AHHL(SH:600761) Huachuang Securities·2025-04-09 01:33Investment Rating - The report maintains a "Strong Buy" rating for Anhui Heli (600761), expecting it to outperform the benchmark index by over 20% in the next six months [2][17]. Core Views - The company reported a revenue of 17.33 billion yuan in 2024, a year-on-year increase of 0.99%, and a net profit attributable to shareholders of 1.32 billion yuan, up 0.18% year-on-year. However, the net profit excluding non-recurring items decreased by 5.84% [2]. - The report highlights the impact of rising costs on profits but remains optimistic about the company's diversified layout and international expansion efforts [2][3]. Financial Performance Summary - In 2024, the company achieved a gross margin of 23.25%, an increase of 1.62 percentage points year-on-year, despite a challenging domestic market [7]. - The total sales volume of complete machines reached 340,200 units, a year-on-year increase of 16.53%, with electric products accounting for over 65% of sales [7]. - The company’s overseas revenue reached 6.93 billion yuan, a year-on-year increase of 13.3%, with foreign revenue accounting for 40% of total revenue [7]. Market Position and Strategy - The company is focusing on smart logistics and has made significant investments in this area, including the establishment of a smart logistics industrial park and partnerships with technology firms like Huawei [7]. - The report notes that the domestic demand for internal combustion forklifts is weak, but the company is accelerating its overseas expansion and product differentiation [7]. Future Projections - Revenue projections for 2025, 2026, and 2027 are 19.29 billion yuan, 21.67 billion yuan, and 24.27 billion yuan, respectively, with expected year-on-year growth rates of 11.3%, 12.3%, and 12.0% [8]. - The net profit attributable to shareholders is projected to be 1.45 billion yuan, 1.64 billion yuan, and 1.86 billion yuan for the same years, with growth rates of 9.9%, 12.9%, and 13.6% [8].