AHHL(SH:600761) Donghai Securities·2025-10-29 05:11Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Insights - The company reported a revenue of 14.934 billion yuan for the first three quarters of 2025, representing a year-on-year growth of 10.94%. However, the net profit attributable to shareholders decreased by 4.88% to 1.121 billion yuan. The net cash flow from operating activities increased significantly by 106.23% to 963 million yuan, mainly due to increased cash received from sales [7] - The company has maintained stable expense ratios while increasing R&D investment, with R&D expenses reaching 1.003 billion yuan, a year-on-year increase of 37.20%. This investment is focused on emerging fields such as green technology and smart logistics, which are expected to become new growth engines [7] - Forklift sales have shown double-digit growth, with the company's sales growth outpacing the industry. In the first nine months of 2025, the company sold 204,200 forklifts, a year-on-year increase of 17.23%, compared to the industry growth of 14% [7] - The company is advancing in the smart logistics sector, developing various logistics management systems and collaborating with major tech companies to enhance its capabilities in intelligent logistics solutions [7] - The company aims to achieve a revenue target of approximately 18 billion yuan for 2025, supported by its focus on electric products and global expansion [7] Financial Forecasts - Total revenue is projected to reach 17.325 billion yuan in 2024, with a growth rate of 0.99%, and is expected to grow to 21.899 billion yuan by 2027, with a growth rate of 8.12% [6] - The net profit attributable to shareholders is forecasted to be 1.320 billion yuan in 2024, increasing to 1.791 billion yuan by 2027, with a growth rate of 12.08% [6] - The diluted EPS is expected to rise from 1.48 yuan in 2024 to 2.01 yuan in 2027, reflecting a positive trend in profitability [6]