AHHL(SH:600761) China Post Securities·2024-04-08 16:00Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected stock price increase of over 20% relative to the benchmark index within the next six months [7][34]. Core Views - The company is expected to see revenue growth from 199.88 billion in 2024 to 252.65 billion in 2026, with year-on-year growth rates of 14.41%, 12.86%, and 11.99% respectively [18]. - The net profit attributable to the parent company is projected to increase from 14.44 billion in 2024 to 18.21 billion in 2026, with growth rates of 12.99%, 12.85%, and 11.73% [18]. - The company has shown improved profitability, with a significant increase in gross margin and a strong performance in both domestic and international markets [26]. Financial Summary - The company's revenue for 2023 was 17,471 million, with a year-on-year growth of 10.76%. The net profit was 1,278 million, reflecting a growth of 40.89% [26]. - The projected EBITDA for 2024 is 2,076.12 million, with a corresponding PE ratio of 11.27 [19]. - The company’s asset-liability ratio stands at 51.1%, indicating a balanced financial structure [16]. Market Performance - The company achieved a quarterly revenue of 43.38 billion in Q4 2023, with a year-on-year growth of 16.49%, and a net profit of 2.91 billion, growing by 33.45% [26]. - The gross margin improved by 3.53 percentage points to 20.36%, with domestic and international margins also showing positive trends [26]. Strategic Initiatives - The company is focusing on innovation, launching new products such as hydrogen fuel engines and electric forklifts, which are filling gaps in the domestic market [26]. - The international market strategy has been enhanced, with a 21% increase in machine exports and a 32% rise in overseas revenue [26].