Autel(SH:688208) GUOTAI HAITONG SECURITIES·2026-01-19 02:55Investment Rating - The report maintains a rating of "Accumulate" for the company, with a target price set at 53.12 CNY [6][13]. Core Insights - The company is expected to achieve a net profit attributable to shareholders of between 900 million to 930 million CNY in 2025, representing a year-on-year growth of 40.42% to 45.10% [2][13]. - The company is fully embracing AI technology, which is driving rapid growth in performance. The application of AI agents across various scenarios is facilitating project delivery [2][13]. - The projected earnings per share (EPS) for 2025-2027 are 1.37 CNY, 1.77 CNY, and 2.14 CNY respectively, with a downward adjustment from previous estimates [13]. Financial Summary - Total revenue is forecasted to grow from 3,251 million CNY in 2023 to 7,638 million CNY by 2027, reflecting a compound annual growth rate (CAGR) of approximately 20.2% [4]. - Net profit attributable to shareholders is expected to increase significantly from 179 million CNY in 2023 to 1,438 million CNY in 2027, with a CAGR of 21.1% [4]. - The company’s return on equity (ROE) is projected to rise from 5.6% in 2023 to 26.2% in 2027 [4]. Market Data - The current stock price is 39.62 CNY, with a 52-week price range of 26.89 CNY to 46.86 CNY [7]. - The company has a total market capitalization of 26,553 million CNY and a total share capital of 670 million shares [7]. Valuation Metrics - The price-to-earnings (P/E) ratio is projected to decrease from 148.15 in 2023 to 18.47 by 2027, indicating an improving valuation as earnings grow [4][15]. - The price-to-book (P/B) ratio is expected to decline from 8.26 in 2023 to 4.84 in 2027, reflecting a more favorable valuation over time [14][15].