Autowell(SH:688516)2024-04-07 16:00Investment Rating - The report maintains a "Buy" rating for the company, indicating an expectation that the company's stock price will outperform the benchmark index by more than 20% over the next 6-12 months [2][8]. Core Insights - The company achieved significant growth in 2023, with total revenue reaching 6.302 billion RMB, a year-on-year increase of 78.05%, and a net profit attributable to shareholders of 1.256 billion RMB, up 76.10% year-on-year. The company's platform strategy is showing initial success, supporting future growth [2][4]. - All business segments experienced rapid revenue growth, with solar equipment, lithium battery equipment, and semiconductor businesses generating revenues of 5.364 billion RMB, 347 million RMB, and 21 million RMB, respectively, reflecting growth rates of 79.15%, 165.13%, and 365.34% [2][4]. - The company demonstrated excellent cost control, maintaining a net profit margin of 19.91%, which is an increase of 0.28 percentage points year-on-year, despite a slight decline in overall gross margin to 36.55% [2][4]. Financial Performance Summary - In 2023, the company reported total revenue of 6,302.20 million RMB, with a gross profit margin of 36.55%, down 2.38 percentage points from the previous year. The net profit attributable to shareholders was 1,255.82 million RMB, reflecting a net profit margin of 19.91% [4][6]. - The company expects to achieve revenues of 8.749 billion RMB, 11.291 billion RMB, and 14.075 billion RMB for the years 2024, 2025, and 2026, respectively, with corresponding net profits of 1.735 billion RMB, 2.326 billion RMB, and 2.904 billion RMB [3][5]. - The report projects a PE ratio of 14.1, 10.6, and 8.4 for the years 2024, 2025, and 2026, respectively, indicating a favorable valuation outlook [3][5].