Autowell(SH:688516) Changjiang Securities·2025-05-17 15:01Investment Rating - The investment rating for the company is "Buy" and is maintained [9] Core Insights - The company reported a significant revenue increase in 2024, achieving 9.198 billion yuan, a year-on-year growth of 45.94%. However, starting from Q4 2024, overall industry operational pressure began to manifest [6][12] - New orders received by the company decreased year-on-year, but it is actively expanding into overseas markets, achieving overseas revenue of 1.531 billion yuan in 2024, a growth of 53.43% [2][12] - The company is accelerating its overseas market expansion and new product development, which is expected to contribute to revenue growth [2][12] Summary by Sections Financial Performance - In 2024, the company achieved a net profit attributable to shareholders of 1.273 billion yuan, a year-on-year increase of 1.36%. In Q4 2024, the revenue was 2.276 billion yuan, with a year-on-year growth of 10.34%, but the net profit dropped by 73.48% to 107 million yuan [6][12] - For Q1 2025, the company reported revenue of 1.534 billion yuan, a decline of 21.90% year-on-year, and a net profit of 141 million yuan, down 57.56% year-on-year [6][12] Order and Market Expansion - The new orders received in 2024 totaled 10.149 billion yuan, a decrease of 22.49% year-on-year, while the backlog of orders was 11.831 billion yuan, down 10.40% year-on-year. In Q1 2025, the backlog was 11.271 billion yuan, a decline of 21.46% year-on-year [12] - The company is focusing on expanding its overseas market presence, with plans to establish a production base in Malaysia, expected to commence operations in 2025 [12] Profitability and Cost Control - The company's gross margin for 2024 was 32.9%, a decrease of 3.65 percentage points year-on-year. The overseas revenue accounted for 16.64% of total revenue, with a gross margin of 43.24%, significantly higher than the domestic gross margin of 30.83% [12] - The company maintained strong cost control, with a total expense ratio of 10.16%, down 2.92 percentage points year-on-year. The reduction in sales, management, financial, and R&D expense ratios indicates effective cost management [12] Future Outlook - The company continues to strengthen its platform business development, laying the groundwork for the next phase of industry growth. It has successfully developed new equipment suitable for N-type battery technology and received recognition for its products in the semiconductor sector [12] - The forecast for net profit attributable to shareholders is 999 million yuan in 2025 and 1.107 billion yuan in 2026, corresponding to a price-to-earnings ratio of 11x for both years [12]