Autowell(SH:688516) Soochow Securities·2024-10-29 14:55Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company has shown continuous revenue growth, with a revenue of 6.921 billion yuan in the first three quarters of 2024, representing a year-on-year increase of 63.27%. The net profit attributable to shareholders was 1.166 billion yuan, up 36.91% year-on-year [2] - The company's profitability has slightly declined, with a gross margin of 33.14% in the first three quarters of 2024, down 3.57 percentage points year-on-year. However, the company has improved its cost control, with a decrease in the expense ratio [3] - New orders signed in Q3 have decreased year-on-year, but the company has a sufficient backlog of orders, amounting to approximately 13.434 billion yuan, up 16.99% year-on-year. The cash flow situation has also improved significantly [4] - The company is expanding into automation platforms across photovoltaic, lithium battery, and semiconductor sectors, with significant orders in each area [5] - The forecast for net profit attributable to shareholders for 2024-2026 is 1.68 billion, 1.89 billion, and 2.05 billion yuan respectively, with corresponding P/E ratios of 11, 10, and 9 times. The low current valuation and high growth potential in overseas and semiconductor businesses support the "Buy" rating [5] Summary by Sections Financial Performance - Total revenue for 2022 was 3.540 billion yuan, increasing to 6.302 billion yuan in 2023, with projections of 8.572 billion yuan in 2024 [1] - Net profit attributable to shareholders was 713.11 million yuan in 2022, rising to 1.256 billion yuan in 2023, with an expected 1.680 billion yuan in 2024 [1] - The latest diluted EPS is projected to be 5.34 yuan per share in 2024, with a P/E ratio of 10.74 [1] Order and Cash Flow - As of Q3 2024, the company had a backlog of orders worth approximately 13.434 billion yuan, reflecting a year-on-year increase of 16.99% [4] - The net cash flow from operating activities in Q3 was 421 million yuan, up 85% year-on-year [4] Market Position and Growth - The company is positioned as a leader in automation across multiple sectors, with significant orders in photovoltaic and semiconductor equipment [5] - The company has accelerated its overseas expansion, with over 50% of new orders in Q3 coming from international markets [4]