1.安徽合力（600761）：母公司与华 为合作深入，引领智能物流领域技术 升级——公司简评报告 2.安徽合力（600761）：全产业链国 产叉车龙头进军全球市场——公司 深度报告 [Table_Reportdate] 2025年03月11日 买入（维持） 报告原因：重大事项 [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] | 2025/03/11 | | --- | --- | | 收盘价 | 20.88 | | 总股本(万股) | 89,069 | | 流通A股/B股(万股) | 89,069/0 | | 资产负债率(%) | 42.18% | | 市净率(倍) | 1.72 | | 净资产收益率(加权) | 12.64 | | 12个月内最高/最低价 | 28.50/15.23 | [Table_QuotePic] -37% -25% -14% -3% 9% 20% 32% 43% 24-03 24-06 24-09 24- ...

[Table_Reportdate] 2025年03月11日 买入（维持） 报告原因：重大事项 [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] | 2025/03/11 | | --- | --- | | 收盘价 | 20.88 | | 总股本(万股) | 89,069 | | 流通A股/B股(万股) | 89,069/0 | | 资产负债率(%) | 42.18% | | 市净率(倍) | 1.72 | | 净资产收益率(加权) | 12.64 | | 12个月内最高/最低价 | 28.50/15.23 | [Table_QuotePic] -37% -25% -14% -3% 9% 20% 32% 43% 24-03 24-06 24-09 24-12 25-03 安徽合力 沪深300 [相关研究 Table_Report] 1.安徽合力（600761）：母公司与华 为合作深入，引领智能物流领域技术 升级——公司简评报告 2. ...

证券代码：600761 证券简称：安徽合力 公告编号：临 2025-008 安徽合力股份有限公司 第十一届董事会第十次会议决议公告 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"）第十一届董事会第十次会议于 2025 年 3 月 10 日以通讯会议方式召开，会议通知已于 2025 年 2 月 28 日通过邮 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，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、《关于调整安徽和鼎机电设备有限公司股东增资方案的议案》： 2024 年 5 月 23 日，公司第十一届董事会第二次会议审议通过了《关于公司 拟向控股子公司安徽和鼎机电设备有限公司增资的议案》，公司控股子公司安徽 和鼎机电设备有限公司（以下简称"和鼎机电"）计划面向现有股东增资 1 亿元， 其中公司计划增资 7,199.5895 万元；天津力神电池股份有限公司（以下简称"天 津力神"）计划增资 1,999.3210 ...

Investment Rating - The investment rating for Anhui Heli (600761.SH) is "Outperform the Market" [3]. Core Views - Anhui Heli is a leading state-owned enterprise in the forklift industry, focusing on electric and international expansion, with smart logistics opening new growth opportunities. The company has shown steady revenue and net profit growth, with a CAGR of 12.56% and 17.01% from 2018 to 2023, respectively [1][23]. - The global penetration rate of electric forklifts has increased from 27% in 2013 to 68% in 2023, indicating a strong trend towards electrification and lithium battery adoption in the industry. There remains significant room for growth in China's electric forklift market, particularly in high-value balance forklifts [1][47]. - The company has established a comprehensive product matrix in smart logistics, with revenue from this segment growing by 42% year-on-year in 2023, and AGV sales increasing by 127% [2]. Summary by Sections Company Overview - Anhui Heli has a long history dating back to 1958 and has maintained a strong position in the global forklift manufacturing industry, ranking among the top seven manufacturers since 2016 [14][15]. - The company operates in four main business segments: industrial vehicle assembly, components, aftermarket services, and smart logistics systems, with over 600 product types and 5000 models [17][18]. Industry Analysis - The forklift industry is benefiting from internationalization and the trend towards lithium battery adoption, with a positive outlook for growth driven by the recovery of manufacturing and logistics sectors [32][40]. - The global forklift market is projected to grow steadily, with sales increasing from 133.38 thousand units in 2017 to 213.74 thousand units in 2023, reflecting a CAGR of 8.18% [38]. Financial Performance - The company achieved a revenue of 17.47 billion yuan in 2023, a year-on-year increase of 10.76%, with net profit reaching 1.28 billion yuan, up 40.89% [23][24]. - The overseas revenue has significantly increased, with a CAGR of 30.52% from 2018 to 2023, indicating a growing international presence [23]. Profitability and Valuation - The company's profitability has improved, with a gross margin of 21.53% and a net margin of 8.82% in the first three quarters of 2024, reflecting historical highs [27]. - The estimated reasonable valuation for the company is between 24.05 and 27.75 yuan, with a projected PE ratio of 13-15 times for 2025 [3].

