Autel(688208) 浙商证券·2025-04-06 13:43Investment Rating - The investment rating for the company is "Buy" [6] Core Views - The impact of the "reciprocal tariffs" on the company is relatively limited due to sufficient inventory in the U.S. and the commencement of local production in late 2023 [2][5] - The company is actively establishing new factories in low-tariff regions and adjusting product prices to mitigate potential tariff risks [3][5] - The revenue share from the U.S. market is expected to gradually decline as the company expands its presence in other regions [4][5] Summary by Sections Short-term Impact - The company has sufficient inventory in the U.S. to meet sales demands for the next 6-9 months and is confident in achieving its annual business goals in the U.S. [2] - Local production facilities in the U.S. are operational, allowing the company to leverage capacity advantages and potentially shift certain high-automation products to local manufacturing [2] Long-term Strategy - The company is enhancing its global supply chain by establishing manufacturing in low-tariff countries such as Mexico, which will help minimize tariff risks [3] - The company plans to adjust product prices in response to market conditions, with strong demand from U.S. customers willing to share the burden of additional tariff costs [3] Financial Forecast - Projected revenues for 2025, 2026, and 2027 are expected to be 48.33 billion, 60.52 billion, and 76.83 billion respectively, with net profits of 8.05 billion, 11.19 billion, and 13.98 billion [5][11] - The company anticipates a significant growth rate in its energy business and is actively pursuing AI and robotics as a new growth avenue [5]