AHHL(600761) 东海证券·2025-02-16 02:24Investment Rating - The report maintains a "Buy" rating for the company [1] Core Insights - The company is a leading domestic forklift manufacturer and is advancing into global markets, focusing on digital transformation and intelligent logistics through a partnership with Huawei [7] - The collaboration with Huawei aims to enhance technological capabilities in areas such as artificial intelligence and cloud computing, which will benefit the company's logistics equipment and smart logistics solutions [7] - The company is positioned to capitalize on the growing trend of automation in the forklift industry, with a significant increase in sales of unmanned mobile robots [7] Financial Summary - Total revenue is projected to grow from 17,470.51 million yuan in 2023 to 22,888.21 million yuan in 2026, with a compound annual growth rate (CAGR) of approximately 10.72% [6] - Net profit attributable to the parent company is expected to increase from 1,278.13 million yuan in 2023 to 1,865.54 million yuan in 2026, reflecting a CAGR of 12.15% [6] - The earnings per share (EPS) is forecasted to rise from 1.43 yuan in 2023 to 2.09 yuan in 2026, indicating strong profitability growth [6] Strategic Initiatives - The company is pursuing a comprehensive strategy that includes globalization, electrification, intelligence, and automation, with plans for convertible bond projects to be gradually put into production [7] - The partnership with Huawei is expected to set a precedent for traditional manufacturing and technology integration, potentially reshaping the competitive landscape in the logistics sector [7] - The company aims to become a technology leader in the industry by developing unmanned intelligent forklifts and providing comprehensive smart logistics solutions [7]