Autel(SH:688208) Haitong Securities International·2025-12-15 07:35Investment Rating - The report maintains an "Outperform" rating for the company, projecting a target price of RMB 57.47, which represents a 15% upside from the current price [4][11]. Core Insights - The company's "Air-Ground Integrated Smart Inspection Solution" has been recognized as a successful high-growth case, showcasing the deepening integration of AI technology with industry [12]. - The "AI+Robot" air-ground inspection solution is expanding and is expected to become the company's third growth curve, featuring a self-developed intelligence model and a three-layer architecture that enhances operational efficiency [13]. - The "AI+Charging" solution has become essential in North America, addressing a significant power gap and being implemented in six benchmark projects, thus driving the energy transition in the region [14]. Financial Summary - The company is projected to achieve total revenue of RMB 3,251 million in 2023, growing to RMB 8,465 million by 2027, reflecting a compound annual growth rate (CAGR) of 43.5% in 2023 and 23.1% in 2027 [3]. - Net profit attributable to the parent company is expected to rise from RMB 179 million in 2023 to RMB 1,634 million in 2027, with a significant increase of 257.6% in 2024 [3]. - The earnings per share (EPS) is projected to grow from RMB 0.27 in 2023 to RMB 2.44 in 2027, indicating strong profitability growth [3].