安徽合力：国内需求疲软，国际化持续夯实

Investment Rating - The report maintains a "Buy" rating for the company, with expected earnings growth leading to a price-to-earnings (PE) ratio of 12, 10, and 8 times for the years 2024 to 2026 respectively [2]. Core Insights - The company reported a revenue of 13.4 billion yuan for the third quarter, a year-on-year increase of 2%, and a net profit attributable to shareholders of 1.1 billion yuan, up 11.63% year-on-year. However, the third quarter revenue of 4.4 billion yuan showed a decline of 2.6% year-on-year, and net profit was 298 million yuan, down 9.3%, which was below expectations [1][2]. - Domestic market demand is weak, while exports remain strong. In the third quarter, the industry forklift sales reached 308,600 units, a year-on-year increase of 6.2%. Domestic sales were 182,500 units, down 1.8%, while export sales were 126,000 units, up 20.38%. This indicates a divergence between domestic and export markets, with the latter showing stronger growth [2]. - The company's gross margin for the first three quarters of 2024 was 21.53%, an increase of 1.28 percentage points year-on-year. The net profit margin was 8.82%, up 0.47 percentage points year-on-year. However, the gross margin for the third quarter was 21.42%, a year-on-year increase of 0.26 percentage points but a decrease of 1.03 percentage points quarter-on-quarter, primarily due to increased overseas market promotion and R&D expenses [2]. Summary by Sections Performance Review - The company achieved a revenue of 134 billion yuan in the third quarter, with a year-on-year growth of 2%. The net profit attributable to shareholders was 11 billion yuan, reflecting an increase of 11.63% year-on-year. However, the third quarter results were below expectations [1]. Operational Analysis - The domestic market is experiencing weak demand, while exports are performing well. The industry saw a total of 308,600 forklifts sold in the third quarter, with domestic sales at 182,500 units and exports at 126,000 units [2]. - The gross margin for the first three quarters was 21.53%, with a net profit margin of 8.82%. The third quarter gross margin was 21.42%, showing a decline from the previous quarter due to increased expenses [2]. Financial Forecast and Valuation - The company is expected to achieve net profits of 1.37 billion, 1.61 billion, and 1.97 billion yuan for the years 2024 to 2026. The current stock price corresponds to PE ratios of 12, 10, and 8 for the respective years [2].