AHHL(SH:600761) Huachuang Securities·2024-08-28 00:03Investment Rating - The report maintains a "Strong Buy" rating for the company, indicating an expectation to outperform the benchmark index by over 20% in the next six months [1][10]. Core Insights - The company reported a revenue of 9.009 billion yuan for the first half of 2024, a year-on-year increase of 3.32%, and a net profit attributable to shareholders of 803 million yuan, up 22.00% year-on-year [1]. - The company's internationalization and electrification strategies have led to a significant increase in profitability, with a gross margin of 21.58%, up 1.96% year-on-year [1]. - The company achieved overseas revenue of 3.486 billion yuan, representing a year-on-year growth of 20.52%, with overseas revenue accounting for 38.69% of total revenue [1]. - The sales of electric new energy forklifts increased by 37.66%, making up 62.72% of total sales [1]. - The company is expanding its international presence, with plans to establish a European headquarters and a research center in Germany [1]. Financial Performance Summary - For the first half of 2024, the company reported a net profit of 803 million yuan, a 22.00% increase year-on-year, and a net profit excluding non-recurring items of 720 million yuan, up 26.83% [1]. - The company expects revenues of 20.504 billion yuan, 23.681 billion yuan, and 27.282 billion yuan for 2024, 2025, and 2026 respectively, with year-on-year growth rates of 17.4%, 15.5%, and 15.2% [2][3]. - The projected net profits for the same years are 1.567 billion yuan, 1.790 billion yuan, and 2.023 billion yuan, with growth rates of 22.6%, 14.3%, and 13.0% respectively [2][3]. - The earnings per share (EPS) are expected to be 1.76 yuan, 2.01 yuan, and 2.27 yuan for 2024, 2025, and 2026 respectively [2][3]. Market Position and Strategy - The company is recognized as a leading player in the forklift industry, benefiting from a well-established supply chain and domestic and international distribution channels [1]. - The company is diversifying its revenue streams through strategic emerging businesses, including components, aftermarket services, and smart logistics, which have shown significant growth [1]. - The company is also focusing on optimizing its product structure and enhancing profitability in response to the lithium battery trend [1].