Autel(688208) Guoxin Securities·2025-04-07 14:15Investment Rating - The investment rating for the company is "Outperform the Market" (maintained) [1][9] Core Views - The company is expected to face limited impact from the new "reciprocal tariffs" due to its diversified strategy, with production facilities in the US and Mexico aiding in mitigating risks [2][3] - The company has sufficient inventory in the US to cover sales for the next 6-9 months, which helps buffer against tariff-related trade disruptions [3] - The company anticipates strong demand in the automotive aftermarket due to rising vehicle ownership and average vehicle age, and plans to adjust product prices accordingly to share the burden of increased tariffs with US customers and distributors [5][6] Summary by Sections Company Overview - The company has strategically positioned itself with factories in the US and Mexico to respond to tariff risks, including a new factory in North Carolina producing compliant electric vehicle charging products [3] - The company aims to enhance its local production capabilities and supply chain responsiveness by relocating some high-automation digital repair products to the US [3] Financial Forecast - The projected net profits for the company from 2025 to 2027 are estimated at 795 million, 1.134 billion, and 1.404 billion respectively, with corresponding PE ratios of 21, 15, and 12 [2][9] - The company expects to maintain a strong growth trajectory, with revenue growth rates of 44% in 2023, 21% in 2024, and 26% in 2025 [11] Market Position - The company has been expanding its global footprint since 2018, establishing a robust market service system across Europe, Asia-Pacific, the Middle East, and South America, aiming to reduce reliance on the US market [6] - The company is focused on increasing its market share in the automotive aftermarket, leveraging its unique product offerings and solutions [5]