Autel(SH:688208) KAIYUAN SECURITIES·2025-08-18 08:42Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company has shown significant growth in non-recurring profits, with a year-on-year increase of 64.12% in non-recurring net profit for the first half of 2025 [5] - The company is a global leader in digital maintenance, and its AI and robotics solutions are expected to drive future growth [4][6] - The financial forecasts for 2025-2027 have been revised upwards, with expected net profits of 8.04 billion, 10.13 billion, and 12.46 billion respectively [4] Financial Performance - In the first half of 2025, the company achieved operating revenue of 23.45 billion, a year-on-year increase of 27.35% [5] - The net profit attributable to the parent company reached 4.80 billion, up 24.29% year-on-year [5] - The company’s operating income from maintenance smart terminals was 15.40 billion, reflecting a growth of 22.96% [6] Product and Market Development - The TPMS product line generated revenue of 5.16 billion, marking a 56.83% increase, driven by demand in the automotive aftermarket [6] - The AI Agents service related to maintenance smart terminals achieved revenue of 2.76 billion, growing by 31.04% [6] - The company is expanding its "integrated air-ground cluster intelligence solutions" targeting industries such as energy and transportation [7] Financial Metrics and Valuation - The projected earnings per share (EPS) for 2025, 2026, and 2027 are 1.20, 1.51, and 1.86 respectively [4] - The price-to-earnings (P/E) ratios for 2025, 2026, and 2027 are estimated at 30.7, 24.4, and 19.8 [8] - The company’s gross margin is expected to improve slightly from 55.5% in 2025 to 55.9% in 2027 [8]