Autowell(SH:688516) Tebon Securities·2024-03-28 16:00Investment Rating - Buy (maintained) [1] Core Viewpoints - The company achieved a revenue of 6,302 million yuan in 2023, a year-on-year increase of 78.05%, and a net profit attributable to the parent company of 1,256 million yuan, a year-on-year increase of 76.10% [4] - The company signed sales orders of 13,094 million yuan in 2023, a year-on-year increase of 77.57%, and had orders on hand of 13,204 million yuan at the end of 2023, a year-on-year increase of 80.33% [4] - The company's TOPCon 0BB welding process has been mass-produced, which is expected to support high order growth in 2024 [4] - The company is expected to achieve net profits of 1,861 million yuan, 2,475 million yuan, and 2,953 million yuan in 2024, 2025, and 2026, respectively [5] Market Performance - The company's stock price has shown significant growth compared to the CSI 300 index, with absolute gains of 24.87%, 30.76%, and 14.55% over the past 1, 2, and 3 months, respectively [2] Financial Performance and Forecast - The company's revenue is expected to grow from 6,302 million yuan in 2023 to 15,535 million yuan in 2026, with a compound annual growth rate (CAGR) of 22.4% [6] - Net profit is forecasted to increase from 1,256 million yuan in 2023 to 2,953 million yuan in 2026, with a CAGR of 19.3% [6] - The company's gross margin is expected to remain stable at around 36% from 2023 to 2026 [6] - The company's ROE (Return on Equity) is projected to be 34.3% in 2023, gradually declining to 27.0% by 2026 [6] Industry and Product Development - The company has made significant progress in semiconductor equipment, including the development of a 12-inch wafer dicing machine and silver paste die bonder [4] - The company has successfully developed a thick copper wire bonding head suitable for automotive-grade IGBT modules, meeting 90% of the market's copper wire bonding needs [4] - The company has also developed a high-precision, high-speed inspection device compatible with gold, copper, and aluminum wires, with a precision of ±3 microns and a UPH (Units Per Hour) of 30K [4] Valuation Metrics - The company's P/E ratio is expected to decrease from 16.19 in 2024 to 8.00 in 2026, indicating potential undervaluation [7] - The P/B ratio is projected to decline from 5.55 in 2024 to 2.16 in 2026, reflecting a potential improvement in valuation [7] - The EV/EBITDA ratio is forecasted to decrease from 12.82 in 2024 to 5.78 in 2026, suggesting a more attractive valuation over time [7]