上 市 公 司 机械设备 2025 年 08 月 27 日 安徽合力 (600761) ——海外表现亮眼，拟与江淮中心在机器人领域合作研发 报告原因：有业绩公布需要点评 买入（维持） 苏萌 A0230122080001 sumeng@swsresearch.com 联系人 苏萌 (8621)23297818× sumeng@swsresearch.com | 市场数据： | 2025 年 08 月 26 日 | | --- | --- | | 收盘价（元） | 19.87 | | 一年内最高/最低（元） | 23.90/14.31 | | 市净率 | 1.7 | | 股息率%（分红/股价） | 3.02 | | 流通 A 股市值（百万元） | 17,698 | | 上证指数/深证成指 | 3,868.38/12,473.17 | | 注："股息率"以最近一年已公布分红计算 | | | 基础数据: | 2025 年 06 月 30 日 | | --- | --- | | 每股净资产（元） | 11.92 | | 资产负债率% | 40.48 | | 总股本/流通 A 股（百万） | 891/891 | | 流通 ...

业绩简评 公司披露财报：25 年中报实现营收 93.90 亿元（同比+6.18%），归 母净利润 7.96 亿元（同比-4.60%），单 Q2 业绩改善显著，实现营 收 51.16 亿元（同比+9.89%），归母净利润 4.74 亿元（同比+9.8%）。 经营分析 1、海外市场持续贡献强劲增长动力，产品持续高端化、电动化。 1H25，公司海外业务实现营收 40.16 亿元，同比增长 15.20%，占 总营收比重已达 43%，创历史新高。上半年，公司销量达 20.42 万 台，同比增长 17.23%。其中，国内市场销量达 12.62 万台，同比 增长 11.28%；海外市场销量达 7.36 万台，同比增长 23.08%，实 现在 34 个海外国家和地区的市场占有率第一。从车型结构来看， 公司上半年末电动车销量占比提升至 68%，较上年末提高 2.5pct。 公司在高端产品领域不断突破，成功研发并交付全球最大吨位的 55 吨锂电叉车。为应对贸易壁垒并深化全球布局，公司已启动泰 国制造基地项目建设，这将是公司全球化制造布局的关键落子。 2、盈利能力持续回升,现金流大幅改善。1H25，公司毛利率 23.58%， 同比 ...

2025 年 8 月 26 日 公司研究/公司快 报 公司近一年市场表现 事件描述 公司披露 2025 年中报。上半年，公司实现营业收入 93.0 亿元，同比 +8.7%；归母净利润 11.2 亿元，同比+11.4%。其中，25Q2 实现营业收入 48.0 亿元，同比+9.4%，环比+6.4%；实现归母净利润 6.8 亿元，同比+9.1%，环 比+57.0%。 事件点评 | 年 月 市场数据：2025 8 | 日 25 | | | --- | --- | --- | | 收盘价（元）： | | 22.60 | | 年内最高/最低（元）： | | 23.91/15.58 | | 流通A股/总股本（亿）： | | 13.10/13.10 | | 流通 A 股市值（亿）： | | 296.02 | | 总市值（亿）： | | 296.02 | | 年 基础数据：2025 | 月 6 | 日 30 | | | --- | --- | --- | --- | | 基本每股收益(元)： | | | 0.86 | | 摊薄每股收益(元)： | | | 0.86 | | 每股净资产(元)： | | | 8.83 | | 净资 ...

2025 上半年公司实现营业总收入 94 亿元，同比增长 6%，归母净利润 8.0 亿元，同比下降 4.6%，扣非归母净利润 7.3 亿元，同比增长 0.3%。单 Q2 实现营业总收入 51 亿元，同比增长 10%，归母净利润 4.8 亿元，同比增长 9.8%，扣非归母净利润 4.5 亿元，同比提升 17.8%，非经主要为政府补助 和理财产品公允价值变动损益。2025 上半年平衡重叉车行业销量同比增长 3%，公司营收阿尔法属性明显，主要受益：（1）全球化战略兑现，上半年 海外营收同比增长 15%，占比达 43%，较 2024 年末提升 3pct，（2）零部 件、后市场和智能物流等战略业务板块拓展提速，上半年营收分别同比增 长 16%、15%、59%。展望下半年，海外叉车需求底部复苏，智能物流订 单确收提速，公司业绩基数较低，增速同环比有望继续改善。 证券研究报告·公司点评报告·工程机械 安徽合力（600761） 2025半年报点评：Q2归母净利润同比+10%， 海外市场+战略新兴板块拓展顺利 买入（维持） | [Table_EPS] 盈利预测与估值 | 2023A | 2024A | 2025E | 2026 ...

