Autel(688208) Guoyuan Securities·2025-04-17 04:44Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected stock price increase of over 15% compared to the benchmark index [5][7]. Core Insights - The company has secured a significant order worth 238 million RMB from LAZ Parking, the largest commercial parking operator in North America, to supply 50,000 commercial AC charging piles [2][3]. - The North American market for parking lot charging piles is projected to have a demand for nearly 1.8 million units, corresponding to a market size of up to 60 billion RMB, indicating substantial growth potential [3]. - The company is proactively addressing potential trade risks by increasing safety stock in the U.S. and planning to establish a factory in Mexico to mitigate tariff impacts [4]. Financial Projections - The company is expected to achieve revenues of 47.51 billion RMB, 56.44 billion RMB, and 65.84 billion RMB for the years 2025, 2026, and 2027, respectively [5][9]. - The projected net profit attributable to the parent company is forecasted to be 7.69 billion RMB, 9.26 billion RMB, and 10.91 billion RMB for the same years [5][9]. - Earnings per share (EPS) are estimated to be 1.70 RMB, 2.05 RMB, and 2.42 RMB for 2025, 2026, and 2027, respectively, with corresponding price-to-earnings (P/E) ratios of 20.09, 16.68, and 14.16 [5][9].