Autowell(688516) 东吴证券·2025-02-21 08:16Investment Rating - The report maintains a "Buy" rating for the company [3] Core Views - The company is evolving into an automation platform that spans photovoltaic, lithium battery, and semiconductor sectors. In the photovoltaic segment, it has secured continuous overseas orders for its monocrystalline furnaces and is a leader in string welding machines with a market share exceeding 70%. The company is expected to benefit from the 0BB iteration [3] - The profit forecast for 2024 has been adjusted down to 1.57 billion, while the net profit for 2025 and 2026 is maintained at 1.89 billion and 2.05 billion respectively, corresponding to P/E ratios of 8, 7, and 6 [3] - The company has successfully obtained significant upgrade orders for its 0BB string welding machines, totaling over 40GW, indicating strong market recognition of its technology [8] Financial Forecasts and Valuation - Total revenue is projected to grow from 6.30 billion in 2023 to 10.06 billion in 2026, with a year-on-year growth rate of 78.05% in 2023 and gradually decreasing to 7.22% by 2026 [9] - The net profit attributable to the parent company is expected to increase from 1.26 billion in 2023 to 2.05 billion in 2026, with a year-on-year growth rate of 76.10% in 2023 and 8.40% in 2026 [9] - The latest diluted EPS is forecasted to rise from 3.99 in 2024 to 6.50 in 2026, reflecting strong earnings growth [9]