Autel(SH:688208) Haitong Securities·2024-08-06 06:01Investment Rating - The investment rating for the company is "Outperform the Market" and is maintained [1] Core Views - The company has experienced significant growth in net profit and rapid expansion in its digital energy business, with a revenue of approximately 1.842 billion yuan in the first half of 2024, representing a year-on-year increase of 27.22% [5] - The digital maintenance business generated revenue of 1.438 billion yuan, with various product lines showing growth, particularly the TPMS series products which grew by 33.83% [5] - The digital energy business revenue reached 378 million yuan, marking a substantial year-on-year increase of 92.37% [5] - The company’s gross profit margin improved to 56.28%, up 2 percentage points from the previous year, indicating effective cost management and potential for further margin expansion in the digital energy sector [5] - The company has launched new products and upgraded solutions in the digital energy sector, enhancing its competitive edge [6] Financial Performance - The company achieved a net profit of approximately 387 million yuan in the first half of 2024, a year-on-year increase of 104.51% [5] - The projected revenue for 2024-2026 is expected to be 4.025 billion yuan, 4.892 billion yuan, and 5.932 billion yuan respectively, with year-on-year growth rates of 23.80%, 21.55%, and 21.25% [8] - The projected net profit for the same period is expected to be 501 million yuan, 632 million yuan, and 803 million yuan, with growth rates of 179.68%, 26.12%, and 27.00% respectively [8] Market Outlook - The company is well-positioned to benefit from the growing demand in the global digital energy market, as evidenced by the projected increase in public charging stations in the U.S. and Europe [8] - The company has announced a dividend distribution plan, proposing a cash dividend of 4 yuan per 10 shares, which is expected to enhance shareholder returns [8] - The company is expected to maintain a high gross margin advantage as a global enterprise, with a target price range of 33.28 to 38.83 yuan based on a dynamic PE of 30-35 times for 2024 [8]