AHHL(600761) 华鑫证券·2024-09-20 14:30Investment Rating - The report assigns a "Buy" rating for the company for the first time [1]. Core Views - The company has accelerated its overseas expansion and achieved steady growth in performance, with a 4.60% year-on-year increase in revenue for H1 2024, reaching 9.009 billion yuan, and a 22.08% increase in net profit attributable to shareholders, amounting to 0.803 billion yuan [1]. - The company is aligning with the trend of electrification, continuously optimizing its product structure, with electric products accounting for approximately 57% of total sales in 2023, an increase of 6.20 percentage points year-on-year [1]. - The company has made significant progress in internationalization, with overseas revenue reaching 3.486 billion yuan in H1 2024, a year-on-year increase of 20.52% [1][2]. Summary by Sections Financial Performance - In H1 2024, the company reported a revenue of 9.009 billion yuan, a 4.60% increase year-on-year, and a net profit of 0.803 billion yuan, reflecting a 22.08% growth [1]. - The gross profit margin improved to 21.58%, up by 1.96 percentage points year-on-year, indicating enhanced profitability [2]. Revenue Forecast - The company is expected to benefit from product structure optimization and overseas market expansion, with projected revenues of 19.378 billion yuan, 21.688 billion yuan, and 24.276 billion yuan for 2024, 2025, and 2026 respectively [3]. Key Financial Metrics - The report forecasts earnings per share (EPS) of 1.73 yuan for 2024, 2.04 yuan for 2025, and 2.35 yuan for 2026, with corresponding price-to-earnings (P/E) ratios of 10.6, 9.0, and 7.8 [3].