证 券 研 究 报 告 杭叉集团（603298）2025 年半年报点评 强推（维持） 业绩符合预期，加速布局智能物流人形机器人 事项： ❖ 公司发布 2025 年半年度报告，2025 年上半年营业收入 93.0 亿元，同比增长 8.7%，归母净利润 11.2 亿元，同比增长 11.4%，扣非归母净利润 11.0 亿元， 同比增长 11.0%。第二季度营业收入 48.0 亿元，同比增长 9.4%。归母净利润 6.8 亿元，同比增长 9.1%，扣非归母净利润 6.7 亿元，同比增长 9.2%。 评论： [ReportFinancialIndex] 主要财务指标 | | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | | 营业总收入(百万) | 16,486 | 17,934 | 20,171 | 23,198 | | 同比增速(%) | 1.3% | 8.8% | 12.5% | 15.0% | | 归母净利润(百万) | 2,022 | 2,272 | 2,601 | 2,978 | | 同比增速(%) | 17.5% | 12.3 ...

2025 年 8 月 22 日 行业研究 7 月部分消费品对北美出口边际改善，工程机械品类出口保持高景气度 ——机械行业海关总署出口月报（十四） 机械行业 买入（维持） 作者 分析师：黄帅斌 执业证书编号：S0930520080005 0755-23915357 huangshuaibin@ebscn.com 分析师：陈佳宁 执业证书编号：S0930512120001 021-52523851 chenjianing@ebscn.com 分析师：汲萌 执业证书编号：S0930524010002 021-52523859 jimeng@ebscn.com 分析师：李佳琦 执业证书编号：S0930524070006 021-52523836 lijiaqi@ebscn.com 分析师：庄晓波 执业证书编号：S0930524070018 0755-25310400 zhuangxiaobo@ebscn.com 分析师：夏天宇 执业证书编号：S0930525070006 021-52523805 xiatianyu@ebscn.com 行业与沪深 300 指数对比图 -20% 0% 20% 40% 60% 80% 2 ...

雅鲁藏布江大项目正式开工，工程机械行业迎重大机遇 20250821 摘要 2025 年 1-7 月挖掘机出口增速超 10%，叉车、重卡等产品表现良好， 反映全球制造业复苏。中大型挖掘机出口占比提升，显著拉动利润增长， 毛利率高于小型挖掘机 5-10 个百分点。 预计下半年美联储降息将改善全球投资环境，带动海外需求增长。中国 工程机械企业凭借成本优势逐步取代小松和卡特彼勒的市场份额，国内 外市场均处于上行周期起点。 雅江项目总投资 1.2 万亿元，土建投资约 7,000 多亿元，工程机械占比 15%-20%，拉动需求超 1,000 亿元。预计五年工期内，每年设备采购 规模约 250-300 亿元，相当于四大主机厂收入总规模的 10%左右。 雅江项目设备采购预算约 1,800 亿元，混凝土与土方设备占比 30%- 35%，盾构占比 10%-15%，自卸车、塔吊等占比 20%-25%。设备采 购预计从 2025 年 Q4 至 2026 年 Q1 开始，集中在 2026 年上半年，以 新设备为主。 雅江项目对无人化和电动化设备需求高，无人矿用机械技术进展快，预 计 2024 年无人矿卡产品放量，渗透率已达 6%并有望 ...

Investment Rating - The report maintains a "Recommended" investment rating for the industry [7] Core Insights - The mechanical export sector shows steady growth, supported by low-altitude economic policies [2][3] - The domestic leading enterprises in the mechanical equipment sector maintain strong competitive advantages in both supply and demand [4] - The report highlights specific investment opportunities in low-altitude economy and mechanical equipment sectors [5] Weekly Market Review - From August 11 to August 15, 2025, the Shanghai Composite Index rose by 1.70%, the Shenzhen Component Index increased by 4.55%, and the ChiNext Index surged by 8.58%. The Shenwan Mechanical Equipment Index rose by 3.21%, outperforming the CSI 300 Index by 0.84 percentage points, ranking 8th among 31 Shenwan first-level industries [12] - Sub-sectors such as general equipment, specialized equipment, and automation equipment saw increases of 3.45%, 4.13%, and 5.45% respectively, while engineering machinery and rail transit equipment experienced slight declines [12][15] Key Sector Tracking Low-altitude Economy - The Yunnan provincial government has issued measures to support the healthy development of the low-altitude economy, including 15 specific initiatives aimed at enhancing safety supervision, supporting drone testing, and expanding international markets [3][21] - Shanghai plans to establish a low-altitude industry fund to encourage research institutions to set up project companies for technological breakthroughs [3] Mechanical Equipment - In July 2025, sales of various types of forklifts reached 118,605 units, a year-on-year increase of 14.4%. Domestic sales accounted for 69,700 units, up 14.3%, while exports totaled 48,905 units, up 14.5% [4] - For the first seven months of 2025, a total of 857,939 forklifts were sold, marking a 12% year-on-year increase, with domestic sales up 10.4% and exports up 15.1% [4] Investment Recommendations - For the low-altitude economy, recommended companies include Deep City Transportation, Sujiao Science and Technology, and Huasheng Group [5] - In the mechanical equipment sector, recommended companies include Sany Heavy Industry, XCMG, and Anhui Heli [5]

