AHHL(SH:600761) Changjiang Securities·2024-11-07 06:18Investment Rating - The report maintains a "Buy" rating for Anhui Heli [8][6] Core Views - The forklift industry in China experienced a year-on-year export volume increase of 20.4%, indicating that the company's foreign sales revenue is likely to continue growing rapidly [4][5] - The company's gross profit margin improved by 0.26 percentage points year-on-year to 21.42%, primarily due to an increase in overseas sales proportion and product structure optimization [5][6] - The company achieved a revenue of 13.409 billion yuan in the first three quarters of 2024, a year-on-year increase of 2.11%, and a net profit of 1.101 billion yuan, up 11.63% year-on-year [3][4] Summary by Sections Revenue and Profitability - In Q3 2024, the company reported a revenue of 4.4 billion yuan, a slight decrease of 0.11% year-on-year, and a net profit of 298 million yuan, down 9.18% year-on-year [3][4] - The company’s net profit margin in Q3 was 7.26%, a decrease of 0.83 percentage points year-on-year, attributed to increased expenses from overseas expansion [5][6] Market Outlook - The domestic forklift market is expected to recover gradually, supported by stable growth policies and ongoing trends of machinery replacing labor [6] - The company is focusing on high-value-added products, including large-tonnage and new energy products, which are anticipated to drive future growth [6][4] Future Projections - The company is projected to achieve a net profit of 1.453 billion yuan in 2024 and 1.808 billion yuan in 2025, corresponding to price-to-earnings ratios of 11x and 9x, respectively [6][10]