安徽合力（600761）：25Q1业绩点评：收入稳步增长，盈利能力有望上行

Investment Rating - The investment rating for the company is "Buy" and is maintained [8] Core Views - The company reported a revenue of 4.274 billion yuan in Q1 2025, representing a year-on-year increase of 2.05%. The net profit attributable to shareholders was 322 million yuan, down 20.05% year-on-year, while the net profit excluding non-recurring items was 279 million yuan, down 14.42% year-on-year [6][11] - The gross margin slightly increased year-on-year, while the expense ratio rose due to increased overseas investments and R&D expenditures. The domestic manufacturing demand is expected to stabilize, and the company’s domestic business is likely to recover. Despite short-term uncertainties from tariffs, the company’s advantages in new energy products and ongoing overseas expansion are expected to drive steady growth in overseas revenue [2][11] - The company is focusing on R&D innovation, with significant breakthroughs in key technologies and the launch of new high-value-added products. This innovation is expected to enhance revenue performance [11] Summary by Sections Financial Performance - In Q1 2025, the company achieved a revenue of 4.274 billion yuan, a 2.05% increase year-on-year. The gross margin was 22.31%, with a slight year-on-year increase of 0.06 percentage points. The net profit margin was 8.49%, down 1.81 percentage points year-on-year due to increased expenses and reduced investment income [6][11] Market Outlook - The domestic manufacturing sector is expected to stabilize, supported by trends in automation and contributions from smart logistics and aftermarket services. The company’s domestic business is anticipated to recover, while overseas revenue is projected to grow steadily despite tariff uncertainties [2][11] R&D and Product Development - The company has a strong R&D capability, with recent achievements including the launch of the world's largest lithium battery forklift and a series of new products. This focus on innovation is expected to facilitate a transition towards higher value-added products [11]