Autel(688208) 浙商证券·2025-04-03 10:47Investment Rating - The investment rating for the company is "Buy" (maintained) [4][11] Core Insights - The company is experiencing strong growth in both its smart maintenance and energy sectors, driven by regulatory requirements and advancements in AI technology [2][3] - The energy business is at the beginning of a high-growth cycle, with the overseas charging market expected to reach approximately 80 billion RMB in 2025 and grow to about 120 billion RMB by 2030 [3] - The company has launched AI-powered features in its maintenance products and is transitioning towards an Agent as a Service (AaaS) model [2][4] Revenue Breakdown - In 2024, the company achieved total revenue of 39.32 billion RMB, a year-on-year increase of 20.95%, with a net profit of 6.41 billion RMB, up 257.59% [8] - The revenue from smart maintenance was 30.18 billion RMB, growing by 13.93%, while the energy business generated 8.67 billion RMB, with a growth rate of 52.98% [4][8] Financial Forecast - The company expects revenues of 48.33 billion RMB, 60.52 billion RMB, and 76.83 billion RMB for 2025, 2026, and 2027 respectively, with net profits projected at 8.05 billion RMB, 11.19 billion RMB, and 13.98 billion RMB [11][12]