Autowell(688516) 东吴证券·2025-02-20 00:10Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - The company has confirmed upgrades for 10GW+ HJT 0BB string welding machines, highlighting opportunities in the photovoltaic equipment sector for stock renovation [1] - The company is positioned to benefit from the ongoing demand for equipment upgrades as the photovoltaic industry faces pressure, with a focus on enhancing existing equipment rather than solely relying on new capacity [1] - The company is evolving into an automation platform that spans photovoltaic, lithium battery, and semiconductor sectors, with significant market share in string welding machines and increasing orders in semiconductor and lithium battery equipment [1] Financial Summary - Total revenue is projected to grow from 6,302 million RMB in 2023 to 10,057 million RMB by 2026, with a compound annual growth rate (CAGR) of approximately 7.22% [1][8] - Net profit attributable to the parent company is expected to rise from 1,256 million RMB in 2023 to 2,048 million RMB in 2026, reflecting a CAGR of about 8.40% [1][8] - The latest diluted EPS is forecasted to increase from 3.99 RMB in 2023 to 6.50 RMB in 2026, indicating strong earnings growth potential [1][8] - The company's P/E ratio is projected to decrease from 10.50 in 2023 to 6.44 in 2026, suggesting improving valuation metrics as earnings grow [1][8]