AHHL(SH:600761) Soochow Securities·2024-10-30 08:16Investment Rating - The report maintains a "Buy" rating for Anhui Heli (600761) [1][4] Core Views - The company's performance is primarily impacted by a decline in domestic demand and increased expenses related to overseas channel development [2][3] - Despite a temporary setback in Q3, the company is expected to maintain steady growth in the medium term, driven by recovery in domestic demand and global expansion [3][4] Financial Performance Summary - For the first three quarters of 2024, the company achieved total revenue of 13.4 billion, a year-on-year increase of 2%, and a net profit attributable to shareholders of 1.1 billion, up 12% year-on-year [2] - In Q3 alone, total revenue was 4.4 billion, a slight decline of 0.3% year-on-year, with net profit at 300 million, down 9% year-on-year [2] - The gross profit margin for Q3 was 21.4%, a year-on-year increase of 0.3 percentage points, while the net profit margin was 7.3%, down 0.8 percentage points year-on-year [2] Earnings Forecast and Valuation - The report adjusts the net profit forecasts for 2024-2026 to 1.46 billion (previously 1.53 billion), 1.68 billion (previously 1.89 billion), and 1.93 billion (previously 2.26 billion) respectively [4] - The current market capitalization corresponds to P/E ratios of 11, 9, and 8 times for the years 2024, 2025, and 2026 respectively [4] Market Data - The closing price is 17.85, with a one-year low of 15.23 and a high of 28.50 [5] - The circulating A-share market value is approximately 15.9 billion [5] Basic Data - The net asset per share is 11.48, and the debt-to-asset ratio is 42.18% [6]