Autowell(688516) 长江证券·2024-11-19 12:34Investment Rating - The investment rating for the company is "Buy" and is maintained [5]. Core Insights - The company reported a revenue of 6.921 billion yuan for the first three quarters of 2024, representing a year-on-year increase of 63.27%. The net profit attributable to the parent company was 1.166 billion yuan, up 36.91% year-on-year. In Q3 2024, revenue reached 2.504 billion yuan, a year-on-year increase of 45.42% and a quarter-on-quarter increase of 2.05%. The net profit for Q3 was 397 million yuan, reflecting a year-on-year increase of 20.58% but a quarter-on-quarter decrease of 9.1% [6][7]. Financial Performance Summary - The company achieved a gross margin of 31.97% in Q3, which is a decrease of 4.86 percentage points year-on-year and 1.27 percentage points quarter-on-quarter, primarily due to changes in product mix with a higher proportion of lower-margin products. The operating expense ratio for Q3 was 7.48%, down 4.58 percentage points year-on-year and 0.71 percentage points quarter-on-quarter, indicating improved cost control. The net profit margin for Q3 was 15.84%, down 3.26 percentage points year-on-year and 1.94 percentage points quarter-on-quarter [7][8]. Order and Market Development - In Q3, the company signed new orders worth 2.422 billion yuan, with a cumulative total of 8.707 billion yuan in new orders, a year-on-year decrease of 3.17%. As of the end of Q3, the backlog of orders was 13.434 billion yuan, an increase of 16.99% year-on-year. The company has made significant strides in overseas markets, securing two overseas orders for single crystal furnaces totaling 1.3 billion yuan, and has made major progress in obtaining significant orders from leading enterprises in the 0BB sector [7][8]. Strategic Initiatives - The company is advancing its platform strategy, with various product lines showing growth. In the photovoltaic sector, the company holds over 60% market share in string welding machines, solidifying its leading position. In the energy storage sector, the company is expanding its customer base by targeting industry leaders. In the semiconductor sector, the company has received bulk orders for aluminum wire bonders and has won bids for AOI detection equipment [8]. Profit Forecast - The forecast for net profit attributable to the parent company for 2024 and 2025 is 1.62 billion yuan and 1.8 billion yuan, respectively, corresponding to price-to-earnings ratios of 10 and 9 times [8].