AHHL(SH:600761) Soochow Securities·2025-03-12 10:23Investment 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 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 growth rate of 40.89% in 2023 [11] - The latest diluted earnings per share (EPS) is forecasted to rise from 1.43 RMB in 2024 to 2.03 RMB in 2026 [10][11] Market Position and Strategy - The company is actively expanding its global footprint, having established several subsidiaries in Europe, Australia, and South America, with a focus on enhancing brand image and service channels [2] - The report highlights the potential for increased lithium battery adoption in forklifts, with current rates at 19% in China and 13% overseas, indicating significant room for growth [3] - The company is also focusing on digital transformation and smart logistics, which are expected to drive future revenue growth [4]