Autowell(688516) 东吴证券·2025-02-21 08:23Investment 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 has been adjusted, with the 2024 net profit estimate revised down to 1.57 billion RMB from the previous 1.68 billion RMB, while maintaining the 2025 and 2026 net profit estimates at 1.89 billion RMB and 2.05 billion RMB respectively, corresponding to P/E ratios of 8, 7, and 6 [3] Financial Forecasts and Valuation - Total revenue is projected to grow from 6.30 billion RMB in 2023 to 10.06 billion RMB in 2026, with a year-on-year growth rate of 78.05% in 2023 and gradually decreasing to 7.22% by 2026 [3][9] - The net profit attributable to the parent company is expected to increase from 1.26 billion RMB in 2023 to 2.05 billion RMB in 2026, with a year-on-year growth rate of 76.10% in 2023 and 8.40% in 2026 [3][9] - The latest diluted EPS is forecasted to rise from 3.99 RMB in 2023 to 6.50 RMB in 2026, with corresponding P/E ratios decreasing from 10.50 to 6.44 [3][9] Market Position and Opportunities - The company has successfully received multiple orders for the upgrade of its 0BB string welding machines, totaling over 40GW, indicating strong market demand and recognition of its technology [8] - The report highlights the importance of equipment upgrades in a challenging industry environment, suggesting that the company is well-positioned to capitalize on the demand for existing equipment modifications [8]