AHHL(SH:600761) Tianfeng Securities·2024-11-04 12:42Investment Rating - The report maintains a "Buy" rating for the company, with a target price set at 18.59 CNY per share, indicating a potential upside in the next six months [5]. Core Views - The company has shown resilience in growth despite facing pressure from domestic sales, with a year-on-year revenue increase of 2.11% and a net profit increase of 11.63% for the first three quarters of 2024 [1]. - The company is accelerating its industrial layout optimization and expanding strategic emerging businesses, with significant growth in its component business and intelligent logistics [3]. - The company is enhancing its marketing system and advancing its internationalization strategy, including the establishment of overseas headquarters and R&D centers [4]. - Profit forecasts for the company indicate a net profit of 14.6 billion CNY in 2024, increasing to 20.6 billion CNY by 2026, reflecting a positive outlook on internationalization and electrification trends [4]. Financial Performance Summary - For the first three quarters of 2024, the company achieved a revenue of 134.09 billion CNY, with a net profit of 11.01 billion CNY, and a gross margin of 21.53% [1]. - In Q3 2024, the company reported a revenue of 44.0 billion CNY, with a net profit of 2.98 billion CNY, showing a decline compared to the previous quarter [2]. - The company’s gross margin for Q3 2024 was 21.42%, with a net margin of 7.26% [2]. - The company’s financial projections show a steady increase in revenue and net profit from 2022 to 2026, with a projected revenue of 22.16 billion CNY in 2026 [7][8].