Autowell(688516) 光大证券·2024-08-22 06:38Investment Rating - The report maintains a "Buy" rating for the company, with a projected net profit of 1.804 billion, 2.298 billion, and 2.787 billion for the years 2024 to 2026 respectively, corresponding to a PE ratio of 6 for 2024 [3][4]. Core Insights - The company achieved significant growth in its financial performance, with a 75.48% year-on-year increase in revenue to 44.18 billion and a 47.19% increase in net profit to 7.69 billion for the first half of 2024 [2]. - The company has a robust order backlog, with total orders on hand reaching 143.41 billion, a 41.11% increase year-on-year, ensuring sustained revenue growth [2]. - The company is increasing its R&D investment, with 1.78 billion allocated in the first half of 2024, marking a 37.01% increase, leading to breakthroughs in new products across various sectors [2][3]. Financial Performance Summary - Revenue for 2024 is projected to reach 87.17 billion, with a growth rate of 38.32% [4]. - Net profit is expected to grow to 1.804 billion in 2024, reflecting a growth rate of 43.63% [4]. - The company’s EPS is projected to be 5.74 in 2024, with a ROE of 35.94% [4]. - The company’s gross margin is expected to be around 36.0% in 2024, with a net profit margin of 20.7% [4]. Order and R&D Insights - The company signed new orders worth 62.85 billion in the first half of 2024, an 8.74% increase year-on-year, indicating strong demand [2]. - The company has successfully developed new technologies, including high-speed 0BB string welding equipment and advanced lithium battery production lines, which have garnered significant orders from leading firms [2][3].