Autel(SH:688208) Guoyuan Securities·2024-08-05 10:30Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected stock price increase of over 15% compared to the benchmark index [7][12]. Core Insights - The company achieved rapid revenue growth, with a 27.22% year-on-year increase in revenue to 1.842 billion yuan and a 104.51% increase in net profit attributable to shareholders, reaching 387 million yuan in the first half of 2024 [2][5]. - The digital energy business is expanding globally, with significant growth in revenue, particularly in North America and Europe, where revenues increased by 30.93% and 39.04% respectively [2][4]. Summary by Sections Financial Performance - In the first half of 2024, the company reported revenue of 1.842 billion yuan, a 27.22% increase year-on-year, and a net profit of 387 million yuan, up 104.51% [2]. - The digital repair business generated 1.438 billion yuan in revenue, growing 18.04%, while the digital energy business saw revenue of 378 million yuan, a remarkable 92.37% increase [2]. Business Segments - The company has built a multi-layered digital repair product ecosystem, focusing on the automotive aftermarket in North America and Europe, with key products like comprehensive diagnostic tools and TPMS series products showing significant revenue growth [3]. - The digital energy segment is leveraging power electronics and AI technologies to develop intelligent charging network solutions, with over 14 overseas regional headquarters established globally by mid-2024 [4]. Future Outlook - The revenue forecasts for 2024-2026 have been revised upwards to 3.987 billion, 4.786 billion, and 5.599 billion yuan respectively, with net profit estimates adjusted to 571 million, 655 million, and 779 million yuan [5][8]. - The expected earnings per share (EPS) for the next three years are projected to be 1.26, 1.45, and 1.72 yuan, with corresponding price-to-earnings (P/E) ratios of 20.32, 17.71, and 14.89 [5][8].