Autowell(SH:688516) GOLDEN SUN SECURITIES·2024-03-25 16:00Investment Rating - The report maintains a "Buy" rating for the company [1][2]. Core Views - The company demonstrated strong performance in 2023, achieving revenue of 6.302 billion yuan, a year-on-year increase of 78.05%, and a net profit attributable to shareholders of 1.256 billion yuan, up 76.10% year-on-year [1]. - The company signed new orders worth 13.094 billion yuan in 2023, reflecting a growth of 77.57% year-on-year, with a total order backlog of 13.204 billion yuan as of December 31, 2023, representing an increase of 80.33% compared to 2022 [1]. - The company is positioned to benefit significantly from the 0BB technology iteration in the photovoltaic equipment sector, with a diverse product line in silicon wafer and battery equipment [2]. Financial Performance Summary - In 2023, the company achieved a revenue of 6,302 million yuan, with a growth rate of 78.0% compared to 2022 [3]. - The net profit attributable to shareholders for 2023 was 1,256 million yuan, reflecting a year-on-year growth of 76.1% [3]. - The company expects to achieve net profits of 1.82 billion yuan, 2.33 billion yuan, and 2.82 billion yuan for 2024, 2025, and 2026, respectively, with growth rates of 45%, 28%, and 21% [2][3]. Industry Overview - The company operates in the photovoltaic equipment industry, specifically benefiting from advancements in technology and increasing demand for efficient production equipment [1][2]. - The company has successfully developed new products, including a low-oxygen single crystal furnace and a high-speed screen printing machine, which have gained traction in the market [1][2].