AHHL(600761) 海通证券·2024-11-07 10:40Investment Rating - The investment rating for the company is "Outperform the Market" [2][11][21] Core Views - The company reported a revenue of 13.409 billion yuan for the first three quarters of 2024, representing a year-on-year increase of 2.11%. The net profit attributable to the parent company was 1.101 billion yuan, up 11.63% year-on-year [6] - The company is accelerating its international expansion and expects domestic recovery, with a focus on electric and overseas markets [9] - The company maintains a robust profitability with a gross margin of 21.53% and a net margin of 8.82% for the first three quarters of 2024 [7] Financial Performance - For Q3 2024, the company achieved 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 [6] - The company’s gross margin and net margin for Q3 2024 were 21.42% and 7.26%, respectively [7] - The company’s operating cash flow for the first three quarters of 2024 was 258 million yuan, a significant decline of 75.58% year-on-year due to increased cash payments for goods and services [8] Market Expansion - The company has accelerated its international layout since July 2024, establishing overseas centers and increasing exports, with overseas revenue accounting for 40% of total revenue in the first half of 2024 [9] - The company has a presence in over 100 countries and regions, with a market share of over 30% in more than 30 countries [9] Revenue and Profit Forecast - The company is projected to achieve revenues of 17.85 billion yuan in 2024, 20.18 billion yuan in 2025, and 22.63 billion yuan in 2026, with year-on-year growth rates of 2.17%, 13.08%, and 12.09% respectively [11][14] - The net profit attributable to the parent company is expected to reach 1.417 billion yuan in 2024, 1.677 billion yuan in 2025, and 1.961 billion yuan in 2026, with growth rates of 10.85%, 18.37%, and 16.93% respectively [11][14] Valuation - The company is assigned a PE valuation of 13-15 times for 2024, with a reasonable price range of 20.68-23.86 yuan per share, translating to a market value range of 184-213 billion yuan [11][21]