Autowell(SH:688516) Guolian Securities·2024-11-01 13:33Investment Rating - The investment rating for the company is "Buy" (maintained) [4] Core Views - The company achieved a revenue of 6.92 billion yuan in Q1-Q3 2024, representing a year-on-year increase of 63%, with a net profit attributable to shareholders of 1.17 billion yuan, up 37% year-on-year [2][6] - The company is expected to see revenue growth of approximately 10.3 billion, 12.7 billion, and 15.7 billion yuan for the years 2024, 2025, and 2026, with year-on-year growth rates of about 63%, 24%, and 23% respectively [2][6] - The company is optimistic about the subsequent release of 0BB orders, maintaining a "Buy" rating [2][6] Financial Performance - For Q1-Q3 2024, the company's gross margin was 33.1%, down 3.6 percentage points year-on-year, and the net margin was 18.0%, down 2.3 percentage points year-on-year [6] - In Q3 2024, the company recorded a single-quarter revenue of 2.5 billion yuan, a year-on-year increase of 45% and a quarter-on-quarter increase of 2% [6] - The company signed new orders worth 8.71 billion yuan (including tax) in Q1-Q3 2024, a decrease of 3% year-on-year, with a backlog of approximately 13.43 billion yuan (including tax) as of the end of Q3 2024, up 17% year-on-year [6] Order and Capacity Insights - The company has received significant orders for low-oxygen monocrystalline furnaces and supporting auxiliary equipment, totaling approximately 1.3 billion yuan, with deliveries expected to begin in December 2024 [6] - The company launched the TOPCon 0BB string welding equipment at the beginning of 2024 and successfully developed ultra-high-speed 0BB string welding equipment in August, securing bulk orders from leading customers [6] Future Outlook - The company anticipates a strong performance from the 0BB new and retrofit orders, which are expected to enhance its financial results [6] - The projected net profit for the company for 2024, 2025, and 2026 is approximately 1.93 billion, 2.50 billion, and 3.07 billion yuan, with year-on-year growth rates of about 53%, 30%, and 23% respectively [2][6]