Autowell(688516) 湘财证券·2025-02-20 02:27Investment Rating - The investment rating for the company is "Buy" (maintained) [2] Core Insights - The company has secured a large order exceeding 10GW from a leading client, which is expected to support future performance [4] - The 0BB process upgrade solution continues to be optimized, resulting in significant economic benefits for clients [5] - The pace of capacity reduction in the photovoltaic industry may accelerate, with product prices stabilizing across various segments [6] - Despite the current overcapacity in the photovoltaic industry, the company is expected to maintain growth through new cost-effective equipment and upgrades to existing market equipment [7] Summary by Sections Recent Performance - Over the past twelve months, the company's relative return compared to the CSI 300 index has decreased by 41.9%, while the absolute return has decreased by 25.6% [3] Financial Forecast - Projected revenues for 2024-2026 are expected to be 95.3 billion, 102.6 billion, and 112.7 billion yuan, representing year-on-year growth of 51.2%, 7.7%, and 9.8% respectively - Projected net profit for the same period is expected to be 15.8 billion, 17.1 billion, and 20.5 billion yuan, with year-on-year growth of 25.6%, 8.7%, and 19.7% respectively - The price-to-earnings ratio is projected to be 6.7, 6.2, and 5.1 times for the years 2024, 2025, and 2026 respectively [7][11]