Autel(688208) 华创证券·2024-08-05 13:31Investment Rating - Strong Buy (Maintained) with a target price of 33.8 RMB, current price at 25.67 RMB [1] Core Views - Traditional business shows steady growth, while the charging pile business achieves high growth [1] - Digital maintenance business grows steadily, with revenue of 1.438 billion RMB, up 18.04% YoY [2] - Digital energy business surges, with revenue of 378 million RMB, up 92.37% YoY [2] - Overseas revenue accounts for 95% of total revenue, driven by sales growth in charging piles, ADAS, and TPMS [2] - Profitability improves significantly, with gross margin at 56.28%, up 2.16 pct YoY, and net margin at 19.55%, up 6.75 pct YoY [2] - The company continues to innovate, launching new products like MaxiCharger AC Pro and "Charging AI Algorithm" [2] - The US NEVI Act, which invests 7.5 billion USD in building a national EV charging network, is expected to benefit the company [2] Financial Performance - H1 2024 revenue: 1.842 billion RMB, up 27.22% YoY [1] - H1 2024 net profit: 387 million RMB, up 104.51% YoY [1] - Q2 2024 revenue: 979 million RMB, up 31.98% YoY [1] - Q2 2024 net profit: 262 million RMB, up 123.67% YoY [1] - 2024-2026 revenue forecast: 4.17 billion RMB, 5.226 billion RMB, and 6.358 billion RMB, with YoY growth rates of 28.3%, 25.3%, and 21.7% respectively [2] - 2024-2026 net profit forecast: 587 million RMB, 706 million RMB, and 834 million RMB, with YoY growth rates of 227.7%, 20.2%, and 18.2% respectively [2] Business Segments - Digital maintenance business: Revenue of 1.438 billion RMB, up 18.04% YoY [2] - Automotive diagnostic products: 608 million RMB, up 1.78% YoY [2] - TPMS products: 329 million RMB, up 33.83% YoY [2] - ADAS calibration products: 177 million RMB, up 23.97% YoY [2] - Software upgrade services: 211 million RMB, up 26.32% YoY [2] - Digital energy business: Revenue of 378 million RMB, up 92.37% YoY [2] Geographic Performance - North America: Revenue of 955 million RMB, up 31% YoY [2] - Europe: Revenue of 320 million RMB, up 39% YoY [2] Valuation and Forecast - 2024 PE ratio: 20x, target price of 33.8 RMB [2] - 2024-2026 EPS forecast: 1.30 RMB, 1.56 RMB, and 1.85 RMB [2] - 2024-2026 ROE forecast: 16.2%, 16.3%, and 16.1% [5]