Autel(SH:688208) Minsheng Securities·2025-08-20 12:19Investment Rating - The report maintains a "Recommended" rating for the company, indicating a positive outlook for its stock performance in the coming year [6]. Core Insights - The company reported a revenue of 2.345 billion yuan for the first half of 2025, representing a year-on-year growth of 27.35%. The net profit attributable to shareholders was 480 million yuan, up 24.29%, while the net profit after deducting non-recurring items surged by 64.12% to 475 million yuan [1]. - Multiple business segments are showing strong growth, with the automotive diagnostic business generating 694 million yuan (up 14.14%), ADAS products at 207 million yuan (up 17.22%), and TPMS products at 516 million yuan (up 56.83%). The energy intelligence hub (new energy charging) business achieved 524 million yuan (up 40.47%), and AI and software business reached 281 million yuan (up 30.13%) [2]. - The overseas charging station market is expanding, supported by initiatives in Europe and North America. The company has secured contracts for 50,000 commercial AC charging stations in North America, amounting to 238 million yuan [3]. - The company is implementing a strategy focused on embodied intelligence, enhancing its capabilities in autonomous operations and collaborative robotics [3]. Financial Projections - Revenue projections for 2025-2027 are 4.81 billion, 5.99 billion, and 7.50 billion yuan, with year-on-year growth rates of 22.4%, 24.4%, and 25.3% respectively. Net profit attributable to shareholders is expected to reach 940 million, 1.165 billion, and 1.463 billion yuan, with growth rates of 46.7%, 24.0%, and 25.5% [4][5]. - The current stock price corresponds to price-to-earnings ratios of 28, 22, and 18 for the years 2025-2027, reflecting a favorable valuation given the company's growth trajectory [4].