Core Viewpoint - The industrial vehicle industry is undergoing a transformation towards high-end, intelligent, and green development, with Anhui Heli Co., Ltd. actively embracing this trend to become a benchmark in digital transformation and intelligent logistics [1] Group 1: Technological Innovation - Anhui Heli focuses on technological innovation to meet new market demands, leveraging its extensive experience in industrial vehicle R&D and advanced production management [2] - In 2024, Anhui Heli aims to achieve breakthroughs in key technologies, expanding its product range, including the development of a 55-ton lithium battery forklift and 42 low-temperature models [4] - The company plans to invest 1.086 billion yuan in R&D, accounting for 6.27% of its revenue, to enhance its core competitiveness [4] Group 2: Industry Ecosystem - Anhui Heli is committed to leveraging its brand influence to gather upstream and downstream resources, creating an industry co-creation ecosystem to promote sustainable development [5] Group 3: Smart Logistics - The company is positioning itself in the smart logistics sector, extending its industrial chain and establishing the Heli Smart Logistics Industrial Park to transition from equipment manufacturing to system solutions [7] - Strategic partnerships with Huawei and JD.com aim to explore digital transformation and technological integration in logistics [7] Group 4: International Expansion - Anhui Heli maintains a dual market strategy, with plans to open several international centers in 2024, achieving an export of 126,400 units, a 34.08% increase year-on-year [8] - The company is actively integrating into the RCEP market, enhancing its global brand presence and investment strategies [8][9]

Core Viewpoint - The company, Anhui Heli (600761), has shown stable revenue growth, but short-term performance is impacted by rising expenses, leading to a "buy" rating from analysts [1][2]. Financial Performance - In 2024, the company achieved revenue of 17.325 billion, a year-on-year increase of 0.99%, and a net profit attributable to shareholders of 1.32 billion, up 0.18%. However, the net profit after deducting non-recurring items decreased by 5.84% to 1.037 billion [2]. - For Q1 2025, revenue was 4.274 billion, a year-on-year increase of 2.05%, while net profit dropped by 20.05% to 322 million, and the net profit after deducting non-recurring items decreased by 14.42% to 279 million [2]. Margin and Expense Analysis - The gross margin improved, with the overall gross margin increasing by 1.62 percentage points to 23.25%. Domestic gross margin rose by 1.06 percentage points to 21.25%, and international gross margin increased by 2 percentage points to 26.2% [3]. - The company's expense ratio increased significantly, with the total expense ratio rising by 3.03 percentage points to 14.82%. This includes a sales expense ratio increase of 1.03 percentage points to 5.08%, a management expense ratio increase of 0.5 percentage points to 3.3%, and a research and development expense ratio increase of 1.16 percentage points to 6.27% [3]. R&D and Product Development - The company has made significant advancements in R&D, achieving breakthroughs in key technologies such as efficient distributed electric drive technology. It launched the world's largest lithium battery forklift (55 tons) and has fully electrified its heavy-duty product line [3]. - New product developments include 42 low-temperature models suitable for operations in -55°C environments, breaking the monopoly of foreign brands, and 26 warehouse vehicles to enhance its product lineup [3]. International Expansion and Market Strategy - The company is enhancing its marketing system domestically and has established provincial marketing companies. It is also expanding its online sales and improving after-sales service quality [4]. - Internationally, the company has implemented a "1+N+X" marketing system, opening centers in Oceania, Europe, and South America. In 2024, overseas business accounted for nearly 40% of total revenue, achieving the top market share in 34 countries and regions [4]. Strategic Investments and Industry Positioning - The company is focusing on internal and external growth, investing in smart logistics and acquiring companies to enhance its industrial chain. It has launched several key projects, including a high-end casting and processing base and a new energy lithium battery project [5]. - The company is also deepening collaborations with leading domestic enterprises to accelerate digital transformation and the application of new technologies such as AI and cloud computing [5]. Earnings Forecast and Valuation - The company is projected to achieve revenues of 18.498 billion, 19.675 billion, and 20.875 billion for 2025, 2026, and 2027, respectively, with year-on-year growth rates of 6.77%, 6.36%, and 6.10%. Net profits are expected to be 1.39 billion, 1.496 billion, and 1.591 billion, with growth rates of 5.37%, 7.56%, and 6.37% [6]. - The estimated PE ratios for 2025, 2026, and 2027 are 10.61, 9.86, and 9.27, respectively, maintaining a "buy" rating [6].