AHHL(600761) 国信证券·2025-04-13 08:44Investment Rating - The investment rating for the company is "Outperform the Market" [5][18]. Core Views - The company has shown steady revenue growth and continuous improvement in profitability, with a projected revenue of 17.325 billion yuan in 2024, a year-on-year increase of 0.99%, and a net profit of 1.32 billion yuan, up 0.18% year-on-year [1][3]. - The increase in profitability is attributed to a higher proportion of high-margin overseas sales and electric products [1]. - The company is actively expanding its international presence and electric product offerings, with overseas revenue reaching 6.928 billion yuan in 2024, a 13.33% increase, and accounting for 39.99% of total revenue [2][3]. Summary by Sections Financial Performance - In 2024, the company achieved a gross margin of 23.46% and a net margin of 8.66%, both showing improvements of 2.85 and 0.56 percentage points year-on-year, respectively [1]. - The company’s R&D investment continues to grow, with R&D expense ratios increasing to 6.27% [1]. International Business - The company has established a "1+N+X" international marketing system, with new centers opening in Oceania, Europe, and South America [2]. - The export of complete machines reached 126,400 units in 2024, marking a 34.08% increase, which is higher than the industry average [2]. Electric Product Development - The company has increased its electric product share to over 65% in 2024, an 8 percentage point increase year-on-year, and has launched the world's largest lithium battery forklift with a capacity of 55 tons [2]. Emerging Business Segments - The company is expanding into smart logistics, having invested in and acquired companies to enhance its industrial vehicle supply chain [3]. - The company is implementing new technologies such as AI and cloud computing in its operations [3]. Profit Forecast - The company’s projected net profits for 2025, 2026, and 2027 are 1.405 billion, 1.568 billion, and 1.723 billion yuan, respectively, with corresponding PE ratios of 10, 9, and 8 [3][4].