AHHL(SH:600761) Changjiang Securities·2025-11-11 23:30Investment Rating - The investment rating for the company is "Buy" and is maintained [9]. Core Insights - The company reported a revenue of 49.67 billion yuan in Q3 2025, representing a year-on-year increase of 7.57%. The net profit attributable to shareholders was 3.03 billion yuan, down 11.84% year-on-year. The net profit excluding non-recurring items was 2.74 billion yuan, a decrease of 1.00% year-on-year [2][6]. - The overall gross margin for the first three quarters of 2025 was 23.81%, an increase of 0.53 percentage points year-on-year. The increase in research and development expenses has led to higher costs, but the company expects its core forklift business to continue to grow steadily, with emerging sectors like smart logistics and components becoming new growth drivers [2][12]. - The company is experiencing significant improvements in both domestic and international sales, with the global forklift market showing strong growth. The domestic market saw a total sales volume of 221,000 units in Q3 2025, up 21.1% year-on-year, while international sales also continued to rise [12]. Summary by Sections Financial Performance - For the first three quarters of 2025, the company achieved a total revenue of 149.34 billion yuan, a year-on-year increase of 10.94%. The net profit attributable to shareholders was 11.21 billion yuan, down 4.88% year-on-year, while the net profit excluding non-recurring items was 10.07 billion yuan, up 0.56% year-on-year [6][12]. Market Trends - The forklift industry in China saw a total sales volume of 367,000 units in Q3 2025, reflecting a year-on-year increase of 19.0%. The company has established subsidiaries and service networks in various regions globally, which is expected to drive growth in markets such as South America, Europe, and Africa [12]. Strategic Developments - The company is deepening its smart logistics business and has formed strategic partnerships with leading technology firms. This collaboration is expected to enhance the development of its robotics and smart logistics products [12]. - The company maintains a positive outlook for its long-term growth potential, driven by the recovery of domestic manufacturing and the shift towards larger, high-end, and intelligent forklift products [12].