安徽合力：2024年三季报点评报告：三季度业绩承压，出口具备较强韧性

Investment Rating - The investment rating for Anhui Heli (600761.SH) is "Buy" (maintained) [1] Core Views - The company reported a total operating revenue of 13.409 billion yuan for the first three quarters of 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. In the third quarter alone, the operating revenue was 4.4 billion yuan, a slight decrease of 0.11% year-on-year, with a net profit of 298 million yuan, down 9.18% year-on-year [1] - The gross profit margin improved, while the expense ratio increased. For the first three quarters of 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. In the third quarter, the gross profit margin was 21.42%, a year-on-year increase of 0.26 percentage points, but a quarter-on-quarter decrease of 1.03 percentage points, primarily due to the increase in expense ratios [1] - The company accelerated its overseas expansion, establishing a research and development center in Europe and operating eight overseas companies and one overseas R&D center, with products sold in over 180 countries and regions [1] Financial Performance Summary - For the first three quarters of 2024, the company sold 616,422 forklifts, a year-on-year increase of 6.17%, with exports reaching 354,258 units, up 19.9% year-on-year. The total sales for 2024 are projected to be 970,680 units, a year-on-year increase of 10.8% [1] - The company’s financial forecasts indicate operating revenues of 18.405 billion yuan in 2024, with a growth rate of 5.35%, and net profits attributable to shareholders of 1.411 billion yuan, reflecting a growth rate of 10.42% [2][4] - The company’s PE ratios for 2024, 2025, and 2026 are projected to be 11.3x, 9.7x, and 8.0x respectively, compared to the average PE ratios of comparable companies of 12.8x, 10.5x, and 8.7x for the same periods [2][3]