Summary of Conference Call Notes Company and Industry Involved - The conference call focuses on Anhui Heli, a leading company in the forklift industry in China, and the broader forklift and machinery industry. Core Points and Arguments 1. **Performance and Trends**: Anhui Heli has performed well in terms of both financial results and stock price due to trends in electrification and globalization over the past few years [1][2]. 2. **Domestic Demand**: Domestic demand has been weak since Q2 2022 but is showing signs of recovery starting Q4 2024, driven by accelerated issuance of specialized agents and other policy support [2][3]. 3. **Sector Performance**: Sectors such as tools, machine tools, and engineering machinery have shown better-than-expected performance, with trucks also improving compared to the previous year [2]. 4. **External Demand**: External demand has a more significant impact on the company's performance, with overseas market profits expected to surpass domestic contributions starting next year [3][4]. 5. **Global Forklift Orders**: Global forklift orders have seen a compound annual decline of 36% from 2022 to 2024, but a rebound is anticipated starting in 2025, with major players like Toyota and Kion projecting a 5% growth in orders [4][5]. 6. **Market Recovery**: The North American market is expected to experience a slight recovery in 2025, while the European market may also see improvements as the impact of the Ukraine war diminishes and interest rates decrease [5]. 7. **Tariff Impact**: Tariffs have historically suppressed the company's stock price, but recent developments indicate that tariffs may not be as high as previously expected, which could positively affect the company's valuation [7]. 8. **Valuation Context**: The forklift sector has traditionally been valued at 10-15 times earnings, which is considered reasonable given the industry's maturity and lower technological barriers [8][11]. 9. **Technological Evolution**: The transition to electric and smart forklifts is expected to enhance market potential and growth, moving beyond the current market size of approximately 500 billion CNY domestically and 2000 billion CNY globally [9][11]. 10. **Investment Recommendation**: The company is positioned at a critical juncture with both short-term fundamental changes and long-term industry trends, leading to a strong recommendation for Anhui Heli [12]. Other Important but Possibly Overlooked Content - The historical context of the forklift industry and its evolution alongside the automotive sector, particularly in relation to technological advancements and market dynamics [9][10]. - The potential for smart robotics to redefine the forklift industry, suggesting that traditional valuation metrics may no longer apply as the industry evolves [11].

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Insights - The company is a leading domestic forklift manufacturer and is advancing into global markets, focusing on digital transformation and intelligent logistics through a partnership with Huawei [7] - The collaboration with Huawei aims to enhance technological capabilities in areas such as artificial intelligence and cloud computing, which will benefit the company's logistics equipment and smart logistics solutions [7] - The company is positioned to capitalize on the growing trend of automation in the forklift industry, with a significant increase in sales of unmanned mobile robots [7] Financial Summary - Total revenue is projected to grow from 17,470.51 million yuan in 2023 to 22,888.21 million yuan in 2026, with a compound annual growth rate (CAGR) of approximately 10.72% [6] - Net profit attributable to the parent company is expected to increase from 1,278.13 million yuan in 2023 to 1,865.54 million yuan in 2026, reflecting a CAGR of 12.15% [6] - The earnings per share (EPS) is forecasted to rise from 1.43 yuan in 2023 to 2.09 yuan in 2026, indicating strong profitability growth [6] Strategic Initiatives - The company is pursuing a comprehensive strategy that includes globalization, electrification, intelligence, and automation, with plans for convertible bond projects to be gradually put into production [7] - The partnership with Huawei is expected to set a precedent for traditional manufacturing and technology integration, potentially reshaping the competitive landscape in the logistics sector [7] - The company aims to become a technology leader in the industry by developing unmanned intelligent forklifts and providing comprehensive smart logistics solutions [7]

