AHHL(SH:600761) Huachuang Securities·2024-04-08 16:00Investment Rating - The report maintains a "Strong Buy" rating for the company [9][3]. Core Views - The company achieved a revenue of 17.471 billion yuan in 2023, representing a year-on-year growth of 10.76%. The net profit attributable to shareholders reached 1.278 billion yuan, up 40.8% year-on-year [2][4]. - The company’s electric forklift sales increased significantly, with a total of 292,000 units sold in 2023, marking an 11.93% increase compared to the previous year. The proportion of new energy products in total sales rose to 57.17% [2][4]. - The company’s overseas revenue share increased by 5.53 percentage points to 35.32%, with overseas business revenue growing by 32% year-on-year [2][4]. - The report forecasts revenue growth for the company from 20.504 billion yuan in 2024 to 27.282 billion yuan in 2026, with corresponding net profits of 1.466 billion yuan and 1.996 billion yuan respectively [5][4]. Financial Summary - In 2023, the company reported a gross margin of 20.61% and a net margin of 8.10%, both showing improvements from 2022 [2][4]. - The company’s total assets reached 16.898 billion yuan in 2023, with a debt-to-asset ratio of 51.1% [7][5]. - The earnings per share (EPS) for 2023 was 1.68 yuan, with projections of 1.92 yuan for 2024 and 2.62 yuan for 2026 [5][4].