AHHL(SH:600761) Changjiang Securities·2025-09-01 14:41Investment Rating - The investment rating for the company is "Buy" and is maintained [8] Core Insights - In the first half of 2025, the company achieved revenue of 9.39 billion yuan, a year-on-year increase of 6.18%. The net profit attributable to shareholders was 796 million yuan, a decrease of 4.60% year-on-year, while the net profit excluding non-recurring items was 727 million yuan, an increase of 0.31% year-on-year. The company's domestic sales showed recovery, and overseas sales continued to grow, with overseas revenue increasing by 15.20% year-on-year [2][6] - The company is actively expanding new business lines, with revenue from components, aftermarket, and smart logistics segments growing by 16.4%, 15.3%, and 59.1% year-on-year, respectively. The establishment of a "Joint Innovation·Tianshu Laboratory" with Jianghuai Frontier Technology is expected to enhance the development of intelligent business, opening up growth opportunities for the company [2][11] Summary by Sections Financial Performance - In Q2 2025, the company achieved revenue of 5.12 billion yuan, a year-on-year increase of 9.89%, and a net profit of 474 million yuan, a year-on-year increase of 9.80%. The net profit excluding non-recurring items was 447 million yuan, a year-on-year increase of 17.75% [6] - The overall gross margin for the first half of 2025 was 23.6%, an increase of 0.4 percentage points year-on-year, indicating steady improvement in profitability [11] Market Position and Growth - The company maintained a strong market position, with domestic sales volume increasing by 11.28% year-on-year, outpacing industry growth. The overseas sales volume increased by 23.08% year-on-year, with overseas revenue accounting for 43% of total revenue [11] - The company is focusing on high-quality development and has implemented cost-reduction measures across the entire supply chain to enhance profitability [11] Strategic Initiatives - The company is pursuing strategic collaborations to deepen its intelligent logistics business, including partnerships with Huawei and logistics companies like SF Express and JD.com [11] - The outlook for the second half of 2025 is positive, with expectations of continued growth in domestic manufacturing demand and sustained overseas business growth, particularly in new energy products [11]