AHHL(SH:600761) Soochow Securities·2024-04-08 16:00Investment Rating - The report maintains a "Buy" rating for the company [2][5] Core Views - The company's performance in 2023 met expectations, with total revenue reaching 17.471 billion yuan, a year-on-year increase of 10.76%, and a net profit attributable to shareholders of 1.278 billion yuan, up 40.89% year-on-year [3][5] - The company successfully expanded its overseas market, achieving a revenue of 6.1 billion yuan from international sales, a growth of 32% year-on-year, which now accounts for 35% of total revenue [3][4] - The company plans to distribute a cash dividend of 6.0 yuan per 10 shares, totaling 400 million yuan, with a payout ratio of approximately 35% and a dividend yield of 3.29% [3] Financial Performance Summary - In 2023, the company achieved total revenue of 17.471 billion yuan, a year-on-year growth of 10.76%, and a net profit of 1.278 billion yuan, reflecting a 40.89% increase [3][5] - The company's sales gross margin improved to 20.6%, up 3.6 percentage points year-on-year, while the net profit margin increased to 8.1%, up 1.6 percentage points [4] - The company sold 290,000 forklifts in 2023, with a year-on-year growth of approximately 12%, and notable growth in electric forklifts [3][4] Future Outlook - The company is expected to maintain steady growth in 2024, benefiting from domestic environmental policies and equipment upgrades, as well as a favorable overseas market outlook [5] - The report forecasts net profits of 1.529 billion yuan for 2024 and 1.883 billion yuan for 2025, with corresponding P/E ratios of 10.64 and 8.65 [5]