证券代码：600761 证券简称：安徽合力 公告编号：临 2025-007 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 2025 年 1 月 20 日，公司认购了光大银行 2025 年挂钩汇率对公结构性存款 定制第一期产品（编号：2025101****24），认购金 6,000 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）。 2 月 13 日，公司对上述结构性存款产品进行了到期赎回，收回本金人民币 6,000 万元，获得收益人民币 8.55 万元，本次赎回的结构性存款产品本金及其收益均 已归还至公司募集资金账户。具体情况如下： 单位：万元 | 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 | | | | 中国光大银行股 份有限公司合肥 | 结构性 | 光大银行 2 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [3][22]. Core Views - The company is expected to benefit from a deepened partnership with Huawei, focusing on digital transformation and intelligent logistics, which enhances its prospects in smart manufacturing and logistics [7]. - The company has seen a significant increase in international revenue, with a 20% year-on-year growth, contributing to 39% of total revenue [7]. - The electric forklift sales have reached 63% of total sales, indicating a strong trend towards electrification in the industry [7]. - The company's net profit for the first three quarters of 2024 grew by 11.63% year-on-year, driven by the rapid growth of lithium battery forklifts and international business [7]. - The forecasted net profit for 2024-2026 is expected to grow by 8%, 11%, and 10% respectively, with corresponding P/E ratios of 12, 11, and 10 [7]. Financial Summary - The company's revenue for 2023 is projected at 17,471 million yuan, with a growth rate of 11.47%. For 2024, the revenue is expected to be 17,782 million yuan, reflecting a growth of 1.78% [3][21]. - The net profit attributable to the parent company for 2023 is estimated at 1,278 million yuan, with a significant increase of 40.89%. The projections for 2024 and 2025 are 1,384 million yuan and 1,533 million yuan, respectively [3][21]. - The earnings per share (EPS) for 2023 is expected to be 1.43 yuan, increasing to 1.55 yuan in 2024 and 1.72 yuan in 2025 [3][21]. - The company's return on equity (ROE) is projected to be 16.34% in 2023, declining slightly to 15.41% in 2024 [3][21]. Industry Context - The company has a competitive position in the engineering machinery sector, with a focus on international expansion and electrification trends [7]. - The overall market for forklifts has shown positive growth, with domestic sales increasing by 9.7% year-on-year in December 2024 [15][16].

保荐机构核查意见 招商证券股份有限公司 关于安徽合力股份有限公司 使用部分暂时闲置募集资金进行现金管理的核查意见 招商证券股份有限公司（以下简称"招商证券"、"保荐机构"）作为安徽 合力股份有限公司（以下简称"安徽合力"、"公司"）2022 年公开发行可转 换公司债券的保荐机构，根据《上海证券交易所股票上市规则》《上市公司监管 指引第 2 号——上市公司募集资金管理和使用的监管要求》《上海证券交易所上 市公司自律监管指引第 1 号——规范运作》等相关法律、法规和规范性文件的规 定，对安徽合力使用部分暂时闲置募集资金进行现金管理的事项进行了核查，发 表如下核查意见： 一、募集资金基本情况 | 序 | 项目名称 | 项目投资总额 | 拟投入募集资金 | | --- | --- | --- | --- | | 号 | | | | | 1 | 新能源电动托盘车、堆垛车整机及关 | 301,200,000.00 | 105,672,200.00 | | | 键零部件制造建设项目 | | | | 2 | 工业车辆离散型制造智能工厂建设项 | 360,290,000.00 | 137,766,700.00 | | | 目 ...

证券代码：600761 证券简称：安徽合力 公告编号：临 2025-004 安徽合力股份有限公司 表决结果：同意9票，反对0票，弃权0票 2、《关于天津北方合力叉车有限公司向河北合力叉车有限公司、北京北方合 力叉车有限公司转让资产的议案》： 为进一步加强公司营销渠道能力建设，充分开拓京津冀市场，公司现已投资 设立北京北方合力叉车有限公司、河北合力叉车有限公司，具体详见《安徽合力 股份有限公司关于投资设立控股子公司的公告》（临2024-072）。根据上述方案， 现将天津北方合力叉车有限公司石家庄分公司合计3,128.60万元的应收账款、存 货、固定资产、无形资产等资产转让给河北合力叉车有限公司；将保定皖新合力 叉车有限公司（天津北方合力叉车有限公司子公司）合计822.78万元的应收账款、 存货、固定资产、无形资产等资产转让给北京北方合力叉车有限公司；将北京世 纪合力叉车有限公司（天津北方合力叉车有限公司子公司）合计2,358.58万元的 应收账款、存货、固定资产、无形资产等资产转让给北京北方合力叉车有限公司。 第十一届董事会第八次会议决议公告 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 ...

