2025-2027, with corresponding net profits of 343 million, 583 million, and 886 million USD [23] Group 4: Anhui Heli Engineering Machinery - Anhui Heli reported revenue of 17.325 billion yuan in 2024, a year-on-year increase of 0.99% [25] - The company has accelerated its overseas market expansion, achieving a 13% year-on-year increase in overseas revenue to 6.93 billion yuan [27] - The domestic market revenue decreased by 6% to 10.19 billion yuan, but the company is optimizing its industrial layout [27] Group 5: China Oriental Education - The company achieved revenue of 4.12 billion yuan in 2024, a year-on-year increase of 3.5%, with a net profit of 510 million yuan, up 88% [29] - The gross profit margin improved to 51.4%, driven by an optimized course structure [30] - The company plans to maintain a dividend payout ratio of no less than 60% from 2025 to 2027 [31] Group 6: Weichai Power - Weichai Power reported revenue of 215.69 billion yuan in 2024, with a net profit of 11.4 billion yuan, reflecting a year-on-year growth of 26.5% [34] - The company plans to distribute a cash dividend of 3.47 yuan per 10 shares, totaling approximately 30.24 billion yuan [37] - Revenue projections for Weichai Power are set at 227.7 billion, 244.5 billion, and 263.5 billion yuan for 2025-2027, with corresponding net profits of 12.4 billion, 13.7 billion, and 15.5 billion yuan [38] Group 7: Hehe Information Technology - Hehe Information is a leading AI and big data company, with a revenue compound annual growth rate (CAGR) of 21% from 2022 to 2024 [39] - The company has a large user base, with 168 million monthly active users (MAU) across its core products as of Q3 2024 [39] - The intelligent text recognition market is projected to reach 33 billion USD globally by 2030, with a CAGR of 14.8% from 2023 to 2030 [44]

Core Viewpoint - A total of 13 A-share listed companies have announced share repurchase or increase plans amounting to 200 million yuan or more, with China Railway's chairman proposing the largest repurchase plan of 800 million to 1.6 billion yuan [1][2] Group 1: Company Announcements - China Railway plans to repurchase 800 million to 1.6 billion yuan of its A-shares to reduce registered capital [1][2] - GoerTek announced a repurchase plan of 500 million to 1 billion yuan [2] - Runze Technology's chairman proposed a repurchase of 500 million to 1 billion yuan [2] - Satellite Chemical intends to repurchase 200 million to 400 million yuan of its shares [2] - Yingfeng Environment plans to repurchase 200 million to 300 million yuan of its shares [2] - Tianshan Aluminum aims to repurchase 200 million to 300 million yuan of its shares [2] - Shanghai Electric plans to repurchase 150 million to 300 million yuan of A-shares for reducing registered capital [2] - Sanhuan Group intends to repurchase 150 million to 200 million yuan of its shares [2] - Xiyu Co. proposes a repurchase of 100 million to 200 million yuan for reducing registered capital [2] - Inspur Information's chairman proposed a repurchase of 200 million to 300 million yuan, while Inspur Group plans to increase its stake by 100 million to 200 million yuan [1][2] - New Fengming's controlling shareholder intends to increase its stake by 200 million to 300 million yuan [2] - BaoTi's controlling shareholder plans to increase its stake by 150 million to 300 million yuan [2] - Anhui Hefei's controlling shareholder intends to increase its stake with a total investment of 100 million to 200 million yuan [2]

Investment Rating - The report maintains a rating of "Accumulate" for the company [11]. Core Views - The company has demonstrated stable performance in 2024, with an increase in market share and a focus on internationalization and smart technology growth opportunities, indicating a positive long-term growth outlook [3][11]. - The company’s forklift business remains a leader domestically, and it is actively advancing its international and intelligent logistics strategies, which are expected to enhance profitability [11]. Financial Summary - In 2024, the company achieved a revenue of 17,325 million yuan, a year-on-year increase of 0.99%, and a net profit attributable to shareholders of 1,320 million yuan, up 0.18% year-on-year [11]. - The projected earnings per share (EPS) for 2025 and 2026 are adjusted to 1.59 yuan and 1.78 yuan respectively, with a new EPS forecast of 2.00 yuan for 2027 [11]. - The company’s gross profit margin and net profit margin for 2024 were 23.46% and 7.62%, reflecting a year-on-year increase of 1.58 percentage points and a decrease of 0.06 percentage points respectively [11]. Market Position - The company’s domestic and international revenue for 2024 was 10,186 million yuan and 6,928 million yuan respectively, with international revenue accounting for nearly 40% of total revenue, an increase of 5 percentage points [11]. - The domestic sales volume reached 213,800 units, with a market share of 26.56%, an increase of 0.83 percentage points year-on-year [11]. Strategic Initiatives - The company is enhancing its global presence with the establishment of operational centers in Oceania, Europe, and South America, achieving the top market share in 34 overseas countries and regions [11]. - The company is also focusing on digital transformation and smart logistics, including partnerships with Huawei to accelerate technology innovation and talent development [11].

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-挂钩黄金 AU9999 结构性 存款（编号： SDGA******Z），认购金 10,000 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）。 ...

