Core Viewpoint - The report from Zheshang Securities highlights the rapid growth of the logistics automation demand, positioning unmanned forklifts as the core vehicle in the third phase (unmanned) of the forklift industry [1] Market Penetration and Growth - The penetration rate of unmanned forklifts in China is projected to be only 2% in 2024, but the compound annual growth rate (CAGR) of sales from 2019 to 2024 is expected to reach 55% [3] - In 2023, the sales scale of unmanned forklifts in China reached 4.3 billion yuan, with a year-on-year growth of 24% and a CAGR of 35% from 2019 to 2023 [3] - The total sales volume of forklifts in China is expected to be 1.2855 million units in 2024, representing a year-on-year growth of 9.5% [3] Economic Benefits - Unmanned forklifts are anticipated to enhance warehouse space utilization, improve efficiency, and reduce labor costs, as they can operate 24 hours a day without human intervention [2] Competitive Landscape - In 2023, only 8% of companies in China achieved sales exceeding 100 million yuan, indicating a fragmented market [4] - Major players in the unmanned forklift sector include traditional forklift manufacturers, AGV/AMR companies, and logistics integrators, with notable companies such as Hangcha Group, Anhui Heli, and Zhongli Co., Ltd. [4]

Investment Rating - The industry rating for the unmanned forklift sector is optimistic [1] Core Insights - Unmanned forklifts are defined as a new mode of material handling, with significant potential for explosive growth due to their applications in automation and efficiency improvements [3][6] - The unmanned forklift market is expected to see a compound annual growth rate (CAGR) of 55% from 2019 to 2024, with a projected sales volume of 24,500 units in 2024 [6][44] - The global market for unmanned forklifts reached approximately 30,700 units in 2023, reflecting a year-on-year growth of 46% [47] Market Size and Growth - The global sales of powered industrial vehicles increased from 990,000 units in 2013 to 2.14 million units in 2023, with a CAGR of 8.0% [6] - In China, the total sales of forklifts are projected to be 1.2855 million units in 2024, representing a year-on-year growth of 9.5% [6] - The unmanned forklift market in China achieved a sales scale of 4.3 billion yuan in 2023, with a year-on-year growth of 24% [47] Competitive Landscape - In 2023, only 8% of companies in the unmanned forklift market achieved sales exceeding 100 million yuan [4][53] - Major players in the unmanned forklift market include traditional forklift manufacturers, AGV/AMR companies, and logistics integrators [6][53] - Key recommended companies for investment include Hangcha Group, Anhui Heli, and Zhongli Group, with additional attention on Geek+, Noli, Lanjian Intelligent, and Dongjie Intelligent [6][74] Technology and Applications - Unmanned forklifts primarily utilize SLAM navigation, which accounted for 75% of the navigation methods in 2023 [32] - The main applications for unmanned forklifts include outdoor transportation, loading and unloading at external platforms, indoor transportation, and storage operations [35] - The unmanned forklift market is characterized by a low penetration rate of only 1.9% in 2024, indicating substantial room for growth [38]

证券之星消息，8月15日工程机械板块较上一交易日上涨0.72%，中际联合领涨。当日上证指数报收于 3696.77，上涨0.83%。深证成指报收于11634.67，上涨1.6%。工程机械板块个股涨跌见下表： | 代码 | 名称 | 收盘价 | 涨跌幅 | 成交量(手) | 成交额(元) | | --- | --- | --- | --- | --- | --- | | 603280 | 南方路机 | 56.37 | -5.10% | 9.80万 | 5.54Z | | 920101 | 志高机械 | 55.14 | -4.37% | 10.72万 | 5.78亿 | | 002097 | 山河智能 | 19.31 | -3.50% | 227.68万 | 44.30 乙 | | 600984 | 建设机械 | 3.67 | -0.27% | 41.51万 | 1.52亿 | | 601100 | 恒立液压 | 75.55 | -0.15% | 9.52万 | 7.24亿 | | 600761 | 安徽合力 | 18.70 | -0.05% | 13.82万 | 2.59亿 | | 000528 | 柳工 | 1 ...

通过天眼查大数据分析，安徽合力股份有限公司共对外投资了38家企业，参与招投标项目5000次，知识 产权方面有商标信息1条，专利信息4554条，此外企业还拥有行政许可112个。 来源：金融界 安徽合力最新一期业绩显示，截至2025一季报，公司营业总收入42.74亿元、同比增长2.05%，归属净利 润3.22亿元，同比减少20.05%，扣非净利润2.79亿元，同比减少14.42%，流动比率1.838、速动比率 1.325、资产负债率43.24%。 天眼查商业履历信息显示，安徽合力股份有限公司，成立于1993年，位于合肥市，是一家以从事石油、 煤炭及其他燃料加工业为主的企业。企业注册资本89069.2761万人民币，实缴资本74018.0802万人民 币。公司法定代表人为杨安国。 金融界消息 截至2025年8月14日收盘，安徽合力（600761）报收于18.71元，下跌1.47%，换手率 1.25%，成交量11.15万手，成交金额2.09亿元。 资金流向方面，今日主力资金净流出4156.55万元，占比成交额19.86%。其中，超大单净流出810.44万 元、占成交额3.87%，大单净流出3346.11万元、占成交额 ...

