Autel(SH:688208) Minsheng Securities·2025-04-27 10:59Investment Rating - The report maintains a "Recommended" rating for the company [2][5]. Core Viewpoints - The company demonstrated resilient performance in Q1 2025, achieving revenue of 1.094 billion yuan, a year-on-year increase of 26.71%, and a net profit attributable to shareholders of 199 million yuan, up 59.91% [2][3]. - The digital maintenance business (excluding software) generated revenue of 731 million yuan, growing approximately 24%, with the TPMS series increasing by about 60%. The digital energy business (excluding charging cloud services) achieved revenue of 212 million yuan, a growth of around 35%. AI and software business revenue reached 137 million yuan, up about 36%, with charging cloud orders increasing by 80% [3][4]. - The company is proactively addressing tariff impacts by adjusting product prices and establishing overseas production bases, including a factory in North Carolina, USA, set to commence production by the end of 2023 [3][4]. Financial Forecasts - The company is projected to achieve revenues of 4.81 billion, 5.99 billion, and 7.50 billion yuan for 2025, 2026, and 2027, respectively, with year-on-year growth rates of 22.4%, 24.4%, and 25.3% [5][6]. - Net profit attributable to shareholders is expected to be 795 million, 982 million, and 1.233 billion yuan for the same years, with growth rates of 24.0%, 23.6%, and 25.5% [5][6]. - The current stock price corresponds to a price-to-earnings ratio of 22, 18, and 14 for 2025, 2026, and 2027, respectively [5][6].