东海证券：晨会纪要-20241231

Group 1: Company Overview - Anhui Heli (600761) is a leading domestic forklift manufacturer with a comprehensive industry chain and is actively expanding into global markets. The company has significant advantages in research and innovation, brand effect, and operational costs, ranking first in domestic sales and among the top ten globally in forklift sales [7][30]. - The global forklift market is experiencing stable growth, with sales increasing from 988,800 units in 2013 to 2,101,500 units in 2023, representing a compound annual growth rate (CAGR) of 7.83%. Major players like Toyota, Kion, and Jungheinrich hold over 50% of the market share [7][30]. - Anhui Heli is enhancing its competitiveness by improving brand recognition, technological innovation, product quality, and cost-effectiveness, aiming to narrow the revenue gap with Toyota, which reported revenue of 130.66 billion yuan in 2023, with 82% from overseas markets [30]. Group 2: Industry Trends - The trend towards "lithium battery electrification and automation" is accelerating, with China's electric forklift sales reaching 194,800 units in 2023, accounting for 34.06% of total sales. The domestic lithium battery industry is leading globally, benefiting Anhui Heli significantly [8][30]. - The sales of domestic forklift mobile robots reached 19,500 units in 2023, a year-on-year increase of 46.6%, indicating a growing demand for automation in material handling [8][30]. - The automotive sector is also witnessing high demand, with NIO launching its new brand "Firefly" aimed at the high-end small car market, with the first model priced at 148,800 yuan and set to be released in April next year [12][32]. Group 3: Market Performance - The automotive sector's performance has been mixed, with the overall automotive market experiencing a decline of 1.05% recently. However, the retail sales of passenger vehicles in December are expected to increase by 15% year-on-year, driven by policies encouraging vehicle trade-ins [32][33]. - NIO's new model, the ET9, is positioned as a smart electric flagship vehicle, showcasing advanced technology and features, which reflects the industry's shift towards higher-end electric vehicles [12][32]. - The report highlights the importance of government policies in stimulating demand for new energy vehicles, with significant trade-in subsidies contributing to the growth in sales [33].