| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | |------------------------|--------|--------|--------|--------------|--------|------------------------|--------|--------|-------|-------|-------| | 留存收益 | 5,428 | 6,410 | 7,402 | 8,573 | 9,954 | 至 12 月 31 日 | 2022A | 2023A | 2024E | 2025E | 2026E | | 归属母公司股东权益 | 6,830 | 7,758 | 8,792 | 9,963 | 11,344 | 成长能力 | | | | | | | 少数股东权益 | 641 | 504 | 666 | 858 | 1,079 | 营业收入 | 2.3% | 10.8% | 16.5% | 12.9% | 11.1% | | 负债和股东权益 | 14,962 | 16,898 | ...

Investment Rating - The report maintains a "Buy" rating for the company, with a projected compound annual growth rate (CAGR) of 15% for net profit attributable to the parent company over the next three years [2][12]. Core Insights - The company achieved a revenue of 4.31 billion yuan in Q1 2024, representing a year-on-year growth of 2.5%, while the net profit attributable to the parent company was 390 million yuan, marking a significant year-on-year increase of 48.3% [13][14]. - The gross profit margin improved to 20.6% in Q1 2024, an increase of 2.3 percentage points year-on-year, primarily driven by the rise in overseas revenue, which accounted for approximately 39% of total revenue [3][14]. - The company has seen substantial growth in its electric forklift segment, with sales of various electric models increasing significantly, including a 100.1% growth in high-end electric warehouse trucks [3][12]. Financial Summary - The total revenue forecast for the company is projected to reach 17.47 billion yuan in 2023, with expected growth rates of 11.47% in 2024, 9.70% in 2025, and 13.88% in 2026 [15]. - The net profit attributable to the parent company is expected to be 1.42 billion yuan in 2023, with growth rates of 41.36% in 2024, 24.23% in 2025, and 10.07% in 2026 [15]. - The company's earnings per share (EPS) is projected to increase from 1.63 yuan in 2023 to 2.46 yuan by 2026 [15].

敬请参阅最后一页特别声明 24 扫码获取更多服务 公司深度研究 特别声明： 国金证券股份有限公司经中国证券监督管理委员会批准，已具备证券投资咨询业务资格。 形式的复制、转发、转载、引用、修改、仿制、刊发，或以任何侵犯本公司版权的其他方式使用。经过书面授权的引用、刊发，需注明出处为"国金证券股份有限 公司"，且不得对本报告进行任何有悖原意的删节和修改。 本报告的产生基于国金证券及其研究人员认为可信的公开资料或实地调研资料，但国金证券及其研究人员对这些信息的准确性和完整性不作任何保证。本报告 反映撰写研究人员的不同设想、见解及分析方法，故本报告所载观点可能与其他类似研究报告的观点及市场实际情况不一致，国金证券不对使用本报告所包含的材 料产生的任何直接或间接损失或与此有关的其他任何损失承担任何责任。且本报告中的资料、意见、预测均反映报告初次公开发布时的判断，在不作事先通知的情 况下，可能会随时调整，亦可因使用不同假设和标准、采用不同观点和分析方法而与国金证券其它业务部门、单位或附属机构在制作类似的其他材料时所给出的意 见不同或者相反。 本报告仅为参考之用，在任何地区均不应被视为买卖任何证券、金融工具的要约或要约邀请 ...

敬请参阅最后一页特别声明 6 扫码获取更多服务 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 来源：Wind，国金证券研究所 来源：Wind，国金证券研究所 来源：Wind，国金证券研究所 来源：Wind，国金证券研究所 图表10：公司现金流水平较好 0 2 4 6 8 10 12 14 16 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 1Q24 经营净现金流（亿元） 现金收入比 来源：Wind，国金证券研究所 公司深度研究 2、叉车电动化、国际化趋势加速，国产企业进一步崛起 叉车是工业物流搬运车辆，具有高度机械化、灵活机动、通用性强、活动范围广等特点， 其下游领域应用广泛，可用于仓储物流、制造业、交通、港口、机场、邮政、烟草、食 品等各行各业的提升、堆垛、短途搬运和装卸。根据中国工程机械工业协会工业车辆分 会统计，制造业和物流行业贡献了叉车行业下游需求 70%以上的份额。其中，2023 年， 电气、机械行业，批发零售业，交通运输仓储、物流仓储、邮政业等制造业需求合计占 比约 41%。 图表11：叉车 ...

