Autowell(SH:688516) Soochow Securities·2024-07-14 23:00Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company is expected to achieve significant revenue growth in Q2, with a projected revenue of 4.2 to 4.46 billion yuan, representing a year-on-year increase of 67% to 77%. The net profit is anticipated to be between 730 to 770 million yuan, reflecting a growth of 39% to 48% [3][4] - The company is positioned to benefit from the upcoming mass production of the 0BB technology, which reduces silver consumption and enhances power output in solar modules. The company has made substantial progress in developing this technology, with over 120 related patents filed [3][4] - The company is evolving into an automation platform that spans across photovoltaic, lithium battery, and semiconductor sectors, with significant orders received in each area [4] Financial Forecasts and Valuation - The total revenue is projected to grow from 6.3 billion yuan in 2023 to 9.2 billion yuan in 2024, with a year-on-year growth rate of 46.19% [2][9] - The net profit attributable to the parent company is forecasted to increase from 1.26 billion yuan in 2023 to 1.84 billion yuan in 2024, corresponding to a growth rate of 46.34% [2][9] - The earnings per share (EPS) is expected to rise from 3.99 yuan in 2023 to 5.84 yuan in 2024, with a price-to-earnings (P/E) ratio of 6.74 for 2024 [2][9] Market Data - The closing price of the company's stock is 39.41 yuan, with a market capitalization of approximately 12.39 billion yuan [6] - The company has a price-to-book (P/B) ratio of 2.29 [6] Summary of Financials - The company is projected to have a total asset value of 20.7 billion yuan in 2024, with total liabilities of 15.17 billion yuan, resulting in a shareholder equity of approximately 5.5 billion yuan [9] - The operating cash flow is expected to significantly increase to 3.58 billion yuan in 2024, compared to 782 million yuan in 2023 [10]