AHHL(SH:600761) Huaxin Securities·2024-10-29 10:30Investment Rating - The report maintains a "Buy" investment rating for Anhui Heli (600761.SH) [1] Core Views - The domestic market is under pressure, but profits continue to grow steadily. The company reported a revenue of 13.409 billion yuan for Q1-Q3 2024, a year-on-year increase of 2.11%, and a net profit attributable to shareholders of 1.101 billion yuan, up 11.63% year-on-year [1] - The overall forklift market in September 2024 showed growth, with total sales reaching 106,002 units, a year-on-year increase of 6.06%. However, domestic sales decreased by 5.32% to 62,755 units, while export sales increased by 28.5% to 43,247 units [1] - The company is accelerating its overseas market expansion and business development, including the establishment of a European headquarters and a research center in Germany, which is expected to enhance its international competitiveness and market share [1] - The company has made significant investments in the smart logistics sector, with a 42% year-on-year revenue growth in this segment in 2023 and a 161.20% increase in H1 2024 [1][2] Summary by Sections Financial Performance - For Q1-Q3 2024, the company achieved a gross profit margin of 21.53%, an increase of 1.29 percentage points year-on-year, and a net profit margin of 8.82%, up 0.47 percentage points year-on-year [2] - The company forecasts revenues of 19.378 billion yuan, 21.688 billion yuan, and 24.276 billion yuan for 2024, 2025, and 2026 respectively, with corresponding EPS of 1.73 yuan, 2.04 yuan, and 2.35 yuan [3] Market Dynamics - The report highlights a divergence between domestic and export markets, with domestic demand slowing down while exports show strong performance, providing new growth opportunities for the company [1] - The company is actively pursuing mergers and acquisitions to enhance its smart logistics capabilities, which are expected to become a new growth driver [1] Cost Management - The company has maintained good cost control, with sales expense ratio at 4.49%, management expense ratio at 2.69%, and R&D expense ratio at 5.45% for Q1-Q3 2024 [2]