AHHL(600761) 东方证券·2024-11-18 00:30Investment Rating - The report maintains a "Buy" rating for the company with a target price of 18.33 CNY [4][3] Core Insights - In Q3 2024, the company experienced a slight revenue decline, with total revenue of 4.4 billion CNY, down 0.3% year-on-year and 6.46% quarter-on-quarter. The net profit attributable to shareholders was 298 million CNY, down 9.18% year-on-year and up 27.93% quarter-on-quarter [2] - The overall gross margin for Q3 2024 was 21.42%, an increase of 0.26 percentage points year-on-year but a decrease of 1.04 percentage points quarter-on-quarter. The net profit margin was 7.26%, down 0.83 percentage points year-on-year and 2.34 percentage points quarter-on-quarter [2] - The company is actively expanding its overseas presence and business chain, with the establishment of a new company in Oceania and plans for a European headquarters and a research center in Germany, which are expected to enhance its international operational capabilities and market competitiveness [2] Financial Performance Summary - For the first three quarters of 2024, the company achieved total revenue of 13.41 billion CNY, a year-on-year increase of 2.11%, and a net profit of 1.1 billion CNY, up 11.63% year-on-year [2] - The company’s total sales of forklifts from January to September 2024 reached 970,700 units, a year-on-year increase of 10.8%, with domestic sales of 616,000 units (up 6.2%) and exports of 354,000 units (up 19.9%) [2] - The report forecasts the company's net profit attributable to shareholders for 2024, 2025, and 2026 to be 1.453 billion CNY, 1.736 billion CNY, and 2.018 billion CNY respectively, reflecting a downward adjustment in revenue predictions but an upward adjustment in gross margin forecasts [3]