Investment Rating - The report maintains a "Strong Buy" rating for the company, with a target price of 28.03 CNY, indicating an expectation to outperform the benchmark index by over 20% in the next six months [8][6][26]. Core Insights - The company reported a revenue of 4.305 billion CNY for Q1 2024, representing a year-on-year growth of 2.5%. The net profit attributable to the parent company was 390 million CNY, a significant increase of 48.3% year-on-year, while the net profit excluding non-recurring items reached 339 million CNY, up 56.3% year-on-year [5][9]. - The company benefits from an optimized product structure and continuous growth in overseas business, leading to improved operational quality. The gross profit margin and net profit margin were 20.63% and 9.55%, respectively, both showing year-on-year increases of 2.29 percentage points and 2.68 percentage points [5][9]. - The forklift export market continues to grow, with total sales of 320,000 units in Q1 2024, a year-on-year increase of 11%. Exports accounted for 110,000 units, up 25% year-on-year, while domestic sales reached 210,000 units, growing by 5% [5][9]. - The company has a complete industrial chain advantage, with significant growth in its intelligent logistics segment, which saw a revenue increase of 42% year-on-year in 2023. The company is actively enhancing its product layout and services, with R&D investment reaching 900 million CNY in 2023 [5][9]. Financial Summary - The company forecasts revenues of 20.504 billion CNY, 23.681 billion CNY, and 27.282 billion CNY for 2024, 2025, and 2026, respectively, with year-on-year growth rates of 17.4%, 15.5%, and 15.2% [10][12]. - The net profit attributable to the parent company is projected to be 1.567 billion CNY, 1.790 billion CNY, and 2.023 billion CNY for the same years, reflecting year-on-year growth rates of 22.6%, 14.3%, and 13.0% [10][12]. - The earnings per share (EPS) are expected to be 2.00 CNY, 2.29 CNY, and 2.59 CNY for 2024, 2025, and 2026, respectively [10][12].

证券研究报告·公司点评报告·工程机械 2024 年一季报点评：归母净利润同比+48% 超预期，业务结构优化带动盈利水平提升 安徽合力（600761） 买入（维持） | --- | --- | --- | --- | --- | --- | |------------------------------|--------|----------|----------|----------|----------| | 盈利预测与估值 [Table_EPS] | 2022A | 2023A | 2024E | 2025E | 2026E | | 营业总收入（百万元） | 15,774 | 17,471 | 19,757 | 22,355 | 25,637 | | 同比（ % ） | 2.32 | 10.76 | 13.09 | 13.15 | 14.68 | | 归母净利润（百万元） | 907.19 | 1,278.13 | 1,529.83 | 1,883.28 | 2,253.36 | | 同比（ % ） | 43.10 | 40.89 | 19.69 | 23.10 | 19.65 | | EPS- 最新摊薄 ...

安徽合力股份有限公司（以下简称"公司"）第十届监事会第二十四次会议 于 2024 年 4 月 26 日以通讯方式召开，会议通知于 2024 年 4 月 16 日以邮件和 专人送达等方式发出。公司 5 名监事全部参加了本次会议，符合《公司法》、《证 券法》及《公司章程》的有关规定。会议由监事会主席都云飞主持，审议并通过 了《公司 2024 年第一季度报告》（同意 5 票，反对 0 票，弃权 0 票）。 特此公告。 安徽合力股份有限公司监事会 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 2024-037 安徽合力股份有限公司 第十届监事会第二十四次会议决议公告 本公司监事会及全体监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 4 月 27 日 ...

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 2024-036 安徽合力股份有限公司 第十届董事会第三十五次会议决议公告 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。 安徽合力股份有限公司（以下简称"公司"）第十届董事会第三十五次会议 于2024年4月26日以通讯方式召开，会议通知于2024年4月16日以邮件和专人送达 等方式发出。公司9名董事全部参加了本次会议，公司5名监事及部分高级管理人 员列席了会议，符合《公司法》《证券法》及《公司章程》的有关规定。会议由 董事长杨安国主持，审议并通过了以下议案： 1、《公司2024年第一季度报告》； （同意 9 票，反对 0 票，弃权 0 票） 2、《关于聘任公司董事会秘书的议案》： 经公司党委会研究建议、董事长提名，董事会同意聘任陈先成先生为公司董 事会秘书（简历附后），任期与本届董事会相同。 （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 陈先成，男，1974 年生，中共党员，正高级 ...

