Autel(688208) 民生证券·2025-03-31 02:23Investment 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]. 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 revenue 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 revenue 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 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]. - The net profit attributable to shareholders is expected to reach 795 million yuan, 978 million yuan, and 1.225 billion yuan for the same years, with growth rates of 24.0%, 23.0%, and 25.2% [4]. - The current stock price corresponds to price-to-earnings ratios of 31, 25, and 20 for the years 2025, 2026, and 2027, respectively [5].