Investment Rating - The report maintains an "Outperform" rating for Anhui Heli [3] Core Views - Anhui Heli is a leading state-owned enterprise in the forklift industry, benefiting from trends in electrification and globalization, with smart logistics opening new growth opportunities [1][2] - The company has shown steady revenue and net profit growth, with a CAGR of 12.56% and 17.01% respectively from 2018 to 2023 [23] - The global penetration rate of electric forklifts has increased significantly, from 27% in 2013 to 68% in 2023, indicating a strong trend towards electrification [1][47] Company Overview - Anhui Heli has a long history, established in 1958, and has maintained a strong position in the global forklift manufacturing industry [14][15] - The company operates in four main business segments: industrial vehicle assembly, components, aftermarket services, and smart logistics systems, with a comprehensive product range [17][19] Industry Analysis - The forklift industry is experiencing upward trends due to internationalization and the shift towards lithium battery technology [32] - The global forklift market is growing steadily, with 2023 global and Chinese sales reaching 214,000 and 117,000 units respectively, reflecting a CAGR of 8.18% and 15.41% from 2017 to 2023 [38][39] Financial Forecast and Valuation - The forecasted net profit for Anhui Heli for 2024-2026 is adjusted to 1.422 billion, 1.648 billion, and 1.904 billion yuan respectively, with a corresponding PE ratio of 13, 12, and 10 [3] - The reasonable valuation range for the company is set between 24.05 and 27.75 yuan, based on a PE ratio of 13-15 times for 2025 [3] Market Trends - The report highlights the significant growth potential for Chinese forklift manufacturers in international markets, with a current global market share of approximately 29.61% [2] - The company has established a robust overseas sales network, with over 300 sales agents in more than 100 countries [2]

Summary of Anhui Heli Conference Call Company Overview - **Company**: Anhui Heli - **Industry**: Forklift and Automated Guided Vehicle (AGV) manufacturing Key Points Collaboration with Huawei - Anhui Heli's partnership with Huawei focuses on digital transformation, smart logistics, and AI talent development, initiated in 2019 [3] - The collaboration includes hardware infrastructure, software applications, talent training, overseas consulting, and quality control of smart logistics equipment [3] - A framework agreement has been signed, with specific projects being categorized and advanced [3] - Short-term impact on performance is minimal, but long-term digital transformation is expected to significantly enhance capabilities, particularly in large system scheduling and profit margins [4] AGV Business Development - In 2024, AGV business revenue is projected at 608 million yuan, a 30% increase, aided by the acquisition of Yufeng Intelligent [5] - The 2025 revenue target for AGV is 1 billion yuan, with a 50% growth forecast and a signed order amount expected to rise by 50% to 500 million yuan [5] - Long-term goal is to reach 5 billion yuan in AGV revenue by 2030, indicating strong confidence in market prospects [5] Market Performance and Challenges - In January 2025, overseas orders showed a 3.9% year-on-year increase, with revenue up 4.7%, but overall orders remained flat due to market pressures, particularly in North America, Europe, and Oceania [9] - Domestic market performance in January saw a 4% decline in sales (excluding three categories of vehicles) and a 15% drop in overall orders, primarily due to reduced working days during the Spring Festival [10] - Global market share is approximately 9.7%, with plans for a 15% growth in overseas revenue and sales by 2025 [11] Pricing and Inventory Strategies - To mitigate the impact of U.S. tariffs, Anhui Heli increased inventory of large standard models in the U.S. by about 3,000 units and raised sales prices by 5% [19] - Non-standard models are shipped from China with a 10% price increase, effectively offsetting tariff impacts [19] Aftermarket Revenue and Service Contracts - The company is implementing a dual contract system in overseas markets, where sales and service contracts are signed simultaneously, aiming for aftermarket revenue to match or exceed sales revenue [27] - In domestic markets, strategies to enhance aftermarket services include expanding the coverage of genuine parts and establishing regional service centers [28] Future Outlook - The company anticipates a slow recovery in the domestic market in the first half of 2025, with a target of 10% revenue growth [12] - Internationally, a 12% growth in sales is expected, with specific challenges noted in the U.S. market [17] - Overall, the company remains optimistic about its international sales prospects, particularly in the lithium battery forklift segment [16] Currency and Risk Management - Currently, Anhui Heli has not engaged in hedging operations against currency risks, primarily due to concerns over potential U.S. dollar depreciation [31] - The majority of overseas receivables are in U.S. dollars (over 80%), with euros making up more than 90% of total receivables [32]

