Industry Overview - The overall forklift sales in July 2025 reached 118,600 units, representing a year-on-year growth of 14.4% [1][2] - Domestic sales accounted for 69,700 units, with a growth of 14.3%, while overseas sales were 48,900 units, growing by 14.5% [1][2] - Cumulative forklift sales from January to July 2025 totaled 857,900 units, up 12% year-on-year, with domestic sales at 546,100 units (10.4% growth) and export sales at 311,900 units (15.1% growth) [1][2] Market Dynamics - Both domestic and overseas sales achieved double-digit growth in July 2025, indicating a robust growth trend [2] - The growth is attributed to improved competitiveness of domestic forklift companies in overseas markets and increasing global demand for forklifts, alongside a gradual recovery in domestic demand [2] - The manufacturing PMI new order index reached 49.40% in July 2025, reflecting a slight year-on-year increase, indicating improved manufacturing sentiment [2] Company Performance Anhui Heli - In the first half of 2025, Anhui Heli reported revenue of 9.39 billion yuan, a year-on-year increase of 6.18%, and a net profit of 796 million yuan, down 4.60% [3] - The company sold 204,200 units, a growth of 17.23%, capturing 27.62% of the industry market share [3] - Electric vehicle sales increased by 28%, accounting for 68% of total sales, contributing to an overall improvement in gross margin [3] - Overseas revenue reached 4.016 billion yuan, up 15.20%, with exports of 73,600 units, a growth of 23.08% [3] Hangcha Group - Hangcha Group achieved revenue of 9.302 billion yuan in the first half of 2025, an increase of 8.74%, and a net profit of 1.121 billion yuan, up 11.38% [4][5] - The company sold nearly 60,000 units in overseas markets, marking a historical high with a growth rate exceeding 25% [5] - The company is expanding its global network and has initiated the construction of a production base in Thailand, expected to be completed in Q4 2025 [5] - The smart logistics business experienced explosive growth, with significant increases in revenue and new orders [5] Investment Insights - The forklift industry has a wide range of applications and is less cyclical, closely linked to the manufacturing sector's performance [6] - The recovery in manufacturing and growth in logistics volume are expected to positively impact domestic forklift demand [6] - Domestic companies are accelerating their globalization efforts, establishing local production and service systems overseas, enhancing market penetration [6] - Leading domestic forklift manufacturers are actively investing in smart logistics and robotics, reshaping the competitive landscape of the logistics industry [6]

Industry Overview - Forklift demand is positively influenced by the recovery of the manufacturing sector and the growth of warehousing logistics [1][2] - The overall forklift sales in July 2025 reached 118,600 units, a year-on-year increase of 14.4%, with domestic sales at 69,700 units and overseas sales at 48,900 units [1][2] - The manufacturing PMI new order index in July 2025 was 49.40%, indicating a slight recovery in manufacturing sentiment compared to the previous year [2] Company Performance: Anhui Heli - Anhui Heli achieved revenue of 9.39 billion yuan in the first half of 2025, a year-on-year increase of 6.18%, with a net profit of 796 million yuan, down 4.60% [3] - The company's sales volume reached 204,200 units, a year-on-year increase of 17.23%, capturing 27.62% of the industry market share [3] - The proportion of electric products increased to 68%, with electric vehicle sales growing by 28% year-on-year, contributing to an overall improvement in gross profit margin [3] - Overseas revenue reached 4.016 billion yuan, a growth of 15.20%, with exports of 73,600 units, up 23.08% [3] - The company is actively engaging in smart logistics, partnering with Huawei and other firms to enhance its capabilities in this area [3] Company Performance: Hangcha Group - Hangcha Group reported revenue of 9.302 billion yuan in the first half of 2025, an increase of 8.74%, with a net profit of 1.121 billion yuan, up 11.38% [4] - The company achieved record overseas sales of nearly 60,000 units, with a growth rate exceeding 25% [4] - The establishment of over 20 overseas subsidiaries supports the company's strategy of local production, global marketing, and localized service [4] - The smart logistics segment experienced explosive growth, with significant increases in revenue and new orders, and over 7,000 AGVs deployed across various industries [4]

