Autel(SH:688208) Tianfeng Securities·2024-03-05 16:00Investment Rating - The report maintains a "Buy" rating for the company, with an expected price-to-earnings (P/E) ratio of 51.61 for 2023, 18.00 for 2024, and 12.11 for 2025 [3][4][21]. Core Insights - The company is expected to achieve a net profit attributable to shareholders of 1.83 billion in 2023, with a significant increase in net profit excluding non-recurring items to 3.68 billion, reflecting a year-on-year growth of 263.28% [2][24]. - The charging pile business has shown remarkable growth, with revenue increasing by 489% year-on-year, positioning the company as a leader in the international market for charging infrastructure [7][25]. - The overall revenue for 2023 is projected to reach 32.51 billion, marking a 43.50% increase compared to the previous year [24]. Financial Performance Summary - The company's revenue is forecasted to grow from 3,245.97 million in 2023 to 5,427.68 million by 2025, with growth rates of 43.27% in 2023, 31.92% in 2024, and 26.75% in 2025 [9][29]. - The net profit attributable to the parent company is expected to rise from 182.99 million in 2023 to 780.04 million by 2025, with a growth rate of 79.35% in 2023 and 186.66% in 2024 [9][29]. - The company’s EBITDA is projected to improve from 569.05 million in 2023 to 887.88 million in 2025, indicating a positive trend in operational efficiency [9][29]. Business Segment Analysis - The automotive intelligent diagnostic business, excluding new energy vehicles, generated approximately 2.691 billion in revenue, reflecting a year-on-year growth of 22.65% [1]. - The company has strengthened its competitive advantage in traditional business areas while expanding its high-end product offerings, such as the Ultra series [1][3].