AHHL(SH:600761) ZHESHANG SECURITIES·2024-11-30 00:23Investment Rating - The report maintains a "Buy" rating for the company [4] Core Views - The company plans to acquire 65.15% of Anhui Haoyun Machinery and 51% of Anhui Anxin Forklift, with a total transaction value of 197 million yuan, aimed at enhancing core competitiveness and reducing daily related transactions [1] - The company's overseas revenue grew by 20% year-on-year in the first half of the year, accounting for 39% of total revenue, indicating a strong international market presence [1] - Electric forklifts represent 63% of total sales, with significant growth in parts and aftermarket services, reflecting the ongoing electrification trend in the industry [1] Summary by Sections Acquisition Details - The company is set to acquire stakes in Haoyun Machinery and Anxin Forklift for a total of 197 million yuan, which is expected to enhance its core competitiveness and streamline operations [1] International Expansion - In the first half of 2024, the company achieved a 29.62% increase in export volume, with overseas revenue reaching 3.486 billion yuan, a 20.52% increase year-on-year, making up 38.69% of total revenue [1] - As of October 2024, the company sold 98,582 forklifts, a 0.44% increase year-on-year, with exports up by 12.70% [1][19] Electric Forklift Sales - Electric forklifts accounted for 63% of total sales, with significant growth in various electric forklift categories, including a 19.04% increase in electric balance forklifts and a 25.58% increase in electric walkie forklifts [1] - The electrification trend is evident, with electric forklifts making up 70.77% of total sales and a notable increase in the competitiveness of lithium battery-powered models [1] Financial Performance - For the first three quarters of 2024, the company reported revenue of 13.409 billion yuan, an increase of 2.11% year-on-year, and a net profit of 1.101 billion yuan, up 11.63% [2] - The company expects net profits for 2024-2026 to be 1.384 billion, 1.533 billion, and 1.689 billion yuan, respectively, with corresponding PE ratios of 11, 10, and 9 [2][8]