Autel(SH:688208)2024-05-13 09:52Financial Performance - In Q1 2024, the company achieved operating revenue of 863 million CNY, a year-on-year increase of 22.22% [3] - The digital energy business generated revenue of 160 million CNY, up 103.33%, accounting for approximately 19% of total revenue [3] - The digital maintenance business earned 688 million CNY, with a year-on-year growth of 11.61%, representing about 80% of total revenue [4] - The comprehensive gross profit margin for Q1 2024 was 56.72%, with a significant increase in the gross margin of the digital energy business due to improved revenue from DC charging piles [4] - The net profit attributable to shareholders was 125 million CNY, reflecting a year-on-year growth of 73.34% [4] - Operating cash flow for Q1 2024 was 206 million CNY, an increase of 47.07% compared to the previous year [4] Market Insights - In Q1 2024, over 85% of charging pile revenue came from the European and American markets, with the U.S. market showing the strongest demand growth [4] - The revenue share of DC charging piles increased to around 60% in Q1 2024 [4] - The company has established production capacity for new energy charging piles in Shenzhen, Vietnam, and North Carolina, USA, with a production model based on sales forecasts [5] Product Development - The company has launched innovative diagnostic tools for the automotive market, including the MS909CEV, which supports both new energy and fuel vehicles [6] - In 2023, the company expanded its diagnostic product compatibility to cover over 130 new vehicle models, maintaining a leading position globally [6] - The company has developed a SOH (State of Health) assessment solution with over 95% accuracy, enhancing the evaluation of used vehicles [6] ADAS Product Growth - The demand for ADAS (Advanced Driver Assistance Systems) calibration tools is rapidly increasing due to higher penetration rates in the pre-installed market and safety considerations [7] - ADAS calibration products are among the fastest-growing segments in the company's digital maintenance business, driven by the increasing demand for automotive intelligence [7]