AHHL(600761) 华创证券·2024-10-29 17:07Investment Rating - The report maintains a "Strong Buy" rating for the company, indicating an expectation to outperform the benchmark index by over 20% in the next six months [1][13]. Core Views - The company's performance in the domestic market has been affected by weak demand, while overseas expansion continues to accelerate. The third quarter of 2024 saw a revenue of 44.0 billion yuan, a slight decline of 0.1% year-on-year, and a net profit of 3.0 billion yuan, down 9.2% year-on-year [1]. - The company is focusing on enhancing its international presence, with plans to establish a European headquarters and a research center in Germany, which will strengthen its competitive edge in the global market [1]. - The shift towards lithium battery technology is seen as a significant opportunity for the company, as it positions itself to lead in the global forklift market, benefiting from the growth of China's manufacturing and logistics sectors [1]. Financial Performance Summary - For the first three quarters of 2024, the company achieved a revenue of 134.1 billion yuan, a year-on-year increase of 2.1%, and a net profit of 11.0 billion yuan, up 11.6% year-on-year. The adjusted net profit was 9.6 billion yuan, reflecting a growth of 13.8% year-on-year [1]. - The forecasted revenues for 2024, 2025, and 2026 are 205.0 billion yuan, 236.8 billion yuan, and 272.8 billion yuan, respectively, with year-on-year growth rates of 17.4%, 15.5%, and 15.2% [2][6]. - The projected net profits for the same years are 15.7 billion yuan, 17.9 billion yuan, and 20.2 billion yuan, with growth rates of 22.6%, 14.3%, and 13.0% respectively [2][6]. Market Position and Strategy - The company is recognized as a leading player in the domestic forklift industry, leveraging its comprehensive supply chain and distribution channels to enhance profitability amid market challenges [1]. - The report highlights the company's strategic investments in international markets, which are expected to yield positive results as the global demand for forklifts continues to rise [1]. - The ongoing transition to lithium battery technology is anticipated to provide a competitive advantage, allowing the company to replace traditional internal combustion and lead-acid forklifts, thus expanding its market share [1].