证券日报网讯 8月13日晚间，安徽合力发布公告称，公司于2025年7月11日认购了杭州银行"添利宝"结 构性存款产品，认购金额4，000万元。8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4，000万元，获得收益人民币6.90万元，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。 （文章来源：证券日报） ...

证券代码：600761 证券简称：安徽合力 公告编号：临 2025-037 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。 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 （一）杭州银行"添利宝"结构性存款产品（30 天） 2025 ...

证券之星消息，8月12日工程机械板块较上一交易日下跌0.18%，南方路机领跌。当日上证指数报收于 3665.92，上涨0.5%。深证成指报收于11351.63，上涨0.53%。工程机械板块个股涨跌见下表： | 代码 | 名称 | 收盘价 | 涨跌幅 | 成交量(手) | 成交额(元) | | | --- | --- | --- | --- | --- | --- | --- | | 600984 | 建设机械 | 3.80 | 10.14% | 91.76万 | | 3.36亿 | | 603611 | 诺力股份 | 27.53 | 5.24% | 25.63万 | | 7.04亿 | | 603298 | 杭叉集团 | 21.98 | 3.53% | 12.68万 | | 2.75亿 | | 600761 | 安徽合力 | 19.04 | 2.75% | 16.95万 | | 3.20亿 | | 002097 | 山河智能 | 18.19 | 1.62% | 257.90万 | | 46.97 Z | | 605305 | 中际联合 | 39.13 | 1.53% | 6.83万 | | 2.65亿 | | ...

Group 1 - The core strategy of the company involves "1 China headquarters + N overseas centers + X global teams" to deepen its presence in international markets [1] - The company's total export volume of complete machines is projected to reach 126,400 units in 2024, representing a year-on-year growth of 34.08%, significantly outpacing the industry [1]

Group 1: Core Insights - The company has established a strategic layout for international markets with a focus on localization, resulting in a significant increase in export volume and market share [1] - The company aims to enhance its global supply chain and brand influence by setting up a joint venture in Thailand, planning to produce 10,000 forklifts and lithium battery packs annually [1] - The industrial vehicle sector is experiencing a structural shift towards electric and new energy vehicles, with the company leading in lithium battery technology and production capacity [2] Group 2: Industry Trends - The total sales volume of industrial vehicles is projected to reach 1.286 million units in 2024, reflecting a year-on-year growth of 9.5%, with electric forklifts accounting for 73.6% of the market [2] - The company is advancing its lithium battery and hybrid forklift series, achieving a breakthrough in distributed electric drive technology and launching a 55-ton lithium forklift [2] - The integration of smart logistics solutions is being accelerated through acquisitions and partnerships, enhancing the company's capabilities in providing comprehensive solutions across various sectors [3] Group 3: Financial Projections - Revenue forecasts for the company are set at 18.673 billion, 20.356 billion, and 22.023 billion yuan for 2025 to 2027, with corresponding EPS of 1.61, 1.80, and 1.99 yuan [4] - The current price-to-earnings ratios are projected to be 11.3, 10.1, and 9.1 for the same period, indicating a favorable investment outlook based on the company's strategic initiatives and technological advantages [4]

Investment Rating - The report maintains a "Buy" investment rating for the company [10] Core Views - The company has achieved significant success in its overseas expansion, with a notable increase in export volume and a growing share of overseas revenue, which now accounts for nearly 40% of total income [4][10] - The company is advancing its lithium battery technology, which is expected to enhance its competitive position in the industrial vehicle sector, particularly in electric forklifts [5][10] - The integration of smart logistics solutions and partnerships with key players in the industry is transforming the company from a manufacturer to a comprehensive intelligent solution provider [6][10] Summary by Sections Market Performance - The company’s export volume reached 126,400 units in 2024, marking a year-on-year growth of 34.08%, significantly outpacing the industry average [4] Lithium Battery Technology - In 2024, the total sales volume of industrial vehicles was 1.286 million units, with electric forklifts making up 73.6% of the market. The company has successfully developed a 55-ton lithium battery forklift and is ramping up production capacity for lithium batteries [5] Smart Logistics Ecosystem - The company has established a smart logistics industrial park and integrated various automated guided vehicle (AGV) product lines with intelligent systems, enhancing its service offerings across multiple sectors [6] Financial Forecast - Projected revenues for 2025, 2026, and 2027 are 186.73 billion, 203.56 billion, and 220.23 billion yuan respectively, with corresponding EPS of 1.61, 1.80, and 1.99 yuan. The current stock price reflects a PE ratio of 11.3, 10.1, and 9.1 for the respective years [10][12]