AHHL(600761) 国金证券·2024-08-27 04:03Investment Rating - The report maintains a "Buy" rating for the company, with an expected increase in net profit for 2024-2026 projected at 15, 18, and 21 billion RMB respectively [1]. Core Insights - The company achieved a revenue of 9.009 billion RMB in the first half of 2024, representing a year-on-year increase of 3.32%, and a net profit attributable to shareholders of 803 million RMB, up 22% year-on-year [1]. - The electric forklift segment is showing strong growth, with electric forklifts accounting for 70.77% of total sales, reflecting a 6 percentage point increase from the previous year [1]. - The company’s overseas revenue reached 3.486 billion RMB, a 20.52% increase year-on-year, indicating a growing international market presence [1]. Performance Analysis - The company’s gross margin improved to 21.58%, up 1.96 percentage points year-on-year, driven by an increase in the sales of large-tonnage and electric forklifts [1]. - The net profit margin also increased to 9.58%, up 1.1 percentage points year-on-year, showcasing enhanced profitability [1]. - The sales, research and development, and management expense ratios were reported at 4.2%, 2.5%, and 5.4% respectively, with increases attributed to market expansion efforts [1]. Financial Projections - Revenue projections for 2024-2026 are set at 19.938 billion RMB, 23.294 billion RMB, and 27.232 billion RMB, with growth rates of 14.12%, 16.83%, and 16.91% respectively [3]. - The projected net profit for the same period is expected to grow from 1.512 billion RMB in 2024 to 2.120 billion RMB in 2026, with corresponding growth rates of 18.27%, 18.50%, and 18.35% [3]. - The price-to-earnings (P/E) ratio is forecasted to decrease from 9 times in 2024 to 7 times in 2026, indicating a potentially attractive valuation [1][3].