AHHL(SH:600761) Southwest Securities·2024-08-28 03:15Investment Rating - The report maintains a "Buy" rating for Anhui Heli (600761) [1][3] Core Views - The company reported a revenue of 9.01 billion yuan for the first half of 2024, representing a year-on-year growth of 3.3%, while the net profit attributable to shareholders reached 800 million yuan, up 22.0% year-on-year [2] - The increase in sales of electric forklifts has significantly contributed to the improvement in profit margins, with a gross margin of 21.6%, up 1.8 percentage points year-on-year [2] - The company is actively expanding its overseas market presence, achieving overseas revenue of 3.486 billion yuan, a year-on-year increase of 20.52% [2] Summary by Sections Financial Performance - In Q2 2024, the company achieved revenue of 4.7 billion yuan, a year-on-year increase of 4.1% and a quarter-on-quarter increase of 9.3% [2] - The net profit for Q2 was 410 million yuan, reflecting a year-on-year growth of 4.5% and a quarter-on-quarter growth of 6.0% [2] - The overall net profit margin for the first half of 2024 was 9.6%, an increase of 1.1 percentage points year-on-year, primarily due to increased government subsidies [2] Market Trends - The electricization rate in the domestic forklift industry has significantly improved, with sales of electric forklifts increasing by 37.7% year-on-year, accounting for 62.7% of total sales [2] - The overall electricization rate in the industry reached 70.8%, up 2.9 percentage points from the end of 2023 [2] Future Outlook - The company forecasts net profits attributable to shareholders of 1.53 billion yuan, 1.8 billion yuan, and 2.07 billion yuan for 2024, 2025, and 2026 respectively, with a compound annual growth rate of 17.4% over the next three years [3] - The report highlights ongoing investments in R&D and the launch of new electric forklift models as part of the company's strategy to enhance its competitive edge in the global market [2]