AHHL(600761) 国泰海通证券·2025-04-10 11:25Investment Rating - The report maintains a rating of "Accumulate" for the company [11]. Core Views - The company has demonstrated stable performance in 2024, with an increase in market share and a focus on internationalization and smart technology growth opportunities, indicating a positive long-term growth outlook [3][11]. - The company’s forklift business remains a leader domestically, and it is actively advancing its international and intelligent logistics strategies, which are expected to enhance profitability [11]. Financial Summary - In 2024, the company achieved a revenue of 17,325 million yuan, a year-on-year increase of 0.99%, and a net profit attributable to shareholders of 1,320 million yuan, up 0.18% year-on-year [11]. - The projected earnings per share (EPS) for 2025 and 2026 are adjusted to 1.59 yuan and 1.78 yuan respectively, with a new EPS forecast of 2.00 yuan for 2027 [11]. - The company’s gross profit margin and net profit margin for 2024 were 23.46% and 7.62%, reflecting a year-on-year increase of 1.58 percentage points and a decrease of 0.06 percentage points respectively [11]. Market Position - The company’s domestic and international revenue for 2024 was 10,186 million yuan and 6,928 million yuan respectively, with international revenue accounting for nearly 40% of total revenue, an increase of 5 percentage points [11]. - The domestic sales volume reached 213,800 units, with a market share of 26.56%, an increase of 0.83 percentage points year-on-year [11]. Strategic Initiatives - The company is enhancing its global presence with the establishment of operational centers in Oceania, Europe, and South America, achieving the top market share in 34 overseas countries and regions [11]. - The company is also focusing on digital transformation and smart logistics, including partnerships with Huawei to accelerate technology innovation and talent development [11].