研报掘金丨华西证券：安徽合力海外市场持续高增，维持“增持”评级

Core Viewpoint - Anhui Heli achieved a net profit attributable to shareholders of 800 million yuan in the first half of the year, a year-on-year decrease of 4.6%, but the second quarter saw a net profit of 470 million yuan, an increase of 9.8% year-on-year and 47.4% quarter-on-quarter [1] Financial Performance - In the first half of 2025, the overseas market revenue reached 4.02 billion yuan, a year-on-year increase of 15.2%, with the revenue share rising to 43% [1] - The company maintained its market share as the number one in over 30 countries and regions [1] Business Segments - The company's three business segments: components, aftermarket, and smart logistics, experienced significant growth in the first half of 2025, with year-on-year increases of 16.4%, 15.3%, and 59.1% respectively [1] Strategic Initiatives - The company established a joint laboratory with Jianghuai Center to deepen its layout in robotics [1] - The rating for the company is maintained as "Buy" [1]