AHHL(600761) Huachuang Securities·2024-04-30 05:02Investment Rating - The report maintains a "Strong Buy" rating for the company, with a target price of 28.03 CNY, indicating an expectation to outperform the benchmark index by over 20% in the next six months [8][6][26]. Core Insights - The company reported a revenue of 4.305 billion CNY for Q1 2024, representing a year-on-year growth of 2.5%. The net profit attributable to the parent company was 390 million CNY, a significant increase of 48.3% year-on-year, while the net profit excluding non-recurring items reached 339 million CNY, up 56.3% year-on-year [5][9]. - The company benefits from an optimized product structure and continuous growth in overseas business, leading to improved operational quality. The gross profit margin and net profit margin were 20.63% and 9.55%, respectively, both showing year-on-year increases of 2.29 percentage points and 2.68 percentage points [5][9]. - The forklift export market continues to grow, with total sales of 320,000 units in Q1 2024, a year-on-year increase of 11%. Exports accounted for 110,000 units, up 25% year-on-year, while domestic sales reached 210,000 units, growing by 5% [5][9]. - The company has a complete industrial chain advantage, with significant growth in its intelligent logistics segment, which saw a revenue increase of 42% year-on-year in 2023. The company is actively enhancing its product layout and services, with R&D investment reaching 900 million CNY in 2023 [5][9]. Financial Summary - The company forecasts revenues of 20.504 billion CNY, 23.681 billion CNY, and 27.282 billion CNY for 2024, 2025, and 2026, respectively, with year-on-year growth rates of 17.4%, 15.5%, and 15.2% [10][12]. - The net profit attributable to the parent company is projected to be 1.567 billion CNY, 1.790 billion CNY, and 2.023 billion CNY for the same years, reflecting year-on-year growth rates of 22.6%, 14.3%, and 13.0% [10][12]. - The earnings per share (EPS) are expected to be 2.00 CNY, 2.29 CNY, and 2.59 CNY for 2024, 2025, and 2026, respectively [10][12].