Group 1: Financial Performance - In 2024, the company reported a revenue of 621 million yuan, a decrease of 4.58% year-on-year, and a net profit attributable to shareholders of 42.70 million yuan, down 13.04% year-on-year [1] - For Q1 2025, the company achieved a revenue of 176 million yuan, an increase of 10.05% year-on-year, and a net profit attributable to shareholders of 14.66 million yuan, up 66.39% year-on-year [1] Group 2: Cash Dividend and Share Buyback - The company plans to distribute a cash dividend of 2.6 yuan per 10 shares, totaling 25.77 million yuan, with a cash dividend ratio of 60.36% for 2024 [2] - Since its listing in 2022, the company has maintained a high dividend policy, with cash dividend ratios exceeding 60% from 2022 to 2024 [2] - In 2024, the total amount for cash dividends and share buybacks reached 36.24 million yuan, accounting for 84.88% of the net profit attributable to shareholders [2] Group 3: Industry Position and Product Development - The company has been deeply involved in the forklift transmission industry for many years, being one of the first private enterprises in China to enter this field and successfully entering the supply chain of international forklift manufacturers [3] - The company has developed a complete core technology system for forklift transmissions, including noise analysis and control technology, gear optimization design technology, and electro-hydraulic control technology [3] - In 2024, the company sold 91,300 units of electric forklift transmissions, receiving high recognition from downstream customers [4] Group 4: Future Outlook and Strategic Initiatives - The company is focusing on the new energy forklift market, having established a production line for 80,000 sets of electric forklift drive units and is advancing the industrialization and scale production of specialized transmission devices for new energy logistics [4] - Looking ahead to 2025, the company aims to expand its core products, including high-end internal combustion forklift transmissions and electric forklift transmissions, while actively developing high-value-added new products [4]

[Table_Reportdate] 2025年04月28日 [证券分析师： Table_Authors] 张晶磊 S0630524090001 zjlei@longone.com.cn 证券分析师： 刘思佳 S0630516080002 liusj@longone.com.cn 证券分析师： 王洋 S0630513040002 wangyang@longone.com.cn [晨会纪要 Table_NewTitle] 20250428 重点推荐 财经要闻 晨 会 纪 要 证券研究报告 HTTP://WWW.LONGONE.COM.CN 请务必仔细阅读正文后的所有说明和声明 [table_summary] ➢ 1.资产均衡配置，聚焦发展服务消费——资产配置周报（2025/04/21-2025/04/25） ➢ 2.存量政策巩固落实，储备政策蓄势待发——国内观察：2025年4月政治局会议学习 ➢ 3.国际医学（000516）：亏损收窄，积极布局非医保业务——公司简评报告 ➢ 4.佩蒂股份（300673）：自主品牌持续高增，产能布局完善——公司简评报告 ➢ 5.预定利率研究值下调至2.13%，预计动态调整机制三季 ...

4月21日，安徽合力(600761.SH)公告称，公司控股股东安徽叉车集团有限责任公司于近日取得中信银行 股份有限公司合肥分行出具的《贷款承诺函》，承诺为叉车集团提供贷款用于股票增持，额度最高不超 过人民币1.8亿元，贷款期限不超过3年，贷款用途仅限于增持安徽合力股票。 叉车集团于2025年4月10日通过上海证券交易所证券交易系统增持本公司股份333,900股，占公司总股本 的0.04%。并计划自2025年4月10日起未来6个月内，继续通过上海证券交易所证券交易系统增持本公司 股份，拟累计增持资金不低于人民币1亿元，不超过人民币2亿元（含已增持金额）。 4.华恒生物：聘任曾苗担任公司证券事务代表 登录新浪财经APP 搜索【信披】查看更多考评等级 1.金种子酒：转让金太阳药业92%股权获阜阳市国资委同意批复 4月23日，金种子酒发布公告，公司于近期收到阜阳市国资委批复，阜阳市国资委原则同意公司公开转 让控股子公司安徽金太阳生化药业有限公司（简称"金太阳药业"）92%股权。 2.三联锻造：拟设立机器人及航空部件研究院 4月24日，三联锻造公告称，公司拟设立芜湖三联锻造股份有限公司机器人及航空部件研究院，以拓展 在 ...

