Autel(SH:688208) Guoxin Securities·2024-08-02 12:30Investment Rating - The investment rating for the company is "Outperform the Market" [1][3][8] Core Views - The company has shown significant growth in its business structure, particularly in the "traditional + digital smart new energy" sectors, with a notable increase in revenue and profit [1][5] - The company's revenue for 2024 is projected to be 1.842 billion yuan, a year-on-year increase of 27.22%, while the net profit is expected to reach 387 million yuan, up 104.51% year-on-year [1][5] - The digital energy business has become a new growth engine, with revenue from this segment increasing by 92.37% year-on-year [1][5] Summary by Sections Financial Performance - For the first half of 2024, the company reported a main revenue of 1.842 billion yuan, a 27.22% increase year-on-year, and a net profit of 387 million yuan, which is a 104.51% increase year-on-year [1][5] - In Q2 2024, the company achieved a single-quarter revenue of 979 million yuan, up 31.98% year-on-year, and a net profit of 262 million yuan, reflecting a 123.67% increase year-on-year [1][5] Business Segments - The traditional digital repair business generated 1.438 billion yuan in revenue, a growth of 18.04% year-on-year, while the digital energy business achieved 378 million yuan, marking a 92.37% increase year-on-year [1][5] - The company has successfully diversified its revenue structure, with North America and Europe showing significant growth in revenue, increasing by 30.93% and 39.04% respectively [1][5] Future Outlook - The company is expected to maintain high growth in its charging pile business, with revised profit forecasts for 2024-2026 being 522 million, 662 million, and 831 million yuan respectively [1][8] - The projected price-to-earnings ratios for 2024, 2025, and 2026 are 21, 16, and 13 times respectively, indicating a favorable valuation outlook [1][8]