Autowell(SH:688516) Huaan Securities·2024-04-02 16:00Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company has achieved a significant revenue growth of 78.05% year-on-year, with total revenue reaching 6.302 billion yuan in 2023, driven by active market expansion and increased sales scale [1][2] - The net profit attributable to shareholders increased by 76.10% year-on-year, amounting to 1.256 billion yuan, indicating strong profitability [1][2] - The company has a robust order backlog, with signed sales orders totaling 13.094 billion yuan in 2023, a 77.57% increase from 2022, and an order backlog of 13.204 billion yuan as of December 31, 2023, up 80.33% year-on-year [1][2] Summary by Relevant Sections Financial Performance - In Q4 2023, the company reported revenue of 2.063 billion yuan, a year-on-year increase of 80.79% and a quarter-on-quarter increase of 19.84% [1] - The gross margin for 2023 was 36.55%, with a net margin of 19.91%, reflecting a slight increase of 0.28 percentage points compared to the previous year [1] - The company’s earnings per share (EPS) for 2023 was 5.60 yuan, with projected EPS for 2024, 2025, and 2026 at 8.28, 10.88, and 13.42 yuan respectively [3][6] Market Expansion - The company has accelerated its international expansion, achieving overseas revenue of 999.8 million yuan in 2023, a 62.57% increase year-on-year, with products sold in over 40 countries [2] - The establishment of wholly-owned subsidiaries in Japan and Singapore aims to enhance research and trade activities abroad [2] Product Development - The company has successfully developed new products, including a high-speed stringing machine and laser-assisted sintering equipment, which have gained traction in the market [2] - The semiconductor segment has seen orders for high-precision equipment, marking a breakthrough in exports [2]