AHHL(600761) 申万宏源证券·2025-04-12 13:04Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - The company continues to enhance its market share and is firmly advancing its internationalization strategy [1] - The company reported a revenue of 17.33 billion yuan for 2024, a year-on-year increase of 0.99%, and a net profit of 1.32 billion yuan, up 0.18% year-on-year, which aligns with expectations [4][7] - The company achieved a forklift sales volume of 340,200 units in 2024, representing a year-on-year growth of 16.53%, outpacing industry growth [7] - The company has increased its research and development efforts, leading to a short-term rise in expense ratios [7] - The internationalization strategy has made significant progress, with exports of complete machines reaching 126,400 units, a year-on-year increase of 34.08% [7] - The profit forecast for 2025-2027 has been revised downwards, with expected net profits of 1.45 billion, 1.60 billion, and 1.78 billion yuan respectively [7] Financial Data and Profit Forecast - The company’s total revenue is projected to grow from 17.33 billion yuan in 2024 to 22.16 billion yuan by 2027, with a compound annual growth rate of approximately 9.8% [6] - The net profit is expected to increase from 1.32 billion yuan in 2024 to 1.78 billion yuan in 2027, reflecting a growth rate of 11.3% [6] - The company’s price-to-earnings (PE) ratio is projected to decrease from 11 in 2024 to 8 in 2027, indicating a relatively lower valuation compared to peers [10]