Autel(SH:688208) Guoxin Securities·2024-07-07 02:00Investment Rating - The investment rating for the company is "Outperform the Market" [3][12][13] Core Views - The company is expected to achieve a revenue of 18.3 to 18.5 billion yuan in the first half of 2024, representing a year-on-year growth of 26.41% to 27.79%. The net profit attributable to the parent company is projected to be between 3.8 to 4.0 billion yuan, indicating a growth of 101.03% to 111.62% year-on-year [1][11] - The traditional digital maintenance business and the new energy charging pile business are both performing well, with the latter expected to see revenue growth exceeding 80% [1][11] - The company has successfully expanded its market presence globally, particularly in North America and Europe, enhancing its revenue diversification [1][11] Summary by Sections Financial Performance - The company forecasts a revenue of 18.3 to 18.5 billion yuan for H1 2024, a growth of 26.41% to 27.79% year-on-year. The net profit is expected to be 3.8 to 4.0 billion yuan, a growth of 101.03% to 111.62% year-on-year. The net profit excluding non-recurring items is projected to be between 2.6 to 2.8 billion yuan, reflecting a growth of 37.17% to 47.72% [1][11][12] Business Segments - The traditional digital maintenance business is expected to generate revenue of 14.6 to 14.7 billion yuan, with a year-on-year growth of over 15%. The new energy charging pile business is anticipated to achieve revenue of 3.7 to 3.8 billion yuan, with a growth of over 80%, becoming a new growth engine for the company [1][11] - The company has signed contracts with several large enterprises in North America and Europe, and has established partnerships with leading automotive companies in Asia and Southeast Asia [1][11] Future Outlook - The company plans to continue investing in technology research and market expansion for its charging pile business, which is expected to maintain rapid growth in the future [1][11]