AHHL(600761) 东吴证券·2025-02-17 08:56Investment Rating - The report maintains a "Buy" rating for Anhui Heli [1] Core Views - Anhui Heli's collaboration with Huawei is expected to enhance its smart logistics business, potentially creating a second growth curve for the company [2][3] - The trend towards intelligent transformation in the logistics industry is anticipated to benefit traditional forklift manufacturers like Anhui Heli, as the penetration of automated guided vehicles (AGVs) continues to rise [10] - The forklift industry is expected to see a recovery in demand due to increased investment in manufacturing and logistics, alongside rising labor costs [4][13] Financial Forecasts and Valuation - Revenue projections for Anhui Heli are as follows: - 2023: 17,471 million RMB - 2024: 18,195 million RMB - 2025: 20,058 million RMB - 2026: 22,260 million RMB - Net profit forecasts are: - 2023: 1,278 million RMB - 2024: 1,399 million RMB - 2025: 1,598 million RMB - 2026: 1,808 million RMB - The report adjusts the earnings forecast for 2024-2026 to 14.0 billion RMB, 16.0 billion RMB, and 18.1 billion RMB respectively, with a corresponding P/E ratio of 12, 11, and 10 [4][17][20]