AHHL(SH:600761) Southwest Securities·2024-05-03 03:30Investment Rating - The report maintains a "Buy" rating for the company, with a projected compound annual growth rate (CAGR) of 15% for net profit attributable to the parent company over the next three years [2][12]. Core Insights - The company achieved a revenue of 4.31 billion yuan in Q1 2024, representing a year-on-year growth of 2.5%, while the net profit attributable to the parent company was 390 million yuan, marking a significant year-on-year increase of 48.3% [13][14]. - The gross profit margin improved to 20.6% in Q1 2024, an increase of 2.3 percentage points year-on-year, primarily driven by the rise in overseas revenue, which accounted for approximately 39% of total revenue [3][14]. - The company has seen substantial growth in its electric forklift segment, with sales of various electric models increasing significantly, including a 100.1% growth in high-end electric warehouse trucks [3][12]. Financial Summary - The total revenue forecast for the company is projected to reach 17.47 billion yuan in 2023, with expected growth rates of 11.47% in 2024, 9.70% in 2025, and 13.88% in 2026 [15]. - The net profit attributable to the parent company is expected to be 1.42 billion yuan in 2023, with growth rates of 41.36% in 2024, 24.23% in 2025, and 10.07% in 2026 [15]. - The company's earnings per share (EPS) is projected to increase from 1.63 yuan in 2023 to 2.46 yuan by 2026 [15].