AHHL(SH:600761) Orient Securities·2024-04-14 16:00Investment Rating - The report maintains a "Buy" rating for Anhui Heli, with a target price of 26.13 CNY based on a 13x average P/E ratio of comparable companies for 2024 [2][3]. Core Insights - The revenue forecast for 2023 has been adjusted downwards, while the gross margin forecast has been raised. The EPS estimates for 2024 and 2025 have been lowered to 2.01 CNY and 2.39 CNY respectively, with a new EPS forecast for 2026 at 2.79 CNY [2]. - The company achieved record high revenue and net profit in 2023, with total revenue reaching 17.471 billion CNY, a year-on-year increase of 10.8%, and net profit attributable to shareholders at 1.278 billion CNY, up 40.9% year-on-year [19][20]. - The sales volume of electric forklifts has seen rapid growth, with total forklift sales reaching 292,000 units in 2023, a 12% increase year-on-year. The electricization rate of sales exceeded 57%, up over 6 percentage points year-on-year [19]. - The overseas business strategy has shown positive results, with export sales increasing by 21% to 9,400 units and overseas revenue reaching 6.1 billion CNY, a 32% year-on-year increase [19]. Financial Summary - In Q4 2023, the company reported revenue of 4.34 billion CNY, a 15.9% increase year-on-year, and a net profit of 290 million CNY, up 33% year-on-year [19]. - The gross margin for 2023 was 20.61%, an increase of 3.62 percentage points year-on-year, while the net margin was 8.10%, up 1.56 percentage points year-on-year [19][20]. - The company’s total assets reached 16.898 billion CNY in 2023, with total liabilities of 8.636 billion CNY, resulting in a debt-to-asset ratio of 51.1% [20].