Autel(SH:688208) CAITONG SECURITIES·2024-08-22 03:23Investment Rating - The investment rating for the company is "Accumulate" (maintained) [1] Core Views - The company's revenue met expectations, with significant improvement in the profitability of charging piles [2] - In the first half of the year, the company achieved operating revenue of 1.842 billion yuan, a year-on-year increase of 27.22%, and a net profit attributable to shareholders of 387 million yuan, a year-on-year increase of 104.51% [2] - The charging pile business is expected to bring a new growth curve for the company, with the digital energy business revenue growing by 92.37% year-on-year [2] - The company is projected to achieve operating revenues of 4.195 billion, 5.143 billion, and 6.272 billion yuan from 2024 to 2026, with net profits of 529 million, 637 million, and 765 million yuan respectively [2] Financial Performance Summary - The company reported a gross margin of 55.89% and a net margin of 25.03% in Q2 2024, with a notable contribution from the disposal of a subsidiary [2] - The charging pile business achieved a gross margin of 38.86%, up from 33.65% for the previous year [2] - The company maintained stable expense ratios in Q2 2024, with sales, management, and R&D expense ratios at 13.04%, 6.32%, and 16.38% respectively [2] - The projected earnings per share (EPS) for 2024, 2025, and 2026 are 1.17 yuan, 1.41 yuan, and 1.69 yuan respectively [5]