AHHL(SH:600761) Guotai Junan Securities·2024-11-05 07:29Investment Rating - The report maintains a "Buy" rating for the company, with a target price adjusted to 23.36 yuan, down from the previous 26.50 yuan [5][11]. Core Viewpoints - The company is experiencing short-term pressure on performance due to domestic market conditions, but there is optimism regarding the growth of export demand, which is expected to drive future performance [2][3]. - The company has made significant progress in internationalization, electrification, and lithium battery technology, leading to continuous improvement in product and market structure [2][3]. Summary by Relevant Sections Financial Performance - For the first three quarters of 2024, the company reported revenue of 13.409 billion yuan, 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 [3]. - The gross profit margin for the first three quarters was 21.53%, an increase of 1.29 percentage points, attributed to the expansion of overseas business and the rising sales proportion of high-margin electric products [3]. Market Conditions - The domestic forklift market is under short-term pressure, with total forklift sales from January to September 2024 reaching 971,000 units, a year-on-year increase of 10.8%. However, domestic sales were 616,000 units, up 6.2% year-on-year, indicating a decline in sales in September [3][4]. - The company is actively expanding its overseas presence, having established operations in Oceania and South America, and is planning a European headquarters and a research center in Germany [3]. Future Outlook - The company has revised its earnings per share (EPS) forecasts for 2024-2026 to 1.61, 1.83, and 1.90 yuan, respectively, down from previous estimates of 1.79, 2.05, and 2.32 yuan [3][11]. - The report highlights a strong outlook for export trends, suggesting that the company will benefit from sustained demand in international markets [11].