Autel(SH:688208) CAITONG SECURITIES·2025-10-12 12:16Investment Rating - The investment rating for the company is "Accumulate" (maintained) [2] Core Views - The company is expected to achieve a net profit attributable to shareholders of 710 million to 738 million yuan for the first nine months of 2025, representing a year-on-year increase of approximately 169 million to 197 million yuan, or a growth of 31.17% to 36.34% [7] - The third quarter net profit is projected to continue to grow significantly, with an expected increase of 48.36% to 66.45% year-on-year [7] - The company is undergoing a comprehensive transformation towards AI+, focusing on AI-driven solutions in various sectors, including diagnostics and energy management [7] - The traditional business remains stable, while new business lines are anticipated to open a second growth curve for the company [7] Financial Performance Summary - Revenue projections for 2025-2027 are 49.62 billion, 61.58 billion, and 75.13 billion yuan, respectively, with net profits of 9.55 billion, 12.42 billion, and 15.17 billion yuan [7] - The company’s revenue growth rates are forecasted at 26.2%, 24.1%, and 22.0% for 2025, 2026, and 2027, respectively [6] - The net profit growth rates are expected to be 49.0%, 30.1%, and 22.1% for the same years [6] - The company’s PE ratios are projected to be 27, 21, and 17 for 2025, 2026, and 2027, respectively [7] Market Performance - The company’s stock has shown a performance of -13% over the last 12 months compared to the CSI 300 index [4]