Group 1 - Anhui provincial state-owned enterprises (SOEs) maintain strong performance, ranking in the top tier nationally with total assets of 4.8 trillion yuan, operating income of 249.3 billion yuan, and total profit of 21.7 billion yuan in Q1 2023 [1] - Significant progress in restructuring and integration in sectors such as culture and tourism, port and shipping, and coal, with key initiatives including the establishment of Anhui Cultural Tourism Investment Holding Group and strategic restructuring of coal-related entities [1] - Continuous double-digit growth in R&D investment for four consecutive years, with over 240 high-level innovation platforms established [1] Group 2 - By 2025, Anhui plans to enhance state capital investment in technological innovation, focusing on quantum information, fusion energy, and deep space exploration [2] - Development of a digital transformation action plan for provincial enterprises to promote high-end, intelligent, and green development in key industries [2] - Emphasis on emerging industries such as new materials, new energy, intelligent connected vehicles, high-end equipment, integrated circuits, and biomedicine [2]

点击注册小程序 查看完整报告 特别申明： 本订阅号中所涉及的证券研究信息由光大证券研究所编写，仅面向光大证券专业投资者客 户，用作新媒体形势下研究信息和研究观点的沟通交流。非光大证券专业投资者客户，请勿 订阅、接收或使用本订阅号中的任何信息。本订阅号难以设置访问权限，若给您造成不便， 敬请谅解。光大证券研究所不会因关注、收到或阅读本订阅号推送内容而视相关人员为光大 证券的客户。 报告摘要 业绩稳定增长，盈利能力持续提升 积极推动AI技术应用，智能物流有望打开第二成长曲线 2024年公司智能物流整体解决方案合同金额首次突破10亿元，在海外市场实现了具有里程碑意义的开拓成 果，成功中标快消品、零售、汽车、轮胎等领域内全球顶级公司的项目订单。公司全力推动AI技术在智能 物流领域的深度应用，积极投入研发人形智能物流机器人，打造全方位AI智能物流解决方案。在各行业智 能化转型升级的大趋势下，智能物流的市场需求持续增强，智能物流业务有望为公司打造第二增长曲线。 风险提示： 上游原材料价格波动的风险；出口发货不顺风险；海外市场拓展不及预期的风险；叉车锂电化 化进程不及预期的风险。 杭叉集团2024年实现营业收入164.9亿 ...

点击注册小程序 查看完整报告 特别申明： 本订阅号中所涉及的证券研究信息由光大证券研究所编写，仅面向光大证券专业投资者客户，用作新媒体形势下研究 信息和研究观点的沟通交流。非光大证券专业投资者客户，请勿订阅、接收或使用本订阅号中的任何信息。本订阅号 难以设置访问权限，若给您造成不便，敬请谅解。光大证券研究所不会因关注、收到或阅读本订阅号推送内容而视相 关人员为光大证券的客户。 今 日 聚 焦 【非银】3Q25传统险预定利率或再次下调至2.0%——《人身保险业责任准备金评估利率专家咨询委员会2025 年一季度例会》点评 3Q25传统险预定利率或再次下调至2.0%，分红险等浮动收益型产品将更具发展土壤。未来随着险企浮动收益 型产品占比逐渐提升，负债成本的压力缓释及投资风险的有效分散将有助于险企进一步提高权益配置比例，加 大入市力度；同时，新金融工具准则下险企亦将通过高股息策略系统性提升OCI股票占比，降低利润波动的同 时增加确定性分红收入，以弥补票息收入的减少。 （王一峰/黄怡婷） 2025- 04-21 您可点击今日推送内容的第1条查看 【三友化工（600409.SH）】纯碱、PVC景气下行Q4业绩同比承压下滑 ...

业绩稳定增长，盈利能力持续提升 杭叉集团2024年实现营业收入164.9亿元，同比增长1.15%（调整后）；归母净利润20.2亿元，同比增长 17.9%（调整后）。毛利率为23.6%，同比上升2.8个百分点；净利率为13.1%，同比上升1.8个百分点。 公司2025年一季度实现营业收入45.1亿元，同比增长8.0%；归母净利润4.4亿元，同比增长15.2%。毛利率 为20.5%，同比下降0.1个百分点；净利率为10.0%，同比上升0.4个百分点。 点击注册小程序 查看完整报告 特别申明： 本订阅号中所涉及的证券研究信息由光大证券研究所编写，仅面向光大证券专业投资者客 户，用作新媒体形势下研究信息和研究观点的沟通交流。非光大证券专业投资者客户，请勿 订阅、接收或使用本订阅号中的任何信息。本订阅号难以设置访问权限，若给您造成不便， 敬请谅解。光大证券研究所不会因关注、收到或阅读本订阅号推送内容而视相关人员为光大 证券的客户。 报告摘要 本订阅号是光大证券股份有限公司研究所（以下简称"光大证券研究所"）依法设立、独立运营的 官方唯一订阅号。其他任何以光大证券研究所名义注册的、或含有"光大证券研究"、与光大证券 研究 ...

