Autel(688208) 东吴证券·2025-04-02 00:03Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - In 2024, the company achieved a revenue of 3.932 billion yuan, representing a year-on-year increase of 20.9%. The net profit attributable to the parent company was 640.93 million yuan, a significant increase of 257.6% year-on-year [2] - The company is actively promoting the application of AI robots in energy and transportation sectors, with ongoing infrastructure development and optimization of team capabilities, solutions, and customer expansion [3] - The smart maintenance segment saw a revenue increase of 13.9% to 3.02 billion yuan in 2024, with a gross margin of 60.6%. The company has achieved a global market share of 32.7%, surpassing traditional giants [4] - The smart energy segment experienced a revenue growth of 53.0% to 870 million yuan, with strategic partnerships established in North America and Europe, enhancing the company's market presence [5] - The company’s three business segments are expanding, with AI expected to empower both new and existing businesses. The forecasted net profit for 2025 and 2026 has been adjusted to 792.94 million yuan and 964.64 million yuan, respectively [5] Financial Summary - Total revenue for 2023 is projected at 3.251 billion yuan, with a year-on-year growth of 43.5%. The net profit attributable to the parent company is expected to be 179.23 million yuan, reflecting a year-on-year increase of 75.66% [1] - The earnings per share (EPS) for 2024 is projected at 1.42 yuan, with a price-to-earnings (P/E) ratio of 30.68 based on the latest diluted shares [1] - The company’s total assets are estimated at 6.308 billion yuan for 2024, with a debt-to-asset ratio of 45.74% [9]