Financial Performance - The company's revenue for Q1 2024 was CNY 4,304,754,614.96, representing a 2.50% increase compared to CNY 4,152,243,591.65 in the same period last year[20] - Net profit attributable to shareholders was CNY 389,951,211.14, a 48.27% increase from CNY 262,756,857.15 year-on-year[20] - The net profit attributable to shareholders after deducting non-recurring gains and losses was CNY 339,933,771.06, reflecting a 56.29% increase from CNY 217,247,982.18 in the previous year[20] - Basic earnings per share increased to CNY 0.51, up 41.67% from CNY 0.35 in the same quarter last year[9] - The total comprehensive income for Q1 2024 was ¥402,722,742.04, compared to ¥285,171,109.65 in Q1 2023, reflecting an increase of approximately 41.3%[33] - Net profit for Q1 2024 was ¥411,145,847.64, up 43.9% from ¥285,693,872.19 in Q1 2023[44] Assets and Liabilities - Total assets at the end of the reporting period were CNY 17,919,859,608.01, a 6.05% increase from CNY 16,897,716,211.46 at the end of the previous year[9] - The total liabilities as of March 31, 2024, were ¥9,071,393,268.73, up from ¥8,636,055,419.96 at the end of 2023, indicating a rise of approximately 5.06%[29] - The total equity attributable to shareholders of the parent company reached ¥8,424,150,857.31, compared to ¥7,757,826,979.27 at the end of 2023, reflecting an increase of about 8.6%[29] - The total non-current liabilities decreased to ¥3,611,836,359.96 from ¥3,822,974,360.41, indicating a reduction of about 5.5%[29] - The company's long-term borrowings stood at ¥1,533,200,000.00, slightly up from ¥1,507,700,000.00, showing an increase of about 1.69%[29] Cash Flow - The net cash flow from operating activities decreased by 33.95% to CNY 307,114,291.67, down from CNY 465,961,681.34 in the same period last year[20] - Net cash flow from investment activities was ¥283,659,021.29, a significant improvement from a negative cash flow of ¥573,661,176.44 in the same period last year[38] - The company reported a net cash increase of ¥470,128,597.95 in Q1 2024, contrasting with a decrease of ¥173,162,310.33 in Q1 2023[38] - Cash inflow from operating activities for Q1 2024 was approximately $3.67 billion, slightly down from $3.68 billion in Q1 2023, reflecting a decrease of about 0.02%[48] - Cash outflow from operating activities increased to approximately $3.36 billion in Q1 2024, compared to $3.21 billion in Q1 2023, marking an increase of about 4.53%[48] Investments and Acquisitions - The company completed the acquisition of Anhui Hedong Electromechanical Equipment Co., Ltd., which required retrospective adjustments to financial data[21] - Cash inflow from investment activities surged to approximately $4.16 billion in Q1 2024, compared to only $52.71 million in Q1 2023, indicating a significant increase[48] - Cash received from investment recoveries was approximately $4.05 billion in Q1 2024, a substantial rise from $13 million in Q1 2023[48] - Cash received from investment income was approximately $68.28 million in Q1 2024, compared to $15.66 million in Q1 2023, reflecting an increase of about 335%[48] Operational Insights - The company attributed the increase in net profit to continuous optimization of product structure and growth in overseas business, leading to an improvement in overall gross margin[12] - Research and development expenses for Q1 2024 were ¥206,233,604.76, slightly down from ¥214,592,071.82 in Q1 2023[44] - The company plans to continue expanding its market presence and investing in new technologies to drive future growth[44] Accounting and Reporting - The company did not apply new accounting standards or interpretations for the first quarter of 2024[49] - The board of directors of Anhui Heli Co., Ltd. released the Q1 2024 report on April 26, 2024[50]

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 2024-038 安徽合力股份有限公司 关于聘任董事会秘书的公告 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 4 月 26 日召开第十 届董事会第三十五次会议，会议审议通过了《关于聘任公司董事会秘书的议案》。 经公司党委会研究建议、董事长提名，董事会同意聘任陈先成先生为公司董事会 秘书（简历附后），任期与本届董事会相同。 目前，陈先成先生暂未取得上海证券交易所董事会秘书资格证书，正在参加 上海证券交易所举办的 2024 年第 2 期主板上市公司董事会秘书任职培训，待完 成培训并取得《董事会秘书资格证书》后公司将另行公告。 特此公告。 安徽合力股份有限公司董事会 2024 年 4 月 27 日 附件：主要工作简历 陈先成，男，1974 年生，中共党员，正高级工程师。现任本公司总经理助 理，零部件业务部总经理；安徽和鼎机电设备有限公司董事长；合力南美有限责 任公司 ...