Autel(SH:688208) Soochow Securities·2024-10-09 01:30Investment Rating - The report maintains a "Buy" rating for the company [1][4]. Core Views - The company is expected to achieve significant revenue growth in the first three quarters of 2024, with projected revenue between 2.66 billion to 2.94 billion yuan, representing a year-on-year increase of 21% to 34%, with a median estimate of 2.8 billion yuan, which is a 28% increase year-on-year [1]. - The non-GAAP net profit is forecasted to be between 420 million to 470 million yuan, corresponding to a year-on-year increase of 57% to 76%, with a median estimate of 450 million yuan, reflecting a 66% year-on-year growth [1]. - The company has established a strong competitive position in the digital repair and digital energy sectors, leveraging its core technologies and extensive product offerings to drive growth and build long-term competitive barriers [2][4]. - The company is well-positioned to benefit from the growth of the charging station market in the U.S., which currently lags behind Europe and China in terms of charging station availability [3]. Summary by Sections Financial Performance - The total revenue for 2022 was 2.266 billion yuan, with a forecasted increase to 3.251 billion yuan in 2023, and further growth to 4.111 billion yuan in 2024, 5.223 billion yuan in 2025, and 6.712 billion yuan in 2026, reflecting a compound annual growth rate [1][10]. - The net profit attributable to shareholders is projected to rise from 102.03 million yuan in 2022 to 179.23 million yuan in 2023, and significantly to 631.09 million yuan in 2024, indicating a robust growth trajectory [1][10]. Market Position and Strategy - The company is focusing on high-intensity R&D investments to align technological innovations with market demands, maintaining its core technology advantages in the industry [2]. - In the digital repair sector, the company has established a strong presence in the North American and European automotive aftermarket, which is expected to continue contributing to profit and cash flow [4]. Valuation Metrics - The current P/E ratio is 92.63 for 2023, expected to decrease to 26.31 in 2024, 24.35 in 2025, and 18.12 in 2026, indicating an improving valuation as earnings grow [1][11]. - The projected ROE is expected to rise from 5.57% in 2023 to 16.63% in 2024, reflecting enhanced profitability [11].