Investment Rating - The report maintains a "Strong Buy" rating for the company, with a target price of 24.4 CNY [2][6]. Core Views - The company's performance in the first half of 2025 met expectations, with total revenue of 9.39 billion CNY, a year-on-year increase of 6.2%, and a net profit attributable to shareholders of 800 million CNY, a decrease of 4.6% [2]. - The company is focusing on smart logistics and embodied robotics, enhancing its product offerings and market position [2][6]. - The report highlights the company's strong market presence, achieving the highest market share in 34 overseas countries and regions [6]. Financial Summary - For the first half of 2025, the company reported total revenue of 93.9 billion CNY, with a net profit of 8.0 billion CNY, and a non-recurring net profit of 7.3 billion CNY [2]. - The second quarter saw a revenue of 51.2 billion CNY, a year-on-year increase of 9.9%, and a net profit of 4.7 billion CNY, a year-on-year increase of 9.8% [2]. - The financial projections for 2025 to 2027 indicate a steady growth in revenue and net profit, with expected revenues of 192.9 billion CNY, 216.7 billion CNY, and 242.7 billion CNY, respectively [2][7]. Market Position and Strategy - The company is positioned as a leading player in the forklift industry, benefiting from its complete supply chain and domestic and international channels [6]. - The report emphasizes the company's strategic partnerships and investments in smart logistics, including collaborations with Huawei and other logistics firms [6]. - The company aims to leverage the lithium battery trend to enhance its competitive edge against international giants [6].

[Table_Reportdate] 2025年08月27日 | [数据日期 Table_cominfo] | 2025/08/26 | | --- | --- | | 收盘价 | 19.87 | | 总股本(万股) | 89,069 | | 流通A股/B股(万股) | 89,069/0 | | 资产负债率(%) | 40.48% | | 市净率(倍) | 1.55 | | 净资产收益率(加权) | 7.43 | | 12个月内最高/最低价 | 23.90/14.31 | [Table_QuotePic] -16% -6% 5% 15% 26% 36% 47% 57% 24-08 24-11 25-02 25-05 安徽合力 沪深300 [Table_invest] 买入（维持） 报告原因：业绩点评 [相关研究 Table_Report] [证券分析师 Table_Authors] 《安徽合力（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》 2025.04.08 《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 《安徽合力（ ...

Investment Rating - The report maintains a "Buy" rating for the company [2][8] Core Insights - The company reported a revenue of 9.39 billion yuan for the first half of 2025, a year-on-year increase of 6.18%, while the net profit attributable to shareholders was 796 million yuan, a decrease of 4.60% [5][8] - In Q2 2025, the company achieved a revenue of 5.12 billion yuan, a year-on-year increase of 9.89% and a quarter-on-quarter increase of 19.69%, with a net profit of 474 million yuan, up 9.80% year-on-year and 47.40% quarter-on-quarter [5][8] - The company is expanding its global footprint, with a significant increase in overseas sales, which reached 4.016 billion yuan, a year-on-year increase of 15.20%, accounting for 43% of total revenue [8] Financial Data and Profit Forecast - The company expects total revenue to grow from 18.61 billion yuan in 2025 to 22.16 billion yuan in 2027, with a compound annual growth rate (CAGR) of 9.8% [7][10] - The net profit attributable to shareholders is projected to increase from 1.447 billion yuan in 2025 to 1.782 billion yuan in 2027, reflecting a CAGR of 11.3% [7][10] - The gross margin is expected to remain stable around 23.3% to 23.7% from 2025 to 2027, with a return on equity (ROE) projected to improve from 12.6% in 2025 to 13.2% in 2027 [7][10] Company Performance and Strategic Initiatives - The company sold 204,200 forklifts in the first half of 2025, a year-on-year increase of 17.23%, with electric forklifts accounting for 68% of total sales [8] - The company is investing in R&D and has established strategic partnerships with major firms like Huawei to enhance its smart logistics capabilities [8] - The establishment of the first overseas manufacturing plant in Thailand marks a significant step in the company's global production strategy [8]