Investment Rating - The investment rating for Anhui Heli is "Buy" [1] Core Views - Anhui Heli's collaboration with Huawei is expected to enhance its smart logistics business, potentially creating a second growth curve for the company [2][10] - The trend towards intelligent transformation in the logistics industry is anticipated to benefit traditional forklift manufacturers, including Anhui Heli, as automation solutions gain traction [3][10] - The forklift industry is expected to experience a bottoming out in demand in 2024, with potential recovery driven by domestic policy support and overseas demand revival [4][13] Financial Projections - Total revenue is projected to grow from 17,471 million RMB in 2023 to 22,260 million RMB by 2026, reflecting a compound annual growth rate (CAGR) of approximately 10.76% [1][20] - Net profit attributable to the parent company is expected to increase from 1,278 million RMB in 2023 to 1,808 million RMB in 2026, with a notable growth rate of 40.89% in 2023 [1][20] - The earnings per share (EPS) is forecasted to rise from 1.43 RMB in 2023 to 2.03 RMB in 2026, indicating a positive trend in profitability [1][20] Industry Trends - The logistics industry's shift towards automation is driven by rising labor costs and a shortage of workforce, with AGV (Automated Guided Vehicle) penetration expected to increase [3][10] - The global forklift market has shown a CAGR of 8% from 2014 to 2023, with domestic demand growing at a rate of 15% compared to 5% for overseas markets [4][13] - The lithium battery adoption rate in forklifts is projected to have significant growth potential, with current rates at 19% in China and 13% overseas [4][14]

Investment Rating - The report maintains a "Buy" rating for Anhui Heli [1] Core Views - Anhui Heli's collaboration with Huawei is expected to enhance its smart logistics business, potentially creating a second growth curve for the company [2][3] - The trend towards intelligent transformation in the logistics industry is anticipated to benefit traditional forklift manufacturers like Anhui Heli, as the penetration of automated guided vehicles (AGVs) continues to rise [10] - The forklift industry is expected to see a recovery in demand due to increased investment in manufacturing and logistics, alongside rising labor costs [4][13] Financial Forecasts and Valuation - Revenue projections for Anhui Heli are as follows: - 2023: 17,471 million RMB - 2024: 18,195 million RMB - 2025: 20,058 million RMB - 2026: 22,260 million RMB - Net profit forecasts are: - 2023: 1,278 million RMB - 2024: 1,399 million RMB - 2025: 1,598 million RMB - 2026: 1,808 million RMB - The report adjusts the earnings forecast for 2024-2026 to 14.0 billion RMB, 16.0 billion RMB, and 18.1 billion RMB respectively, with a corresponding P/E ratio of 12, 11, and 10 [4][17][20]

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]