Autel(SH:688208) Soochow Securities·2026-03-23 09:31Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company's performance in 2025 met expectations, with a total revenue of 48.3 billion yuan, representing a year-on-year growth of 23%. The net profit attributable to shareholders was 9.4 billion yuan, up 46% year-on-year [8] - The company is the leading provider of intelligent vehicle diagnostic solutions globally, with a market share of 11.1% in 2024, expected to increase to 12% in 2025. The integration of generative AI has significantly enhanced the vehicle diagnostic business [8] - The company has successfully expanded its smart charging network, generating 12.4 billion yuan in revenue, a 43.8% increase year-on-year, and has established itself as the largest overseas smart charging solution provider in China [8] - The launch of the Avant Robotics Gen1 inspection robot and the Avant Hub autonomous operation platform marks the company's transition towards "intelligent + service" [8] - The company has adjusted its net profit forecasts for 2026 and 2027 to 11.1 billion yuan and 14.5 billion yuan, respectively, with a projected net profit of 16.0 billion yuan in 2028 [8] Financial Summary - Total revenue projections for the company are as follows: 2024A: 3,932 million yuan, 2025A: 4,833 million yuan, 2026E: 6,218 million yuan, 2027E: 7,623 million yuan, 2028E: 8,289 million yuan [1] - Net profit attributable to shareholders is projected to be: 2024A: 640.93 million yuan, 2025A: 935.88 million yuan, 2026E: 1,109.06 million yuan, 2027E: 1,446.35 million yuan, 2028E: 1,600.71 million yuan [1] - The company's earnings per share (EPS) are forecasted as follows: 2024A: 0.96 yuan, 2025A: 1.40 yuan, 2026E: 1.65 yuan, 2027E: 2.16 yuan, 2028E: 2.39 yuan [1] - The price-to-earnings (P/E) ratios at the current price and latest diluted EPS are projected to be: 2025A: 23.28, 2026E: 19.65, 2027E: 15.06, 2028E: 13.61 [1]