Group 1 - The core viewpoint of the report is that Goer Group plans to acquire Shanghai Aolai through its subsidiary Goer Optics, which will enhance its optical waveguide capacity and technical strength, accelerating the integration of optical products into global leading XR clients [1][2] - The report maintains a "Buy" rating for Goer Group, raising the target price to 43.05 yuan, considering the impact of product life cycles and client new product release schedules, while also increasing R&D investment [1][2] - The expected EPS for Goer Group is adjusted to 0.96/1.23 yuan for 2025-2026, with a forecast of 1.50 yuan for 2027, reflecting the company's high growth rate and leading position in AI glasses and AR products [1][2] Group 2 - Goer Group has established a vertical integration layout in the XR field, benefiting from future industry demand surges, and has close cooperation with global leading XR clients [3] - The company has made strategic investments and acquisitions to strengthen its customer resources and technical capabilities, including acquiring a stake in Silan Microelectronics and investing in Plessey to enhance its AR display capabilities [3] - The merger with Shanghai Aolai is expected to accelerate the expansion of mature optical waveguide production capacity and consolidate Goer Group's competitive advantage in wafer-level micro-nano optical devices [2][3]

Investment Rating - The report maintains a "Buy" rating for the company, with expected net profits of 1.4 billion, 1.6 billion, and 1.7 billion RMB for 2025-2027, corresponding to PE valuations of 12, 11, and 10 times respectively [2] Core Insights - The company reported a revenue of 9.39 billion RMB for the first half of 2025, a year-on-year increase of 6.18%, with a notable improvement in Q2, achieving a revenue of 5.12 billion RMB, up 9.89% year-on-year [1] - The overseas market continues to drive strong growth, with overseas revenue reaching 4.02 billion RMB in the first half of 2025, a 15.20% increase year-on-year, accounting for 43% of total revenue, a historical high [1] - The company's gross margin improved to 23.58% in the first half of 2025, up 0.36 percentage points year-on-year, with Q2 gross margin at 24.64%, reflecting product structure optimization and increased high-margin overseas business [1] - The intelligent logistics business has become a significant growth driver, with revenue growth of 59.1% year-on-year in the first half of 2025, indicating a strategic expansion into the robotics sector [1] Summary by Sections Performance Review - The company achieved a net profit of 796 million RMB in the first half of 2025, down 4.60% year-on-year, but Q2 net profit improved to 474 million RMB, up 9.8% year-on-year [1] Operational Analysis - The company sold 204,200 units in the first half of 2025, a 17.23% increase year-on-year, with domestic sales at 126,200 units (up 11.28%) and overseas sales at 73,600 units (up 23.08%) [1] - The company is developing a manufacturing base in Thailand to enhance its global manufacturing footprint [1] Profitability and Cash Flow - The net profit margin for the first half of 2025 was 9.6%, with a Q2 margin of 10.5%, reflecting improved operational efficiency [1] - Operating cash flow for the first half of 2025 was 589 million RMB, an increase of 81.81% year-on-year, indicating enhanced cash collection capabilities [1] Future Outlook - The company is expected to continue its growth trajectory, with projected revenues of 18.68 billion RMB in 2025, reflecting a growth rate of 7.84% [7]

