Autowell(SH:688516) SINOLINK SECURITIES·2024-03-25 16:00Investment Rating - The report maintains a "Buy" rating for the company, with an expected EPS of 8.65, 12.57, and 13.63 yuan for 2024, 2025, and 2026, respectively [2] - The current PE ratios are 13x, 9x, and 8x for 2024, 2025, and 2026, respectively [2] Core Views - The company achieved a revenue of 6.302 billion yuan in 2023, a year-on-year increase of 78.05%, and a net profit of 1.256 billion yuan, up 76.10% year-on-year [1] - Q4 2023 revenue reached 2.063 billion yuan, up 80.79% year-on-year, with a net profit of 404 million yuan, up 69.33% year-on-year and 22.96% quarter-on-quarter [1] - The company's order backlog reached 13.204 billion yuan (including tax) by the end of 2023, up 80.33% year-on-year, with new orders of 13.094 billion yuan (including tax) for the full year, up 77.57% year-on-year [2] - The net profit margin reached 19.91% in 2023, the highest level since 2016, driven by improved cost control [2] Business Analysis - The company's gross margin in 2023 was 36.55%, down 2.37 percentage points year-on-year, primarily due to changes in revenue structure [2] - R&D investment in 2023 reached 327 million yuan, up 38.30% year-on-year, with a focus on 0BB and BC process technologies [2] - The company has successfully secured mass production orders in two 0BB directions and completed initial mass production verification for BC process technology [2] - Through the acquisition of Pule New Energy, the company has entered the LPCVD and other core vacuum coating equipment markets, enhancing its semiconductor and photovoltaic capabilities [2] Financial Projections - Revenue is projected to grow to 10.906 billion yuan in 2024, 14.616 billion yuan in 2025, and 16.347 billion yuan in 2026, with growth rates of 73.04%, 34.02%, and 11.85%, respectively [4] - Net profit is expected to reach 1.939 billion yuan in 2024, 2.816 billion yuan in 2025, and 3.053 billion yuan in 2026, with growth rates of 54.38%, 45.24%, and 8.44%, respectively [4] - ROE is forecasted to be 32.60% in 2024, 43.35% in 2025, and 36.66% in 2026 [4] Market Sentiment - The company has received 75 "Buy" ratings in the past six months, with no "Sell" or "Reduce" ratings [6] - The market sentiment score is consistently at 1.00, indicating strong "Buy" recommendations [6]