Autel(SH:688208) KAIYUAN SECURITIES·2024-04-26 08:30Investment Rating - The investment rating for the company is "Buy" (maintained) [1][2][15] Core Views - The company has shown impressive growth in its new energy business, with a significant increase in revenue and profit expected in the coming years. The first quarter of 2024 saw a 103% year-on-year growth in new energy revenue, indicating strong market demand and operational efficiency [15][16] - The company has successfully signed contracts with several large enterprises ranked in the global top 50, particularly in North America and Europe, which is expected to drive future growth [3][15] - The company is expanding its production capacity globally, with new facilities in Vietnam and North America, ensuring a robust supply chain to meet increasing demand [3][15] Financial Summary - Revenue is projected to grow from 3,251 million in 2023 to 7,947 million by 2026, reflecting a compound annual growth rate (CAGR) of approximately 33.2% [4] - The net profit attributable to shareholders is expected to increase significantly from 179 million in 2023 to 922 million by 2026, with a year-on-year growth rate of 185.8% in 2024 [4] - The company's earnings per share (EPS) is forecasted to rise from 0.40 in 2023 to 2.04 in 2026, indicating strong profitability growth [4][15] - The price-to-earnings (P/E) ratio is projected to decrease from 62.7 in 2023 to 12.2 by 2026, suggesting that the stock may become more attractive as earnings grow [4][15]