Autel(SH:688208) GF SECURITIES·2024-08-04 03:01Investment Rating - The report maintains a "Buy" rating for the company, with a target price of 31.74 CNY per share, compared to the current price of 25.38 CNY [3][11]. Core Insights - The company achieved significant growth in H1 2024, with revenue reaching 1.84 billion CNY, a year-on-year increase of 27.2%, and a net profit attributable to shareholders of 390 million CNY, up 104.5% year-on-year [1][9]. - The growth is driven by the expansion of the charging pile business and the recovery of traditional business segments, with expectations for continued robust performance in 2024 [1][10]. - The company has officially launched its factory in the United States, which is expected to enhance its charging pile business and meet local regulatory requirements [1][9]. Financial Performance Summary - Revenue and Profitability: In H1 2024, the company reported revenue of 1.84 billion CNY, a 27.2% increase from the previous year. The net profit attributable to shareholders was 390 million CNY, reflecting a 104.5% increase [1][9]. - Segment Performance: The charging pile business continues to grow rapidly, while traditional business segments are expected to maintain steady growth. For instance, the software upgrade service generated 211 million CNY in revenue, a 26.3% increase year-on-year [1][9]. - Future Projections: The company forecasts net profits of 574 million CNY, 649 million CNY, and 783 million CNY for 2024, 2025, and 2026, respectively, with corresponding EPS of 1.27 CNY, 1.44 CNY, and 1.73 CNY [11][12]. Valuation Metrics - The report suggests a reasonable valuation multiple of 25x PE for 2024, leading to a target price of 31.74 CNY per share [11][12]. - The company is expected to maintain a strong return on equity (ROE) of 15.1% in 2024, increasing to 15.0% by 2026 [2][11].