AHHL(SH:600761) Donghai Securities·2025-08-27 10:03Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Insights - The company reported a revenue of 9.39 billion yuan for the first half of 2025, representing a year-on-year growth of 6.18%. The net profit attributable to the parent company was 796 million yuan, a decrease of 4.60% year-on-year. Overseas revenue reached 4.016 billion yuan, growing by 15.20% year-on-year [6][4] - The company's sales growth rate outpaced the industry, with a total of 204,200 units sold in the first half of 2025, reflecting a year-on-year increase of 17.23%, capturing 27.62% of the market share. The proportion of electric products increased, with electric vehicle sales rising by 28% year-on-year, accounting for 68% of total sales [6][4] - The company is expanding its international presence by establishing its first overseas manufacturing plant and optimizing its international operations. Overseas revenue accounted for 43% of total revenue, with 73,600 units exported, marking a year-on-year increase of 23.08% [6][4] - The company is focusing on new growth areas, particularly in smart logistics, with strategic partnerships with Huawei and other firms to enhance its capabilities in intelligent logistics solutions [6][4] Summary by Sections Financial Performance - Total revenue for 2024A is projected at 17.33 billion yuan, with a year-on-year growth rate of 0.99%. For 2025E, revenue is expected to reach 18.39 billion yuan, reflecting a growth rate of 6.17% [6][7] - The net profit attributable to the parent company is forecasted to be 1.32 billion yuan for 2024A and 1.44 billion yuan for 2025E, with respective growth rates of 0.18% and 8.97% [6][7] Market Position - The company is recognized as a leading player in the forklift industry, with a comprehensive business model covering the entire supply chain from vehicle assembly to core systems and components [6][4] Strategic Initiatives - The company aims to achieve a sales revenue target of approximately 18 billion yuan for 2025, driven by its focus on electric and smart logistics products [6][4]