Anhui Heli (600761): Sales growth rate in the first half of the year exceeded the industry level and export volume increased rapidly

Anhui Heli (600761): Sales growth rate in the first half of the year exceeded the industry level and export volume increased rapidly

Event: The company announced its semi-annual report for 2019 and achieved a consolidated operating income of 50.

1.4 billion, down 1 year.

38%; realize net profit attributable to shareholders of listed companies.

50 ppm, a decrease of 0 per year.

50%; net cash flow from operations2.

30 ppm, an increase of 46 in ten years.

twenty three%.

The company achieved revenue of 25 in the second quarter.

29 trillion, down 9 from the same caliber.

62%, net profit attributable to mothers2.

0.9 million yuan, down by 1 from the same caliber.


The company’s gross profit margin increased the highest, research and development expenses and minority shareholders’ profits and losses increased every year.

Total reported company gross margin 21.

81%, an increase of 1 each year.

88 units; selling expenses 2.

2.7 billion, sales expense ratio 4.

52%, increasing by 0 every year.

24 total; management expenses and R & D expenses reached 1.

59, 2.

550,000 yuan, management expense ratio and research and development expenses3.

17% and 5.

09%, increasing by 0 each year.

22, 1.

93 single ones, of which R & D costs increase by 59 each year.


The company’s product sales growth rate exceeds that of the industry, and overseas exports are growing rapidly every year.

Since 2019, the industrial vehicle industry has undergone adjustment after years of continuous growth. According to the company’s semi-annual report, citing statistics from the Industrial Vehicle Branch of the China Construction Machinery Industry Association, the total sales volume of the industry reached 30 in the first half of the year.

660,000 units, down by 0 every year.


Among them, the total domestic market sales of 23.

500,000 units, an annual increase of 3.

11%; total export sales 7.

160,000 units, down 10 every year.


In the first half of the year, the company achieved sales growth in the domestic market with negative growth in the industry.

94%, the annual export volume growth of 23.

36%.At the same time, the domestic market share of Heli brand is 27.

19%, continue to maintain the number one position in the country.

The company will invest in new energy projects to expand the production capacity of electric vehicles and key components.

According to the company’s “13th Five-Year Plan” development strategic plan, in order to 天津夜网 expand the company’s production capacity of electric vehicles and key components, the company decided to invest in the construction of “new energy vehicle and key component construction projects.”

The total investment of the project is 301.2 million yuan, of which 274.94 million yuan in fixed asset investment and 22.26 million yuan in circulating capital; the construction period of the project is 3 years, and the construction fund is self-raised by the company.

After the project is completed and put into production, it will have an annual production capacity of 40,000 electric storage vehicles and key components.

We believe that driven by environmental protection upgrades, electric forklifts always adhere to the development space, and the company’s investment in new energy projects will help improve product competitiveness.

北京夜网 Profit forecast: Under the influence of domestic and foreign economic pressure, the growth rate of the forklift industry will appear.

We believe that the domestic economy is developing steadily, manufacturing warehousing and logistics will continue to upgrade, and the company’s business is expected to resume growth.

Taking into account the fluctuations of short-term industry development, we slightly lowered our forecasts and expected the company’s EPS in 19-21 to be 0.

82, 0.

90, 1.

01 yuan, according to the closing price of 8 on August 23.

91 yuan calculation PE is 10.



82 times.

Refer to comparable companies and give them 13-15 times PE in 2019, corresponding to a reasonable value range of 10.


30 yuan, given the “preliminary market” rating.

Risk warning: Forklift sales fall short of expectations, raw material prices rise

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