证券代码：600761 证券简称：安徽合力 公告编号：临 2025-023 安徽合力股份有限公司 关于控股股东增持公司股份及后续增持计划的公告 2025 年 4 月 10 日，公司接到叉车集团通知，基于对公司未来发展前景的信 心以及对公司内在价值的认可，叉车集团于 2025 年 4 月 10 日通过上海证券交易 所证券交易系统增持了公司部分股份（本次增持），并提出了后续增持计划。现 将有关情况公告如下： 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、增持主体的基本情况 （一）增持主体的名称：安徽叉车集团有限责任公司 （二）增持主体已持有股份的数量、持股比例： 本次增持前，叉车集团持有本公司股份 312,914,742 股，占公司总股本的 35.13%。 （三）本次增持前 12 个月内，叉车集团不存在增持或减持公司股份的情形。 公司控股股东安徽叉车集团有限责任公司（以下简称"叉车集团"）于 2025 年 4 月 10 日通过上海证券交易所证券交易系统增持本公司股份 333,900 股，占公司总股本的 ...

[Table_Reportdate] 2025年04月10日 买入（维持） 报告原因：业绩点评 [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] | 2025/04/09 | | --- | --- | | 收盘价 | 15.16 | | 总股本(万股) | 89,069 | | 流通A股/B股(万股) | 89,069/0 | | 资产负债率(%) | 42.39% | | 市净率(倍) | 1.23 | | 净资产收益率(加权) | 14.04 | | 12个月内最高/最低价 | 28.50/14.31 | [Table_QuotePic] -40% -28% -17% -5% 6% 18% 29% 41% 24-04 24-07 24-10 25-01 安徽合力 沪深300 [相关研究 Table_Report] 《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》 2025.03.11 《安徽合 ...

Investment Rating - The report maintains a "Buy" rating for the company [5][6] Core Views - The company's revenue for 2024 is projected to be 17.33 billion, a slight decrease of 0.83% year-on-year, while the net profit is expected to grow by 3.25% to 1.32 billion [5] - The gross margin has improved to 23.5%, an increase of 2.9 percentage points, and the net margin has risen to 8.7%, up by 0.6 percentage points [5] - The company is expected to benefit significantly from the ongoing electrification of forklifts, with electric forklifts accounting for 73.6% of total sales in 2024, and the company is advancing its lithium battery and hybrid forklift series [2] - International revenue is projected to reach 6.93 billion, a growth of 13.3%, with a notable increase in complete machine exports by 34.1% [3] - The company is expanding its smart logistics business, which is anticipated to create a second growth curve, supported by a partnership with Huawei for digital transformation and AI [4] Summary by Sections Financial Performance - In 2024, the company achieved a revenue of 173.3 billion, a 1.0% increase year-on-year, and a net profit of 13.2 billion, a 0.2% increase [1] - The gross margin improved to 23.5%, and the net margin increased to 8.7% [1] Market Trends - The total sales of forklifts in China for 2024 are expected to reach 1.286 million units, a growth of 9.5%, with significant increases in electric forklift sales [2] - The company is leading in the lithium battery forklift sector, having launched the world's largest lithium electric forklift [2] International Expansion - The company reported overseas revenue of 69.3 billion, a 13.3% increase, with exports of complete machines growing by 34.1% [3] - The company is establishing a comprehensive international marketing system to enhance its global presence [3] Strategic Initiatives - The company is extending its smart logistics chain and has opened a smart logistics industrial park, indicating a strategic shift towards digital and AI-driven solutions [4] - A partnership with Huawei aims to bolster the company's capabilities in digital transformation and smart logistics [4]

[Table_Reportdate] 2025年04月10日 买入（维持） 报告原因：业绩点评 [证券分析师 Table_Authors] [安徽合力（ Table_NewTitle] 600761）：全年销量增速高 于行业，国际化实现新跨越 ——公司简评报告 [table_main] 投资要点 ➢ 风险提示：国际贸易风险；行业竞争风险；技术迭代与全球化进程不及预期风险。 | 盈利预测与估值简表 | | | | | | --- | --- | --- | --- | --- | | 指标 | 2024A | 2025E | 2026E | 2027E | | 营业总收入（百万元） | 17,325.42 | 18,394.61 | 20,254.42 | 21,898.78 | | 同比增长率（%） | 0.99% | 6.17% | 10.11% | 8.12% | | 归母净利润（百万元） | 1,319.63 | 1,383.99 | 1,542.12 | 1,677.84 | | 同比增长率（%） | 0.18% | 4.88% | 11.43% | 8.80% | | EPS 摊薄（元） | 1.4 ...

事件： 公司发布2024 年年报，全年实现营业收入173.25 亿元，同比增长0.99%；归母净利润13.20 亿元，同比 增长0.18%；扣非归母净利润10.37 亿元，同比下降5.84%；销售毛利率为23.46%，同比上升2.85pct；销 售净利率为8.66%，同比上升0.56pct。 单四季度公司营业收入为39.17 亿元，同比下降2.67%，环比下降10.99%；归母净利润为2.18 亿元，同 比下降33.98%，环比下降26.77%；扣非归母净利润为0.73 亿元，同比下降70.85%，环比下降70.26%。 利润增速低于收入增速，主要系期间费用提升影响2024 年，公司实现营收173.25 亿元，同比增长 0.99%；实现归母净利润13.20亿元，同比增长0.18%。利润增速略低于收入增速，主要系期间费用增加 影响：①销售费用8.80 亿元，同比增加24.67%，主要用于南美、大洋洲、欧洲等海外中心的建设以及 新兴板块的布局；②研发费用10.86 亿元，同比增加14.02%，主要用于加大材料方面研发投入，且海外 研发中心建设费用在第四季度集中体现；③管理费用5.71 亿元，同比增加19.02%， ...