Core Viewpoint - The company reported its 2024 annual results, showing stable revenue growth and a slight increase in net profit, although the fourth quarter experienced declines in both revenue and net profit [1] Group 1: Financial Performance - In 2024, the company achieved operating revenue of 17.325 billion yuan, 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, meeting expectations [1] - For Q4 2024, the company recorded revenue of 4.14 billion yuan, a year-on-year decrease of 4.58% and a quarter-on-quarter decrease of 4.66%; net profit attributable to shareholders was 157 million yuan, down 46.07% year-on-year and 52.06% quarter-on-quarter [1] Group 2: Industry and Market Position - In 2024, China's industrial vehicle sales reached 1.2855 million units, a year-on-year increase of 9.52%, with domestic sales of 805,000 units (up 4.77%) and overseas sales of 480,500 units (up 18.53%) [2] - The company achieved main business revenue of 17.114 billion yuan, a year-on-year increase of 0.72%, with domestic revenue of 10.186 billion yuan (down 6.37%) and overseas revenue of 6.928 billion yuan (up 13.33%) [2] - The company sold 340,200 forklifts in 2024, a year-on-year increase of 16.53%, outperforming the industry growth rate, and its forklift market share increased to 26.5%, up 1.6 percentage points year-on-year [2] Group 3: R&D and Market Expansion - The company increased R&D and market expansion efforts, leading to a short-term rise in expense ratios; the gross margin was 23.46%, up 2.84 percentage points year-on-year, and the net margin was 8.66%, up 0.56 percentage points year-on-year [3] - The company invested in establishing provincial marketing companies and expanded its international marketing system, achieving a 34.08% year-on-year increase in complete machine exports, totaling 126,400 units [3] - The overseas business revenue accounted for nearly 40% of total revenue, with the company holding the number one market share in 34 overseas countries and regions [3] Group 4: Profit Forecast and Rating - The profit forecast for 2025-2027 has been lowered due to cost pressures from marketing channels and overseas center layouts, with expected net profits of 1.447 billion yuan, 1.601 billion yuan, and 1.782 billion yuan respectively [4] - The current stock price corresponds to a PE ratio of 10, 9, and 8 for 2025, 2026, and 2027, respectively, which is lower than the comparable company's PE of 13 [4] - The company maintains a "buy" rating, anticipating a recovery in domestic forklift demand and continued growth in non-U.S. markets [4]

持续督导保荐总结报告书 招商证券股份有限公司 关于安徽合力股份有限公司 公开发行可转换公司债券之 持续督导保荐总结报告书 招商证券股份有限公司（以下简称"招商证券"或"保荐机构"）担安徽合 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，负责本次可转债发行上市后的持续督导工作，持续督导期 自 2023 年 1 月 6 日至 2024 年 12 月 31 日止（以下简称"持续督导期间 "）。 招商证券根据《证券发行上市保荐业务管理办法》《上海证券交易所股票上市规 则》和《上海证券交易所上市公司自律监管指引第 11 号——持续督导》等相关 规定，出具本持续督导保荐总结报告书。 一、保荐机构及保荐代表人承诺 （一）保荐总结报告书和证明文件及其相关资料的内容不存在虚假记载、误 导性陈述或重大遗漏，保荐机构及保荐代表人对其真实性、准确性、完整性承担 法律责任。 （二）保荐机构及保荐代表人自愿接受中国证监会对保荐总结报告书相关事 项进行的任何质询和调查。 （三）保荐机构及保荐代表人自愿接受中国证监会按照《证券发行上市保荐 业务管理办法》的有关规定采取的监管措施。 二、保荐机 ...

招商证券股份有限公司 关于安徽合力股份有限公司 2024 年度持续督导年度报告书 经中国证券监督管理委员会的《关于核准安徽合力股份有限公司公开发行可 转换公司债券的批复》（证监许可[2022]2887 号）核准，并经上海证券交易所同 意，安徽合力股份有限公司（以下简称"安徽合力"、"公司"、"上市公司"）向 社会公开发行可转换公司债券 2,047.505 万张，每张面值为人民币 100 元，募集 资金总额为 2,047,505,000 元，扣除发行费用人民币 4,327,271.89 元（不含税） 后，实际募集资金净额为人民币 2,043,177,728.11 元。上述资金于 2022 年 12 月 19 日到达公司募集资金专户，经容诚会计师事务所（特殊普通合伙）予以验资 并出具《验资报告》（容诚验字[2022]230Z0358 号）。 招商证券股份有限公司（以下简称"招商证券"、"保荐机构"）作为公司 2022 年公开发行可转换公司债券的保荐机构，根据《证券法》《证券发行上市保荐业 务管理办法》《上海证券交易所股票上市规则》和《上海证券交易所上市公司自 律监管指引第 11 号——持续督导》等相关法律法规及规 ...

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]

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 ...

2025 年 4 月 10 日 公司研究 盈利能力持续提升，智能物流业务有望打开第二成长曲线 ——安徽合力（600761.SH）2024 年报点评 要点 业绩小幅增长，盈利能力持续提升 安徽合力 2024 年实现营业收入 173.3 亿元，同比增长 1.0%（调整后）；归 母净利润 13.2 亿元，同比增长 0.2%（调整后）。毛利率为 23.5%，同比提升 2.9 个百分点；净利率为 8.7%，同比提升 0.6 个百分点。 叉车锂电化进程不断推进，公司有望深度受益 维持"买入"评级 考虑到关税政策变动或对公司业绩造成影响，出于审慎原则我们下调公司 2025-2026 年归母净利润预测 25.6%/28.2%至 14.2/16.0 亿元，引入 2027 年归 母净利润预测 18.1 亿元，对应 EPS 分别为 1.60/1.80/2.03 元。公司有望深度受 益于叉车行业国际化、锂电化进程，同时智能物流、维保业务有望为公司打开第 二成长曲线，维持公司"买入"评级。 风险提示：上游原材料价格波动的风险；扩产进度不及预期的风险；海外市场拓 展不及预期的风险 公司盈利预测与估值简表 | 指标 | 2023 | 20 ...

[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 ...