证券代码：600761 证券简称：安徽合力 公告编号：临 2024-121 安徽合力股份有限公司 关于使用部分暂时闲置募集资金 进行现金管理的进展公告 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： 履行的审议程序：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。 特别风险提示：公司本次使用暂时闲置募集资金购买的现金管理产品安全性 高、流动性好，属于保本浮动收益型的银行理财产品。 一、前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 2024 年 8 月 20 日，公司认购了中国银行股份有限公司合肥分行的中国银行 挂钩型结构 ...

Investment Rating - The report gives a "Buy" rating for Anhui Heli (600761) as it is considered a leading domestic forklift manufacturer with a comprehensive industry chain [4][17]. Core Viewpoints - Anhui Heli is a state-owned enterprise and a leader in the forklift industry, actively promoting globalization. The company has a strong presence in the global market with over 300 overseas agents covering more than 150 countries [16][28]. - The global forklift market is expanding, with significant shares held by overseas giants. The report highlights the increasing competitiveness of domestic manufacturers like Anhui Heli, which is narrowing the gap with international leaders [9][126]. - The company is expected to benefit from trends in electrification and automation, with a focus on lithium battery technology and intelligent logistics solutions [93][143]. Summary by Sections Company Overview - Anhui Heli has been a key player in the forklift industry since its establishment in 1958, with a comprehensive product range covering various tonnage levels and types [28][29]. - The company has optimized its supply chain and production capabilities, establishing multiple manufacturing bases across China [29]. Market Analysis - The global forklift market has shown stable growth, with sales increasing from 988,800 units in 2013 to 2,101,500 units in 2023, reflecting a compound annual growth rate of 7.83% [33][110]. - The domestic forklift market is also growing, with sales rising from 138,900 units in 2009 to 1,173,800 units in 2023, achieving a compound annual growth rate of 16.47% [76][87]. Financial Performance - In 2023, Anhui Heli achieved a revenue of 17.471 billion yuan, a year-on-year increase of 11.47%, with a net profit of 1.278 billion yuan, up 41.36% [48][67]. - The company forecasts net profits of 1.415 billion yuan, 1.587 billion yuan, and 1.866 billion yuan for 2024, 2025, and 2026, respectively, with corresponding P/E ratios of 11.53, 10.28, and 8.74 [17][165]. Strategic Initiatives - Anhui Heli is focusing on expanding its global footprint and enhancing its product offerings through technological innovation, particularly in electric and intelligent forklifts [93][148]. - The company is also investing in key projects to bolster its competitive edge, including the construction of new manufacturing facilities and the development of high-end components [69][70]. Future Outlook - The report anticipates continued growth in Anhui Heli's sales and profitability, driven by the global demand for forklifts and the company's strategic initiatives in electrification and automation [17][165]. - The company is well-positioned to capture a larger share of the global market as it enhances its brand recognition and operational efficiency [9][126].

证券代码：600761 证券简称：安徽合力 公告编号：临 2024-119 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。 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》（临 2024-005）。 1 二、截至本公告日，公司最近十二个月使用暂时闲置募集资金进行现金管 理的情况 单位：万元 | 序号 | ...

同时，公司控股股东安徽叉车集团有限责任公司于 2022 年 7 月 5 日出具的 《关于避免同业竞争及减少和规范关联交易的承诺函》，于 2022 年 10 月 9 日出 具的《关于进一步避免同业竞争的补充承诺函》中有关公开承诺事项现已履行完 毕。 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。 2024 年 11 月 29 日，安徽合力股份有限公司（以下简称"公司"）披露了《公 司关于收购安徽和安机电有限公司持有的安徽好运机械有限公司、安徽安鑫货叉 有限公司全部股权暨关联交易的公告》（临 2024-112）。该披露日后，公司取得了 上级单位的有关批复文件，与交易方共同签署了《股权转让协议》；公司依照协 议以现金方式向转让方支付了交易价款；标的公司安徽好运机械有限公司（以下 简称"好运机械"）、安徽安鑫货叉有限公司（以下简称"安鑫货叉"）于近日完 成了工商变更登记，至此本次交易事项流程已全部完结。 目前，公司已持有好运机械 65.15%的股权、安鑫货叉 51%的股权，好运机 械、安鑫货叉将纳入公司合并报表范围。由于本次交易 ...