AHHL(600761) 民生证券·2024-08-27 11:08Investment Rating - The report maintains a "Recommended" rating for the company, with a target price of 15.68 CNY [3]. Core Insights - The company reported a revenue of 9.009 billion CNY for H1 2024, a year-on-year increase of 3.32%, and a net profit of 803 million CNY, up 22.00% year-on-year. The gross margin improved to 21.58%, an increase of 1.96 percentage points year-on-year [1]. - The growth in exports and the shift towards lithium battery technology have contributed to the continuous improvement in gross margins. In Q2 2024, the gross margin reached 22.45%, reflecting an increase due to optimized product structure and higher export ratios [1]. - The company achieved a 29.62% year-on-year increase in complete machine export volume, with overseas revenue reaching 3.486 billion CNY, a 20.52% increase year-on-year, accounting for 38.69% of total revenue [1]. - The sales, research and development, and management expense ratios have increased, with sales expenses rising by 34.7% year-on-year in H1 2024, primarily due to the company's expansion in domestic and international markets [1]. - The company’s parts, aftermarket, and smart logistics businesses have shown significant growth, with smart logistics revenue increasing by 161.20% year-on-year in H1 2024 [1]. Financial Forecasts - The company is expected to achieve net profits of 1.537 billion CNY, 1.820 billion CNY, and 2.139 billion CNY for the years 2024, 2025, and 2026, respectively, with corresponding P/E ratios of 9x, 8x, and 7x [2][4]. - The projected revenue growth rates for the years 2024 to 2026 are 10.8%, 5.7%, and 11.0%, respectively [2][4]. - The gross margin is expected to improve gradually, reaching 22.40% by 2026 [4].