AHHL(SH:600761) Guohai Securities·2024-08-28 03:33Investment Rating - The investment rating for the company is "Accumulate" (maintained) [2] Core Views - The company reported a rapid growth in net profit, with a 22% year-on-year increase in net profit for the first half of 2024, reaching 8.03 billion yuan, while operating revenue increased by 3.32% to 9.009 billion yuan [3] - The company's profitability has improved, with a gross margin of 21.58%, up 1.96 percentage points year-on-year, and a net profit margin of 8.92%, up 1.37 percentage points year-on-year [3] - The company is advancing in internationalization and electrification, with overseas revenue increasing by 20.52% year-on-year and electric forklift sales rising by 37.66% [3] Summary by Sections Financial Performance - In Q2 2024, the company achieved an operating revenue of 4.704 billion yuan, a 5.45% increase year-on-year, and a net profit of 413 million yuan, a 4.59% increase year-on-year [3] - The company’s total market capitalization is approximately 13.97 billion yuan [3] Profitability Metrics - The company’s operating income for 2024 is projected to be 18.716 billion yuan, with a year-on-year growth rate of 7% [6] - The projected net profit for 2024 is 1.569 billion yuan, reflecting a year-on-year growth rate of 23% [6] Business Development - The company’s new business segments are showing significant growth, with intelligent logistics business revenue increasing by 161.20% year-on-year [3] - The company’s total assets are expected to reach 20.044 billion yuan by 2024 [8]