Autel(SH:688208) Soochow Securities·2025-07-03 23:30Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - The company is expected to mitigate the impact of tariffs through various measures, with its charging pile business entering a harvest period in overseas markets, leading to a continuous increase in orders [7] - The AI ground-air integration solution showcased at the Huawei Developer Conference (HDC 2025) highlights the company's technological maturity and its deep collaboration with Huawei Cloud, accelerating the commercialization of AI products [7] - The company's revenue and profit forecasts have been adjusted upwards for 2025, 2026, and 2027, reflecting strong growth potential [7] Financial Forecasts - Total revenue is projected to grow from 3,251 million RMB in 2023 to 7,556 million RMB in 2027, with a compound annual growth rate (CAGR) of approximately 25.68% [1] - Net profit attributable to the parent company is expected to increase from 179.23 million RMB in 2023 to 1,183.18 million RMB in 2027, indicating a significant growth trajectory [1] - The latest diluted EPS is forecasted to rise from 0.27 RMB in 2023 to 1.77 RMB in 2027, reflecting strong earnings growth [1] Market Data - The closing price of the company's stock is 32.01 RMB, with a market capitalization of approximately 21,452.57 million RMB [5] - The company has a price-to-earnings (P/E) ratio of 119.69 based on the current price and latest diluted EPS, which is expected to decrease to 18.13 by 2027 [1][5] Operational Developments - The company has responded to the new 20% tariff on imports from Vietnam by increasing prices of its digital energy products by 7% to 10% and is planning to build a new factory in Mexico to optimize its supply chain [7] - The collaboration with Shell in Europe marks a significant breakthrough for the company's charging pile products, validating their competitiveness and local adaptability [7]