Autowell(688516) 东吴证券·2025-02-28 00:07Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company's Q4 performance is under short-term pressure, but the platform layout is expected to bring new growth points [1] - In 2024, the company achieved total revenue of 8.946 billion yuan, a year-on-year increase of 41.95%, and a net profit attributable to shareholders of 1.314 billion yuan, a year-on-year increase of 4.63% [1] - The company has made significant strides in the semiconductor AOI detection equipment sector, marking its first export to the United States [1] - The domestic semiconductor AOI equipment market is projected to grow from 4.347 billion yuan in 2022 to 6.592 billion yuan by 2025 [1] - The profit forecast for 2024-2026 has been adjusted to 1.314 billion yuan, 1.232 billion yuan, and 1.566 billion yuan respectively, corresponding to P/E ratios of 11, 12, and 10 times [1] Financial Summary - Total revenue for 2022 was 3.540 billion yuan, with a year-on-year growth of 72.94% [1] - The latest diluted EPS for 2024 is projected at 4.17 yuan per share [1] - The company's total assets are expected to reach 20.053 billion yuan in 2024, with total liabilities of 15.029 billion yuan [8] - The operating cash flow for 2024 is forecasted to be 3.388 billion yuan [8]