AHHL(SH:600761) China Post Securities·2024-11-08 12:02Investment Rating - The report maintains an "Accumulate" rating for the company [2][4]. Core Views - The company reported a revenue of 13.409 billion yuan for the first three quarters of 2024, reflecting a year-on-year increase of 2.11%. The net profit attributable to shareholders was 1.101 billion yuan, up 11.63% year-on-year [3]. - The company is facing short-term pressure on performance due to domestic demand constraints, with a decline in revenue and profit in Q3 2024 compared to previous quarters [3]. - The gross margin improved by 1.29 percentage points to 21.53%, while the expense ratio increased by 1.75 percentage points to 12.66% [3]. - The company is actively expanding its international presence, with overseas revenue reaching 3.486 billion yuan in H1 2024, a year-on-year growth of 20.52%, accounting for 38.69% of total revenue [3]. - Strategic emerging businesses are being developed, including high-end casting projects and new energy lithium battery production, alongside digital transformation initiatives [3]. Financial Summary - The projected revenue for 2024-2026 is 17.779 billion, 19.392 billion, and 21.301 billion yuan, with year-on-year growth rates of 1.77%, 9.07%, and 9.84% respectively [4][5]. - The net profit attributable to shareholders is expected to be 1.416 billion, 1.546 billion, and 1.739 billion yuan for the same period, with growth rates of 10.76%, 9.18%, and 12.52% respectively [4][5]. - The company's price-to-earnings (P/E) ratios for 2024-2026 are projected to be 12.01, 11.00, and 9.78 times [4][5].