Autel(688208) 民生证券·2025-03-31 02:07Investment Rating - The report maintains a "Recommended" rating for the company, indicating an expected stock price increase of over 15% relative to the benchmark index [6][12]. Core Insights - The company achieved a revenue of 3.932 billion yuan in 2024, representing a year-on-year growth of 20.95%. The net profit attributable to shareholders was 641 million yuan, a significant increase of 257.59% [1]. - The smart repair business showed steady growth, with revenues reaching 3.018 billion yuan, up 13.93% year-on-year. Key product lines such as TPMS and ADAS saw substantial revenue increases of 32.55% and 26.98%, respectively [2]. - The intelligent energy business experienced rapid growth, with revenues of 867 million yuan, marking a year-on-year increase of approximately 53% and accounting for over 22% of total revenue [3]. - The company is focusing on high-end products and international markets, successfully signing contracts with major global clients and establishing production bases in multiple countries [3]. Financial Projections - Revenue projections for 2025, 2026, and 2027 are estimated at 4.811 billion yuan, 5.988 billion yuan, and 7.500 billion yuan, with year-on-year growth rates of 22.4%, 24.4%, and 25.3%, respectively [4][5]. - The net profit attributable to shareholders is projected to be 795 million yuan, 978 million yuan, and 1.225 billion yuan for the years 2025, 2026, and 2027, with growth rates of 24.0%, 23.0%, and 25.2% [4][5]. - The current stock price corresponds to price-to-earnings ratios of 31, 25, 20, and 16 for the years 2024, 2025, 2026, and 2027, respectively [5].