Investment Rating - The investment rating for the company is "Accumulate" (maintained) [2] Core Views - The company achieved a revenue of 9.39 billion yuan in the first half of 2025, representing a year-on-year growth of 6.18%. The net profit attributable to shareholders was 796 million yuan, a decrease of 4.6% year-on-year. The company plans to distribute a cash dividend of 1 yuan per 10 shares (including tax) [7] - In the second quarter, the company saw a revenue of 5.116 billion yuan, a year-on-year increase of 9.89%, and a net profit of 474 million yuan, up 9.8% year-on-year. The gross margin improved to 24.64%, an increase of 2.19 percentage points year-on-year [7] - The company is actively expanding its smart logistics business, which has become a new growth engine for performance. Strategic business segments such as "components, aftermarket, and smart logistics" saw year-on-year growth of 16.4%, 15.3%, and 59.1%, respectively [7] Financial Performance Summary - Revenue forecast (in million yuan): - 2023A: 17,156 - 2024A: 17,325 - 2025E: 18,785 - 2026E: 20,484 - 2027E: 22,493 - Net profit forecast (in million yuan): - 2023A: 1,317 - 2024A: 1,320 - 2025E: 1,455 - 2026E: 1,682 - 2027E: 1,952 - The company’s earnings per share (EPS) for 2025 is projected to be 1.63 yuan, with a price-to-earnings (PE) ratio of 11.6 [6][8] Market Position and Growth - The company’s forklift sales reached 204,200 units in the first half of 2025, a year-on-year increase of 17.23%. Domestic sales were 126,200 units, up 11.28%, while overseas sales were 73,600 units, up 23.08% [7] - The overseas revenue accounted for over 40% of total revenue, with a significant increase in the proportion of electric forklifts, which now represent 68% of total sales, an increase of 2.5 percentage points from the end of the previous year [7]

8月25日晚间，安徽合力发布半年度业绩报告称，2025年上半年营业收入约93.9亿元，同比增加6.18%；归属于 上市公司股东的净利润约7.96亿元，同比减少4.6%。实现海外营业收入40.16亿元，同比增长15.20%，海外收 入占比提升至43%。 安徽合力在报告中提到，2025年上半年，中国工业车辆行业总销量达73.93万台，同比增长11.66%。其中，国 内市场销量达47.64万台，同比增长9.79%；海外市场销量达26.29万台，同比增长15.21%。 1.小松作业小时数 2025年 【1月】、 【2月】 2024年 【1月】 、 【2月】 、 【3月】 、 【4月】 、 【5月】 、 【6月】 、 【7月】 、 【8月】 、 【9月】 、 【10 月】 、 【11月】 、 【12月】 2023年 从车型结构方面来看，行业上半年末电动车销量占比提升至75%，较上年末提高近2个百分点。"高端化、智能 化、绿色化"已经成为行业发展的新趋势。 部分内容节选自"国金证券研报" ·往期回顾· 【行业热点】 1 业绩改观，工程机械行业复苏或已在路上？ 2. 如期切换， 工程机械12月1日起开启"国四"时代 3. ...

Core Viewpoint - Anhui Heli's Q2 net profit attributable to shareholders increased by 10% year-on-year, with successful expansion in overseas markets and strategic emerging sectors [1] Group 1: Financial Performance - The company reported a year-on-year increase of 10% in net profit attributable to shareholders for Q2 [1] - The performance in the second half of the year is expected to improve due to a low base effect and a recovery in overseas forklift demand [1] Group 2: Strategic Initiatives - On August 25, the company announced plans to establish a "Joint Innovation · Tian Shu Laboratory" in collaboration with Jianghuai Frontier Technology Innovation Center, focusing on the R&D and industrialization of intelligent logistics embodied robots and special robots [1] - The company plans to invest 10 million yuan in R&D, with Jianghuai Center committing not to engage in similar research collaborations with other third parties [1] Group 3: Market Outlook - The logistics and warehousing industry is undergoing a comprehensive transformation towards intelligence, positioning the company to benefit significantly from this trend [1] - The forecast for net profit attributable to shareholders for 2025-2027 is set at 1.4 billion, 1.5 billion, and 1.6 billion yuan, respectively, with current market capitalization corresponding to PE ratios of 12, 11, and 10 times [1]