AHHL(600761) 浙商证券·2025-02-12 14:23Investment Rating - The investment rating for the company is "Buy" (maintained) [3][22]. Core Views - The company is expected to benefit from a deepened partnership with Huawei, focusing on digital transformation and intelligent logistics, which enhances its prospects in smart manufacturing and logistics [7]. - The company has seen a significant increase in international revenue, with a 20% year-on-year growth, contributing to 39% of total revenue [7]. - The electric forklift sales have reached 63% of total sales, indicating a strong trend towards electrification in the industry [7]. - The company's net profit for the first three quarters of 2024 grew by 11.63% year-on-year, driven by the rapid growth of lithium battery forklifts and international business [7]. - The forecasted net profit for 2024-2026 is expected to grow by 8%, 11%, and 10% respectively, with corresponding P/E ratios of 12, 11, and 10 [7]. Financial Summary - The company's revenue for 2023 is projected at 17,471 million yuan, with a growth rate of 11.47%. For 2024, the revenue is expected to be 17,782 million yuan, reflecting a growth of 1.78% [3][21]. - The net profit attributable to the parent company for 2023 is estimated at 1,278 million yuan, with a significant increase of 40.89%. The projections for 2024 and 2025 are 1,384 million yuan and 1,533 million yuan, respectively [3][21]. - The earnings per share (EPS) for 2023 is expected to be 1.43 yuan, increasing to 1.55 yuan in 2024 and 1.72 yuan in 2025 [3][21]. - The company's return on equity (ROE) is projected to be 16.34% in 2023, declining slightly to 15.41% in 2024 [3][21]. Industry Context - The company has a competitive position in the engineering machinery sector, with a focus on international expansion and electrification trends [7]. - The overall market for forklifts has shown positive growth, with domestic sales increasing by 9.7% year-on-year in December 2024 [15][16].