Core Viewpoint - The article discusses the phenomenon of middle-aged and elderly individuals becoming addicted to online shopping, leading to a significant impact on family relationships and raising concerns about the quality and necessity of their purchases [1][36][38]. Group 1: Online Shopping Behavior - Middle-aged and elderly consumers are increasingly engaging in online shopping, often purchasing low-quality or unnecessary items, which has become a source of frustration for their children [1][36]. - The allure of low prices drives these consumers to buy items that are often deemed "junk" or "three-no products" (no quality, no brand, no after-sales service) [4][12]. - The convenience of online shopping has led to a surge in deliveries, with families overwhelmed by the volume of packages arriving at their homes [23][36]. Group 2: Psychological Factors - The article highlights that many elderly individuals are motivated by a fear of being left behind in a rapidly changing world, leading them to engage in online shopping as a way to stay connected [38]. - There is a psychological manipulation at play, where unscrupulous sellers exploit the elderly's desire for bargains and their lack of understanding of online shopping processes [36][38]. - The phenomenon reflects a role reversal in family dynamics, where younger generations now worry about their parents' online habits, similar to how parents once worried about their children's gaming [38]. Group 3: Market Dynamics - The article suggests that the market for online products targeted at the elderly is thriving, as businesses find it easier to sell to this demographic due to their willingness to spend [36]. - There is a growing trend of products marketed with dubious claims, such as health benefits or unique features, which appeal to the elderly's concerns about health and wellness [21][36]. - The rise of live-stream shopping has become particularly popular among older consumers, who are drawn to the interactive and engaging nature of these platforms [10][36].

Group 1 - The market is currently experiencing a shift from a focus on banks and low-volatility stocks to a pricing strategy that emphasizes fundamental trends, particularly in growth sectors driven by industrial trends [1][9][28] - The valuation of the market, as indicated by the PB ratio of 1.74, is approaching historical highs, suggesting limited room for further price increases based on fundamentals alone [1][6][28] - There is a notable transition from small-cap growth represented by the National Securities 2000 index to large-cap growth represented by the ChiNext index, driven by valuation differences and investor focus on profitability [2][11][28] Group 2 - Domestic economic indicators show a "double weakness" in both reality and expectations, with financial data indicating weak credit growth and economic data reflecting declining investment and consumption [3][14][20] - The manufacturing sector is experiencing a decline in investment growth and industrial output, which is seen as a normal phenomenon during the transition from an inward-focused economy to a more balanced one [3][16][20] - Historical trends suggest that corporate earnings typically bottom out before PPI, indicating potential recovery in profitability for midstream manufacturing as raw material costs decline faster than factory prices [3][20][28] Group 3 - Inflationary pressures from overseas tariffs are becoming evident, impacting U.S. PPI and altering interest rate expectations, which may accelerate manufacturing investment [4][22][26] - Despite a lower-than-expected CPI, the core CPI has slightly exceeded expectations, indicating persistent inflationary pressures from tariffs [4][22][26] - Global manufacturing investment is on the rise, as evidenced by Japan's machine tool orders increasing by 3.6% year-on-year, primarily driven by overseas demand [4][26][28] Group 4 - The market's focus is shifting towards fundamental pricing, particularly in growth sectors, while large-cap blue-chip stocks continue to underperform [5][28][29] - The recovery of midstream manufacturing profits is expected to take time, but the overall trend towards improving fundamentals is anticipated [5][28][29] - Investment strategies are recommended to focus on upstream resource products and capital goods, as well as consumer-oriented dividend stocks, while monitoring large-cap growth opportunities [5][29]