AHHL(SH:600761) Guotou Securities·2024-09-02 12:01Investment Rating - The investment rating for Anhui Heli is "Buy-A" with a 12-month target price of 21.12 CNY, compared to the current stock price of 17.35 CNY as of August 30, 2024 [3]. Core Insights - The company reported a steady revenue growth of 3.32% year-on-year, achieving a total revenue of 9.009 billion CNY in the first half of 2024, with a net profit of 803 million CNY, reflecting a significant increase of 22% [1]. - The demand structure is continuously optimized due to "internationalization and electrification," with the total sales volume of forklifts in China reaching 662,100 units, a year-on-year increase of 13.09% [1]. - The company's overseas revenue reached 3.486 billion CNY, up 20.52% year-on-year, with export sales growing by 29.62%, indicating that the company outperformed the industry in exports [1]. - The gross margin improved to 21.58%, an increase of 1.82 percentage points year-on-year, while the net margin reached 9.58%, up 1.1 percentage points [1]. Financial Performance - The company’s revenue projections for 2024-2026 are 18.4 billion CNY, 20.1 billion CNY, and 21.64 billion CNY, with growth rates of 10.8%, 9.2%, and 7.7% respectively [6]. - Net profit forecasts for the same period are 1.53 billion CNY, 1.71 billion CNY, and 1.89 billion CNY, with growth rates of 19.8%, 11.9%, and 10.3% respectively [6]. - The company’s PE ratios for 2024-2026 are projected to be 10.1, 9.1, and 8.2 times [6]. Cost Structure and Profitability - The company’s cost structure has benefited from lower raw material prices, with the steel price index down 17.6% year-on-year and lithium carbonate prices down 66.82% [1]. - The operating expense ratio for the first half of 2024 was 11.73%, an increase of 1.54 percentage points year-on-year, with significant increases in sales and R&D expenses due to expanded overseas marketing and new product development [2].