AHHL(SH:600761) Soochow Securities·2025-03-12 09:27Investment Rating - The report maintains a "Buy" rating for the company [10] Core Views - The company plans to invest in a factory in Thailand, aiming to enhance its overseas market share with an annual production capacity of 10,000 forklifts and 10,000 lithium battery packs [2] - The company has been accelerating its global market expansion, establishing subsidiaries in various regions including Europe and South America [2] - The forklift industry is expected to see a recovery in demand due to increased investment in manufacturing and logistics, as well as rising labor costs [3] - The company is advancing its smart logistics business, which is anticipated to become a second growth curve through partnerships with technology firms like Huawei [4] Financial Projections - Total revenue is projected to grow from 17,471 million RMB in 2023 to 22,260 million RMB in 2026, with a compound annual growth rate (CAGR) of approximately 10.76% [11] - Net profit attributable to the parent company is expected to increase from 1,278 million RMB in 2023 to 1,808 million RMB in 2026, reflecting a CAGR of around 13.14% [11] - The latest diluted earnings per share (EPS) is forecasted to rise from 1.43 RMB in 2024 to 2.03 RMB in 2026 [11] Market Data - The company's closing price is 20.88 RMB, with a market capitalization of approximately 18,597.66 million RMB [7] - The price-to-earnings (P/E) ratio is projected to decrease from 14.55 in 2023 to 10.29 in 2026, indicating potential undervaluation [11]