Dongwu Securities: Maintains Anhui Helit's "Buy" rating, with Q1 revenue up 12% year-on-year and noticeable improvement in profitability.

Dongwu Securities research report pointed out that Anhui Heli's Q1 2026 operating income was 5.2 billion yuan, a year-on-year increase of 12%, with a net profit attributable to mother of 330 million yuan, a year-on-year decrease of 3%. Benefiting from the lithium-electric and intelligent trends in the forklift industry, the company's overseas market share has increased, and income continues to grow steadily; profit growth is lower than revenue, mainly due to exchange rate fluctuations: in Q1 2026, the company's exchange loss was approximately 69 million yuan, and this period's exchange rate impact on net profit growth rate is approximately 21%. Looking ahead to 2026, maintaining steady growth in the domestic market with a low base, the end of inventory in overseas markets, the cost-effectiveness of Chinese lithium-electric forklifts under high oil prices, and resonating with market share increase and repair, the company's forklift business is expected to continue to grow steadily. At the same time, the company is following the major trend towards automation in the manufacturing and logistics industries, with forward-looking layouts, establishing the "Tiangong Laboratory" with Huawei and the "Tianshu Laboratory" with JAC's Frontline Center. In 2025, intelligent logistics revenue increased by 69% year-on-year, annual contract signings increased by 45% year-on-year, with the subsequent launch of new products and orders for autonomous robotic material handling machines, which will continue to catalyze the company's performance and valuation. Maintain the company's net profit attributable to mother forecast for 2026-2028 at 1.34/1.50/1.72 billion yuan, corresponding to PE ratios of 12/11/10X respectively, maintain a "buy" rating.