Autel(688208) 东吴证券·2024-08-02 04:00Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company is expected to achieve a revenue of 1.84 billion yuan in H1 2024, representing a year-on-year growth of 27%, with a net profit attributable to shareholders of 390 million yuan, up 105% year-on-year [2] - In Q2 2024, the company anticipates a revenue of 980 million yuan, with a quarter-on-quarter growth of 13% and a year-on-year growth of 32% [2] - The traditional diagnostic business and digital energy business are both showing strong growth, with the latter expected to reach 380 million yuan in revenue, a 92% increase year-on-year [3] Summary by Sections Revenue and Profit Forecast - Total revenue is projected to grow from 3.25 billion yuan in 2023 to 4.11 billion yuan in 2024, with a year-on-year growth rate of 26.45% [1] - Net profit attributable to shareholders is expected to increase significantly from 646.29 million yuan in 2024 to 895.17 million yuan in 2026, reflecting a growth rate of 25.72% [1] Business Performance - The traditional diagnostic business generated 1.44 billion yuan in H1 2024, up 18% year-on-year, while the digital energy business is expected to contribute 380 million yuan, up 92% year-on-year [3] - In Q2 2024, the digital energy business revenue reached 220 million yuan, a 36% increase quarter-on-quarter [3] Market Position and Opportunities - The company has established a strong presence in the European and American charging pile markets, benefiting from subsidy policies such as the NEVI Act in the U.S. which allocates $7.5 billion for charging infrastructure [4] - The U.S. currently has a low number of charging piles compared to Central Europe, indicating significant growth potential in this market [5] Financial Metrics - The company’s P/E ratios for 2024, 2025, and 2026 are projected to be 17.75, 16.11, and 12.81 respectively, indicating a favorable valuation outlook [5] - The company’s net profit margin is expected to improve, with a projected net profit margin of 15.72% in 2024 [5]