Autel(SH:688208) KAIYUAN SECURITIES·2025-09-25 07:29Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company is a global leader in digital maintenance, with its intelligent source business becoming a high-growth second development curve. The AI + robotics integrated solutions are expected to create a third development curve for the company [4] - The company has achieved significant recognition in North America, ranking first in both TPMS sensors and diagnostic tools, solidifying its leadership position in the digital maintenance sector [5] - The company is expected to see strong revenue growth, with projected net profits for 2025-2027 at 804 million, 1.013 billion, and 1.246 billion yuan, respectively [4] Financial Summary - The total revenue for 2023 is 3.251 billion yuan, with a year-on-year growth of 43.5%. The revenue is projected to reach 4.801 billion yuan in 2025, reflecting a growth rate of 22.1% [8] - The net profit for 2023 is 179 million yuan, with a significant year-on-year increase of 75.7%. The net profit is expected to grow to 804 million yuan in 2025, representing a growth of 25.5% [8] - The company's gross margin is projected to improve slightly from 54.7% in 2023 to 55.9% in 2027 [8] Market Opportunities - The global automotive market has over 1.4 billion vehicles, with a significant portion in the U.S. and Europe requiring TPMS installations due to regulatory mandates. The global TPMS market is expected to exceed 5 billion USD by 2025 [6] - The company is also involved in supporting the largest electric bus charging hub in Cape Town, South Africa, indicating potential growth in emerging markets [7]