Investment Rating - The report assigns an "Add-A" rating to the company, indicating a positive outlook for its stock performance [4][9]. Core Insights - The company reported a revenue of 17.325 billion yuan for 2024, a slight increase of 0.99% year-on-year, while the net profit was 1.32 billion yuan, up 0.18% year-on-year [5][6]. - The company has shown a strong growth in forklift sales, outperforming the industry with a 16.53% increase in sales volume, capturing a market share of 26.5% [6]. - The overseas business has been a significant growth driver, with a 34% increase in complete machine exports and overseas revenue reaching 6.928 billion yuan, accounting for nearly 40% of total revenue [6][7]. Market Performance - As of April 18, 2025, the company's closing price was 15.55 yuan, with a yearly high of 28.50 yuan and a low of 14.31 yuan [2]. - The total market capitalization stands at 13.85 billion yuan [2]. Financial Data - The basic earnings per share (EPS) for 2024 is reported at 1.59 yuan, with a diluted EPS also at 1.59 yuan [3]. - The return on equity (ROE) is 13.63%, indicating a solid profitability level [3]. - The company plans to distribute a cash dividend of 534 million yuan, with a payout ratio of 40.5%, resulting in a dividend yield of approximately 3.4% [7]. Future Projections - The company expects revenues of 18.213 billion yuan in 2025, with projected EPS of 1.59 yuan, 1.71 yuan, and 1.95 yuan for 2025, 2026, and 2027 respectively [11][9]. - The projected price-to-earnings (P/E) ratios for 2025, 2026, and 2027 are 9.8, 9.1, and 8.0 respectively, indicating a potentially undervalued stock [11][9].

Group 1: Pharmaceutical Industry - The tariff environment has limited short-term disruptions to the pharmaceutical industry, with a focus on the global competitiveness of domestic innovative drugs [2][17][19] - Domestic innovative drug companies have captured significant market shares, such as BTK inhibitors holding 75% and PD-1/PD-L1 monoclonal antibodies over 70% in the domestic market [2][17] - Several Chinese innovative drugs are entering a harvest phase, with Zebutine expected to achieve sales of $2.6 billion in 2024, reflecting a year-on-year growth of 105% [2][17] - A recommended list of leading biotech and pharmaceutical companies includes BeiGene, Innovent Biologics, and Hengrui Medicine among others [2][17] Group 2: Chemical Industry - Juhua Co., Ltd. - Juhua Co., Ltd. is expected to see significant growth in Q1 2025, with projected net profit ranging from 760 to 840 million yuan, representing a year-on-year increase of 145% to 171% [5][6][36] - The company benefits from a strong position in the refrigerant market, with a production quota of 34% for third-generation refrigerants [6][36] - The refrigerant segment has shown a substantial increase in both volume and price, with revenues reaching 2.618 billion yuan, up 64.63% year-on-year [6][36] Group 3: Aluminum Industry - China Aluminum Corporation - China Aluminum Corporation is projected to achieve a net profit of 3.4 to 3.6 billion yuan in Q1 2025, reflecting a year-on-year increase of 53% to 63% [8][10] - The company is enhancing its resource strategy and has a significant aluminum ore reserve of approximately 2.7 billion tons [8][10] - Expansion projects are underway, with a new 500,000-ton electrolytic aluminum capacity expected to come online in December 2024 [10]

Group 1: Forklift Industry Overview - Forklift sales in January-February 2025 showed steady growth, with total sales reaching 195,100 units, a year-on-year increase of 9.15%. Domestic sales were 121,200 units, up 6.48%, while overseas sales were 73,900 units, up 13.84% [6][7] - In February 2025, major forklift manufacturers sold 101,500 units, a significant year-on-year increase of 49.1%. Domestic sales were 66,200 units, up 59.4%, and export sales were 35,200 units, up 32.9% [6][7] - The strong performance in February is attributed to a low base from the previous year due to the Spring Festival occurring in February 2024. The overall demand for forklifts is closely linked to the manufacturing and logistics sectors, which are showing signs of recovery [7][9] Group 2: Key Players and Global Expansion - Anhui Heli has announced its first overseas joint venture factory in Thailand, aiming for an annual production of 10,000 forklifts and 10,000 lithium battery packs. This move is part of its strategy to enhance global presence and brand influence [8] - Hangcha Group plans to establish companies in the United States and the Middle East to strengthen its market position and enhance competitiveness in North America and the Middle East [8] - The domestic forklift leaders are accelerating their globalization efforts, establishing local production capacities and after-sales services abroad, which is expected to increase their market penetration [9] Group 3: Economic Data and Implications - The economic data for January-February 2025 indicates a positive trend, with retail sales increasing by 4.0% year-on-year and fixed asset investment rising by 4.1% [11][12] - High-tech industries are highlighted as a significant growth area, with high-tech manufacturing value-added and investment growing faster than the overall economy [11][12] - The manufacturing sector remains stable, with industrial production growth at 5.9%, supported by strong performance in equipment manufacturing [12][14]