Autel(SH:688208) Soochow Securities·2024-10-23 13:39Investment Rating - The report maintains a "Buy" rating for the company [1][3] Core Views - The company reported a significant year-on-year revenue increase of 28% for the first three quarters of 2024, with total revenue reaching 2.8 billion yuan [1] - The company's net profit attributable to shareholders for the same period was 440 million yuan, reflecting a year-on-year growth of 66% [1] - The third quarter of 2024 saw a revenue of 960 million yuan, up 30% year-on-year, and a net profit of 150 million yuan, which is a remarkable 97% increase year-on-year [1][2] Summary by Relevant Sections Financial Performance - The company's total revenue for 2022 was 2.266 billion yuan, which increased to 3.251 billion yuan in 2023, and is projected to reach 4.084 billion yuan in 2024, representing a year-on-year growth of 25.62% [1][9] - The net profit attributable to shareholders is expected to grow from 179 million yuan in 2023 to 616 million yuan in 2024, indicating a substantial increase of 243.84% [1][9] - The latest diluted EPS is projected to be 1.36 yuan per share in 2024, compared to 0.40 yuan in 2023 [1][9] Profitability and Cost Management - The gross margin for the first three quarters of 2024 reached 55.8%, an increase of 1.6 percentage points year-on-year [2] - The company has successfully reduced its sales, management, and R&D expense ratios, achieving rates of 13.3%, 7.1%, and 15.6% respectively, which are lower by 2.7, 0.9, and 1.6 percentage points year-on-year [2] Business Segments - The digital energy business generated 590 million yuan in revenue for the first three quarters of 2024, marking a 78% increase year-on-year [2] - The digital maintenance business reported a revenue of 2.18 billion yuan, up 20% year-on-year, with notable contributions from various segments such as TPMS and ADAS [2] Long-term Growth Potential - The company is focusing on high-intensity R&D investments to maintain its competitive edge in core technologies, particularly in digital maintenance and digital energy sectors [3] - The report anticipates that the company will benefit from the growth of the overseas new energy vehicle market, contributing to sustained profit and cash flow [3]