Autel(688208) 东吴证券·2025-03-19 06:15Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company is expected to achieve a net profit attributable to shareholders of 180-200 million yuan in Q1 2025, representing a year-on-year increase of 44.3% to 60.3%, with a median of 190 million yuan corresponding to a year-on-year increase of 52.3% [2] - The company is actively promoting the application of AI robots in the energy and transportation sectors, enhancing its team capabilities, solutions, customer expansion, and ecosystem development [3] - The company is deeply engaged in the charging pile sector, benefiting from overseas growth, particularly in the North American market, where the potential for charging pile expansion remains significant [4] - The digital maintenance segment is a stronghold for the company, which has established a solid position in the overseas automotive aftermarket, achieving a global market share of 32.7%, surpassing traditional giants [5] Financial Forecasts and Valuation - The company's expected net profits for 2024, 2025, and 2026 have been adjusted to 640 million, 790 million, and 950 million yuan respectively, with corresponding P/E ratios of 33.1, 26.7, and 22.2 times based on the closing price on March 18, 2025 [5]