东海证券：晨会纪要-20250217

Group 1: Company Overview - Anhui Heli (600761) has deepened its cooperation with Huawei, leading the technological upgrade in the smart logistics sector [5][6] - Anhui Heli is the leading company in the domestic forklift industry, with core technologies in electric forklifts, hydraulic systems, and control systems [6] - The collaboration aims to enhance digital transformation, smart logistics, artificial intelligence, and talent development [5][6] Group 2: Industry Insights - The forklift industry is transitioning towards automation and unmanned operations, with a significant increase in sales of mobile robots [7] - In 2023, domestic sales of mobile robots reached 19,500 units, a year-on-year increase of 46.6% [7] - The partnership between Anhui Heli and Huawei is expected to set a precedent for traditional manufacturing and technology integration, potentially reshaping the competitive landscape in smart logistics [6] Group 3: Financial Projections - Anhui Heli's projected net profits for 2024, 2025, and 2026 are 1.415 billion, 1.587 billion, and 1.866 billion yuan respectively, with corresponding PE ratios of 12.06, 10.75, and 9.15 times [7] - The company is advancing strategies in globalization, electrification, intelligence, and automation, with plans for convertible bond projects to gradually come online [7] Group 4: Fluorochemical Industry - The fluorochemical sector is experiencing a positive outlook, with refrigerant prices expected to rise due to strong demand from the air conditioning market [8][10] - As of January 27, 2024, prices for refrigerants R32, R125, and R134a increased by 1.16%, 2.38%, and 3.53% respectively compared to the end of December [9] - The first quarter of 2025 is anticipated to see a continued upward trend in refrigerant prices, supported by robust demand from the air conditioning and refrigeration sectors [10]