AHHL(SH:600761) Donghai Securities·2025-03-13 03:31Investment Rating - The report maintains a "Buy" rating for Anhui Heli (600761) [10] Core Views - Anhui Heli has established a joint venture in Thailand, marking a significant step in its global expansion strategy. The company aims to enhance its international brand influence and is building an overseas production supply system [8][9] - The company reported overseas revenue of 3.486 billion yuan in the first half of 2024, a year-on-year increase of 20.52%, accounting for 38.69% of total revenue [8] - The collaboration with Huawei is expected to reshape the competitive landscape of smart logistics, leveraging digital transformation and AI technologies [9] - The domestic demand for forklifts is anticipated to improve, supported by a favorable manufacturing PMI and a projected GDP growth of around 5% for the year [9] Summary by Sections 1. Anhui Heli Overview - Anhui Heli has formed a joint venture with a local Thai company, investing approximately 319.5 million yuan for a 75% stake in the new company, which will manufacture industrial vehicles and lithium battery packs [7][8] - The company plans to produce 10,000 forklifts and 10,000 sets of lithium battery packs annually [7] 2. Refrigerant Industry Insights - The prices of refrigerants are steadily increasing, with R32, R125, and R134a prices rising by 2.30%, 2.33%, and 2.27% month-on-month, respectively [12] - The production of second-generation refrigerants is being reduced, while the demand for third-generation refrigerants is expected to remain strong due to high air conditioning production [13] - The report suggests focusing on leading companies in the refrigerant industry, such as Juhua Co. and Sanmei Co., which have well-established supply chains [13]