Autel(688208) Guoxin Securities·2025-04-14 08:42Investment Rating - The investment rating for the company is "Outperform the Market" (maintained) [1][11]. Core Viewpoints - The recent partnership with LAZ Parking, North America's largest commercial parking operator, significantly expands the company's digital energy solutions business, marking a strong collaboration to capture the parking lot charging station market [2][3]. - The North American commercial parking lot market has a substantial existing inventory, with increasing penetration of new energy vehicles driving demand for charging station deployments, indicating a broad market potential [2][6]. - The company forecasts net profits attributable to shareholders for 2025-2027 to be 795 million, 1.134 billion, and 1.404 billion yuan, respectively, with corresponding current P/E ratios of 20, 14, and 11 times [2][11]. Summary by Sections Recent Developments - The company secured a significant order for 50,000 commercial AC charging stations in North America, totaling approximately 238 million yuan [2]. - The partnership aims to build a large-scale charging network to meet the surging demand for electric vehicle charging in North America [3]. Market Potential - The North American commercial parking lot charging solutions market is estimated to reach 60 billion yuan, with a projected demand for nearly 1.8 million charging stations due to the rapid increase in new energy vehicle penetration [6]. Product Advantages - The company's MaxiCharger series charging stations feature advanced safety, longevity, reliability, and convenience, making them suitable for various commercial scenarios [4]. Financial Forecast - The company anticipates continued growth in its digital energy solutions business despite global tariff challenges, with a price increase of 7% to 10% for products in the U.S. market to offset tariff impacts [7][11].