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 "Strong Buy" rating for the company [9][3]. Core Views - The company achieved a revenue of 17.471 billion yuan in 2023, representing a year-on-year growth of 10.76%. The net profit attributable to shareholders reached 1.278 billion yuan, up 40.8% year-on-year [2][4]. - The company’s electric forklift sales increased significantly, with a total of 292,000 units sold in 2023, marking an 11.93% increase compared to the previous year. The proportion of new energy products in total sales rose to 57.17% [2][4]. - The company’s overseas revenue share increased by 5.53 percentage points to 35.32%, with overseas business revenue growing by 32% year-on-year [2][4]. - The report forecasts revenue growth for the company from 20.504 billion yuan in 2024 to 27.282 billion yuan in 2026, with corresponding net profits of 1.466 billion yuan and 1.996 billion yuan respectively [5][4]. Financial Summary - In 2023, the company reported a gross margin of 20.61% and a net margin of 8.10%, both showing improvements from 2022 [2][4]. - The company’s total assets reached 16.898 billion yuan in 2023, with a debt-to-asset ratio of 51.1% [7][5]. - The earnings per share (EPS) for 2023 was 1.68 yuan, with projections of 1.92 yuan for 2024 and 2.62 yuan for 2026 [5][4].

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, 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].

地址：深圳市福田区益田路 6001 号太平金融大厦 22 楼 邮编：518038 | --- | --- | --- | --- | --- | --- | |-------|----------------------------|----------------------|--------------|-------------|--------------------| | 区域 | [Table_SalesPerson] 姓名 | 职务 | 座机 | 手机 | 邮箱 | | | 蒋诗烽 | 总经理助理、销售总监 | 021-68415309 | 18621310081 | jsf@swsc.com.cn | | | 崔露文 | 销售副总监 | 15642960315 | 15642960315 | clw@swsc.com.cn | | | 谭世泽 | 高级销售经理 | 13122900886 | 13122900886 | tsz@swsc.com.cn | | | 汪艺 | 高级销售经理 | 13127920536 | 13127920536 | wyyf@swsc.com.cn | | | 李 ...

证券代码：600761 证券简称：安徽合力 公告编号：2024-032 债券代码：110091 债券简称：合力转债 安徽合力股份有限公司 关于召开 2023 年年度股东大会的通知 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法律责任。 重要内容提示： 股东大会召开日期：2024年5月10日 本次股东大会采用的网络投票系统：上海证券交易所股东大会网络投票系统 一、 召开会议的基本情况 (一) 股东大会类型和届次 召开地点：安徽省合肥市方兴大道 668 号公司行政楼一楼报告厅 (五) 网络投票的系统、起止日期和投票时间。 网络投票系统：上海证券交易所股东大会网络投票系统 网络投票起止时间：自 2024 年 5 月 10 日 至 2024 年 5 月 10 日 采用上海证券交易所网络投票系统，通过交易系统投票平台的投票时间为股 东大会召开当日的交易时间段，即 9:15-9:25,9:30-11:30，13:00-15:00；通过 互联网投票平台的投票时间为股东大会召开当日的 9:15-15:00。 2023 年年度股东大会 召开的日期时间： ...

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 2024-030 安徽合力股份有限公司 关于向全资子公司安庆合力车桥有限有限公司 2024 年 4 月 8 日，公司第十届董事会第三十四次会议审议通过的《关于公 司拟向全资子公司安庆合力车桥有限有限公司增资的议案》（同意 9 票，反对 0 票，弃权 0 票），为进一步提升安庆合力车桥有限公司的产能和智能制造水平， 根据"工业车辆车桥智能制造基地项目"建设需要，公司决定向安庆车桥实施增 资。本次增资事项计划分二期实施，第一期出资 18,000 万元，计入安庆车桥注 册资本；第二期出资 17,000 万元，计入安庆车桥资本公积。 根据《上海证券交易所股票上市规则》及《公司章程》相关规定，本议案无 须提交公司股东大会审议。 增资的公告 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。 重要内容提示： 增资标的名称：公司全资子公司安庆合力车桥有限有限公司（以下简称"安 庆车桥"）。 增资金额：以非公开协议方式增资人民币 35,00 ...

证券代码：600761 证券简称：安徽合力 公告编号：临 2024-028 债券代码：110091 债券简称：合力转债 安徽合力股份有限公司 关于使用自有资金购买银行理财产品额度调增 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。 公司第十届董事会第三十四次会议于 2024 年 4 月 8 日以通讯方式召开，会 议审议通过《关于公司使用自有资金购买银行理财产品额度调增的预案》，根据 公司资金管理需要，将使用自有资金购买银行理财产品的额度由人民币 50 亿元 调增至人民币 55 亿元。在上述额度内，资金可以滚动使用。 一、基本概述 2、资金来源：公司以自有资金作为理财产品投资的资金来源。 3、投资品种：为控制风险，公司运用自有资金投资的品种为保本或低风险 的银行理财产品。 4、额度及期限：公司拟使用合计不超过人民币 55 亿元的自有资金购买保本 或低风险的银行理财产品，单笔理财产品的投资期限不超过 12 个月。在上述额 度及期限内，资金可以滚动使用。 二、投资存在的风险及风险控制措施 1、投资风险 1 1、投资目的 ...

安徽合力股份有限公司 2023 年度独立董事述职报告 作为安徽合力股份有限公司（以下简称"公司"）的独立董事，本人李晓玲 严格按照《公司法》《证券法》《上市公司治理准则》以及上海证券交易所《股票 上市规则》等法律法规的要求，在 2023 年度工作中，全面关注公司发展战略， 主动了解掌握公司经营状况，积极参加公司相关会议，认真审议各项议案并发表 意见，切实履行了独立董事的各项职责和义务，审慎行使了公司和股东所赋予的 权利，维护了全体股东的合法权益，充分发挥独立董事的作用。现将 2023 年度 （以下简称"报告期"）担任独立董事的履职情况报告如下： 一、独立董事的基本情况 （一）独立董事人员情况 公司董事会由 9 名董事组成，其中独立董事 3 人，占董事会人数三分之一， 符合相关法律法规及公司制度的规定。本人经公司 2021 年 4 月 26 日召开的 2020 年年度股东大会选举为公司第十届董事会独立董事。本人在财务等方面具备担任 公司独立董事所必需的专业知识和丰富的实践经验，不存在影响独立性的情况， 符合相关法律法规的要求。 （二）个人工作履历、专业背景以及兼职情况 李晓玲，女，1958 年生，会计学教授。历 ...